market intelligence report: germany

Market Entry stragedy 1

Market Intelligence Report:Germany

Prepared by:Sergio FernándezYulia Sharakina

Maitane AramburuAlvaro Gutiérrez


Tennis is a racket sport played between two players or between two doublets, over different surfaces: grass, cement, clay etc. It originated in Europe at the end of the 19th century and it originally expanded to English-speaking countries. Nowadays, tennis has globalized and it is played in almost every country of the world. Since 1926, with the creation of the first tour, it has been considered a professional sport. The most significant tournaments are Wimbledon, Roland Garros and the Australian and US Open (ATP Tennis). At first players used rackets made out of wood, however, nowadays tennis rackets are made with great technology and design that allows the players reach their full potential. The most important aspect of a racket is its strings. This analysis shows precise instructions of how to usher in Germany. Our goal will be to define our business strategy to introduce tennis cords in Germany, where tennis is one of the most significant and influential sports.

Firstly we will establish the product and its design. A rigging is the set of cords that compounds a tennis racket. The most important features of a rigging are the control, which is used to hit the tennis ball, the transmission of sensation to the player, and the power and comfort of feeling vibration along the arm. Tennis riggings break with use and wear, causing players to frequently replace their rackets. The vertical cords give effect to the ball. The reason why the cords break is because when hitting the ball, there is a friction of the vertical cords, which provokes a force that, in some occasions, causes the breakage of the cords (Tennis Planet). Selling a refill to the player will be the nature of the business and the main purpose of our company. Alvaro Gutierrez will be one of the four directors of the company and his function will be to design and produce the tennis riggings.

There are five big families of rigging: natural gut, nylon, polyester, Kevlar, and hybrids (Tennis Warehouse). For our project, we will focus on polyester riggings. This type of rigging is recommended for players who frequently break their cords because of its long durability. With this type of rigging we can hit the tennis ball with more strength while keeping control of it. The thickness of the cords in a racket can help determine its degree of tact, power, and control. The range of this thickness ranges from 1,10mm (the most fragile), to 1,40mm (the most resistant). For our product we will choose a thickness of 1,30 mm to coordinate endurance with the maximum transmission of sensations to the player.

The headquarters of the company, where the testing laboratory will be found, will be in Alcobendas, Madrid (Idealista). The reason for this location is the experience and knowledge of Spanish on the tennis world. Spain is the greatest tennis world power with the greater number of players and tournaments ( ITF). This fact will give our product the prestige that will differentiate us from the rest at the time of competing with other firms within the market. Moreover, Alcobendas is located in one of the biggest European capital cities, being surrounded by more than ten tennis clubs known at regional and national level (RFET). For the design of the product there will be a contest settled with the Universidad Complutense of Madrid, the Universidad Politécnica, and ICAI, where a price of 3.000 € will be given to the group of students that makes the best design that combines striking sensation and endurance. We will later hire an engineer to work on this design and create a virtual model of the rigging. Six hours will be enough to create a sample version of our product. The testing of


our product prototypes will have place at the Federación de Tenis of Madrid, located a few minutes away from our offices (FTM). This strategic place will give us a first-hand opinion as we will count with numerous players of different levels and categories along with different superficies where we can test the performance of our cords.

Once we have our product and the detailed instructions of its composition, we will mass produce in China. For this we will be contacting the representative of the Spanish factory, where Prince and Head riggings are made. This will give us confidence and trust in the quality of our product. We will discuss an exclusivity agreement so our product cannot be produced in any other firm. Production will travel two times a year to China to ensure and review the production. Each travel will have a cost of 1,590€. At Berlin we will have another set of offices along with the warehouses where we will keep our final product coming from China (Idealista). The cost per unit including the shipping to our headquarter in Berlin will be 18.90 €. We will try to avoid unreasonable large payments by purchasing the fewer amounts possible on the first round. For this we will purchase 8,000 units of our product which will cost us 151,200€.

Once established and decided the product and its design, we will focus then on its supply. The sales will be led by Yulia Sharakina and Maitane Aramburu. First, we are going to explain why the country chosen for our company is Germany. The most important thing is that the German Tennis Federation, with about 1.5 million members, is the largest tennis club in the world. In other words, we have 1.5 million potential customers. Founded in 1902 it is one of the oldest sport federations of the world. In about 9,400 clubs tennis fans have an opportunity to practice sport in more than 47,000 tennis courts (DTB). Germany has more than 50 professional tournaments ATP and WTA scoring for the international circuit. In addition, more than 5% of the top 100 players in the ATP and WTA are German (ATP; WTA, Rankings). Our marketing strategy is primarily to promote the product by visiting the most popular tennis clubs in Germany, Berlin, in order to achieve close business relation with those clubs, as they potential consumers of tennis strings are localized there. So by distributing free strings as marketing strategy, whether attracting attention and enhancing a possible future demand.

