Marketing plan mr bean singapore

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Title: Marketing Plan: Mr Bean Singapore
Tags: Marketing plan, mr bean, singapore, mr bean singapore, mr bean SWOT , mr bean
STEEP, mr bean Market analysis, SWOT analysis, STEEP analysis, marketing plan assignment,
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Category: Marketing Plan

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Executive Summary
The present report consists of a marketing plan created for “Mr Bean” the foremost chain
soya bean food & beverage retailer in Singapore today. The international marketing plan is
prepared for the organization for diversifying its activities and operations in the Costa Rica
market. The marketing plan contains marketing aims and objectives and benefits of products and
services of Mr Bean. The current report involves STEEP, SWOT and Market analysis of Mr
Bean in the markets of Costa Rica. The report highlights marketing strategies and other
important measures implemented by Mr Bean to market its products and services in the Costa
Rica.

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Table of Content
Contents
Background........................................................................................................................................5
Business Environment.........................................................................................................................6
STEEP Analysis .............................................................................................................................6
SWOT Analysis..............................................................................................................................8
Market Analysis............................................................................................................................10
Marketing Strategy ...........................................................................................................................11
Objectives ....................................................................................................................................11
Target Market Segment ……………………………………………………………………………………..13
Market Positioning .......................................................................................................................13
Product strategy............................................................................................................................14
Product Characteristics..................................................................................................................14
Product Design .............................................................................................................................14
Pricing Strategy ............................................................................................................................14
Distribution Strategy.....................................................................................................................15
Promotional Strategies ..................................................................................................................15
Implementation and control...............................................................................................................15
Conclusion.......................................................................................................................................16
References .......................................................................................................................................18

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Background
Mr Bean was founded by Kang Puay Seng and Loh Jwee Poh in the year 1995 and at
present is one of the leading chain soya bean food and beverage retailers in Singapore. The
company has initially started as a small stall in People’s Park hawker Centre, Singapore. The
company is a renowned retailer of Singapore. The owners of the company while visiting an
exhibition discovered a machine that could effectively produce soya products rapidly.
Considering this a big business opportunity, they build small kiosks in target areas at schools,
shopping malls, hospitals and stations (Mr Bean, 2009). As a result of good response by people
owners of the company started two more stalls, one in Marine Parade and the other in Ang Mo
Kio. The company mainly sells soya bean based products and beverages. Mr Bean provides a
range of soya bean drinks and snacks. People of all age groups enjoy varieties of ice blended
flavored soya drinks, pastries, cookies, ice-creams and many more delicious products.
The company operates a chain of retail stores through its operating organization. At
present, the company runs more than 60 retail stores (63 island across Singapore, and 2 in
Japan). Due to its popularity and fame among people of Singapore, the company received two
most precious awards which are Singapore Promising Brand Award and the Most Popular Brand
Award. The Singapore Food Manufacturers Association entitles the company with My Favorite
Consumer Brand Award. Today, the brand is so popular across the world that visitors cannot
resist themselves to bump into a Mr Bean store. The brand has no or very little direct competition
and a limited geography. The brand to interact more with customers has now moved to online
and its online portal is created to offer customers a direct brand association- from the jolly brand

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lucky charm to the application of signature fonts and colors. The company is now planning to
diversify its operations in the markets of Costa Rica to increase sales and achieve high revenue.
Business Environment
The company has been able to attract a major segment in the markets of Costa Rica and
the present marketing plans involve the development of marketing strategies for customers of all
age group. The company will adopt the same fast food concept while marketing soya products
and beverages in the Costa Rica. By making use of experience and technology, Mr Bean will
produce fresh and delicious soya products with rich nutritional value. The company will create a
visionary management team and dedication to expand successfully in the regions of Costa Rica.
The company will conduct following four analyses to understand the business environment and
preferences of people in the Costa Rica.
STEEP Analysis
STEEP Analysis stands for social, technological, environmental, economic and political
factors influencing the business and is highly considered to be one of the most efficient
analytical tools implemented by international marketers to analyze the effects of externals to the
organization. The following STEEP analysis is conducted for the Mr Bean for its operations in
the Costa Rica:
Social Factors: There is a extreme change occurs in the desires and needs of consumers in the
Costa Rica and it is necessary for the businesses associated with the soya products and beverages
to introduce changes offered by the company according to the changes in tastes and preferences
of the customers in the Costa Rica (Drummond, Ensor and Ashford, 2013). It is essential for Mr

