LOTTE Confectionery: Strategy Evaluation

LOTTE Confectionery: Strategy Evaluation 1. Background LOTTE Confectionery is No1.confectionery Company that holds multiple No1 selling products of gum, candy, chocolate and biscuit segments in Korea domestic market. LOTTE Confectionery stands in unrivaled position by Xylitol and occupies strong position in chocolate by Ghana chocolate and Dream Cacao. Orion Confectionery international sale exceeded domestic sale in 2009. Orion Confectionery ranks 1st in international sale among Korean confectionery companies and possesses enormous growth rate at international market, because Orion Confectionery releases gentrified domestic products to international market. Domestic confectionery market is Red Ocean, recently revenue has been decreased. Domestic confectionery market is saturated in fact (EDaily. 2011.01.11). Even Foreign confectionery companies are joining and intensifying competition in Korea. The scale and profitability of international market are larger and higher than domestic market. Thus, Korean Major Food companies decided to enter oversea markets. Among them, Orion Confectionery ranks at 1st in international confectionery business. 2. Current strategy of LOTTE Confectionery 1) Me Too strategy ‘Me Too strategy is a business strategy that following company emulates a market leading companys strategy. It is called as ‘Market follower strategy or ‘Imitation strategy. With this strategy, a follower can gain many advantages. The market leader often bears the huge expenses of developing new products and markets, expanding distribution, and education the market. By contrast, as with challengers, the market follower can learn from the leaders experience. LOTTE Confectionery is a typical company to uses ‘me too strategies for products. There are many cases that LOTTE Conf. emulates competitors successful products. Table 1. Me too products cases in LOTTE Confectionery Competitor Product (Company) LOTTE Conf. Product Remarks Competitor Product (Company) LOTTE Conf. Product Remarks Chocopie (ORION) Chocopie Pie (HAITAI) Snack Homerunball (HAITAI) Myball Snack DR.YOU (ORION) Mothers finger Premium Product Brand Source: Interview with ORION employee LOTTE Confectionery applies ‘Me too Strategy for overseas business. The Main countries where LOTTE Conf. constructed product factories by itself are China, Vietnam, Russia and India. Except India, the entry timings of LOTTE for 3 counties are recognized as ‘me too strategy. In China market, ORION entered in 1993 and LOTTE entered 1 year later. Vietnam where LOTTE entered in 2007 as acquisition of BBICA, 2nd biggest confectionery company in Vietnam, was open to ORION 2 years early. ORION established a local subsidiary company, OFV (ORION Food Vietnam Company), in 2005 and constructed local factory in 2006. In Russia market, ORION established OFR (ORION Food Russia Company) in 2003. ORION constructed a chocolate factory near Moscow in 2004 and second factory for overall confectionery manufacture in 2006. But LOTTE established LOTTE KF RUS LLC in 2007. Table 2. ORION LOTTE Confectionery Overseas entry time Country ORION LOTTE China In 1993, Establishing Beijing Office In 1994, Establishing local subsidiary Vietnam In 2005, Establishing ORION Food Vietnam Company In 2007, Acquiring 30% stocks of BBICA Russia In 2003, Establishing ORION Food Russia Company In 2007, Establishing LOTTE KF RUS LLC Source: Financial News, â€Å"LOTTE, Following ORION?† February 25.2008, LOTTE Confectionery on-line homepage, â€Å"History† (http://www.LOTTEconf.co.kr/images/company/pic_hi05.jpg) 2) MA Strategy LOTTE confectionery has invested 500 billion KRW to overseas market by 2010. LOTTE focused VRICs (Vietnam, Russia, India, China) with acquisition local companies and factory construction. Sales result was under than expectation. LOTTE oversea sales consistantly increased and last year recorded 500 bil KRW. They have a 650 bil KRW sales target this year. LOTTE sped up their global business as entering China, India, Vietnam, Belgium, Russia and Pakistan (6th largest population). 