Socio - Cultural Analysis
The first civilization of Nepal was limited to the current capital of the country which is Kathmandu. This was the religious place in which Gautama achieved enlightenment as Lord Buddha. The early support of Buddhism mostly gave way to Hinduism, hence increased the influence of India. (Nepal, 2009)
Along with these religious influences and the influence of India arrived the Daura-Suruwal which is the conventional clothing of Nepal. Hence with the changes in time this gradually converted to having a culture where people mostly preferred sari as their clothing. ("Nepal Magic- Nepal Clothing", 2009)
Nepal is located between two Asian giants, which is China and India. It is a very mountainous and hilly country which takes the shape of roughly a rectangle. It is about 650 kilometers long and 200 kilometers wide and consists of 147,181 square kilometers of land. It is a landlocked country and hence it totally depends on India for transit as well as access to the sea. ("Nepal Geography", n.d.) (Appendix 1)
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The Nepal culture is made of its music, religion, architecture and literature. All these aspects are greatly influenced by Hindus. The culture has provoked its people to at all time dress appropriately due to the avoidance of unnecessary attraction. The national dress of Nepal is considered to be the Daura Suruwal and the sari. Since it consists of a low context culture they avoid actions such as kissing and hugging. ("Explore the fascinating culture of Nepal", 2010)
In the society of Nepal, family plays a very important role and hence weddings are celebrated at a large scale. Weddings are time of great celebration and feasting. They may last up to three days therefore the demand for saris are very high. ("Customs and Traditions - Marriage and Family", 2009)
The political system of Nepal is a constitutional monarchy in which king Gyanendra is the head of state and commander in chief. The council of minister headed by the prime minister who is elected from the national assembly and the House of Representatives. According to the political system in Nepal, a medium size company is attached to paying taxes such as the corporate income tax, social security contributions, ownership renewal tax on vehicles, municipal tax in vehicles, capital gains tax, municipal business tax, tax on interest, property tax, land revenue tax, additional tax, value added tax and stamp duty on financial contract. ("Paying Taxes in Nepal", 2010)
Nepal's local government serves the rural areas as well as the districts. When focusing on the villages the village development committee acts as the local executive body where as in districts it is the district development committee. The local self-government act enacted in 1999 defines the powers responsibilities and functions of the local government. (Local government infrastructure and service delivery, 2003)
The legal system of Nepal is based on Hindu legal concepts and English common law. ("Nepal Legal System", 2009)
Each district of Nepal has a court of appeal along with 14 zonal courts. Further appeals in matter could be taken into the five regional courts. The court consists of a chief justice, assisted by six other judges along with seven additional judges in reserve. All of them are being appointed by the king. ("Nepal - Judicial System", 2010)
Nepal consists of a population of 28,563,377 from which 17% are urban and it has a growth rate of 1.281%. The birth rate is 23.18 births/1,000 populations. The net migration rate is -3.39%. The ethnic groups in Nepal include the Chhettri, magar, Brahman hill, newar, tharu, yadaw, tamang and other unspecified groups. ("Population -Nepal", n.d.)
When considering the economic statistics, according to "Nepal GDP - real growth rate", (2009) Nepal has a gross domestic production of 4.70% And the income per capita is $1,100. ("Per Capita Income", 2010)
Transportation within Nepal needs to be greatly developed by the government. Currently aviation and roads are the main modes of transportation within the country. It consists of 42 domestic and one international airport in Kathmandu which connects Nepal with the countries of Europe and Asia. The existence of railways is insignificant and most importantly Nepal utilizes India's eastern port of Kolkata for all transactions by sea. ("Transportation: Nepal", 2010)
The communication system of Nepal includes from television to all modes such as internet, mobile, etc. The latest technology is available in all areas of communication. But these facilities are mostly in the districts especially in Kathmandu.
