Introduction
Business description
AFDCO Incorporation is a private limited company, which was established in 2000 in the UAE. The firm operates in the UAE’s beverage industry, and it is headquartered at Al Quoz, Dubai. AFDCO Incorporation specialises in the production and distribution of diverse non-alcoholic beverages such as ground coffee, instant coffee, fruit juices, and chocolate-based hot drinks. The beverage industry in the Gulf region is very competitive. AFDCO Incorporation has incorporated quality as its unique selling point (USP). The firm ensures that high-quality standards are adhered to in its value chain. The firm’s decision to adopt quality as its USP arose from recognition of the consumers’ health-conscious characteristic. AFDCO intends to maximise its profitability by producing diverse beverage products, which include instant coffee, fruit juices, instant teas, and bottled water. The products are designed effectively in order to meet the customers’ needs.
Mission and vision statement
AFDCO is focused on providing customers with the best beverage products in the world. Furthermore, the firm intends to position itself as the market leader in the soft drink industry. Furthermore, AFDCO is focused on developing a high level of customer satisfaction by adopting customer-centric strategies. The firm has also adopted the concept of product diversification in an effort to maximise the level of customer satisfaction.
Product description
In an effort to achieve its profit maximisation objective, AFDCO Incorporation will produce a new product – a coffee-making machine. The decision to develop this product was informed by the fact that the UAE is experiencing an increment in the number of coffee drinking consumers (Yaqoob, 2009). Subsequently, a large number of consumers will demand the machine in order to produce speciality coffee within their homes. The new product will be marketed under the brand name ‘Arabachino’. The high coffee drinking culture in the UAE will lead to the emergence of coffee traders dealing in high-end beans. AFDCO Incorporation intends to exploit this market trend by introducing the coffee making machine. The machine will specialise in the production of Arabic Coffee capsules. The machine will also be used in making special coffee.
Environmental analysis
The firm’s operations will be affected by changes emanating from the business environment. Fernando (2011) argues that firms do not operate in a vacuum, but are affected by diverse environmental forces, which might have a significant influence on a company’s operations. Some of these forces include political, economic, legal, technological, socio-cultural, and competitive forces.
Furthermore, the ability of an entity to attain competitive advantage is also influenced by the internal environment (Mukherjee, 2006). Assessing the internal environment aids in understanding and exploiting the firm’s capabilities and weaknesses. AFDCO Incorporation can adopt different models in evaluating the market changes. Some of these models include the PESTLE, Porter’s five forces, and the SWOT analysis model. In its quest to attain market leadership in the UAE beverage industry, AFDCO Incorporation will be required to develop a comprehensive understanding of the prevailing industry conditions.
The PESTLE Analysis
The political environment
The degree of political stability in a particular country influences its attractiveness to both local and international investors (Johnson, Scholes, & Whittington, 2008). Subsequently, it is imperative for governments to adopt effective governance. The UAE is among the most stable countries politically within the Gulf Cooperation Council. Its political stability arises from the adoption of an effective governance system, which is characterised of both local and federal units. Despite the two systems of governance, the UAE government has managed to sustain a high level of synergy. In an effort to promote the country’s economic growth, the government has established a number of Free Zones. The government has created an accommodative business environment within the free zones, which makes it attractive to foreign and local investors. Subsequently, there is a high probability of the firm succeeding by exploiting the benefits associated with the free markets by establishing distribution outlets in “the free zones such as the Jebel Ali Zone” (Wam, 2010, par.3).
Economic environment
The UAE ranks as one of the strongest economies in the Gulf region. Its economic growth has arisen from the adoption of effective economic policies such as an open economy system. This aspect has enhanced international trade between the UAE and other countries. Furthermore, its economic growth also arises from trade in oil. Trade-in natural gas and oil accounts for 40% of the country’s total exports and 38% of the country’s GDP. The country is one of the largest oil producers in the Gulf region, which has led to significant growth with regard to its Gross Domestic Product (GDP) (Economics, 2013).