1 China LOTTE confectionery established â€Å"LOTTE China foods limited liability company† in Beijing, China in 1994 and in 2005 it acquired â€Å"Qingdao foods limited liability company† which renamed later â€Å"LOTTE Qingdao foods limited liability company†. In 2006 it also acquired â€Å"Shanghai foods limited liability company† and renamed it as â€Å"LOTTE Shanghai foods limited liability company†. The revenue in China in 2005 was about 90 billion Korean Won and slowly increased to 100 billion KRW in 2006, as the chocolate product which is main product of LOTTE Shanghai foods LLC hit its strides in 2006, the revenue jumped up to 140 billion KRW in 2008. LOTTE China foods limited liability company- Choco Pie, Gum Production LOTTE Confectionerys expansion into the Chinese Market was especially remarkable. Even through the heated competition of Global Food Industries, LOTTE was able to capture the Chinese Flavor. LOTTE indicates that it was possible because â€Å"Steady exportation and Improvement of the Corporate image from the early 80s and the supply of eminent products due to the establishment of Local plants in the Mid 90s.† Before any diplomatic relations between Korea and China, LOTTE Confectionery concentrated on supplying eminent brand products through Hong Kong. Thus LOTTE has succeeded in establishing long term faith. Lets take a look on a couple of cases. Supporting Horse Racing hosted by local merchants, production and promotion of CafÃÆ' © Coffee Gum to help Chinese quit smoking, campaign to help victims of flood damage and other activities to capture the heart of the Chinese. Through these efforts, in August of 1994, LOTTE Confectionery established the ‘LOTTE China foods limited liability company in the Economy Technology Development Zone in Beijing. Thus it has made possible to supply suitable local products. The first established local factory was completely co-operational. LOTTE Confectionery, Japan LOTTE, and Mitsui invested in the factory and are now developed in 3 divisions. The 1st factory produced Choco-pie, Cream Cake, Koalamazzi, The 2nd factory produced plate gum, and bubble gum. The 3rd factory produced Xylitol gum, Coating gum. Among these products, it can be said that GUM represents LOTTE Confectionery. Chewing gum started being produced and sold in September of 2001, Xylitol gum, plate gum in 2002 and Coating gum in 2003.Products from these factories were sold in Beijing, Shanghai, Tianjin, and other areas of China. Also the market share in China exceeded 30%. LOTTE Qingdao Foods Limited Liability Company- snacks, biscuit production In 1996 the ‘Qingdao Foods Limited Liability Companywas established at the science and technology park of Qingdao. Based on gaining the trust of Chinese, LOTTE Confectionery solely invested and acquired Qingdao Foods Limited Liability Company in 2005. Main products of that company were snacks and biscuits such as Myball, Peanut-cuttlefish ball, Choco-pie, Custard, Strawberry pie and other pies. Especially the popularity of the Custard and Choco-pie is sharply increasing and is expected to regenerate the CRAZE in Korean Market. LOTTE Shanghai Foods Limited Liability Company- Production of raw liquid of chocolate. In 2006 ‘LOTTE Shanghai Foods Limited Liability Company was solely acquired by LOTTE Confectionery, established in 1993. This factory was mainly producing the raw liquid of chocolate. In January of 2007, LOTTE Confectionery and Hersheys signed a strategic alliance to manufacture and sell the main products from this factory. And from October 2007, LOTTE Confectionery started to manufacture and supply its popular products, Ghana and Dream CaCao into all over the Chinese market. (Source: Journal ‘The Buyer 2008) 2 India LOTTE acquired Parrys in May 2004. It was a sole invest, not joint venture. LOTTE firstly acquired 60.39% stock and gained the rest later. Stock acquisition cost was about 23.2 Bil KRW. Parrys Confectionery Ltd, established in 1914, was one of the representative confectionery companies in India. Annual sales are over 22 Bil KRW. By acquiring Parrys, LOTTE could preoccupy India confectionery market as well as secured the price competitiveness making India as production base for exporting to Africa and Middle East area. (Source: 2004/5/21 food new media) 3 Vietnam In 2007, LOTTE acquired 30% stocks of BBiCa