The standard working conditions include 5 days, 40 hours per week with 25 days of annual leave. ("Nepal - Working conditions",2010)
The employees are also eligible for certain benefits such as the social security benefit, provident fund, gratuity, treatment expenses, salary during treatment, disability compensation, compensation in case of death, insurance, housing fund, welfare fund, pension and retrenchment. (Badal, 2005)
The industries of Nepal include public as well as private industries. In the public sector the major manufacturers are sugar, cigarettes, beer, matches, shows, chemicals and cement. ("Industry", n.d.) Nepal's main exports are clothing, oil, grains, carpets, pashmina and jute goods. The value of exports is $822 million. ("Nepal Exports", 2010)
Nepal imports more than it exports and the products include accessories, parts, electronics, equipment, rice and just about anything. ("Some products with prospect", n.d.) Hence and the imports have increased from 55.8%. ("Nepal", n,d.)
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The labour force of Nepal is 14,600,000. According to "Nepal Unemployment rate", (2009), the unemployment rate is 46.00%. The inflation rate is said to be 7.7%. ("Nepal Labor Force",2009)
Exchange rate for Nepalese Rupees
According to "Money and Banking in Nepal", (2008), the following are the exchange rates for Nepalese Rupees.
Trade Restrictions in Nepal
Nepalese trade market has been growing over the years and is said to have a potential growth among the other South Asian countries, which have an open and trade dependent economies. Nepal has an average tariff of 11 % according to the World Bank statistics. ("Nepal: Trade Policy and Integration", 2010)
Import taxes that are applicable to this business is 5% that also applies for basic goods and services. However, due to security surcharges being imposed on imports, there was a surcharge of 1% for goods with a 5% charged duty. ("Nepal - Customs and Duties", 2010)
The product as an innovation as it is perceived by the intended market
Shelona holds an outstanding brand image which has won the hearts of many customers worldwide. Since Shelona is a product with distinctive characteristics and special brand identification so therefore it is a high end unique product where consumers expend exceptional buying effort .Since Khatija Mandhir is targeting the upper end customers through the designer wear Shelona brand they will be facing competition.
Major problems and resistances to product acceptance based on the preceding evaluation
§ Environmental influences (legal & political, economical, socio clutural)
§ Limited market insight
§ Unawareness of the needs of the consumer
§ Less knowledge about the brand, among target market
The following section describes about the prevailing conditions and the environmental settings within the Sari market in Nepal as it is considered as a highly competitive market for the particular product.
Market in which the product is to be sold
Kingdom of Nepal is located in Southern Asia, between India and China, where resident population estimated in year 2005 were 27,676, 547. (Geography, 2005) Shelona saris would be sold mainly within the region of Kathmandu which is the capital city of Nepal as it would be advantageous at reaching the required target market.
Transportation and communication available within the region
The public bus system in Kathmandu is not perhaps the best way of transportation as it is always crowded and defective, and it would leave a station only when the bus is crammed with people. Taxis are available and the passengers could negotiate the fixed prices in terms of where they want to reach. Moreover Auto rickshaws and pedal rickshaws are used within the city but as traffic is high these would be less preferable options. Hiring self driven cars are not available within the city as cars always come with a driver, and also this option is highly expensive.
Consumer buying habits
The section would basically approach the aspects how saris is used in Nepal along with what particular types of saris they prefer and their shopping habits.
Even though sari is worn by most of the Asian nations, Nepalese drape their sari in a different manner called "Haku Patasi", this means they drape the sari around the waist and the shawl is worn covering the upper part of the sari.
Product feature preferences
Nepalese prefer all types of saris which includes, silk saris, polyester saris, chiffon saris, Georgette saris, Resham Saris along with designer wear saris. Moreover Nepali women prefer saris in red color as they believe if your husband is alive women should not wear anything without red color.
Women residing in Nepal maintain an occasional pattern towards buying saris. As they wear saris to facilitate occasions
Typical retail outlets
There are many retail outlets in Kathmandu which sells SAREES to the customers. Some of the most well-known shops are Anju Saree Store, Anohki The Home Saree, New Fancy Saree Centre and Chandhan Saree Centre. These retail outlets offer customers a variety of choices.
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Product sales by other middlemen
Intermediate wholesalers in Kathmandu tend to have closer ties to retailers, whereas central market wholesalers tend to have closer ties with producers. Moreover there are middlemen who sell products in bulk to retailers and they offer large discounts.
