CPF set to take on world
Charoen Pokphand Foods (CPF) has earmarked Bt1 billion to make CP a global brand in five years.
Half of the budget will be used to promote its ready-to-eat frozen-chicken products in the domestic market, with the goal of increasing its market share to 20 per cent this year and posting average annual growth of 10 per cent. The rest of the budget will be used to promote its brand internationally."We set up a flexible budget to promote the brand abroad. Whether the money will exceed the targeted budget depends on the market size of potential importing countries like the US, which will require higher expenses than the Asian market," senior vice president Suphat Sritanatorn said yesterday. However, the budget should not be less than 10 per cent of the company's exports. CPF launched its CP brand two years ago, spending Bt100 million a year. The company has managed to build its brand in its customers' minds, enjoying 14 per cent of the total domestic market for frozen food valued at Bt1 billion last year. That share was up from 5 per cent in 2005. The company sees the local market expanding to Bt1.3 billion this year. It will devote nearly Bt100 million this year to adding 200 to 300 CP Fresh Marts nationwide to its existing 300 branches. Its distribution channel for frozen food covers up to 5,000 sales points in both the modern trade, including 7-Eleven convenience stores, and its own CP Fresh Marts. With its initial success in the domestic market, the company has set a new goal to become a global brand for ready-to-eat frozen chicken within five years. The company has established a foothold in Asia, including Hong Kong, Singapore, South Korea and Taiwan. Somluck Srimalee, The Nation
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