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Beans to develop soya products according to the taste of customers along with the business
practices to remain successful in the markets of Costa Rica.
Technological Factors: There are fast changes happening in the technology. Mr Beans in order
to make minimize the overall cost of the company and to enhance sales and profits of the
company need to make huge investments in the research and development process to explore
new and innovative technologies for soya products. It is necessary for the Mr Beans to adopt new
and advanced technologies which in turn, assist in enhancing the productivity and sales of Mr
Beans.
Environmental Factors: The owners of the company believe in the art of giving and sharing. The
company believes in involving resources, efforts and most specifically hearts in providing
pleasures and happiness to those who are in need of help. Since many years, Mr Beans have
adopted many innovative and advanced efforts in terms of environment. The company has
created policies and rules in terms of recycling, eliminating waste, building environmentally
sound stores and facilities, saving the energy and water. The company use and buy renewable
energy credits to eliminate the environment footprints of its operations (McDonald, 2012).
Economic factors: As people are becoming health conscious the industry of soya products has
now become high and growing market in the world. On the basis of researches it has been
observed that people of Costa Rica have been continually including healthy and nutritional
products in their diet as a result of which Mr Beans has high chances of gaining more and more
market shares in the Costa Rica (Marich, 2009). It seems that there is high potential for Mr
Beans in the new emerging markets such as Costa Rica and other parts of the country as well.

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SWOT Analysis
SWOT analysis is tool that offers information about the strengths, weaknesses,
opportunities and threats that exist in the internal and external business environment of an
organization. It helps the business to develop various strategies and plans for cope the threats
present in the era of high competition (Reid & Bojanic, 2009). Besides this, it also aids in
developing strategies and schemes for achieving new opportunities available in the market.

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External Opportunities External Threats
There are number of opportunities available for
Mr Beans, and using those opportunities will
assist in expansion and progress of various
business operations.
 The change in the preference of
customers towards fast-food and their
inclination towards highly nutritional
food helps in expansion of Mr Beans in
Costa Rica.
 In addition to this, various promotional
events and online marketing activities
aids in expansion of the business in
Costa Rica.
 The company also has the opportunity
to grasp the untapped market of adults
and sports persons in the Costa Rica by
categorizing its products as healthy
offerings as soya products and
beverages are high in protein and
essential fatty acids.
Mr Beans will face various threats in the
market. This is because of the rise of
globalization, which helps the Mr Beans to
expand its operations in Costa Rica and leads
to an increase in the level of competition.
 The major competitor of Mr Beans in
Costa Rica would be local and
domestic grocery stores offering a wide
range of soya products and beverages.
Initially it would be difficult for the
company to shift the focus of customers
from their local products.
 The other threat is the increase in the
marketing costs of products of Mr
Beans, as it is difficult to operate
various marketing activities in some
other country in an effective and
efficient manner in the mature markets.

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Internal Strength Internal Weaknesses
Mr Beans has a strong presence and value in
the markets of Singapore and has emerged as a
market leader.
 Mr Beans has achieved a considerable
share of market in the economy.
 The company has created strong and
constant brand image around the globe.
The company continue to achieve long-
term growth irrespective of the markets
achieve maturity.
There are also some weaknesses present in Mr
Beans, which raises measures for improving it.
 The online portal of Mr Beans has very
limited content, and this site emerges
more as a compulsion rather an
experience.
 A common theme, framework and
content have a very little contribution
in justifying the existence of this
website.
Market Analysis
Mr Beans has its own plans and strategies to expand and capture markets in the Costa
Rica. It also suggests the launch of new varieties of soya products and beverages in various new
markets of the Costa Rica. Irrespective of the uncertain economic and financial conditions
prevails in the Costa Rica the company has various schemes to propose innovative marketing and
investment strategies. Market analysis refers to the process of dividing and classifying the
market into various groups as per relevant criteria. Market analysis has been done on the basis of
demographic, geographic and psychographic characteristics (Shankar et-al., 2012). In this
context, Mr Beans has divided the market as per the usage of soya products and beverages. The