The country has undergone remarkable economic growth over the past decade. Its average economic growth during the period ranging between 2000 and 2012 was 4.6. Its highest economic growth was recorded in 2006, which averaged 9.8. However, the 2008 global economic recession affected the country’s economic growth. Subsequently, its GDP growth rate declined to -4.8 in 2009. Despite this decline, the UAE government has managed to restore the country’s economic growth by adopting effective economic policies. Its GDP growth increased from -4.4 in 2009 to 4.4 in 2012. The chart below illustrates the country’s economic growth with regard to GDP over the past few years (Economics, 2013).
Social environment
The effectiveness with which a product penetrates the market is subject to the prevailing socio-cultural environment. The UAE’s population is comprised of a large population of Arabs. The UAE is also characterised by an increment in the rate at which consumers are developing a coffee-drinking culture. Furthermore, the country’s population structure presents a high market opportunity for AFDCO Incorporation in its effort to introduce the coffee making machine as consumption of alcoholic products such as beer is prohibited in most Arabic countries. A report released by IBISWorld (2013) shows that a significant proportion of consumers in the UAE prefer drinking coffee to other drinks.
Technological environment
Technological development has played a significant role in the country’s effort to attain a high comparative advantage. For example, technological development has improved the country’s manufacturing capabilities. Furthermore, information communication technologies have increased the rate at which countries are inclining towards knowledge-based economies. The UAE government has established a number of technology-based platforms such as the First Step Business Centre and In5 innovation hub. Therefore, the likelihood of AFDCO Incorporation succeeding in marketing Arabachino using the available ICT platforms is high. Furthermore, the UAE has established Tecom Business Parks, such as the Dubai Internet City, which plays a significant role in enhancing the utilisation of the Internet in business operation processes.
Legal environment
The UAE government recognises the importance of developing an effective legal environment in promoting the country’s economic growth. Subsequently, the government has integrated comprehensive intellectual property rights. The legal environment is enhanced by the view that the country is a member of the TRIPS and the WTO. In a bid to promote innovation, the country has integrated a number of Intellectual Property Rights (IPRs) such as patents, copyrights, trade names, and trademarks, which makes the country attractive to inventors. The Emirates Authority for Standardisation and Metrology (ESMA) has also implemented strict regulations that firms specialising in the production of food processing products should adhere to in their operations. AFDCO Incorporation will be required to adhere to the set rules and regulations.
Competitive environment
The UAE beverage industry has undergone remarkable changes over the past few years due to its attractiveness. Numerous local and multinational companies have entered the industry in an effort to maximise their profits. This aspect has led to significant growth with regard to the coffee and fruit juice market. It is estimated that UAE residents consume approximately 3.5 kilograms of coffee annually, which represents twice the volume of coffee consumed in other GCC countries (Yaqoob, 2009). According to Yaqoob (2009), the UAE will experience 85% growth in tea and coffee consumption during the period ranging between 2009 and 2014. Subsequently, it is projected that the country will be the fastest-growing coffee market. Some of the major competitors include the Dubai Refreshment Company and PepsiCo. Other firms that announced their intention to enter the UAE market include Kraft Foods and Nestle.
Considering the above market trends, it is imperative for AFDCO’s management team to develop a sufficient understanding of the industry’s competitiveness. Baker (2010) argues that understanding the prevailing industry dynamics is paramount in organisational operations. Porter’s five forces model illustrates the competitiveness of the industry by assessing the threat of entry, the suppliers bargaining power, buyer bargaining power, degree of rivalry, and threat of substitute.
Threat of entry (high)
The beverages industry in the UAE is characterised by high market potential, which emanates from the high consumption of beverage products such as speciality coffee, teas, and fruit juices amongst the Emiratis. Local and foreign investors are increasingly considering entering the industry in an effort to exploit the industry’s profitability. Some of the largest coffee retailers operating in the UAE include Costa Coffee, Starbucks, Lavazza, and Cafe Nero (Corcoran, 2012).
A study conducted by Hotelier Awards (2013) shows that multinational “coffee manufacturers, with established reputations for quality and an aspiration for elements their brands, will continue to find increasingly receptive consumer audience in the UAE” (par. 1). Subsequently, AFDCO faces a high threat of entry.
Threat of substitute (moderate)
Diverse beverages making machines are being introduced in the UAE market. Some of these products include carbonated and non-carbonated soft drinks, energy drinks, and bottled water (IBISWorld, 2013). These products pose a threat to the firm’s long-term competitiveness. In order to survive in the long term, it is imperative for AFDCO to adopt effective operational and marketing strategies. The management team believes that the coffee-making machine will improve the firm’s competitiveness by enhancing the coffee drinking culture.