which was the 2nd largest confectionery company with annual sales 20Bil KRW in Vietnam. Using BBiCas sales network over the country, LOTTE expected to expand market presence in Vietnam, the population was about 84 Mil in 2007. (Source: 2007/10/05 Medical today media) 4 Pakistan LOTTE Confectionery acquired Pakistan Kolson companys (K. S. Sulemanji Esmailji Sons (Private) Limited) stock 69.45% (20 Bil KRW) and became the biggest stockholder. Through this acquisition, LOTTE could begin a nationwide business in Pakistan. Pakistan confectionery market size was the 1/3 of Koreans. However it was expected to grow 10% each year, since the population under the age of 14 was 37%. (Source: LOTTE Confectionary Internal Data) Kolson was founded in 1942, one of the leading company with asset 53.2 bil KRW and annual sales were about 33 bil KRW. Kolson had the 2nd largest market share (29%) in snack, 4th(6%) in biscuit, the 1st(44%) in pasta market in 2010. 3) Synergy with LOTTE groups affiliates LOTTE has a vision to make a global brand just like Samsung and Wal-Mart. One of the key strategies for achieving this goal is building â€Å"LOTTE Town† LOTTE has already opened â€Å"Moscow LOTTE Town† on last October, 2010, which is consisting of luxury hotels and department stores. That was the first oversea â€Å"LOTTE Town† Also in Hanoi, Vietnam and in Shenyang, China are under construction â€Å"LOTTE Town† which is planning to complete the end of 2013 in Hanoi, and to complete the end of 2015 in Shenyang. 1 Building LOTTE Town in China and Vietnam By 2018, LOTTE will build more than 10 LOTTE Town in Nanjing, Shanghai, Chengdu in China-, Ho Chi Minh in Vietnam, and Jakarta in Indonesia, etc, to serve them as a growth base for the LOTTEs global business. Additional oversea LOTTE Town will be constructed mainly focusing on VRICs (Vietnam, Russia, Indonesia, China)In China, Nanjing Jenye District, Shanghai Zhabei District, Sichuan Province, Chengdu Jin Jiang District, Wuxi, Jiangsu Province, Zhongshan , Shandong Weihai , Chongqing, and Wuhan, LOTTE is discussing with those cities and governments for consulting the land, building size, business information in LOTTE Town. Those complex projects are targeting to complete in 2014 to 2015. In Vietnam, following Hanoi, Ho Chi min and Danang are planning to construct LOTTE Town. Jakarta in Indonesia and St. Petersburg .in Russia -following Moscow-, are pushing ahead for LOTTE Town. 2 LOTTE Town and LOTTE Confectionery global business LOTTE group is planning LOTTE Town construction, mainly targeting on rising countries such as China. Those countries are just about to create consumer markets based on high-growing economic development and high-growing spending spree. If LOTTE Confectionery is starting global business based on LOTTE Town, it can amplify the synergy to promote sales and maximize profits. 3 Overseas company management with Japan LOTTE LOTTE Confectionery has a lot of local subsidiary companies. And most of them are operated in collaboration with Japan LOTTE. It seems to make more stable business circumstance. Japan LOTTE has more overseas experience (Established LOTTE USA in 1978, and so on) and financing capacity (Low Yen Carry interest, and so on). Therefore LOTTE could share Japan LOTTE strengths and hedge against overseas business risks. Table 3. Overseas collaboration subsidiaries Local subsidiary Country Overseas collaboration companies LOTTE China Foods Co., Ltd China Japan LOTTE, Mitsui Co, LOTTE Confectionery etc. LOTTE Philippines Foods Co., Inc Philippines Japan LOTTE, Japan Taiwan Trade, Philippines Nugget Food LOTTE Vietnam Foods Co., Ltd Vietnam Japan LOTTE, Marubeni Co. LOTTE Packaging(Beijing) Foods Co., Ltd China Japan LOTTE LOTTE Taiwan Co., Ltd Taiwan Japan LOTTE Shandong FengCheng Cold beverage Limited liability company China LOTTE Invest Limited liability company, Shandong FengCheng Food Limited liability company LOTTE Trade And Distribution. PT Indonesia Japan LOTTE Source: Korea Information Service. INC, â€Å"LOTTE Confectionery Contingent liability and Contract clause† (http://www.kisline.com/) 3. Conclusion 1) LOTTE Confectionery SWOT analysis For strategy proposal, we analyze SWOT of LOTTE confectionery