First thing to do is to analyze the German market, as it is essential to know about the market size, its growth rate, receptivity and others. Then is of great importance to get a complete consumer’s profile in order to determine the market potential and its environment, as we want to entry our business into the German consumer’s market.

We provide a brief summary of the population in figures:

Population in figuresTotal population: 81,147,265An urban composition of 85,3%, and 14,7% ruralPopulation density: 222 persons per sq. kmMale population (in %): 48,9%


Female population (in %): 50,9%Natural growth: 0,11%Average Age: 42; Mainly concentrated between 25-54 hersEthic origins: Almost one of five people (18.4%) have foreign roots. The foreigners in Germany came from the following countries: Turkey (1.7 million), Italy (0.5 million), Poland (0.4 million), Serbia and Montenegro (0.3 million), Greece (0.3 million), Croatia (0.2 million) and Russia (0.18 million).

At the end of 2005 there were about 6.76 million foreigners registered in Germany. The great majority (80%) comes from European countries, and nearly one of three emigrants come from EU. With this information we known that the supply of tennis strings would be focused not only on German population it-self, but in other minority groups, so it is also relevant to know about cross cultural business conditions. Now we consider a not Germanic population as well- the subcultures that differ from the national culture in that case nationality, race, language, lifestyle, values… Therefore, this may lead as to undertake some measures when establishing business in Germany, as the cultural differences lead our firm to undertake some marketing strategies to fit local tastes taking in consideration different subcultures. Then we have to do an adequate market research. Likewise, when establishing business in Germany we want to place it in a place with relevant concentration of population, but potential buyers.

Name Population

Berlin 4.275.000

Stuttgart 2.650.000

Hamburg 2.575.000

Munich 1.980.000

Frankfurt 1.930.000

Then, it is important to take advantage of the demand conditions, which refers to the sophistication of buyers in the market, as tennis is a kind of “senior sport”-not only in sporting terms but also in economic, then the demand must be positive in that way to have a positive request of our product (tennis strings).

Market AnalysisWhen entering a new market the fist thing we did is to identify the basic appeal; the potential demand of our product then, population active in sport, as well the resources we need to achieve our goal: to fit our product into the German market.

Key Influences on Consumer Demands in Germany:

-Declining population with a birth rate of 1,39 babies born per woman of childbearing age-Ageing population


Sport participation and interest in sport in GermanWhen doing Market analysis about Germany we must have into account the market size potential and the market growth rate; With 25 million Germans participating in sports activities, Germany is the second largest sporting goods market within the EU and accounted for 19% of the total EU market in 2007.

We present a pie graph of the dimensions of sport consumption and also analyze numerous relations between socio-demographic factors and sport consumption. This research project was funded by the Federal Institute of Sport Science (BISp) and the Federal Ministry of the Interior of Germany. Its aim was to determine sport-related consumption of

private households in Germany for the reference year 2010 (Ahlert G.):

More than half of the population (55.5%) actively participates in sport.

Almost two thirds (64.2%) of the population under 16 years actively participates in sport. More than half of all people under 16 years practice sport at least once a week. Almost one third of the population (29.7%) spends money because of their ‘interest in

sport’ (for example on tickets for sports events, betting, memorabilia, and so on). More men (34.9%) than women (21.2%) spend money on ‘interest in sport’ (visiting

sports events, watching pay TV, etc.). Of the population under 16 years, 39.6% spend money on their ‘interest in sport’.

In theory, the market is anticipated to grow annually by at least 0.5%, being Germany the 3rd largest importer within the EU (imports account around USD 2.5 billion, this is13% of all EU imports by value). And it gives us a great opportunity to export, eventually, to establish a small store in an suitable location of a big city, with capable market, and in order to be close to the consumers’ needs, plus to reduce the cost of transportation facilities when distributing the material among the selected tennis clubs.

So, how much money did private households in Germany spend on sport-related activities? This included consumption in the context of being active and participating in sport as well as the money being spent because of an ‘interest in sport’ without actively participating in it. In 2010: The total expenses of € 112.6. Includes 30% for transport to and from sport practice or competitions, 19,9% for sport holidays and travel including training camps, and 13,6% for sport

Key Influences on Consumer Demands in Germany:

-Declining population with a birth rate of 1,39 babies born per woman of childbearing age-Ageing population

Consumption expenditure by product as% of total

expenditure

2010

Food and drinks without alcohol 10,7%

Clothing 4,9%

Housing, water, electricity, gas and other fuels

24,0%

Furniture, appliances and home maintenance

6,0%

Health 5,0%

Transport 13,1%

Communications 2,6%

Education 1,0%

Hotels, restaurants… 5,6%

Others 12,5%


shoes and clothing.

