Abstract:
The paper is about the Waffel House project in Malaysia. All of the major headings under a marketing plan of an international nature have been discussed and an ideal timeline and budget has been provided.
International Marketing Strategy:
International Marketing Strategy can be defined as an overall strategy that would help the business gain targeted Return on Investment by paving ways for successfully dealing with the local and international business competitors, culture and market. An international marketing plan comes with all of the advertising opportunities, resources and time needed for giving a robust appearance of the new brand in the target region (Gr\"onroos, 1994).Malaysia has been emerging as a tourist destination for European and international tourists. The Waffle House of USA, has plans to start a store in Malaysia. So, the authorities have to take care of all of the regional and international market factors for grabbing its share of profits and building proper brand awareness. Comprehensive marketing plan contains research backed approach of the company for marketing its services and products in the region by using:
- Digital Media Marketing
- Internet Marketing
- Print Media Marketing
However, comprehensive Situation Analysis, Company Analysis, Environment Analysis, Opportunity Analysis has been conducted and Marketing Objectives have been defined carefully. Market analysis has also been conducted for making clear marketing decisions.
Situation Analysis:
Waffle House of USA, will be launching an international business branch in Malaysia, by the end of this year. Currently, the Restaurant and Café market of Malaysia has got globalised to a great extent. Almost all of the major International Restaurant chains have their presence in Malaysia. Moreover, the local Malaysian Restaurant Market has also developed to an international level service. In these circumstances, the endeavor of Waffle House is going to face tough times in the market, at least in the beginning as, paving the way towards success, is not going to be a child’s play.
Company Analysis:
The Restaurant has been operating in USA since more than half a century. It started as a partner business between a buyer and seller of a house and has been still going on with great pride. The Restaurant has very firm footing in the local USA Restaurant Market. All across USA, there are dozens of branches serving the Coffees, Waffles, Bacons and other soft drinks and snacks to the local and international tourists(Waffle House official website).
Brand Image:
As said above, Waffle House is renowned American Restaurant brand. The brand has been operating almost every nook and cranny of America and has been serving all social, business and tourist classes, both of local and international origin(Parsons, 2003).
Political and Legal Factors:
Malaysia is regarded as a peaceful nation and there is no news of major local violence. The democratic system has been going on with great success and there is least political unrest in the country. The law enforcement agencies are powerful and are able to maintain the writ of government with great efficiency. So, there would be no major Political and Legal issues for the food brand to operate normally.
Economic Factors:
Malaysia has made tremendous economic progress as a result of Mohathir Mohammad’s efforts. His microfinance idea changed the fate of the nation and now, the national economy has been making progress by leaps and bounds. Most of the nation is living above poverty line and the overall Economic good will of the state is estimated to continue for at least coming decades.
Social Factors:
As said above, Malaysia is a highly globalised state. The society is very well adept to the international culture and business. There are numerous international business activities taking place, every moment in the state. The society is literate and skilled and honors respectful additions.
Technological Factors:
The Malaysian society is well equipped with all of the major technologies. All of the generations have sound knowledge of all IT and other technological advances because it has been serving as a role model for many of the local developing countries in terms of business and economic progress. Moreover, the vicinity with India, a major IT giant has also resulted in pouring of expertise and knowledge and knowledge to a great extent.
Cultural Factors:
Malaysian culture is very rich when it comes to foods and entertainment. So, if Waffle House Restaurant is taken as a food brand, the Malaysian culture will definitely accept it with open arms. If the same endeavor is taken as an entertainment opportunity, even then the Malaysian culture is ready to absorb it with all colors.
Competitor Analysis:
Malaysian Food market is adept to the international tourist industry of the day. So, WaffleHouse needs a shift from the local business strategies to Malaysian business strategies, having a very unique blend of local and international tourist industry. All of the local and international food brands can be regarded as tough competitors. However, due to its uniqueness, Waffle House of America is bound to face lesser competitor pressure as compared with other food businesses (Sattar and Ameer, 2014).
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Customer Analysis:
- Middle class of Malaysia, Malaysian business class and international tourists are going to formulate customer’s base of Waffle House. These customers are literate and have good know how of the international food standards. They can afford to pay and they are very open to give feedback(Sarquis and Sarquis, 2005).
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SWOT Aanlsyis:
Strengths:
The Restaurant inherits international expertise because it belongs to a highly globalised nation.
The Restaurant inherits the expertise of the American Chefs.
Waffel House has been already serving international tourists in America.
Decision making is still in the hands of owner and the partner, making it very precise and authentic.
Waffle House is unique in service offering timing (24/7) and the products it has been offering.
Weaknesses:
- The is the first international business endeavor.
- There is too much difference between the Malaysian and American culture and business market.
- Waffle House lacks the skills to incorporate same local items in the menu.
Opportunities:
- Malaysian Tourist Market is exploding at a tremendous rate.
- Malaysian Business market and Economic set up is very much friendly.
- Malaysian market is very well globalized.
Threats:
- WaffleHoues is bound to face very strong competition in terms of general food business.
- The local food culture is already very rich with local and international spices; there is very little room for improvement.
Marketing Objectives:
The marketing objectives include:
- Creating Brand Awareness for Waffle House in the Malaysin Food Market
- Ensuring sales and Return on Assets and Investment to meet the set targets
- Ensure a firm footing of the brand in the market
Sales Objectives:
The sales objectives of Waffle House include:
- Attracting as more local and international customers as possible
- Ensure that no raw or semi-cooked food is left in the kitchens
- Ensure effective Customer Loyalty
- Ensure repeated conversions and buys
Communication Objectives:
The communication objectives include:
- Waffle House provides the best quality food
- Wafflfe House returns much more than it charges for its services
- Waffle House is aware of the Corporate Social Responsibilities
- Waffle House food is pocket friendly
- Waffle House food is a luxury item
Target Market:
The target market includes middle and elite class having enough to spend some time Waffle House. In addition to that, local and international business and tourist industries will be the pivotal focus of Waffle House’s marketing strategy.
Geographic:
Local Malaysians and international tourists will form most of the geographic segment.
Demographic:
Families, individuals, couples, business men and tourists of all age groups will form the demographic segment. There is no age limit through any of the local and international bodies for consuming Waffle House food items.
Psychographic:
Well educated and open minded, globalized minds of Malaysia will form the Psychographic.
Positioning:
The brand will be positioned among the highly established luxury brand in the Malaysian market.
Promotional Mix:
Waffle Houes will be marketing its Coffee, Soft Drinks and Snacks to the Malaysian market following the Competitive Pricing and Below Competitive Pricing Strategy. There will be promotional activities of international standards on all of the platforms mentioned in the introduction of the plan. Waffle House will also be partnering in Social Responsibility programs by sponsoring education and welfare products for children.
Timeline:
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