For more than two decades, Prior Thai, a Thailand-based company has been serving the luxury hospitality industry through its superior products and services. Prior Thai focuses on five-star and four-star luxury properties by providing customized solutions that enhance the guestroom experience by supplying accessories to compliment the rooms. From table lanterns to fittings, they can help add to the design of each room.
The company finds inspiration through its customized designs, considering the colors and flavors, which it surrounds, especially in the arts and crafts industry and through Asia's well-preserved local traditions. The company rediscover everyday objects and rituals to bring meanings, narratives and simple pleasures.
Today, with a renewed commitment to their customers, the company has become a value-added strategic partner to their target market by offering fresh, new customized amenity products, exclusive solutions and marketing concepts for the German and European Market.
Prior Thai is a recognized and well-known company in the hospitality industry and was already active in markets like Asia, Australia and the USA. Even though the company proved to have the knowledge and experience to enter other new markets, they first wanted to understand the process of entering the German market and the legalities and regulations of their industry in Germany. Also Import/Export regulations had to be observed and assessed in advance as well as the process of providing goods from their existing business base to a new market.
Although the company is targeting the entire of Europe, the company’s management decided to set up a legal presence in Germany, a stable and steadily growing economy from where the Company is reaching out to all clients.
However, before the company entered the German and Greater European market, they faced the basic challenges of
- How to evaluate and define the right business model to start the business operations in Europe?
- What are the best approaches for the company to attract the new European clients and Partners?
The company faced two questions before the actual market entry to Germany:
- Introduction of a new product in a new market (diversification)
- Introduction of an existing product in a new market (market development)
Before we started, we conducted a product study and analysis to learn more about the products and goods. For this purpose, the company provided us with sufficient samples
After the evaluation, we knew that the company has very good products in place, which are also already working very well in other countries. We had a good feeling that those products will be also working well in the German market, as all of them had a high quality. However, as the company is completely new in the German and European market, we decided to follow point 2, the introduction of the existing products (market development). At a later stage if the market development went well, the company would follow point 1 and introduce new products to the market.
In the market evaluation, we structured the Project in 4 points
- Clarification on the objective and target
- Understand the client's company and product
- Understand the client’s market of interest
- Evaluate the financial aspects and risks
Out of the answers of these four points, we have derived a recommendation for action and implemented a market entry strategy together with the client. We structured the questions and answers to give a framework based on the facts collected. The framework included information about the current market and the new market the client wanted to enter. An evaluation of the products and brands as well as the potential clients, how they are segmented and possible distribution channels.
With the assistance and preparation of Consultinghouse, Prior Thai may now introduce and offer their unique products to the European Market. The difficulty of implementing a transcultural market expansion has been managed with ease through Consultinghouse's collaboration with the company. The consulting firm has been there since the initial stage by providing a detailed evaluation of the market and a detailed action plan for the market entry.
Consultinghouse has successfully designed the process of market entry and looked for the most critical success factors for the client. While developing a market entry strategy, Consultinghouse always focused on how the new market fulfils the success factors sought by the client. This combined with the close and personal guidance, the client was able to successfully enter the German and European market.
For more information about PriorThai, please visit www.priorthai.com