Buyer bargaining power (high)
The UAE beverage industry has become competitive over the past few years arising from the high demand for beverage products. One of the factors that explain the high demand for beverage products is the high temperatures in the UAE, which makes it important for people to hydrate their bodies constantly. Furthermore, a large number of industry players makes the switching cost to be relatively low (Hair, 2008). Therefore, one can assert that the industry is characterised by high bargaining power. In order to survive in such an industry, AFDCO will adopt the concept of continuous product innovation and improvement, which will ensure that the firm’s products are adequately differentiated, hence improving their competitiveness.
Supplier bargaining power (low)
Fahy (2000) defines supplier power as the ability of suppliers to influence the quality or the price of their products. Fahy (2000) further asserts that supplier power tends to be high if few firms dominate an industry. Numerous suppliers exist in the beverage industry, and thus they do not have the capacity to influence the firms’ purchasing their products by influencing the price of raw materials. The low supplier power also emanates from the view that suppliers are required to adhere to specific requirements such as quality in their supplying process (Morelli, 2002). In order to minimise supplier power, AFDCO has formulated a number of quality standards, which suppliers are required to adhere to in their supply chain.
Rivalry (high)
The high market potential makes the industry attractive to both local and multinational companies (Longernecker, Moore, Petty, & Palich, 2006). Subsequently, one can argue that the degree of industry rivalry is high. Below is a summary of the industry’s competitiveness.
SWOT Analysis
The chart below is a SWOT analysis of AFDCO Incorporation over the past few decades.
Market research plan
Conducting market research is critical in an organisation’s effort to introduce a product in the market. Ghuman (2010) asserts that market research enables an organisation to develop its competitive strength. Shane (2003) argues that organisations should integrate marketing research in their strategic management practices. The firm conducted comprehensive market research prior to introducing the new coffee making machine. The firm conducted consumer and competitor market research. The firm adopted primary research methodology by developing questionnaires, which were answered by 200 target customers who were selected randomly from the target market.
The consumer market research aimed at establishing the consumers’ purchasing behaviour, with regard to the consumption of coffee. The market research focused on a number of demographic variables, which include the consumer’s level of income, lifestyle, and occupation. Seventy-five per cent (75%) of the interviewed customers said that they had integrated consumption of speciality coffee as a part of their lifestyle. Subsequently, the firm identified a potential market opportunity by marketing the new machine to this consumer group.
The firm also conducted a competitor market research in order to identify and understand the competitors’ operating strategies. The research was conducted by visiting the competitors’ website, which enabled the firm to understand the response regarding the quality of their coffee making machines. This move provided AFDCO with sufficient insight into the prevailing product gaps. Subsequently, the firm determined the most effective way to exploit such market gaps.
Market segmentation and marketing plan
Market segmentation
Market segmentation refers to the process through which organisations divide the total market into the small and homogeneous segment. The decision to adopt market segmentation arises from the need of firms to address the market needs effectively (Mishra, 2009). In order to achieve this goal, a firm must adopt the most effective market segmentation variable. AFDCO’s management team recognises that selecting a target market will benefit both the firm and its target customer group. Market segmentation will provide the firm with an opportunity to understand the customers’ needs and expectations. Subsequently, AFDCO will enhance the level of customer satisfaction.
AFDCO will discuss different segmentation strategies, including demographic and psychographic. The demographic market segmentation variables will include the customers’ social class and income. The firm will mainly market its new machine to consumers in the middle and upper class. These customers are characterised by a relatively high purchasing power due to their income. Furthermore, the decision to target these customer groups arose from the view that they are high-end consumers who consume a substantial amount of their income on different lifestyle products and services. Additionally, AFDCO will segment the market based on psychographic segmentation variables such as their personality. The firm will mainly target modern consumers.
Marketing plan
Developing and adopting an effective marketing plan is critical in an organisation’s effort to ensure that the new product penetrates the market (Ingram, 2010). In order to improve Arabachino’s market penetration, AFDCO will integrate effective marketing mix strategies, which include the product, pricing, distribution, and promotion strategies.