as below. Table 4. SWOT Analysis Strengths Weaknesses A huge domestic and global distribution network and its affiliates A variety of No. 1 family brand held Excellent production facilities Abundant capital for investment Limitation of Me-Too strategy on premium product Poor performance in overseas investment Weak innovation strategy Centralized decision making Opportunities Threats Synergy with LOTTE Groups international strategy Target countrys (VRICs) population growth Keen competition with local and global companies Diversity of local consumers tastes 2) LOTTE Confectionerys key strategies Given circumstances and above analysis, we can find 4 key strategies for LOTTE Confectionery in terms of International Business Management. First, Strengthening MA (Brownfield method) based on abundant capital power Saving time for market penetration Risk hedging Table 5. Entry mode of Lotte and Orion Entry mode LOTTE Orion Remark Ownership MA O X Greenfield O Trading Exporting O O Importing X X Collaboration strategies Low commitment (Licensing) X X High commitment (JVs) O X Second, Synergy effect through Groups alignment Economy of scale economy of scope Cooperating with LOTTE Town Third. Decentralization for decision making Localization strategy for specific circumstances of each country Timely responsiveness Lastly, Market leading through innovation strategy Allocating investment in RD Recruiting and educating global experts

Morality and Generally Good Morals Essay

Morals, values and beliefs are all very similar in a way even though they may have different scientific definitions. Everyone in the world has morals, values and beliefs, although they may differ and have different roles in each other’s lives; theses three things all have an impact on how we choose to live our lives in some way. According to the online Merriam Webster dictionary, a moral is defined as something â€Å"concerned with the principles of right and wrong behavior and the goodness or badness of human character. † How we act in certain situations is often based on our morals. With morals, the way one was raised plays a big factor on whether or not that person makes morally right or wrong decisions. More often than not, someone who had a stable and well-rounded upbringing will make more morally right choices in their life compared to someone with less family influence or support. Sometimes there are exceptions with this, but generally good morals are usually instilled in people at a young age which can last a lifetime. A moral can also serve as a lesson or theme which is why the phrase â€Å"the moral of the story† exists. With that being said, it is possible for someone to gain moral values through learning lessons through personal or others’ life experiences. By learning lessons through experiences it allows us to have a better understanding on how to act if a similar experience arises again. One moral value that my parents always stressed me to have was to be honest with everyone. They taught me that with honest actions comes more respect and trust from others, which will be very beneficial in my personal and professional life. Value is defined as â€Å"the regard that something is held to deserve; the importance, worth, or usefulness of something† by the online Oxford Dictionary. Values are the components of peoples’ lives that they find important and meaningful. People’s values often change throughout their lives as their circumstances change. Personally, my values are education, family, friends and money. All of these are important aspects to me which I find necessary to be content with my life. If I didn’t find education valuable to me I would not be enrolled in school right now. Also, without my family and friends, I would not be who I am today since they serve as a great support system and offer value to my life. Money is important because without it I would not be able to support myself while away at school . For example I would not be able to buy necessary items such as books and supplies to give me the best chance at succeeding in college. As time goes on these values may change to my career, my children and more things that would be more meaningful to me as I get older in age.

