The company, which also owns a successful bank, Russian Standard bank, is considering whether it should launch Russian Standard in the biggest premium vodka market in the world - the US - and whether it should adapt its marketing mix or stick with the strategy that has been so successful in Russia. Made using a traditional charcoal filtration method developed by P.A SMIRNOFF.
- Increasing costs component for working in developed market because of environmental regulations – Vodka Russian has to deal with these costs as governments are trying to levy higher environmental taxes to promote cleaner options.
For more detailed SWOT Matrix strategy please go through the detailed analysis of strengths, weaknesses, opportunities, and threats in next section. The flying eagle means the movement, vodka that goes higher, that is the …
Opportunities can emerge from various factors such as - changes in consumer preferences, technological innovations, economic growth, increase in consumer disposable income, and political developments & policy changes . The world is tired of the 40-year-long confrontation, and this is when Yakov Smirnoff, a Russian-born American comedian, made his famous “In Soviet Russia” jokes. Launched in 1998, Russian Standard vodka quickly became the highest selling premium vodka in Russia, ahead of Stoli, Smirnoff, and Absolut. 's son Vladimir after escaping Russia and the Bolshevik revolution. Vodka Russian is in prime position to tap on those opportunities and grow the market share. - Customer Dissatisfaction – Even though the demand for products have not gone down but there is a simmering sense of dissatisfaction among the customers of Vodka Russian .
Weaknesses come from lack or absence of five key resources & capabilities - human resources, activities & processes, financial resources, physical resources such as land, building, and past experiences and successes . According to Pierre Chandon, Vadim Grigorian , this can lead to consumer backlash as customers are now considering environmental protections as integral to part of doing business. Opportunities are macro environment factors and developments that Vodka Russian can leverage either to consolidate existing market position or use them for further expansion. Russian StandardA?s success can be attributed to the high quality of the vodka itself, its innovative and distinctive bottle, to its strong presence in bars, and to a brand identity that is proud to leverage its Russian heritage while promising world-class standards of quality.
- US China Trade Relations – Vodka Russian has focused on China for its next phase of growth. Vodka Russian should just get out of these business areas and focus on strength and threats box , or on weakness and opportunities box. - Strong Brand Equity and Brand Awareness – Vodka Russian has some of the most recognized brands in the domestic market it operates in.
According to Pierre Chandon, Vadim Grigorian , Vodka Russian has tested various concepts in different markets and come up with successful Sales & Marketing solutions. Strengths come from positive aspects of five key resources & capabilities - physical resources such as land, building, activities & processes, financial resources, past experiences and successes, and human resources . The Sales & Marketing solutions & strategies has helped Vodka Russian in coming up with unique solution to tap the un-catered markets. Share with your friends. - E-Commerce and Social Media Oriented Business Models – E-commerce business model can help Vodka Russian to tie up with local suppliers and logistics provider in international market. It has experimented in various areas Entrepreneurship, Product development. The Smirnoff logo has a two-headed crowned eagle and a red banner written Smirnoff in capital letters. It is a nice mix of color, combined with a modern geometry design of the eagle’s silhouette.
- Implementation of Technology in Processes – Even though Vodka Russian has integrated technology in the backend processes it has still not able to harness the power of technology in the front end processes. - High Margins – Vodka Russian charges a premium compare to its competitors. Weaknesses are the areas, capabilities or skills in which Vodka Russian lacks.
The influx of new customers has also led to evolution of consumer preferences and tastes. This presents Vodka Russian two big challenges – how to maintain loyal customers and how to cater to the new customers.
This approach can lead to poor public relation and customer backlash. - First Mover Advantage – Vodka Russian has first mover advantage in number of segments.
Using Vodka Russian strengths to consolidate and expand the market position. According to Pierre Chandon, Vadim Grigorian of Russian Standard Vodka: Strategies for Global Branding and Expansion into the US Market case study, this has provided Vodka Russian resources to not only thwart competitive pressures but also to invest into research and development.
- Successful Go To Market Track Record – Vodka Russian has a highly successful track record of both launching new products in the domestic market but also catering to the various market based on the insights from local consumers. Strengths are the Vodka Russian capabilities and resources that it can leverage to build a sustainable competitive advantage in the marketplace. - Superior product and services quality can help Vodka Russian to further increase its market share as the current customer are extremely loyal to it.
Vodka Russian can use two approaches - building on present strengths, or analyze the trend and build processes to two pronged market penetration approach. Expansion into international market can help Vodka Russian to tap into international talent market. According to Pierre Chandon, Vadim Grigorian , growth in international market can also help Vodka Russian to diversify the risk as it will be less dependent on the domestic market for revenue. Share with your friends.
You can download Excel Template of SWOT Analysis & Matrix of Russian Standard Vodka: Strategies for Global Branding and Expansion into the US Market
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