Advertising and promotion
In order to owe to the fierce of competitive nature faced by the product the business should focus on appropriate method of advertising and use truthful accurate and ethical promotional methods. There are a number of methods which are used in Nepal to advertise particular products.
Advertising media usually used to reach target market
The product needs the coverage of the high end market living in Kathmandu, since "Shelona" is a designer wear.
The specific methods of advertising which is being used in Nepal to promote sari are the TV, Radio, Magazine advertising, Billboards, Banners, Internet etc.
Sales promotions customarily used
Cost factor is an important aspect to be considered when considering the sales promotions along with the reward it delivers. It should be done in a way that the target consumer will not feel exploited later on. Customers should value the promotion as a way that provided them more benefit than for the company. Moreover in terms of sales promotions, trade oriented sales promotions such as strategic alliances and internet marketing in the market of fashion helps to boost brands, where awareness will be created in the relevant niche target market.
Several factors need to be taken account before establishing a price on the product. Broadly, what needs to be considered are
- The marketing Objectives,
- The marketing mix strategy,
- Costs and
- Other organisational considerations
For pricing to be comprehensive it is important to consider price along with all other marketing mix elements when developing the marketing program. Thus the marketing mix strategy elements such as product design, promotion and distribution. As the product is introducing into the market, and the product is a premium quality brand of product, a pricing objective of status quo is selected. The Status quo objectives will assist in keeping the product price in line with similar products offered by competitors and avoid possible price wars.
Quite a few businesses in Nepal use the standard mark up or cost-based approach for setting their prices. In this approach, a retailer will base its price for an item on what it paid for that item plus a percentage of that cost. The percentage of cost that is added to the cost is what is referred to as the "mark up." Many retailers in Nepal use a customary mark-up of 100 percent of cost. The 100 percent mark-up is easy to figure.
Types of discounts available
Discounts are available for large quantities.
In the saree industry of Nepal there aren't many key leading players in the market for sarees. But there are a few competitors. One is the fashion boutique "Akarshan". Akarshan deals in exclusive embroidery sarees. This competitor was already there before Khateeja Madhir went to the Nepal saree industry. Unlike the brand "Shelona" of Khateeja Mandhir, Akarshan does not have one specific exclusive brand. They have a variety of sarees of many different kinds. Akarshan provides embroidery Chiffon & Georgette sarees in different colours. They cater to the mass market. When taking price the competitor has a price range for an example a white chiffon saree is $100. Moving on to the competitor's promotion methods, an advertising & distribution channel, "Akrshan" has its own web site, e-mail address, catalogues. They make transactions through the internet. Since it's an Indian company & a brand they purchase online. The boutique "Akarshan" in also situated in Nepal. The sarees are wrapped in polythin & packaged in boxes delivered through ships from India to Nepal.
Estimated Industry Sales for the planning year
According surveys conducted by research companies Sarees remains to be the favorite choice of clothing of a Nepali woman. Sari has contributed to 44% of total spend of women's wear during the past year. It is estimated to have growth of 8% sales for the following year; therefore it shows a bright future within the sari market and should be marketed in a proper and in a professional way.
Estimated Sales for Kathija Mandir for the Planning Year
Nepali sari market would continue to develop for the next few years. It is expected that the Kathija Mandir's market in Nepal for the brand of Shelona would increase by 2% for the upcoming year, and would expect Shelona to become a highly competitive brand within the designer wear sari segment and have sales worth of 9.6 million for the planning year.
Government participation in the market place
According to the study of the impact of foreign direct investment (FDI) held in Colombo, Sri Lanka in 2003 government of Nepal has given the top priority to attract foreign direct investment during the recent years.
Khatija Mandhir is providing with a limited number of sari with designs unique to their own. Therefore the best market approach would be the Niche market approach. This was concluded due to the fact that the main target audience for "Shelona" would be any female who falls under age 18 - 40, because "Shelona" is a designer wear, branded sari and it focuses on high upper end consumers.
Expected Sales year 2010
According to the targeted statistics the brand Shelona will be targeting 2000 sari to be sold during the first year, therefore as there are not many competitors in the designer wear sari market, which targets the high upper class, Shelona has the ability of achieving these targets.
