International Expansion Strategy for Goya

Paper Summary:

This paper examines how Goya has established itself as not just a popular brand of Hispanic food products, but also has become the markets' standard of quality and competitiveness. The paper explains that the Goya company has become an icon not only culturally but also commercially. The paper then look at how, in recent years, Latino communities worldwide have become more prominent in consumer markets because of rapid growth in Latin American countries as well as increasing social significance of Latino migrants particularly in North America. Next, the paper then points out that interests in its traditions and culture have created new market opportunities for Latino products in mainstream markets. The paper further explains that as public image and social responsibility become more of an issue for companies, Goya's approach to business has lent them not only market presence but also social relevance. In addition, the writer expresses the belief that there is also a need to develop new competencies to maintain the strategic advantages that have established Goya's success in Latino markets. In conclusion, Goya should assess the environmental forces of its new markets, particularly those that influence the economics, competitiveness and socio-cultural characteristics of the market. The writer suggests that in doing so, the company will be able to prove that there is not only an existing demand for its products but that potential for them is not limited to culture, race, ethnicity or nationality.

Outline:
Introduction
Environmental Forces Prioritized: Economic Forces, Competitive Forces, Socio-Cultural Forces
Understanding Subgroups within the Latino Community
Challenges of Market Diversification
Conclusion

From the Paper:

"Economic forces are important to the company's marketing strategy because of its interest in retail markets. The case study of the company presented by Hoffman points out that since the Latino market will represent a substantial chunk of the consumer market, they will exert greater demand for products and may in fact shift the market towards buyers. At the same time, the size of the market will also increase its attractiveness to new players as well as marketing requirements (Goya, 2007a). Thus, it has been important for the company to establish itself as the premiere choice of consumers and to have a great sensitive to the market. According to Andy Unanue, CEO-in-waiting apparent, the company's sensitivity to the shifts in purchasing power and the rate of entry of alternative products has been critical."

Sample of Sources Used:

• Besanko, D. (2005) The Multi-product Firm, Quality Choice and Regulation. Journal of Industrial Economics. 36(4): 41
• Bulmer-Thomas, Victor. Economic Performance and The State In Latin America. Retrieved December 17, 2007, from http://www.fiu.edu/~ereserve/bb09171.pdf
• Demetrakakes, Pan (2003). Hispanic consumers are Goya's gold mine: the no. 1 food company among U.S. Hispanics reflects tradition in both products and packaging. Food & Drug Packaging, August. Retrieved December 17, 2007, from http://findarticles.com/p/articles/mi_m0UQX/is_8_67/ai_108000120
• Goya (2007a). About Goya. Retrieved December 17, 2007, from http://www.goya.com/english/products.html
• Goya (2007b). Goya Products. Retrieved December 17, 2007, from http://www.goya.com/english/products.html

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