Strange Fruit

Jazz music has always existed as a voice for black musicians and audiences. The sounds and rhythms are extremely unique and colorful. It certainly changed America in the 1920's with the swing movement and it put jazz on the map. During this time many white people started to be influenced by this infectious music, and started to enjoy it. Many white people also discriminated against blacks and treated them as less than equal. A goal for an artist named Billie Holiday was to make America listen to the cries of a black man, a black man who was just lynched.Jazz music had to be recognized with its roots. Billie Holiday believed Jazz music had to defend the black people. No better way of being heard than through the voice of Holiday. She attempted to fight for black rights through her song â€Å" strange fruit†, a political song that struck a chord for many Americans. Her original name was Eleanor Fagan, born April 7, 1915. Billy Holiday was an American jazz singer, one of the grea test from the 1930s to the 1950s. Also known as â€Å"Lady Day, Holiday first acquired a taste of music listening to her father, who was a traveling musician.She was fortunate not to be deprived of music during the popular jazz age of the 1920's. At the young age of 15 she started listening to jazz. She listened to the popular recordings of trumpet player Louis Armstrong and singer Bessie Smith . She decided to sing and she made her professional singing debut in 1931 at a small Harlem nightclub. She then continued to record for the first time only two years later. The jazz world did not recognize her music until 1935. She toured briefly with the Count Basie and Artie Shaw orchestras before becoming a big nightclub solo attraction in 1940.Her vocal style is considered to be one of the most original ever achieved; she sang with unique personality and distinguished herself as a professional artist. She never had technical training, and she was still able to create a beautiful and warm round vocal effect. Her vintage years were around 1936-43, when her professional and private relationship with the saxophonist Lester Young started. The team recorded some of the best musical examples of interplay between a vocal and instrumental line. Around her time jazz was being listened to by many people.Many white people were swinging to the beats of Duke Elington, who was probably one of the most famous swing composers. A large majority of the white society was definitely wrapped up in the new phenomenon of jazz. What's so amazing is that many whites were racist towards the composers of the music they enjoyed. The roots of jazz come from Africa, and it is derived from African rhythms and the blues. During the birth of jazz, the political situation for blacks in America was horrible. Black's were oppressed and discriminated by whites.They were hated in society, and during this time many blacks were being lynched in the South. I guess one could say that Jazz was an outlet for the blacks. It was their anthem of pride, and their creation to rightfully claim in a society that believed blacks shouldn't have rights. If white people in society were going to kill blacks simply because they were black, but at the same time enjoy their music, then wasn’t this a contradiction? Billie Holiday was an artist who made this point clear. She saw it as her duty to spread the truth about the horrors of black oppression.If the people were going to listen and enjoy black music, then they would also have to know about the violence and hate black people lived with in the South. At the height of her career the infamous song she sang was â€Å"strange fruit†, which was a highly charged political song. The song was about blacks being lynched in the south; a horrible and abhorrent act. Holiday was one of the first black musicians with the guts to release such an important political message in a song. A schoolteacher named Lewis Allan had written it for her. He was a ble to create a vision of how mobs of white men killed black men by hanging them from trees.His work wouldn't have had half the impact if Holiday didn't make it her own. Many people objected to the song. It was unlike any other popular song, but it was a huge hit. Here was a song that opened the doors for the Civil Rights movement. There was no better way for the people to experience the pain than through her voice. There was no better way at the time to reach the people of America than through a star who was loved, admired and black. There was another star who was admired loved, admired and black, and his name was Louis Armstrong. Born in New Orleans on August 4, 1901, Louis Satchmo† Armstrong was a victim of poverty and discrimination. At the age of eleven, Armstrong began to develop an interest in music, harmonizing on street corners and playing a toy horn. He was in and out of the home throughout his teenage years and was taken under the wing of Peter Davis, who taught him music. Under Davis's teaching, Armstrong joined a band, and his talent blossomed. He left the Waif's Home in 1914, and began to play the cornet all around New