Since Khatija Mandhir is exporting a brand which is designer wear and since it's unique to Khatija Mandhir we need not spend too much on implementation which is a great advantage. Therefore we could expect standard sales revenue of 96000000 Rupees within the year 2010.
Profit Expectations year 2010
The profit of "Khatija Mandhir" can be ensured as the expenditure of establishing is not too high. Therefore the company has a better base in earning profits.
Market Penetration and Coverage
According to the ANSOFF's growth matrix Kathija Mandir will be introducing an existing product to a new market which is known as market development. (Reference) And when focusing on coverage, Kathija mandir will make its product available at chosen retail stores such as Bahurani, Chandan Sari Center and Dulhan Sari Showroom in Kathmandu.
Product adaptation or modification
Shelona is a product with distinctive characteristics and special brand identification. So therefore it is a specialty good where consumers expend exceptional buying effort.
The product "Shelona" is currently in the introductory stage. As any other product Shelona will go through all 4 stages of product life cycle. However, because this product is targeted towards a niche of the market, there are some distinctive characteristics that will hold Shelona different from any other products. Because Shelona doesn't have a very huge amount of primary cost, it can gain more profits, since the introductory stage. Hopefully, Shelona will get in to the growth stage very fast, because when a fashion trend becomes popular, everyone would be curious and want to buy a Shelona sari, but in the maturity stage company have to come up with various types of sari and offers to, extend the life cycle.
The sarees are wrapped in transparent wrapping papers & decorated with ribbons & artificial flowers. Finally sarees are packaged in separate boxes with the printed brand name, logo & relevant information on the saree box.
Support services component
- Sales promotions
As "Khatija Mandhir" is entering a new market in Nepal, one of the core tasks is to capture the minds of consumers through establishing its brand image. There are several advertising methods that an organization can use in order to communicate its message to its consumers. As the agency for Khatija Mandhir we have decided to launch its "Shelona" brand using several advertising methods.
In order to achieve the above advertisement objectives several strategies should be implemented. Television advertisements, Magazine advertisements and billboards will be used in order to stimulate awareness about the "Shelona" brand.
The advertisement on television will be created in a way that will arouse the curiosity of the audience. Magazine and billboard advertisements will be used to position Khatija Mandhir as a brand that promotes "COLOURS OF LIFE".
- Encourage people to talk about Khatija Mandhir.
- To position Khatija Mandhir as a brand that goes beyond cultural, geographical, religious, demographical boundaries.
- To inform people about the designs.
- To familiarize the Khatija Mandhir brand to people.
Khatija Mandhir aims to enter the market with a flare, where it can attract its target market directly. Therefore we as the campaign planners decided to come up with a flaring advertising campaign to support the launching of Khatija Mandhir's first designer wear in Nepal. The advertisement will carry a curiosity element, which we believe that the audience will grasp it enthusiastically. Furthermore the advertisement would encourage discussions among the society about "Shelona" designs even before it is launched.
The television advertisement will cater a purpose to support the launching of "Shelona Sari" of Khatija Mandhir. The advertisement will be a teaser for 15 seconds, which will be used to arouse the curiosity as well as to create a weight of expectation in the target market. The advertisement will be aired for 3 weeks and will be telecasted on Kantipur TV and Nepal TV. The advertisement will start broadcasting one week prior to the launching of Shelona Sari.
This advertisement will be in leading high end fashion magazines of Nepal in the month of launching of "Shelona". A top model will be used for photo shoot of the publications in the Magazines. It will be published on the front page of the NIRVANA STYLE magazine and in full inside pages of bride and groom and wedding bells.
Bill board advertisements will continue for six months from the day of launch of "Shelona". The placement of the billboards will depend on the areas where the target market would mainly pass through. We will evaluate how much it is crowded and how much it is commercialized before setting up the bill boards.
The theme of the "Shelona" sari campaign is to bring out the glamour of a woman. This idea is mainly extracted from the slogan of "Shelona" sari, which is "Feel The Exotic Glamour". The main aim of Khatija Mandhir is to meet the utmost desires of their customers through unique designs, by letting them explore their glamour through the exotic colors and providing them with a non-equivalent collection of world class quality material.
