BSBMKG513 Promote Products and Services

BSBMKG513 Promote Products and Services

BSBMKG513 Promote Products and Services

Introduction

Korea-Australia Free Trade Agreement has revealed a new way for the business organisations of Australia. From 12th December 2014, with the help of this agreement, the Australian exporters have achieved access to the global markets (Rimmer, 2014). This report is going to frame the promotional event of George Weston, in Seoul of South, on their aim to start a new business venture there, taking advantage of the KAFTA. The report aims to develop some recommendations for the upcoming promotional event in Seoul organised by George Weston Foods. With this purpose, the report focuses on the management of the team, who is involved with the advertising event in the South Korea.

Part 1

Selection of the selling strategy

For the business venture in South Korea, both direct marketing and public relations can be appropriate in this context. As George Weston Food is going to sell the fresh sausages mainly, which they have designed especially for the Korean customers, it will be better for them to represent their business and the promotional products to the target customers (Sharma & Talppur, 2016). It can be done without modifying the information for the advertisement.

On the other hand, for the business venture in a new marketplace, it is necessary to develop a healthy relationship with the major organizations or famous businesspersons of that place (Chang, Luo & Ren, 2014). For George Weston, a strategy of public relation will be beneficial for making a public image to the major food companies of Korea.

Attendance and costs involved

On behalf of the company, the executive team needs to attend the event. Besides this team, most importantly, the marketing team of 20 members will be there in the promotional event. The members of the team of foreign investors are going to attend the event. For a sophisticated and attractive arrangement, a special event management team of 200 members will be allocated in the event management.

The approximate costs can be almost KRW 2578614.64. Within this amount, the equipment cost is KRW 687630.57. Extra costs of KRW 171907.64 will be needed for the staying costs of the staffs in Korea.

Time for arrival

The entire team for event management needs to arrive before 20 days of the main event. As it is entirely a new business venture and the arrangement plays major significance, therefore, the early arrival of the event coordinators is needed. Before that, the Executive Body of George Weston will be arrived to meet with the Government representatives of Korea for the completion of the process for documentation. The team of the investors will be arrived 2 days before the event.

Accommodation arrangement

It is the priority for the food and beverage companies to maintain hospitality as well as the food quality (Lee & Wang, 2016). For now, in the promotional events also, hospitality management is the prior matter. Among the accommodation arrangement, the event management and hospital management teams need to arrange the equipment for providing maximum comforts to the guests and the customs. It is necessary for the food and beverage companies to maintain hygiene and quality in the products to retain customers (Kang, Kang, Kim & Kim, 2015). For this, the services are to be boosted up by bringing strategic management within the entire management strategies.

In the event, this following accommodation arrangement for the new business can be shown.

Need to hire Korean speaking staff based in South Korea

As George Weston is going to start a new business venture in South Korea, it is important to understand clearly about the business and the social culture of the country and for that, a representative from the country is needed (Yoo, Flaherty & Frankwick, 2014). Therefore, for the upcoming event, the company must appoint a Korean Speaking staff to communicate with the Korean guests because communication is the best strategy for the new business venture.

Goals from this event

The goal of this event is to reach to the maximum number of customers in South Korea with Australian food traditions. Moreover, the event aims to build a good business relationship with the major food organizations of South Korea. In the event, the company is to achieve the goal of a successful implication of Korea-Australia Free Trade Agreement for their new business set up. It is also the goal of the event to present the business in the international platform with the help of KAFTA.

Part 2

Coordinate the promotional activities

Role played by the team members and allocation of the responsibilities

The team of the event management for the upcoming event consists of equipment coordinators, programme coordinators, venue coordinator, advertising coordinators, documents coordinators and hospitality coordinator. The responsibilities will be allocated as per the understanding and the preference towards the tasks. Moreover, the responsibilities will also be allocated based on the areas of the specialization of the team members.

Equipment Coordinator: as it is an international business venture, therefore, the equipment coordinators for the sound, maintenance and transport facilities for the guests (Cho, Lee, Schulz, Sohn & Sohn, 2017) should maintain the equipment.

Venue coordinator: The event is going to be held in Seoul in South Korea and as this is entirely a new place, therefore, the venue is to be confirmed as per the population and business scope in the area. Among the responsibilities of the venue coordinating team, risk management is the major responsibility of them.

Document coordinator: The team has the access to the documents to the documents on Austrade Services, KAFTA documents, information on Australian exports and marketing event documents in Korea. It is the major responsibility of these coordinators to implement the documents in the main event.

Advertising coordinators: They play the role for advertising the event both online and offline. For the business venture in the UK, it is important to promote product the events and the products to gain the attraction of the Korean people.

Role of the Korean Speaker in the team

Korean Speaker is not there on the team, but George Weston is in search for appointing the Korean speaker to lead the delegation in the upcoming event. This Korean Speaker plays an important role for communicating in the event. It will be obviously difficult for the representative team of George Weston to cope up with the Korean language and their culture. Appointing the Korean speaker will be beneficial for the representative team to incorporate the Korean culture in the strategy for the business venture in Korea.

Networks external to Austrade to use

Australian Trade Commission is the only trustworthy external network for George Weston to expand the business in the foreign countries. Apart from this, the company has decided to use the foreign business agents to meet with the major organizations selling food and beverages in South Korea. However, Austrade is the only beneficial external network for George Weston to start a new business venture. It is because, as a Government organization, Austrade will focus more on the business of George Weston for the sake of the business development of the country. On the contrary, as the business agents do not focus on the profitability of the company, therefore, the company has intended to expand its business and increase investment, with the help of Austrade.