Product positioning
AFDCO will ensure that Arabachino is designed effectively. High quality and safety standards will be integrated into the production process. Furthermore, the new coffee-making machine will be designed in different sizes, shapes, and colour in order to appeal to the target customer group. The firm will also undertake continuous innovation of the machine in order to improve its effectiveness and ensure that the product moves with the prevailing market trends.
Marketing plan
Pricing strategy
Before formulating the marketing strategy, AFDCO will conduct comprehensive market research in an effort to understand the target customers’ price perception. Furthermore, the firm will also conduct competitor market research in order to understand the competitors’ pricing strategies. The consumer and competitor market research will give the firm’s management team insight into the most effective pricing strategy to adopt. Considering the fact that Arabachino is a new product, AFDCO will integrate the penetration-pricing strategy, which entails setting the price of the new product at a lower point as compared to the competitors. The firm is of the objective that the penetration-pricing strategy will improve the competitiveness of its coffee making machine.
AFDCO will also integrate psychological pricing concepts. Gotimer (2008) defines psychological pricing strategy as a way of setting the price of a product at a point that has psychological effects on the consumers’ purchasing process. The psychological pricing strategy will improve the effectiveness at which the firm influences the consumers’ decision-making process.
Promotion strategy
Creating effective market awareness plays a critical role in an organisation’s effort to penetrate its target market (Hoshmand, 2009). Hoshmand (2009) further argues that the effectiveness with which an organisation creates market awareness influences the consumers’ decision-making process. Subsequently, AFDCO will adopt a comprehensive marketing communication strategy. The firm will adopt the concept of Integrated Market Communication, which entails adopting diverse marketing communication methods. The decision to adopt the integrated marketing communication is informed by the view that the firm intends to market its customers to customers characterised by high income and lifestyle irrespective of their age, race, gender, and other demographic variables.
In its advertising process, AFDCO will adopt different mediums, which include television, print media such as magazines and newspapers, radio, and outdoor advertising using billboards. The firm will ensure that the advertising message is well designed in order to reach the target customer group. One of the aspects that the firm will take into account in its advertising is integrating an effective message. The firm will adopt the catchphrase ‘make it differently’ as its slogan. The slogan is intended to appeal to the intended customers’ emotions, hence influencing their purchase decision. AFDCO will ensure that the message is carried by different print mediums such as lifestyle magazines and newspapers to increase the likelihood of creating awareness to a large number of customer groups especially the elderly customers who are attracted to reading materials. With regard to outdoor advertising, AFDCO will enter into a contract with a number of outdoor advertising companies whose billboards are located strategically. Images of the Arabachino and the intended advertising message will be posted on the billboards.
The firm will hold a product-launching event. During this period, AFDCO will offer customers price and quantity discounts. Furthermore, the event will provide the firm with an opportunity to develop a strong relationship with customers. The firm will undertake personal selling through direct marketing. For example, the firm will send newsletters and emails to a number of target customers in order to inform them of the new coffee making machine.
AFDCO will also exploit emerging marketing communication mediums by integrating information communication technology. The firm will adopt diverse Internet-based technologies such as social networking tools. Some of the tools that the firm will incorporate include YouTube, Facebook, Blogs, Wikis, and WhatsApp. These technologies will give the firm an opportunity to create awareness for a large number of customer groups. Currently, consumers are using these tools in their socialisation processes. Therefore, there is a high probability of the firm creating a ‘ripple effect’ with regard to product awareness. Using YouTube will allow AFDCO to demonstrate how the new coffee-making machine works. Furthermore, creating market awareness using social networking sites is cost-effective compared to mainstream marketing communication mediums.
Using Wikis and Blogs will create an environment for the firm to interact with its customers. Subsequently, the firm’s management team will gain a sufficient understanding of the customers’ opinion and other market-related information (Kerzner, 2006). Therefore, AFDCO will undertake continuous product innovation.
The decision to adopt Internet-based technologies in the firm’s communication process is informed by the fact that consumers are increasingly using the Internet in their purchasing process. In an effort to improve the effectiveness of its market awareness effort through the Internet, AFDCO will enter into a contract with renowned search engine companies such as MSN, Yahoo, Ask.com, and Google. The contract will entail posting the new product on the search engines’ home page. Considering the rate at which consumers are using these search engines in their purchasing process, there is a high probability of the firm creating sufficient market awareness in the local and the international market.
