. Faculty of Technology, Engineering and the Environment MSc in Project Management International business and marketing Marketing-led business plan for Charles and Keith STUDENT NAME : STUDENT ID NUMBER : LECTURER : DATE OF SUBMISSION :   Declaration of originality STATEMENT ON PLAGIARISM Name Course MSc in Project Management Unit Title of Coursework: Marketing-led business plan for Charles and Keith I, the undersigned, confirm that I have read and understood the statement about plagiarism which is outlined in the students handbook and module guide. I testify that the work that I have submitted accompanying this sheet is wholly my own, and that any quotations or section of text taken from the published or unpublished work of any other person is duly and fully acknowledged therein. Signed Date submitted   Table of Contents 1.0 Executive Summary 4 2.0 Introduction and Background 5 2.1 Product 6 3.0 External Analysis 7 3.1 STEEPLE Analysis of Poland 7 4.0 CAGE Analysis on Singapore and Poland 10 4.1 Culture 10 4.2 Administrative 10 4.3 Geographic distance 11 4.4 Economics 12 5.0 Factors for Considering Poland 12 6.0 SWOT Analysis of Charles and Keith 13 7.0 Strategies 14 7.1 Market Segmentation 14 7.2 Marketing mix 15 7.2.1 Product 15 7.2.2 Price 16 7.2.3 Promotion 17 7.2.4 Place 19 8.0 Conclusion & Recommendations 20 9.0 References 21   1.0 Executive Summary This report presents an international marketing-led business plan for a global fashion brand,” Charles and Keith”, expanding from Singapore to Poland. Charles & Keith is also a multinational enterprise which operates the stores around the world. Charles and Keith Group have two brands, Charles and Keith, and Pedro. Only Charles and Keith will expand to Poland in this report. This paper provides environmental analysis of Poland. The result from STEEPLE analysis shows that Poland has strong political and economy stability, well-developed information and communication technology resources, and acceptable demographic factors which can ensure the survival and future growth of Charles and Keith in the new market. Poland and Singapore have a high difference in many aspects of culture, legal factors, geographic distance, and economy. But, with a proper arrangement and marketing plan, Charles and Keith can expand its products to Poland market. The marketing environment of Poland has been very receptive to Charles and Keith’s fashionable and good quality products. Using appropriate marketing strategies presented in this paper, Charles and Keith can extend its market in Poland, offer new and sophisticated products, and win new customers.   2.0 Introduction and Background Nowadays, the world is getting smaller and the walls and barriers between each country have been broken down through globalization. Globalization also allows goods, services, technology and people to flow and communicates easily throughout the world. (Daniels et al, 2015). Company Background Figure 1 Charles and Keith Logo (What2do.asia 2016) Charles and Keith is a well-known Singaporean fashion brand specializing in women footwear and accessories. The company was founded by brothers Charles and Keith Wong in Singapore, in 1996. Most of the raw materials for Charles and Keith products are imported from China to make the business cost-efficient. Charles and Keith started to expand their business overseas in 2000. In 1998, the company established its first international branch in Indonesia (Boon 2013). The company ventured to expand their market in the Middle East, Dubai, in the year of 2004. The Company sold 20 percent of its shares to LVMH in 2010. Nowadays there are more than 390 Charles and Keith stores in Asia, Middle East, Europe and Asia (IE Singapore 2013). In 2012, the sales of Charles and Keith had reached approximately SGD 240 million (BusinessChina 2013).   2.1 Product Charles and Keith emphasizes on making women shoes with fashionable designs. They provide many types of women shoes such as high heels, boots, flats, sandals, sneakers, loafers, and ghillies. Later, the company expands their collection to bags, sunglasses, bracelets, necklaces, rings, key chains, and belts. Today, Charles and Keith creates tech design accessories such as phone covers. Originally, their product is women footwear but now the company also specializes in bags. Charles and Keith also provides customers with unique and up to date women bag designs and a variety of categories such as backpacks, clutches, shoulder bags, wallets, and wristlets. Shoes Boots Sandals High Heels Bags Backpack Shoulder bag Wallet Figure 2 Shoes and Bags of Charles & Keith (Charles & Keith 2016)   3.0 External Analysis Analysis and evaluation of the current situations in Poland will be presented by using STEEPLE analysis method. 