Companies to be met with for maximising the cost being paid to Austrade

For maximising the cost benefit from the business, the marketing team has aimed to meet up the major food and beverage companies in South Korea. The team has already met with the executives of Austrade to understand about the major investors in Korean food markets.  The team has also made contract with the agents to meet with the major food manufacturers. The team has decided to meet up with one of the major companies, LOTTE Holding Co, as it is the best food and beverage company for employee management. Next to this, the marketing coordinator has intended to set up the meetings with the international companies, Coca-Cola and KFC Korea. It is because of boosting up the profitability from the business venture in South Korea. Other company with whom the team has decided to meet is ABInBev, the leading beer producer in Korea. These will be beneficial for the company to understand the strategy to maximise the cost.

Staying longer to capitalize on these initial meetings

It will not be possible for the marketing team to capitalize the initial meetings within a short-term. For that, the team has decided to take more times to stay over there in Korea for capitalizing the initial meetings. For this purpose, the company team needs to extend the time for a meeting. The members will arrange the meetings again with the major companies for understanding the food culture in Korea. Moreover, attending the meetings repeatedly will strengthen the possibility for the company for developing the essentials for the business. These marketing essentials will be beneficial for the company to attract more investors for the development of the new business venture.

Selection of the Korean media

For the upcoming marketing event of George Weston, the team has decided to use the most popular media in South Korea. The meetings with the Korean food and Beverage Company will be beneficial to understand the useful media to promote both the event and the business of the company. At first, the advertising coordinator has decided to promote the event and the products, fresh sausages on the food magazines of South Korea. Platt, Making Baechu Kimchi and matt- these are the famous food magazines of South Korea to promote the event for the promotion of the products of George Weston. Next, to this, the team will target the electronic media for advertising the products. This will be beneficial for the company to reach to the maximum number of customers within minimum time.

Cultural aspects need to be addressed

The food culture of the South Korean is the prior matter to be focused on for the upcoming event and business venture. It is because, the food culture will be helpful for the company to manufacture the ingredients as per the taste of the people. Moreover, the food culture will make the company understand the scope for increasing profitability from the new business venture. Most importantly, the company needs to concentrate on the business culture of the South Korean food and beverage industries, to implement the Korea-Australia Free Trade Agreement properly. Beside the food culture, the lifestyle and the working schedule of the Korean also need to be taken. It is because, both these factors keep changing and without these, the food culture cannot be understood (Mammetseyidov & Nagahira, 2015). Lifestyle and working schedule create a major impact on the food culture. Beside these, the health issues need to be focused. Because of the health issues, the attitudes towards the food and the beverages can be changed majorly and this influences the business.

Part 3

Recommendation for future promotional activities based on the feedback for part 1 and part 2

From the feedbacks on part 1 and part 2, it can be understood that more areas are left to develop for the upcoming event. Firstly, in the selected team, there should be the team of cooks because ultimately, they have to understand the demands of the customers. In this planning, there are no mentions of the inclusion of this team (Shuey & Jovic, 2013). Secondly, the company needs to appoint more Korean staffs advance, because it is not possible for the Korean Speaker to lead the delegations single-handedly. Most importantly, the company needs to arrange the meetings with the companies together not individually. Apart from that, the company also needs to appoint the finance experts on the Korean economy.

Conclusion

From the report, it can be understood that the aim has been facilitated successfully. The focused areas have also been covered throughout the three parts. The most important understanding, which has been developed from the report, is about the recommended strategies for any marketing promotion. The recommended areas have successfully facilitated both the marketing needs and the marketing culture of South Korea.

Reference list

1. Chang, E. C., Luo, Y., & Ren, J. (2014). Short-selling, margin-trading, and price efficiency: Evidence from the Chinese market. Journal of Banking & Finance48, 411-424.

2. Cho, Y. M., Lee, H. S., Schulz, C., Sohn, H. M., & Sohn, S. O. (2017). Integrated Korean: Beginning 1. Azalea: Journal of Korean Literature & Culture10.

3. Kang, S. K., Kang, H. C., Kim, J., & Kim, N. (2015). Insiders’ Pre-IPO Ownership, Underpricing, and Share-Selling Behavior: Evidence from Korean IPOs. Emerging Markets Finance and Trade51(sup3), 66-84.

4. Lee, K. H., & Wang, S. F. (2016). Short-selling with a short wait: Trade-and account-level analyses in Korean stock market. Pacific-Basin Finance Journal38, 209-222.

5. Mammetseyidov, R., & Nagahira, A. (2015). Fuzzy front-end activities in new product development process: a comparative study of Japanese and Korean projects. International Journal of Product Development20(6), 465-494.

6. Rimmer, M. (2014). From Kafka to KAFTA: Intellectual property, and the Korea-Australia free trade agreement.

Sharma, D., & Talppur, M. G. H. (2016). An Examination of One Dimension Marginal Distributions: Selling and Non-Selling Activities of a Salesperson. Indian Institute of Management.

7. Shuey, K. M., & Jovic, E. (2013). Disability accommodation in nonstandard and precarious employment arrangements. Work and Occupations40(2), 174-205.

8. Sweet, S., Pitt-Catsouphes, M., Besen, E., & Golden, L. (2014). Explaining organizational variation in flexible work arrangements: Why the pattern and scale of availability matter. Community, Work & Family17(2), 115-141.

9. Yoo, J. J., Flaherty, K., & Frankwick, G. L. (2014). The effect of communication practice on deviance among Korean salespeople: The mediating role of intrinsic motivation. Journal of Business Research67(9), 1991-1999.