Marketing Whirlpool dishwasher into Thailand
- Introduction
- Thailand description: Thailand is a country located in Southeastern Asia, developing country with a continuously growing GDP in the last five years. With an estimated GDP of 1.1 trillion in 2015, and GDP annual growth rate is 2.82%. (1) Top 3 trade partner are United State, China and Japan. With an upper middle income level across the country. Thailand also has one of the lowest unemployment levels in the world, at less than 1%. The profound and unique culture and history that Thailand has, influence Thai people’s lifestyle deeply.
- Whirlpool dishwasher description: The Whirlpool Corporation is an American multinational manufacturer and marketer of home appliances. (2) Whirlpool Corporation selling approximately 21 billion annually in 2015 in 170 countries around the world.(4) Dishwasher as one of Whirlpool’s very first mass production product, Whirlpool dishwasher has been rated as one of the most reliable brands and best performance of the dishwashers.(3)
- Why Thailand? Dishwashers are not popular major appliances in Thailand because washing dishes by hand is still common practice. However, there is demand for dishwashers from high-income consumers, including expatriates and young people living alone in apartments or condominiums. These consumers typically have high purchasing power and some are familiar with the benefits of dishwashers. (5) There’s a large potential market in this area in Thailand.
- Conclusion: We should market both build-in and freestanding dishwashers to Thailand. Due to the fact that there are a growing potential market and a high level of acceptance of new technology.
- With the upper middle income level and the low unemployment rate, people are now having a raising new lifestyle. People are busy and seeking for convenience in house-hold, especially young people don’t want to wash dishes by hand
- The new generation is willing to accept new technology into their daily life.
- Dishwashers are expected to register a retail volume CAGR of 6% and 5% value CAGR at constant 2015 prices in the forecast period. (5)
- Market different types of dishwashers in order to satisfied different needs from different families will expand the market.
- Lifestyle
- The circumstances of lifestyle have been changed significantly because of the urbanization and the expansion of the city.
- Urban living encourages sedentary lifestyles.Overpopulation, road traffic density, excessive use of motorized transportation, poor air quality and too few public spaces make physical activity more difficult in cities. (6)
- Thai Theravada Buddhism is supported and overseen by the government. Buddhism in Thailand is strongly influenced by traditional beliefs regarding ancestral and natural spirits, which have been incorporated into Buddhist cosmology. (7)
- Change in housing transportation and rising of modern trade.
- A new housing form created by urbanization is a condominium. (8)
- The young couples and singles, who seek convenient life and commutation, prefer living in a condominium close to work or school in the city to living in a shop house or a suburban Bangkok city 6 detached house with their parents, though the latter has been considered to be a normal way of life. (8)
- Consumer attitudes towards dishwasher among different style of shopper.
- Different attitudes towards the new and old style of shopper among Thailand costumers.
- Bangkok citizens do their shopping at traditional markets while others enjoy shopping or leisure at the modern trades although they are living in the same city. These two groups seem to have different senses of values and concepts of money according to their life environment and lifestyle. (8)
- Young consumers (which are our target market) are starting to prefer buying products online. Having a rising interest in social media and e-commerce. They are also more willing to try new things.
- Consumers who live in high-end condominiums are more likely to be interested in built-in dishwashers than freestanding dishwashers.
- The population of singles or couples with no children, which are the targets of compact and slimline dishwashers, is smaller than the population of large-sized households. (3)
- Recommendations
- Advertising the brand.
- Since Whirlpool has already had a subsidiary in Thailand. The strategy of expansion into a different country will be unnecessary. The
- Help consumer solves a problem.
- Some of the ways you can help customers solve a problem is by: creating how-to-content; offering exclusives that make their lives easier; listening/responding to them; or creating apps/tools.(9)
- Teach the consumer a new lifestyle.
- t waste your time on washing dishes.
- Marketing to old people. We can use the same strategy for an older generation. Old people sometimes feel exhausted for washing dishes. Create a different slogan for the older generation but with the same idea—Convenience and save your time.
- Summary: Make sure to clarify the new lifestyle and how large the potential market is. Bring all points that mentioned above and provide a strong closing of the report.
References
- Global Insights. (n.d.). Retrieved November 16, 2016, from http://globaledge.msu.edu/countries/thailand/
- Whirlpool Corporation. (n.d.). Retrieved November 16, 2016, from https://en.wikipedia.org/wiki/Whirlpool_Corporation
- Farrell, B. M. (n.d.). The Most Reliable Dishwasher Brands. Retrieved November 16, 2016, from http://www.consumerreports.org/cro/dishwashers/Most-Reliable-Dishwasher-Brands
- History & Heritage. (n.d.). Retrieved November 16, 2016, from http://www.whirlpoolcorp.com/history/
- Dishwashers in Thailand. (n.d.). Retrieved November 16, 2016, from http://www.euromonitor.com/dishwashers-in-thailand/report
- Urbanization and lifestyle changes. (2016). Retrieved November 16, 2016, from https://www.airliquide.com/healthcare/urbanization-and-lifestyle-changes
- Culture of Thailand. (n.d.). Retrieved November 16, 2016, from https://en.wikipedia.org/wiki/Culture_of_Thailand
- The New Trends in Urban Lifestyle in the Kingdom of … (n.d.). Retrieved November 16, 2016, from http://www.hilife.or.jp/asia2012/thai3eng.pdf
- Newlands, M. (2015). 15 Marketing Strategies That Inspire Strategic Thinkers. Retrieved November 16, 2016, from http://www.inc.com/murray-newlands/15-marketing-strategies-that-inspire-strategic-thinkers.html