Sales promotion is a tool which can used to achieve several major promotional objectives. As Khatija Mandeer is a new contestant to the Nepal fashion market, successful sales promotion strategy will play significant role for the success of Khatija Mandeer's "Shelona Sari".
- Creating Product & Fashion Awareness
- Creating Interest
- Providing Information
- Stimulating Demand
- Reinforcing the Brand
Trade Oriented Sales Promotions
This strategy involves communicating to the customers through alliances with other leading brands, Cooperates & Society Icons. The strategic alliance means Cooperative agreements between two or more firms. Khatija Mandhir will also get into alliances with leading Jewellery & Accessory companies to set up special discounts for customers who will be purchasing the brand "Shelona" from the alliances partners.
Khatija Mandhir will be having a website for the newly launching brand "Shelona" which could be accessed by logging on to www.shelona.com. To encourage online purchasing, Khatija Mandhir will carry out special promotions to online customers who will be purchasing Shelona sari.
Distribution: from origin to destination
Sea transport and land transport will be used to send Sari from Sri Lanka to Nepal. However Nepal is a landlocked country the only functional sea port bond for Kathmandu is Calcutta in India. After sending to Calcutta (Visakhapatnam port), train will be used as a land transport to transfer Sari containers to Nepal. This process would be a long route however it would be more cost effective than using air freight.
Mode selection: advantages and disadvantages
There are some advantages and disadvantages of the transportation mode that is selected.
As the products will be send via sea to Nepal the main advantage is, it will be cheaper than sending by air. Visakhapatnam is one of the major sea ports in India. Hence there will be huge capacity to access and other facilities will be available from there.
Nepal is a landlocked country and Visakhapatnam sea port in India is a transit way to send products to Nepal via sea. The main disadvantage we will face when we use this transportation method is it will take lots of time to reach to Nepal. There will be complex documents and procedures associated with customs clearance. Thus it will take several numbers of days to reach it to destination.
Packaging is a significant factor causal to the positioning of a product in the market. Our product Shelona saree wear is a branded product and the packaging will be in a very premium way. As the product is been sent to Nepal through a long route, the package should be done in a way that it wouldn't get damaged while in the process of shipping and distribution. The products will be packed in the factory and each Sari will be packed in a separate square shape box. On prior to that, we will wrap Saree in two Polyethene paper to resist the rough handling. Most importantly our logo and the promotional statement will be on the front side of each pack. Then the packages will put in a container to freight it to the destination.
There are important documents which are required when sending products from Sri Lanka to Nepal.
The main documents required are:
v Import and Export declaration form,
v Custom Transit Declaration,
v Custom bill,
v Bill of lading,
v Packing list,
v Certificate of insurance and
v Certificate of origin.
Therefore Kathija Mandir would have to submit the necessary documents which are needed while importing goods to Nepal. In order to do this during the time of shipping, it's important to make sure all the necessary documents are incorporated and it covers proper information. If not there may be various problems at the time of custom clearing. (Biz Mantra, 2009)
Sri Lankan Insurance Corporation Ltd will offer insurance service to Kathija Mandir. This is a government owned corporation and it is the first company in Sri Lanka to be allocate a global rating for financial strength and stability. Its compulsory to get a fully covered insurance scheme hence it is a legal requirement to insure the goods for a shipping line. In order to eliminate the risk involve while transferring goods to another country an insurance claim could be obtained from Sri Lankan Insurance Corporation and ensure the long term stability of the company as well.
At the initial stage the plan is to send 2000 Sarees in one container, since this is not a huge number to propel a freight forwarder is not required. The company employees will do this by personally to minimize the cost which involves in freight forwarding. Hence it is vital to minimize the operating cost at the initial stage to capture the target market and to reach the breakeven.
Channels of Distribution (micro analysis)
As mention above, Kathija mandir would be sending the brand Shelona to three typical retail outlets at the launching of the product. These shops will be located at the main business area at Kathmandu, where the target audience usually comes for shopping and other purposes.
Shelona Saree wear is a very unique and branded product which comes in one piece. Thus there will be no wholesale middlemen in our product as we will distribute Sarees in our retail outlet.