3.1 STEEPLE Analysis of Poland Social • Low spending on health care but overall social indicators is in a good performance. • Polish people are highly educated. • 33rd most populous country in the world with 0.08% population growth per year. • The population of Poland is approximately about 39 million and more than half of the population is middle-aged people (WORLD BANK 2015). • 48.2% male and 51.8% female • 71.6% of the population is age between 15 to 64 years old (Countrymeter 2016). Technological • Well-developed Information technology (IT) infrastructures providing both hardware and software services. • Science sector of the country is monitored by the government to set up innovations in technology. • Massive growth of telecommunications market, and information and communication technology (ICT) • Plays an important role in online marketing among European countries. • The government provides online services for 95% of the top 20 public services. • Strong enough to develop a technology-intensive economy (MarketLine 2012). • The government used 0.9 percent GDP for research and development (R&D) in 2014. On 21 June 2016, Poland made an R&D agreement with China to improve the research project (Wildner 2016). Environmental • In 2010, Poland has reduced 30% emission of greenhouse gasses compared to 1988. By the year 2012, the Environment Performance Index (EPI) ranked Poland 22nd among 132 countries with the score of 63.47. • The government emphasizes on using renewable energy sources such as biomass, water, and wind energy. • Poland generates 85 percent of its electricity from coal. • Although Poland has plans to rely on nuclear energy, it would take more than 15 years for a nuclear plant to operate (Kureth 2015). Ethic • Poland became a beneficial market for international companies as the population in Poland has strong work ethic. • Polish people are hardworking and concentrated about getting the job done. • Polish youth are eager to learn. • 90% of polish business people can speak English (Koch 2015). Political • Poland has lessened the government restrictions in the economy since 1990. • The only one in Europe to avoid a global financial crisis in 2008. • According to Ben Habib, managing director of First Property Poland, Poland has a stable and predictable political landscape (Export gov 2015). • Poland is a member of EU and the world trade organization (WTO). • The corporate tax rate in Poland is 19% and no other additional taxes. • The government has changed in October 2015, the policy has changed slightly. At that time Poland had a constitutional crisis. Hence, the investors must consider the political risks and rise of taxes on the banking and retail industries (Foy 2016).   Legal • As a member of the European Union (EU), Poland’s legal system is influenced by EU legislation and similar to other European countries. • No trade barrier between Poland and other European countries; it means the companies in Poland are allowed to move freely across the EU market. • The country has banned the employment of children below fifteen. The working hour is 8 hour per day at most. • The basic legal act in Poland provides for the rights to the safe and healthy workplace. Polish Labour Code offers the protection of women young people at work (EU-OSHA 2016). Economic • Stable and strong economy • 8th biggest economy in the EU (European Union) • The only country that has positive economy growth during 2008-2009 economic downturns due to strong economic policies and flexible currency. • The interest rate in Poland averaged 7.5 percent (1998-2016) (TRADING ECONOMIC 2016). • The average annual growth rate in Poland (GDP) is 4.14 percent from 1995 to 2016. GDP growth in Poland for 2016 is 3 percent and expected to rise in 2017. In 2013, the government removed tax breaks and established sector-specific taxes. • The central banks of Poland, Narodowy Bank Polski (NBP) monitor the polish currency issues and maintain its stability (MarketLine 2012).   4.0 CAGE Analysis on Singapore and Poland Cage analysis is an outstanding method for businesses looking to develop and enhance global strategies and entering new markets. The CAGE Distance Framework associates Cultural, Administrative, Geographic and Economic differences or distances between Singapore and Poland. 4.1 Culture 95% of polish people speak its own language, Polish. But, English language proficiency index in Poland is 62.95% which is very high (McCarthy 2015). For Singapore, the official language is English (Facts & Details 2013). Therefore, language difference might be a minor issue. Charles and Keith need to hire polish managers who can speak both English and Polish. Singapore is a multi-ethnic society with Chinese, Indian, Malay and expatriates. Singapore has higher power distance score than Poland because it has collectivist cultures which mean individuals are closely linked to groups (itim 2011). However, Poland has individualist culture. Hence, there will be some impacts on the growths of employees and stores for a long-term while considering culture distance. Charles and Keith have to negotiate with its employees. As a western country, Poland’s society emphasizes on self, rights, and independence while Singapore, an Asian country, people highlight responsibility, loyal and community. Moreover, in Poland business culture, both men and women prefer casual suits or dresses. Therefore, to match with these fashions, Charles & Keith will provide its casual and formal shoes to be comfortable for women. 