Orleans. Throughout the 1930s and 1940s Armstrong maintained one of the most grueling continual tours of all time.He began playing with the large bands that were popular at the time. His popularity and fame though, favored many white people in America With his increasing fame came the criticism of a black community that felt he was not living up to the responsibilities of the times. The late fifties brought with them the civil rights movement, and many blacks saw Armstrong as an â€Å"uncle tom,† playing for primarily white audiences around the world. Though he stated that these claims were not true, Armstrong was then in his sixties and primarily concerned with continuing to travel and perform.He didn’t want to get involved with the Civil Rights issues like Holiday started to do. He probably felt that trying to protect blacks would take away from his fame and popularity. Holiday was really one of the few black musicians who started very early with the rallying cries for the Civil Rights movement; a change for the way black people were treated. In the Nineteen-Forties, Holiday started using the illegal drug heroin. Soon her body needed more and more of the drug. It began to affect her health. In Nineteen-Forty-Seven, Billie Holiday was arrested for possessing illegal drugs.She was found guilty and sentenced to nine months in prison. When she was released, New York City officials refused to give her a document that permitted her to work in any place that served alcoholic drinks. This meant Holiday no longer could sing in nightclubs and jazz clubs. She could sing only in theaters and concert halls. Ten days after her release from jail, she performed at New York's famous Carnegie Hall. People filled the place to hear her sing. One of the songs she sang that night was â€Å"Strange Fruit†. † Her last years were a real struggle against the destructive drug heroin.It eventually took her life; but her later recordings show that, although her voice was ravaged, her technique was still amazing. She died young, but not before leaving a serious scar in the music world and in the United States. Her song was not pretty, and it wasn’t supposed to be. The song was meant to be raw and powerful, which it was for its time. She distinguished herself as one of the most famous black musicians to sing about what she thought was most important, not only for herself and for her people, but also for what the music was about.

To What Extent Are the Environmental Impacts of the Global...

To what extent are the environmental impacts of the global increase in demand for oil acceptable? [15 marks] After the industrial revolution, the demand for oil has been increasing globally. Over 100 million tonnes of oil are transported around the world on average a day. There are countries like the US which consume almost one quarter of global oil output, which must be supplied from oil reserves, usually from countries like Saudi Arabia (Guinness, 2011, p. 245). This shows that the topic of oil consumption is a global issue as all countries need oil to develop and provide for their populations. The issue with this large consumption of oil is the fact that oil is a non-renewable source of energy and therefore has a limit. Oil is formed†¦show more content†¦Farmers used to earn 150000 dollars a year but this has dropped to 5000 dollars, showing the extent of the impact of the loss of herring (BBC News, 2010, para. 9). A weaker economy results in economical problems within the area and a change in employment structure as children of these fisherman can no longer have the opportunity to be a herring farmer. Economic problems can also result in social problems such as domestic violence, alcohol abuse, suicides and divorces, mainly due to massive unemployment. This example shows that the environmental impacts can have their own impacts, which again questions whether the extraction of oil is worth all these consequences. After 21 years, 20000 gallons of oil still remain on the beaches of Prince William Sound (BBC News, 2010, para. 30). Therefore, the clean up hasn’t been very effective. It’s also worth pointing out that maybe all the environmental impacts still haven’t been determined, for example the soil and vegetation could also have been affected by the oil spill as the oil may have seeped through the sand of the beaches. This would affect the growth of vegetation drastically. People don’t know enough to predict how long the effects are going to last as they can range from years to centuries. One wonders how long countries can continue to extract and consume oil when they still don’t fully know the extent of the environmental effects of oil spills andShow MoreRelatedStrategic Management of Royal Dutch Shell3869 Words   |  16 PagesStrategic Management of Royal Dutch Shell Royal Dutch Shell, more commonly referred to as just Shell is one of the global giants in the oil and gas business industry. Its operations involve not only exploration and production but also distribution and marketing, refining, power generation and petrochemicals. 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