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products offered by Mr Beans are not used as nutrition provider, but also helps in enhancing the
capability of strength and endurance by offering protection against physical and mental stress.
Market analysis in Costa Rica will be done according to the nature of costumers and uses of soy
products. It is divided equally among customers of all age group which are kids, adults, youths,
professionals, athletes and others.
Marketing Strategy
The marketing strategy of Mr Beans aids the company in offering information about the
changes occurring in various elements of the business environment. It facilitates company in
entering the markets of Costa Rica, which in turn, helps in achieving the goals and objectives of
the business in an effective and efficient manner. The market strategy of Mr Beans, involves the
following four essential features (McDonald, 2012).
Objectives
The new variety of Mr Beans in Costa Rica would aims at offering high quality and low fat soya
products and beverages, so that customers can experience a high energy level for the whole day.
The objectives are as follows:
 To increase the sale of products and services of Mr Beans by 10% in the coming next two
quarters, by mainly targeting working professionals in the age group of 24-35 years
 To develop female customer focused plans, in the next few months to enhance the brand
image and increase sales margin
 To spread awareness about the soya products and beverages, through health
advertisements and effective promotions

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 To create strategies and schemes that can be implemented to enhance the profit margin in
emerging markets of Costa Rica by 7% in the next year
 To improve the acceptance of the idea of soya products and beverages for female
customers, which makes them enthusiastic and energetic

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Target Market Segment
The primary target market of Mr Beans in Costa Rica would be men and women aged 25
to 35. They will account for almost half of company’s total business. The particular market plan
of Mr Beans also focuses on working professionals of the Costa Rica, aged between 24-35 years.
The expected number of consumers, in this age group, is more as there is a large number of
working professionals. The company will appeal to its customers directly through implementing
advanced technology in its products as soon as it comes available, along with promoting soya
products on social networking sites (Schermerhorn, 2009).
Market Positioning
In the international marketing plan, positioning of the product is considered as an
important criterion, which influences the building of a unique image of the specific brand. In the
marketing plan for working customers, the new variety of products will be chiefly advertise at
places, which have high working professionals. The new variety of soya products and beverages
will be according to health demands of customers in the Costa Rica to attract more customers to
change their preferences for local or domestic soya products. People of all age groups especially
working professionals need high amount of protein and energy to manage workplace and
household activities, and thus the use of soya products and beverages can revitalize them and
take care of their health (Peng, 2012). Therefore, positioning is used as a target market strategy,
which is needed to enhance the sales and profit of Mr Beans.
Marketing Mix

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Product strategy
The soya products and services that will be launched in the Costa Rica markets will
mainly concentrate on the protein needs of customers mainly of working professionals. The
product will highlight the nutritional needs, and focus on the different health related demands of
working professionals. The product has a strong brand image, and customers are satisfied with
the soya products in Singapore so the company is targeting to enhance the brands popularity
among working professionals in the Costa Rica (Reid & Bojanic, 2009).
Product Characteristics
The soya products and beverages launched by the company will have more new features
to attract larger working professionals in the Costa Rica. Mr Bean’s products are delicious in
taste and revitalize and refresh the body and person feel healthy through the day. It provides
nutritional value to professionals and act as energy provider for the working professionals,
enabling them to work for longer hours (Martinez and Wolverton, 2009). The protein and
essential content in the products of Mr Bean would be an attractive factor for health conscious
working professionals in the Costa Rica.
Product Design
The packing bags and containers of the new variety of soya products will consist of
attractive packaging and various colors to attract a larger number of populations in the Costa
Rica. The products will be specifically designed for the female working professionals, and will
focus to attract their focus through attractive designs and packaging.
Pricing Strategy