Germany is one of the most highly developed and efficient industrial nations and, after the USA, Japan, and China, has the world’s fourth largest national economy. And it accounts around nine percent of total world trade economy.With a population of 82 million Germany is furthermore the largest and most important market in the European Union (EU). The Germany economy focuses on industrially produced goods and services. In particular German mechanical engineering products, vehicles, and chemicals are highly valued internationally. Around one euro in four is earned from exports and more than every fifth job depends directly or indirectly on foreign trade.

We are looking for new market opportunities abroad because the domestic market is not profitable to establish our business here. This is due to the relevant amount of competitors, firms producing similar, even practically identical products in sport industry; mainly sport equipment for football, paddle, tennis, and golf, as the most common sport practices in Spain. German consumer climate seems to be at its “momentum” and that gives us to opportunity to introduce our business there.

Country strong points:-Strategic location at the center of Europe-Competitive taxation, for us constitutes a challenge.-A highly qualified work force-Advanced technology and expertise-The biggest population of the European UnionCountry weak points:


-Public finances are highly in deficit. The eastern part of the country is struggling to catch up in many fields.-The ageing population weighs heavily on growth-The unemployment rate poses a real challenge for the development of the country and its future influence

Government:In general, the German political system of the post-war period has been characterized by moderation and cooperation. The type of government of Federal Republic of Germany is federal republic, and The Basic Law guarantees employers and trade unions independence in negotiating wages, and they accordingly have the right themselves to select the working conditions.

Government role in a market economy is almost positive and encourages trade: -Enforce antitrust laws-Preserve property rights-Provide fiscal and monetary stability-Preserve political stabilityProperty owned by foreigners is fully protected under German law, and secured interests in property are recognized and enforced. However, the political party influence and donations are under question.(Metapolls.net)

Economic forecast for 2014 is optimistic, as GDP is to increase by 1.7% in 2014, including the increase in investments and good private consumer behaviors consumption increased since 2012 1.2%), this is because of more available jobs and higher income rates.GFK serves us as a good medium of sourcing because of its reliability and careful research; which is based on around 2000 consumer interviews conducted each month on behalf of the European Commission. 2Its forecasts show a total purchasing power of €1,705.4 billions for all of Germany in 2014. Based on the current population of 80,523,746 (01.01.2013), this equates to €21,179 per person. This means that Germans will nominally have an average of €586 or 2.85 percent more per person at their disposal in 2014 for consumption, rent and other living costs compared to the previous year”. Purchasing power corresponds to the population's disposable net income, including government subsidies such as pension payments, unemployment assistance and child benefit (GfK GeoMarketing GmbH).

As the German market is focused on social market economy, where the state guarantees the free play of entrepreneurial forces, while at the same time promotes social balance; the open market economy and the Basic Law” guarantees employers and trade unions independence in negotiating wages, and they accordingly have the right themselves to select the working conditions. Likewise, German market places few non-tariff barriers to trade. In investment, the government generally does not discriminate against foreign investment, and the competitive financial sector is stable.


To finish with the market research lets focus now on the market’s consumption capacity and receptivity.Export analysis:Germany has 82 million of the world’s wealthiest consumers and is by far the biggest market in the European Union Therefore, Germany offers good opportunities for Spanish exporters.“Germany is a broadly middle class society with a social welfare system that provides for universal medical care and unemployment compensation. GDP grew by 3.6 percent in 2010 , by 3.0 percent in 2011, and 0.7 percent in 2012. The GDP is projected to grow by 0.4 in 2013. And this continued growth says us about the markets’ potential”. This is the measure is preferible when looking at per-capita welfare and when comparing living conditions or use of resources across countries (USDA).

