This is giving a good opportunity for TasAbalone to enter into Hong Kong seafood frozen market.
Political and legal trends Political climate in Hong Kong is stable and always welcome new business and investment by providing an open and free market. The law and regulation regarding to selling food products are responsible to the department of Centre For Food Safety. All foods sold in Hong Kong have to meet the statutory safety requirements under the Hong Kong law. The manufactures require packing to label their products in a prescribed, uniform and legible manner such as name of food, list of ingredient, expire date, instruction for use, name and address of manufacturer, weight or volume, and appropriate language (Centre For Food Safety). Hong Kong is currently facing waste management problems due to the high population density, recyclable packaging should be use according to the green policy of Hong Kong government (Environment Protection Department). The production cost of TasAbalone will be increase due to the change of packages but with 0% tariff in Hong Kong TasAbalone can still be competitive.
Now a day people tend to spend more time on the internet, online shopping is another trend in this century, customers can easily buy the products online with out an intermediary services. There were about 68% of Hong Kong population are the internet users (NewsMedia TrendWatch). In the future online shopping for frozen products tends to grow very fast, it will be a good opportunity for the firms to provide an online shopping services for their customers. That is giving good opportunity for the firms to communicate with their customers.
Socio-cultural trends Consumers in Hong Kong are price sensitive, and purchase decisions are based on value for money not brand loyalty. Customers also prefer small package of products where they can easily cook by using countertop burners and microwave ovens. Therefore, living space in Hong Kong is limited large refrigerators and conventional ovens are not common. Western products always have a good perception among young age customers in Hong Kong with medium to high-income level. Customers in Hong Kong have good perception amount Australia food products, as it is the fourth largest food exporter to Hong Kong. Customers tend to prefer more on safety, organic, and natural food products. Consumer also preferences to move from fresh to frozen food products as its being safer and more hygienic. The busy lifestyles of working…