4.2 Administrative Last year, Poland was Singapore's 18th largest trading partner in the European Union (MFA 2013). Free Trade Agreement (FTA) of European Union-Singapore has negotiated and it will be the first FTA between EU and an ASEAN country. Singapore is the EU’s largest trading partner in ASEAN. Therefore, EU-Singapore FTA (EUSFTA) will enhance the accessibility of markets between Singapore and EU companies (ieSingapore 2016). Poland’s Foreign Direct Investment inflow amount is US $14 billion in their developed economies while Singapore’s (FDI) inflow amount is USD $68 billion in their transition economies in 2014 (UNCTAD, 2015).   Currency (1 Polish Zloty = 0.34 Singapore Dollar) Table 1 Different Legal System The Republic of Singapore The Republic of Poland  Parliamentary System  Westminster Model  Democratically elected government (HSBC 2012)  Parliamentary System  Democratically elected president  Two Legislative branches (lower house & upper house)  Multi-party System (HSBC 2012) For political situation, both countries are democratic countries but they have differences in legal systems. Both countries have the strong political stability that can assist in expanding new markets. 4.3 Geographic distance Singapore is located in Asia while Poland is in Europe. Physical distance from Singapore to Poland is approximately 9,525 kilometers (DistanceFromTo 2016). Compared to Singapore, one of the small countries in the world, the size of Poland is too big. Although designated location to expand Charles and Keith is the capital city (Warsaw) of Poland, transportation will be important when the company wants to set up shops in other major cities. There is no major issue in transporting products to other cities as Poland has modernized transportation infrastructure (Brzeziński 2015). Charles and Keith own more than 30 factories in China and Malaysia (Nellyriana 2015). Therefore, transportation costs and delivery time are issues to be considered. However, excellent supply chain management and logistics process with the help of advanced technology will definitely support Charles and Keith to deliver their products on time. Singapore has a hot and humid tropical climate around 31 degrees Celsius. Poland has a temperate climate with cold winters and warm summer around 19 degrees Celsius which is quite cold compared to Singapore (AccuWeather 2016). Therefore, polish people would like to wear boots more than sandals due to cold weather.   4.4 Economics The average import and export price of Poland is about 145.63 and 145.21 index points. The inflation rate of Poland’s footwear and clothing is 5.5 % (TRADING ECONIMMIC). Average wages in Poland is around 4000 PLN/month and Singapore around 14150 PLN/month (Trading Economic, 2016). Therefore, Charles and Keith can hire employees at low wages. Additionally, the average cost of living in Poland is more than 50% lower than Singapore. For example, rental price in Singapore is about 400% higher than Poland (NUMBEO 2016). Comparing incomes and cost of living in Poland, it can be assumed that Polish people can afford to buy Charles and Keith products. 5.0 Factors for Considering Poland Poland is believed to be one of the most active and fast-growing markets in Europe and the only country in the Europe to dodge the recession (CompanyFormationPoland 2016). Foreign Direct Investment (FDI) in Poland has inclined significantly from 1998 to 2014 (Trading Economic 2016). Poland is located in the center of Europe offering investors with 38 million consumer market (Koch 2015). Free trading through the European Union attracts investors as Poland is a member of EU. With the stable economy and economic environment, Poland turns out to be a safe country to do business. According to STEEPLE and CAGE analyses, there is no major concern about the expansion of Charles and Keith to Poland. Due to its competitive labor cost, lower transaction cost, large market size, and positive signs for the development of the economy, Poland become a good place for Charles and Keith to invest.   6.0 SWOT Analysis of Charles and Keith SWOT analysis can cover both internal and external factors of a business. Charles and Keith can focus on its strengths to overcome upcoming threats and take advantages of opportunities by using SWOT analysis. Table 2 SWOT Analysis Strength Weakness • Perfect combination of affordability and design • Global tie-up with LVMH • Strong Branding image • Skilled and passionate employees • Strong investing in research and development (R&D) • Use High-Quality materials • E-commerce website • Still a new brand in the industry • Online retail shopping not available in every country • Imitations of products • Unfamiliar with the new market and culture of Poland • Manufacturing plants only located in China and Malaysia Opportunities Threats • EU-Singapore Free-Trade Agreement (FTA) • Fast developing in luxury goods market • High demand for fashion products • Brand endorsements by models and celebrities • Extensive growth in online footwear market • Constitutional crisis (Economical Factors) • Increasing Local competitors with new and innovative design • Currency value fluctuation   7.0 Strategies 7.1 Market Segmentation Charles and Keith will use Demographic targeting strategy in which target market will be separated into two sections. According to the STEEPLE analysis, Charles and Keith will emphasize on a higher percentage of middle age female customers. Primary Market The targeted market will be the working adults, age ranging from 25 to 45 years old who will require the use of casual and formal wear. People especially ladies spends more money in trendy fashion than others. Furthermore, they are willing to buy international luxury brands (KPMG 2010). Secondary Market The targeted market will be Young adults, age ranging from 18 to 24 years old. As Charles and Keith provide mid-price products, students can also buy, besides young people put more attention on latest fashion designs and collections. Nearly 70 percent of young people in Poland tends to shop online, therefore, Charles and Keith can also advertise, promote and sell via online (e-commerce) to attract these consumers (Bednarowska and Jędruszek 2012).   7.2 Marketing mix The marketing mix is an essential business tool to determine what the product or service can offer and how to develop a plan for a successful product contribution. The marketing mix is associated with 4Ps: Product, Price, Promotion and Place (Martin 2014). 7.2.1 Product Charles and Keith offer a wide range of up to date women shoes and bags. These products are already popular not only in Singapore but also in Europe. Charles & Keith provide about 1,000 new designs annually, with around 20 new designs being introduced each week (Lee 2016). The company provides each and every international outlet with its own designers so that they can adapt environment and design for the locals to meet fashion needs. For example, as polish fashions are inspired by the cold weather, the designer will focus on designing fashionable suede boots for women footwear. Moreover, the company uses only top quality materials to meet the international standard (Detvongsone 2016). For packaging, briefcase style paper bag is used to fit the product and reuse or recycle. Charles and Keith offer services such as product return and exchange policy, providing detail of the product on their website, and trained employees to give fashion advice. Product levels of Charles and Keith Figure 3 Three Levels of a Product (FINGERTEC 2013) The three levels in the product; core product, actual product and augmented product (see Figure 3). Core product – Comfortable footwear, Fashionable Actual product – Innovative in-house design, High quality, Stylish Paper packaging Augmented product – Free & Faster delivery, Order tracking, Return & Exchange 7.2.2 Price As Charles and Keith focus on supporting at mid-range of the market, it is ensure that polish people can afford to buy their products. In the opening year, Charles & Keith will use penetration pricing, psychological pricing, discount pricing strategy to maximize the market share in Poland. In the first four months, the company will emphasize on penetration pricing all the products will be significantly lower than normal price tags. Charles and Keith will not need a new discount method as they already have 10 to 60 percent discount plan. Besides, the prices of the products in the price tags will be ending with USD XX.99 (perceived as cheaper). After first 4 months, discount pricing strategy will be added and penetration and psychological pricing strategy will also be continued to use. Every product will be discounted at 30% to persuade customers. If these strategies are a success and achieve win customer loyalty in first 8 months, Charles and Keith will change its product back to regular price tags. But the discount pricing and psychological pricing strategy will be continued and the discount amount will be rearranged to 10%. Then the company focuses on only marketing and offers 10% discount on all regular price items if the customer made an online purchase. Furthermore, Charles and Keith offer discount pricing through discount codes and discount coupons. Table 1 shows the current pricing ranges of the competitors of Charles and Keith. Knowing the competitors’ market, Charles and Keith can adjust the price and effectively manage pricing strategies.   