The trade relation between Germany and Spain are very solid, especially in the automotive sector. Furthermore, there is an evidence of bilateral business investments, as well as the presence of over 900 German firms in the Spanish market, and another 200 Spanish firms in Germany, all of them creating employment. According to Foreign Investment Registry, “during the first quarter of the year net German investments in Spain amounted to 953 million Euro, while in the entire year 2011 they were of around 1,196 million Euro”,

Population: 81.9 millionGDP (PPP): $3.2 trillion0.9% growth 0.7% 5-year compound annual growth$39,028 per capitaUnemployment: 5.5%Inflation (CPI): 2.1%FDI Inflow: $6.6 billion

By using these quick facts, we may conclude that Germany has a potential and

Country

World Average

Regional Average

Free Economies

0 20 40 60 80 100

84,167,160,373,4

Indicators of the foreign trade

2008 2009 2010 2011 2012

Import of goods(millions of USD)

1.185.070 926.347 1.054.814 1.254.870 1.167.423

Export of goods(millions of USD)

1.446.172 1.120.040 1.258.924 1.473.985 1.407.098

Balance of Payments (millions of USD)

267.775 183.476 209.408 221.251 238.159


developed economy. Is the largest market in Europe, and generates average per capita incomes that are among the highest in the world. Also Germany has one of the lowest unemployment rates in Europe and remains, both politically and economically, the most influential in the EU.

Index of economic freedom

This chart provides a distribution of 2014 INDEX of Economic Freedom, and we can clearly see than Germany is the forerunner in the business freedom, with almost free market, accounting in 2014 with 89.9, so Germany ensures dynamic economic growth. Followed by Spain with 77,3, 12.7 point over the world’s one, which has “Moderate freedom”. However China is “mostly unfreedom” in comparison with these two countries, and we take it into consideration because the manufacture of string will be placed there, due to its advancement in technological development and cheap prices.


When analyzing the market we have to maintain our focus mainly in the sport market, as is the potential of that kind of market that is relevant for us, because only those individuals who practice sport would be interested in our product; both small and big tennis clubs, tennis amateurs, professionals, and even those people who don't practice tennis, but they might become a potential consumers as they also have an active way of life.

Behavior of the consumerAccording the GFK Institute (one of the world’s largest research companies), the german consumers are wanting to buy more by catalog and by vias online, internet. Being the price and quality factors the critical points. The German consumer shows a strong tendency to compare prices and buy frequently in the "discount stores." Be influenced by offers he do not hesitate to visit several outlets to buy at the most attractive prices.

The difficulty we may face with is the direct selling; retail buyers may only be interested in importing products directly if they are unique, possess some specific attribute, or offer significant advantages in terms of quality, price, or financial promotional support. However, new products on the German market may require up to 12 to 18 months of testing to gain market acceptance.Therefore, what we may do is an integration strategy into German market to make buyers be fully aware of the quality of our product. This is by using Business level strategy by differentiation.

On one hand, we can ask business supporting companies as Infosys, with which we may collaborate in order to be informed about the emerging markets in Germany, in order to establish our business of racquets’ strings. Two major Infosys’ enterprises in Frankfurt and Munich.

On the other hand, ICEX Spanish Export and Investment association supports the participation of 22 Spanish companies in the sport sector industry in lounge ISPO of Winter games, which takes in Munich from 26 to 29 January. We could use this event to raise awareness of our product to consumers so that people would recognize our brand. It would give reliability to our company and more opportunities to establish business contacts and possible negotiations from sponsors and investors. ICEX, as a public company, would help us to promote internationally, with more competitiveness. We use this association as kind of " trusted intermediary " that informs us of potential competitors, free-riders , but also providing technical support and advice of possible market risks.In this company there ICEX program called "PIPE " that specifically addresses international business. The mission is to catch both buyers and investors’ attention to spread our brand product in efficient way. We will use a core competency by showing our innovative production

By the way, the EU Institutions of “Sport Conventions”, by Council of Europe, places the sport industry in a good way of doing business. The Council is aware that sport has a distinctive role to play as a force for social integration, tolerance and understanding. The Council of


Europe encourages sport all European members have highly developed infrastructures and technology devoted to it, then we can take advantage of that favorable political, economic, social and cultural conditions. From here we conclude that we have all the necessary to start our business, with public supported, so when looking for financing we can ask Spanish government.

After the analysis of the German market, we will explain our market strategy. The first thing we are planning to do is to rent a warehouse in Berlin, a place where the products will arrive from a Chinese industry. In those rented offices will have an employee distributing and organizing shipments, it will be some kind of freight forwarder specialized in export activities, and who will assume all the logistic issues. Our sales will be mostly undertaken online, through internet, in order to be available in any time and realize 24-hors trading. Therefore, we are planning to invest around € 1,000 on a solid website with good online attendance that allows to realize payments online, and which also will give a list of clients and address of merchandise distributions with shipments in order to facilitate the management of our German distributer.

As our business grow and expand we will find ourselves looking for quality language services. "Excellang LLC" is a translation agency That May Provide us with translation of our website for Germanic readers, technical and paper documentation, communication and media as well. These shipments will be carried out by German mail. If a customer wants a faster shipping method, this will be included in his final bill of exchange.