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The prices of Mr Beans’ products and beverages will be comparatively higher than the
other available soya products and beverages available in the market of Costa Rica. For the new
product, Mr Beans will follow the “Skim the Cream” strategy and develop a specific strategy that
will attract working professionals especially females of Costa Rica. Further, the price will be
adjusted according to the changing market conditions (Russell, 2010). The entrance of any direct
competitors will be also be taken into consideration as an important factor that may influence the
pricing strategies of the new varieties of products.
Distribution Strategy
As the soya products and beverages will launched into Costa Rica the brand implement
intensive distribution campaign by selling the product varieties through stores that are located in
areas which are mainly visited by working professionals. The product distribution will be
promoted through the Costa Rica and all the stores will display separate racks for the innovative
product varieties.
Promotional Strategies
Mr Beans will advertise its products and services through attractive advertisements
designed especially for working professionals on their favorite TV channels. The company can
also make use of magazines, brochures, pamphlets, etc to advertise its products in Costa Rica.
Moreover, the brand can advertise its products in metro, trains and other destinations which are
mainly visited by working professionals.
Implementation and control

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The marketing plan of the products and services should be evaluated and examined
timely so that changes can be made if required. The evaluation and judgment of the plan should
be based on the objectives of the plan (Giving wings to people and ideas, 2014). To evaluate the
results appropriately, it is essential to set up set standards of quantifiable measures, which could
be used to measure the progress of the marketing plan. There is a need to evaluate the
performance of the business through the actual results and then compare it with the standard
established by Mr Beans (Smith, 2011). There is a need to measure the efficiency and
effectiveness of various marketing processes and adopt variety of measures to enhance
effectiveness, as it directly influences the sales and profits of the business. In the world of high
competition, Mr Beans should make more investment in research and development and introduce
advancement in the products to achieve the first mover advantage in the market. The company
along with premium pricing strategy should also implement target costing or cost plus profit
method which helps in enhancing the number of customers.
Conclusion
On the basis of above discussion it can be concluded that marketing plan is important for
starting any new business for gaining an outline of business and therefore, helping the idea of an
organization to change into reality. The best marketing plans are those which are not lengthy and
complicated and only explain the most significant information, which can be achieved through
the marketing plan. In context to this, the international marketing plan of Mr Beans assists the
company in diversifying its operations in the Costa Rica. The concept for the company is to sell
soya products and beverages to consumers of the Costa Rica through local or domestic outlets.
The company will offer a huge variety of company products to attract new customers in the

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Cosat Rica. The marketing plan of the company also discusses the promotional activities adopted
by the company to meet the objectives of the company. It has also highlighted the innovative
strategies that will be used to target the important market segments in the Costa Rica. The
company has discussed its plans and schemes to expand and capture markets in the Costa Rica. It
also suggests the launch of new editions of the soya products, in various markets of the Costa
Rica. The STEEP, SWOT and Market analysis has provided information regarding the changes
taking place in different elements of the business environment. It also helps in taking decisions
regarding different strategies, which in turn, helps in attaining the goals and objectives of the
business in an effective and efficient manner. The use and implementation of different marketing
strategies used by Mr Beans has helped the company to attracting and retains new and existing
customers in the Costa Rica.

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References
Lamb, C.W., Hair, J.F. & McDaniel, C.D. (2010). Essentials of Marketing. Cengage Learning.
Marich, R. (2009). Marketing to Moviegoers: A Handbook of Strategies and Tactics. SIU Press.
Martinez, M. & Wolverton, M. (2009). Innovative strategy making in higher education. IAP.
McDonald, M. (2012). Market Segmentation: How to Do It and How to Profit from It. John
Wiley & Sons.
Mr Bean. (2009). Retrieved November 12, 2014 from http://www.mrbean.com.sg/aboutus.aspx#
Peng, M.W. (2012). Global Strategy. Cengage Learning.
Reid, R.D. & Bojanic, D.C. (2009). Hospitality marketing management. New Jersey: John
Wiley & Sons
Russell, E. (2010). The Fundamentals of Marketing. AVA Publishing.
Schermerhorn, J.R. (2009). Exploring Management. John Wiley & Sons.
Shankar, V., Carpenter, G.S. & Farley, J. (2012). Handbook of Marketing Strategy. Edward
Elgar Publishing.
Smith, T. (2011). Pricing strategy: setting price levels, managing price discounts and
establishing price structures. USA: Cengage Learning.

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