AFDCO will also create awareness of its product through its official website. The firm will ensure that the website is designed effectively in order to attract customers. Additionally, the management team will ensure that the product information is posted on the website. This aspect will give consumers an opportunity to develop sufficient understanding of diverse product information, for example, how the machine works, the product price, and other after-sale services such as warranty.
Distribution strategy
AFDCO will ensure that Arabachino is distributed effectively in the local and the international market. Subsequently, the firm will adopt an effective distribution strategy by adopting both direct and indirect distribution. The firm will adopt both direct and indirect methods of distribution. In the local and international market, AFDCO will establish distribute the machine through various retail chains such as supermarkets. The firm will enter into a contract with retailers to ensure that they carry the firm’s products. AFDCO will undertake direct distribution by establishing retail outlets in the local and the international market. Furthermore, AFDCO will also undertake product distribution in the international market by entering into a contract with well-established distributors and agents of coffee making machines in the local and international market. The firm will contract Dubizzle Dubai, which is a renowned distributor of home appliances in the UAE, as its distributor. The decision to integrate agents in the distribution process is informed by the fact that they have a well-established distribution network. Foreign distribution agents will improve the effectiveness with which the firm penetrates the foreign market. Therefore, the new product will successfully penetrate the market.
Business Goals and objectives
AFDCO intends to achieve the following goals by introducing the new coffee-making machine
- To develop a high level of brand loyalty and brand recognition by introducing ‘Arabachino’ in the global market
- To increase the firm’s customer base by 20% within the first year after launching the machine.
- To achieve a market share of 25% within one year after introducing the new product into the market.
- To achieve a sales revenue of $1.5 million within one year after introducing Arabachino
- To attain a net profit margin of $ 4 million within one year upon introduction of Arabachino.
Organisational structure and human resources
Developing an effective organisational structure and a strong human capital base influences the effectiveness with which an organisation achieves its goals and objectives. The organisational structure influences the organisation’s formal reporting relationship, power, and controls. Furthermore, the organisational structure influences the relationship amongst employees. Subsequently, a firm nurtures a high degree of collaboration amongst employees, which culminates in the development of a strong organisational culture (Phillips & Gully, 2013).
AFDCO has adopted a flat organisational structure in an effort to increase the rate of interaction and coordination amongst employees. Furthermore, the flat organisational structure aims at enhancing internal communication. The diagram below illustrates the company’s organisational chart.
Founder (Chief Executive Officer)
The firm’s founder will be charged with the overall responsibility of controlling the firm’s operations. The founder has strong managerial and marketing skills, hence the likelihood to introduce the new product effectively in the market. The founder has developed a number of experiences with regard to international business operations. This knowledge will be used in the firm’s effort to penetrate the foreign market.
Job description of key management and staff
The President and the Vice president
The success of the firm will depend on the effectiveness with which the various activities are undertaken. In a bid to achieve this goal, the firm has created the spot of a president and the vice president who will be charged with the responsibility of overseeing the various administrative functions. The responsibilities of these two individuals are similar to some degree.
Chief Operating Officer
The COO will be charged with the responsibility of ensuring that the organisation’s resources are optimally utilised. Subsequently, the firm will maximise the shareholders’ wealth. Furthermore, the COO will also be required to ensure that customers achieve a high level of customer satisfaction.
Chief Finance Officer
The CFO is charged with the responsibility of ensuring that the organisation’s financial resources are utilised optimally. Some of the activities that the CFO will undertake include monitoring and planning the company’s cash flow. Furthermore, the CFO will oversee the operation of the accounting and finance departments.
Personnel compensation plan
Business Risks
AFDCO’s management team is cognizant of the likelihood of the firm experiencing risks emanating from the external business environment. Some of the core risks that the firm is concerned about include
Cash flow and liquidity risks
For example, the firm’s operation may be affected by the occurrence of economic recession. Such an occurrence may adversely affect the firm’s ability to source capital from external sources such as banks.
Business interruption risk
Relates to the occurrence of major natural and manmade disasters such as earthquakes and acts of terror. Such events might adversely affect the organisation’s long-term operation. In order to minimise the effects of such a risk, the firm will insure itself against such calamities.