Sri Lanka shipping company will be the export agent. The main reason to select this company as they have regular transit ships to Nepal and also the agency offers free warehousing service for maximum 3 days. Moreover the agency is cheaper compared to other shipping lines.
Warehousing is an important task that should undertake to store the products. Since it would be expensive to buy a storage place to own, Kathija Mandir could store the Sarees in retail outlet itself.
Cost of shipment of goods
The cost of shipping products is mainly determined by the weight or size of the product. In terms of the Shelona sari, the cost of shipping would most likely depend on quantity of packing. In order to ship this product, the goods are packed in 10-foot containers and prices also vary depending on whether the container is fully or partially full.
The quantity to be exported is expected to rise in the following years and thus the shipping costs. In the initial year of introduction the number of sari to be sold would be 2000 so that, in 2010 the shipping cost is expected to be US$1800 and in 2011 and 2012 the cost will be US$ 2500 respectively.
In the process of transportation of the sari from its original place to its destination should be covered by insurance. This is usually a requirement of the terms of sale and will protect the product against the risks of shipment. Nepal is not quite economically stable and therefore this could impose on a number of risks. There could also be a risk of damage to the product during the process of shipping.
Customs duty is also another cost associated factor that will affect the shipment of goods to a foreign country. Especially in Nepal the clearance from the customs can be difficult. Importers have to use a customs broker in order of release of the products.
The commercial invoice, when the customs value of the merchandise is determined with the transaction value and exceeds US$300, or the equivalent in another foreign currency (the invoice will be translated into their official language "Nepali". In cases if it's not, a translation may be prepared on the reverse or in the body of the invoice)
Documents evidencing compliance with requirements relating to restrictions and non-tariff regulations that applies to the importation
Proof of the country of origin and country of export is required.
Import taxes and value-added tax
VAT or value added tax is at a rate of 15% in Nepal. This is imposed on all the shipments that enter as normal consumption entries in addition to the normal rate of duty. All of the costs mentioned will inevitably impact the overall retail price charged from the consumers. It has been estimated that due to the price of existing price of the SARI, we are considering all the costs such as packaging, custom duties, insurance, sea freight and handling charges as well as the SARI will be price in order to suite the competitive environment.
Wholesale and retail mark-ups and discounts
Katheeja Mandir will be offering 8% -12% mark-ups for the retailers who would sell the brand of Shelona in Kathmandu
Company's gross margins
The estimated gross profit for the project is healthy. Sri Lankan companies generally operate on slim margins but in Nepal the margins are relatively high for SARI as SARI are listed as premium range products. Thus, it cannot be listed as a product, which is of a gross margin below 23%.
The retail price of a SARI is $ 400. And also it will vary according to the type and the material of the SARI.
Terms of sale
International terms of sale indicate how the buyer and importer divide their risks, obligations and the costs of specific kinds of international trade transactions. The forms that the exporters use to carry out the transactions are Free on Board (FOB), Cost and Freight (C&F) and Cost, Insurance and Freight (CIF). (Nepal-Taxation, 2009)
Free on board have terms which are applicable to a designated point, which is usually the port of exportation. The quote therefore includes the cost of goods and delivery to the named point.
Cost of freight is the price that includes the cost of transportation to the named overseas port; however the risk of loss or damage of the goods is transferred from the seller to the buyer once the goods are loaded in the country, Cost, insurance and freight states that the quote should include the cost of goods, insurance and all transportation charges to the destination port.
In terms of sale, when doing business with Nepal, Kathija Mandir would consider the rights and obligations of the buyers and sellers as applicable in the transportation of goods. The thirteen Inco terms set out by the International Chamber Of Commerce (ICC) for worldwide would be used as a guide for the mentioned vocation.
Methods of payment
Methods of payment include cash in advance, open accounts, letters of credit, consignment sales, etc. (Simplifying international trade, 2009) Only the largest retail shops and supermarkets will accept credit cards, and even then many will only accept Visa or MasterCard. But Kathija Mandir will accept Cash as well as Visa or MasterCard.
Dilmah proposed financial forecast for year 2010
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