Majorica’s Entry into the Asian Region - An International Marketing Plan for the Singapore Market

Author

Alfonso Baqués, Claudia
Domeneghetti, Luca  

Abstract

Globalization, sustainability, customers empowerment, e-Commerce, social media. We are living fast-changing times having technology at the core of the evolution by connecting people, countries and markets as never before. In this landscape, companies face two main imperatives: flexibility -to think out of the box and keep shaping effective strategies- and innovation -as the one and only way of creating value and not fall behind. Even in such a context, however, history still and know-how still matters. Hence, those firms whose names evoke values of tradition and long-lasting experience used to build their brand around it. Therefore, for the historical brand of Majorica, we developed a marketing plan that aims to keep up with the times by reinventing the value proposition over the years. Majorica is a Spanish costume jewellery firm with headquarter in Mallorca, designing and manufacturing artificial pearls and jewels from 1890. Starting from a small laboratory on the Mediterranean island, the firm has been growing over the years, gradually opening to the international trade. The essence of the firm has been evolving together with its business horizons, from a first historical phase when it was a known and loved brand in its home country, towards the international brand which is today, with presence in over seventy countries. This progression has directly affected also brand positioning and typology of the customer to go for. Actually, the more Majorica built an international presence, the more it lost some appeal in Spain, finally resulting in a shift of the customer target: from forty years old and older Spanish women looking for classy but affordable pearls and accessories, to a wider age range of women from the most different countries and cultures around the world appreciating the made in Spain.
All the aspects mentioned in this introduction will be deepened and analyzed through the paper. The initial chapters will be dedicated to give a company overview, as well as a detailed and articulated analysis of the Asian region, a world area where Majorica currently only has a marginal influence. Indeed, this last section served us to identify -and strategically, justify- the country that presents the greater business potential: Singapore.
For the following parts, we plotted a step by step analysis, setting the different strategies in order to fulfill the different objectives for the Majorica’s marketing plan. Consequently, we calculated a general budget for the market entry and formulated an estimated sales forecast for the four years to come. 
Finally, we would like to stress out the influence of the unusual situation that we are all currently living due to the spread of the Covid-19 pandemic worldwide. As it is already affecting the global economy in the near future, we hope that the intention of approaching an Asian market is still alive in Majorica's board and that, if not in 2021 as planned, soon the firm will be able to put the project in practice.

Director

Palau Saumell, Ramon
   

Degree

IQS SM - Master’s Degree in International Marketing in a Digital Environment / International Marketing & Sales Management

Date

2020-06-02