Obsolescence
The firm’s ability to survive in the long term will be determined by the effectiveness with which it invests in continuous research and development, which will enhance the firms’ ability to undertake product innovation. The firm will ensure that the coffee-making machine is improved constantly in order to align with the prevailing market trends. Furthermore, product innovation will protect the product form emerging coffee making machines.
Loss of talent
The intensity of competition within the UAE coffee industry presents a challenge to the firm’s long-term survival due to loss of competitiveness with regard to human capital. AFDCO may lose its strength with regard to the human capital base to then-new entrepreneurs through a high rate of employee turnover. In a bid to minimise this risk, AFDCO will integrate a comprehensive compensation plan.
Financial plan of the firm
Business cost
The firm estimates that it will incur a number of cost-related elements in the process of making the coffee-making machine. Some of these costs relate to administrative, overhead, variable, and fixed costs. The firm’s management team estimates the initial fixed cost of manufacturing the machines to be $ 500,000. This cost will mainly entail the production of the machine. On the other hand, the firm estimates that it will incur various variable costs. It is estimated that the total variable costs within the first year of its introduction will amount to $ 300,000.
Funding
AFDCO intends to utilise credit finance in the process of finding the new product. The decision to use credit finance is informed by the need to ensure that the firm does not commit its retained earnings to the new project, but rather utilise the retained earnings in its market expansion efforts. The firm will seek credit finance from well-established financial institutions in the UAE. Furthermore, AFDCO will also seek funding from investment partners. Investment partners will ensure that the firm does not incur all the losses in case of failure. On the contrary, the loss will be shared between AFDCO and the investment partner. Despite this aspect, the firm will ensure that it retains the controlling rights of the new product.
Firms’ pro forma income statement
Firms projected cash flow analysis
AFDCO has projected a positive cash flow within the first year of its operation. However, the firm projects that the first few years will be characterised by fluctuations in the level of its cash flow. However, the firm’s financial performance will be restored over the next two years. The AFDCO’s management team intends to source for funds from external credit financiers such as a bank. The table below illustrates the projected cash flow within the first three years.
Break-even chart
The firm’s management team has projected that the firm will break even if it makes sales worth $52,000 as illustrated by the graph below.
The firm’s management is of the opinion that the new product will penetrate the UAE and the global market successfully. AFDCO’s management team assumes that there will be no major changes to influence the outcome of the project, thus hindering its market introduction. Furthermore, the management team assumes that the credit financiers will provide the necessary funding.
Executive Summary
This paper outlines the business plan that AFDCO Incorporation will adopt in its quest to introduce its new coffee-making machine in the UAE and the international market. The firm operates as a private limited company. The report evaluates a number of issues. First, the paper provides the firm’s background information and the reasons that motivated the firm to consider developing the new product. Findings of market research conducted by AFDCO identified high market potential within the UAE coffee market segment. Subsequently, the firm decided to exploit the market opportunity by developing a new product. The firms’ unique selling point is identified. The USP has enabled the firm to position itself in the UAE market.
The report also evaluates the prevailing market environment in the UAE. Different environmental analysis models, which include the PESTLE, Porters’ five forces, and SWOT analysis, are used in evaluating the market environment. The Porters’ five forces have been used in understanding the prevailing competitive environment. Some of the major competitors identified include Dubai Refreshment Company and PepsiCo.
The paper also illustrates the marketing plan that the firm will use in the course of introducing the new machine, ‘arabachino’, in the market. The marketing plan outlines the pricing, distribution, product, and promotion strategies used by the firm. The paper also illustrates the findings of the market research and the methodology used in conducting the research. According to the research, there is a high probability of the new product attracting a large number of customers because of growth in the rate of coffee consumption.
The firm has segmented the target market based on psychographic and demographic variables. In an effort to survive in the UAE coffee industry, the firm has developed a comprehensive risk plan summary by identifying the various risks that might affect its operation. Some of the risks identified include cash flow liquidity risks, business interruption risks, loss of talent and obsolescence. The report further illustrates the projected start-up costs, funding and revenue projections. AFDCO’s management team projects that the firm will successfully penetrate the UAE market through effective implementation of the business plan.
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