Table 3: Current products and prices per unit Competitor Bags Prices Range (PLN) Shoes Prices Range (PLN) Charles & Keith 28.3 – 283 56.6 - 283 ALDO 70.75 - 283 79.24 – 537.7 H&M 28.3 – 141.5 8.49 - 283 Top shop 28.3 – 325.45 22.64 – 834.85 Pull & Bear 19.81 – 116.03 39.62 – 212.25 (H&M 2016) (Topshop 2016) (Pullandbear 2016)(Aldoshoes 2016) (Charles&Keith, 2016) 7.2.3 Promotion Although Charles and Keith is a well-known brand all over the world, the brand is needed to advertise the new market in Poland in order to persuade the customers. More than 20 million of Polish people (more than 50% of the population) use Facebook (Gemius 2015). Therefore, advertising through social Medias, such as Facebook and Twitter, will be an effective way. Social media can also attract young polish people who like to wear update and trendy shoes & accessories. For the first launching month, Charles and Keith will use TV advertising. In Poland, the price range of TV advertising is 900 PLN to 38000 PLN per 30 second air time (Polska, 2015). Advertisings through magazines, Journals and newspaper will also be considered as these can reach to every age of people. Storefront advertising method is also crucial to use as the brand is modern and contemporary. Charles and Keith plan to offer loyalty and membership programs at the first products launching season. Besides, the company provides other promotions such as seasonal sales, competitions, vouchers and membership programs.   Product life cycle Introduction – this stage is the most expensive stage for a company to launch a new product. At first launching, Charles and Keith will use heavy sales promotions, TV advertisement in every seasonal product launching and opening ceremony. Growth – To grow and sustain in the market, Charles and Keith need to maintain its quality and offer unique customer services. Emphasizing on conceptual designs and high-quality products will also be included in this stage. Maturity – this stage is where Charles and Keith emphasize on competing in the market and developing new strategies for example warehouse sales and seasonal sales to compete its competitors. Decline - Some product shrinks and drops its market at this stage. Hence, contingency plans such as focusing new designs, products and promotions are needed for Charles and Keith to extend the life of the product. Figure 4 Product life cycle (tutor2u 2015) Charles and Keith will conduct a survey using its e-commerce website. Charles and Keith will know what customer wants and needs and then, new designs will be created depending on the surveys.   7.2.4 Place The direct investment plan will be used when Charles and Keith's first store open in the capital city of Poland, Warsaw. Warsaw is the prime economic area where large corporations like PKO Bank Polski (banking), TPSA (telecommunications) and Orlen (energy and water) locate their headquarters. The renting price range in Warsaw is between 3200 PLN to 31630 PLN per month depending on the location, and size (Hamilton May, 2016). The first Charles and Keith store will be opened in, Arkadia Shopping Mall which is the biggest shopping mall in Warsaw. Then, the next stores will be opened in modern shopping malls such as Złote Tarasy and Wars Sawa Junior as these are the places where many personalities and celebrities go shopping (Warsaw Guide 2015). More money will spend in renting high priced places to offer easy access for the customer to buy the products. All shoes and bags will be launched in the store and they will also be distributed via Charles and Keith e-commerce website at the same time. Charles and Keith will offer a direct channel of distribution which is the simplest and shortest way to deliver the products to customers. Therefore, there will be no intermediaries and Charles and Keith can keep customer relationship and get customers feedback directly.   8.0 Conclusion & Recommendations Poland is one of the few countries where Charles and Keith's store have not been opened. Although Charles and Keith have stores in many European countries, the company has not started its business in Poland. Poland is a good place for Charles and Keith to invest according to many factors that have been analyzed in the STEEPLE and CAGE. Future perceptive for Poland economy indicates that there is a great potential to develop in fashion markets. Moreover, shoes and bags of Charles and Keith are unique and affordable in Poland. After having enough market shares on its footwear and bags, others accessories such as jewelry, belts, sunglasses, and tech accessories will be expanded in the future. Pedro will also be introduced in Poland at that time. Hence, Charles and Keith will have to invest more money for future growth. With the effective marketing strategies, Charles and Keith can increase their brand profit and brand value; furthermore, become a successful fashion brand in Poland.   9.0 References AccuWeather (2016) Weather For Singapore [online] available from http://www.accuweather.com/en/sg/singapore/300597/weather-forecast/300597 [4 Aug 2016] Aldoshoes (2016) Aldo Shoes [online] available from http://www.aldoshoes.com/international [17 August 2016] Bednarowska, Z., Jędruszek, B. (2012) PMR: Nearly 70% of young people buy online [online] available from http://www.research-pmr.com/userfiles/file/wp/wp_35_869_2012-12-20%20-%20Nearly%2070%20of%20young%20people%20buy%20online%20-%2002.pdf. 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