Question

Conduct a SWOT analysis for Korean red ginseng extract from CheongKwanJang and include a summary/explanation of the SWOT for the product as if you were researching the possibility of promoting it to native US consumers. Your “starting” market will be US citizens. Your target market should be much smaller than this.

Use your SWOT analysis and put together S and O to determine actions moving forward to help propel your marketing opportunities. Use W and T to determine what pitfalls you may experience down the road.

Answer 1

Ginseng which is popularly known as Asian ginseng, Chineese ginseng or korean ginseng is a species of plant whose root is the original source of ginseng. It is a perennial plant that grows in the mountains of east Asia.It is one of the most commonly cultivated plant in Korea.It has been used for improving overall health.It helps to strengthen the immune system and fight off stress and disease. In Korea, they have developed Korean red ginseng which is an exceptional root packed with uniquely potent vitamins and minerals, antioxidants and other essential nutrients that support health and wellbeing. Korean red ginseng is Asia's super herb and well known for improve immune system, fatigue recovery, healthy circulations and is high in antioxidants.

CheongKwanJang's(CKJ) red ginseng is the Korea's most popular brand of ginseng and has been consumed by Koreans and other people all over the world for years.CKJ uses only the best Korean red ginseng grown for six years to maximise the root's maturity.These mature roots contain double functional health components than the younger roots.This speciality provides CKJ products a higher efficacy.The company also conducted adequate quality tests at every stage of production which ensure the superior quality products.The brand image of CKJ increased recently because the authorities of South Korea promoted CKJ products by gifting it to their offcials.Customers love CKJ's products because they are more enjoyable to consume unlike other immune-boosting vitamins that come in capsule or tablets.According to CKJ, among their selection of red ginseng products, the extract is the brand's current best seller.

SWOT Analysis of CKJ's ginseng extract in U S market

SWOT Analysis is a strategic planning technique used to help a person or organization to identify strength, weakness, opportunities and threatsrelated to business competition or project planning.It help a company to know what they are lacking,minimize risk and to take the best possible advantage of chances for sucess. Ginseng is a familiar plant to U S because they are also famous for the production of of ginseng and it's exportation.

Market study of the product

-High demand of ginseng products in the country.

-outstanding professionalism and quality of products and services of CKJ

-goodwill and reputation from other countries

-The food industry of different part of the world especially in the U S, is projected to witness an increased demand on ginseng extracts because the people are now aware about the nutitional richness of red ginseng.

-There is a surge in demand for the dietry supplements on account of the growing trend towards preventive health management practise due to increasing health care cost.

-wide variety of products including food supplements, drinks, cosmetic products etc will definitely attract the customers.

-market segmentation according to needs and preferences of the customers

-.Now a days people are looking for a natural product which have proven medicinal benefits to improve their immune system.The benefit and scope of ginseng can be utilise here.

-availability of ginseng in U S

-One of the major threat for trade in U S is that, they also produce ginseng so definitely there are similiar business.In order to cope with them, the strategies must be updated.

-Large number of competitors.

-Acceptance from natives of U S

-Since it is a natural plant,excess demand may cause less supply and raw material shortage.

-pricing strategies of competitors

-people may confuse about the long term use of the product which may cause any side effect.

Strength - outstanding professionalism and high quality products -goodwill and reputation among other countries - health benefits of ginseng extracts -availability of the product in different segments -	Weakness -scarcity of high quality rawmaterial -customer's acceptance
Opportunities -high demand of immune boosting products which are organic -positive response from other part of the world -established market leader in the production of high quality ginseng extract products	Threat -availability of similiar products -over harvest and poor harvest practices

stratgies for promoting red ginseng in U S

-pay attention on the availability of high quality ginseng

-promote loyal customer testimonials

-promote the other segments of products rather than tablets.

-Study about the pricing pattern of similiar products

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