In addition, our sales directors will accept to do more than 20 trips every year to Germany to promote and sell the product. A selection of the top 100 clubs will be done, focusing in the number of tennis courts, number of customers, and size of their tennis schools to promote our product. In fact, we will work with the German Tennis Federation to make our visits to coincide with regional and national high-level tournaments.

We will focus primarily on youth tournaments due to the strong influence of customers who use tennis strings with high regularity. When visiting clubs, we will look for promising sponsors and investors to start a business cooperation, then the negotiations will facilitates to introduce our product into the sport shops of the clubs , however , the majority of sales would be done online. Of the main order of 8,000 units, 600 will be allocated into advertising. In other words, in the trips the directors would take, 600 units of tennis strings would serve as a kind of tester to players and tennis enthusiasts. This will generate a public opinion of our product, and every potential and willing consumer could then test it.

Finally we will establish how we will organize our funding. Sergio Fernandez will be in charge of the finance area. All the funds we need to start our business should be externally provided because of the youth of the team and the financial crisis of Spain. ICO (Instituto de Crédito Oficial) is our best option to help our business on its beginning. The ICO is a Public Bank of Spain, under the Ministry of Science and Innovation through the “Ministry of Economy” and “Business Support”. ICO is not funded by the State budget and it is financed


through their issues on international capital markets. Its functions are to promote economic activities that contribute to the growth and development of Spain, improving the distribution of national wealth. In particular, those that by their social, cultural, innovative or ecological significance, deserve priority attention (ICO, objetivos). To achieve these objectives the ICO will finance us through loans. This will lead us to invest in operations or liquidity needs of our company, both inside and outside of Spain. In this aspect, ICO directly analyze and assume the risk of operations because of the excellent economic forecasts of our company. ICO is focusing on self-employed entrepreneurs and companies with less than five years from its creation or beginning of its activities.

We will use this funds though Santander because of the security and confidence of this large entity. The Santander Group is a Spaniard banking group that includes a network of financial institutions with a presence throughout the world but mainly in Europe and Latin America (Acerca par. 1). The Santander has 187 000 employees, 102 million customers, 14,400 branches and 3.3 million shareholders worldwide (Acerca par. 3). The Santander Group is the fourth largest bank in the world, the largest bank in the Euro Zone, the largest company in Spain, and the sixth largest company in the world (Global). Its operational headquarters, where 6000 employees work, is in Boadilla del Monte, Madrid (Acerca par. 6). Santander will give us solid references in the negotiations in China. The type of interest could be fixed or variable (euro, dollar USD), plus the margin (4.00%) established by the credit entity because of the repayment (amortization). The amortization´s term from 2 to 12 years. The Credit Entity gives a 1% of commission to those operations with less than a 5 years term.

We will summarize the cost costs €/year we need to finance (Approx.):

Production:- Design contest: 3.000€- First Purchase of Final Strings (8,000 units): 151,200€- Office in Spain: 7,200€- Engineer (6 hours): 240€- 2 Travel to China (Including transports, room, and board): 3180€- Others (Provision for other expenses): 5,000€Total Production: 169,820€

Selling:- Warehouse in Berlin: 7,000€- 20 Travel to Germany (Including transports, room, and board): 8000€- Web Page: 1,000€- German Lessons: 300€- Distribution Personnel: 12,000€- 2 SLU Students collaborating during internships: 5,000€ - Others (Provision for other expenses): 10,000€Total Selling Expenses: 43,000€


Finance and other expenses:- Accounting Expenses (outsource accounting.): 1,500€- Insurance and property right expenses (estimated): 10,000€- Others (Provision for other expenses): 4,000€Total Finance and other expenses: 15,000€

Net Income Statement (Approx.):

Total Revenue…………………………………………………..518,000€

8,000-600 advertising units=7,400 unitsCost per Unit: 30.78€Selling Price: 70€

Total Expenses…………………………………………………..227,820 €

Net Income……………………………………………………….290,180 € (Approx.)

Our goal will be to define our business strategy to introduce tennis cords in Germany, where tennis is one of the most significant and influential sports. During the first year of operation we will follow the same cycle: we design in Spain, produce it in China, and shell the product in Germany. We will take advantage of the ICO funding to raise our company. Our goal is to sell the first year the 8,000 units. Our selling rice combined with the quality will be a key factor in a market where the average price for the same quality we are selling is above 120€ (Tennis Warehouse). For this objective, we only need that the 0.5% of the market buys our product just once a year. This analysis show how introduce tennis strings in Germany it’s possible.


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market intelligence report: germany

Economy & Finance