April 2016, Riga

Veranika Parmon

Kristoffer Ryelund Nielsen

Sven Magnus Skimmeland

Merylin Poks

Pall Halldor Georgsson

Pirita Laamanen

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Table of Contents

Introduction ...................................................................................................................................... 3

Methodology .................................................................................................................................... 4

Analysis ............................................................................................................................................ 5

Finland ......................................................................................................................................... 5

PESTEL analysis ...................................................................................................................... 5

Porter’s Five Forces .................................................................................................................. 6

Estonia ......................................................................................................................................... 8

PESTEL analysis ...................................................................................................................... 8

Porter’s Five Forces ................................................................................................................ 10

Denmark .................................................................................................................................... 11

PEST analysis ......................................................................................................................... 11

Porters Five Forces ................................................................................................................. 12

Decision making matrix ................................................................................................................. 13

Suggestions for the company ......................................................................................................... 15

Implementation ............................................................................................................................... 15

Conclusions .................................................................................................................................... 17

References ...................................................................................................................................... 18

Appendixes ..................................................................................................................................... 22

Appendix A: Interview transcript ............................................................................................... 22

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Introduction In today’s economies, businesses are expected to implement business ethics in their

operations. As a result of that, there is an increased awareness of environmental issues as well as

rising concern of what impact business can have on the physical environment (Fassin, Van

Rossem, & Buelens, 2011).

In the following report the company Ricberry will be analyzed. Ricberry is one of the

fastest growing Latvian company and specializes in production of dry-fruit candies as well as

berry syrups and sauces. The company started in 2012 as family business and by the end of 2015

reached 200 000 EUR turnover, which is forecasted to triple in 2016 according to Edgar Vilums,

CEO of the company. Ricberry focuses on delivering healthy, 100% berry product with no

preservatives, low levels of sugar and high nutrition. The company differentiates from rivals by

using own low heat technology, which is not typical for the industry. Ricberry sees its mission in

delivering healthy and tasty products. Currently the company is looking for ways to expand into

European Union, Eastern Europe and China with one of its main products (Edgar Vilums, 2016).

In order to provide the analysis for three countries we identify five parameters related to

business ethics. To support the debate PESTEL and Porter five forces tools will be conducted.

Problem statement

This report aims to answer next research question: “To which country should Ricberry

export and why in case of expansion?”. In order to answer this question we provide analysis on

business ethics and other chosen factors for three countries: Denmark, Estonia and Finland. Each

of those countries has its own mix of factors that influence consumer’s choice, and therefore, the

purpose of our work is to inform the managers of Ricberry of what advantages and challenges

they may meet when they choose to expand to other countries.

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Methodology Through this research, we use several methods and theories in order to provide analysis

and, consequently, suggestions that potentially can be useful to the company. We use secondary

data based on online research, and framework that included in the course of business, ethics and

entrepreneurship. Ideally, we would like to interview focus groups or conduct a market analysis

for the specific product in each country; however, due to the lack of resources and time, we had

to focus on trends and statistics based on secondary data. In this paper, we use models and theory

for our analysis in order to get full overview of today's market situation. We organize this

external knowledge into a comparison matrix, and compare each country individually based on

chosen parameters. This comparison ends up with suggestions regarding which country has the

best potential based on chosen parameters, and can be used as a framework for Ricberry.

Porter's Five Forces (PFF)

PFF is defined as “a framework for assessing and evaluating the competitive strength and

position of a business organization or industry” (CGMA, 2013). This model includes supplier

power, buyer power, competitive rivalry, threat of substitutes and threat of new entry.

PESTEL analysis

PESTEL analysis is defined as “an acronym for Political, Economic, Social,

Technological, Environmental and Legal factors - Which is used to analyze external factors in

relations to companies or a market place” (Pestleanalysis, n.d.). This analysis is used to assess

these six external factors in relation to companies’ situations.

Comparison Decision Making Matrix (CDMM)

A Comparison Decision Making Matrix is defined as “a matrix which evaluates possible

alternatives to a course of action” (WebFinance, n.d.). Chosen alternatives are mentioned in the

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top of the matrix, comparison measurements are on the left side and weighting with a range from

1 to 5 are in the second column.

Greenwashing (GW)

Greenwashing is defined as “a coordinated attempt to hide unpleasant facts, especially in

a environmental context” (Greenwashing Index, n.d.). The company is considered to do

“greenwashing” when it alleges in its marketing or promotion that it is environmentally friendly,

but in reality it does not fulfill this through implementations and action. In the matter of this

report, we focused on what and how customers interfere with greenwashing as an issue.

Analysis Finland PESTEL analysis

Pestel –analysis is now conducted for further description of Finland within political,

economic, social, technological, environmental and legal aspects in brief. Estonia and Denmark

will be analyzed by the same analysis tool later in the paper.

Politics

Finland is a republican country with The Parliament of Finland, the President of the

Republic and the Finnish Government operating as the highest organs in the administration.

Moreover, Finland is a member of the European Union (EU), and located in the northern Europe

with Sweden, Russia, Norway and Estonia as its neighboring countries. The currency of the

country is euro.

Economy

Currently, the employment rate in Finland is 66,7 % and the unemployment rate is 9,4 %.

In comparison to last year (2015), the economy has recovered slightly. The consumer price index

has been increasing little by little since 1951. However, there are signs of a decrease when

comparing previous years, 2014 and 2015. In addition, the current inflation rate is estimated to be

-0,0 % (Tilastokeskus, 2016).

Social

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The population of Finland is about 5,5 million inhabitants (Infopankki, n.d.). The amount

of births has decreased during the past five years. According to statistics, 1,65 was an average

number for births per woman in 2015 and 1,71 in 2014 (Tilastokeskus, 2016). The official

languages spoken in the country are Finnish and Swedish. Approximately 5% of Finns speak

Swedish as their native language. Many Finns also speak English.

Technology

Finland aims to put a lot of effort on R & D, which has increased the productivity among

Finnish companies. In 2005, the country was ranked as first for technology index amongst

European Union, which reflects the country’s technological readiness (Nationmaster.com, n.d.).

Environment

The surface of Finland is 338 432 square kilometers. This includes the land and inland

water areas. The capital of Finland is Helsinki, which is located in the southern Finland. There

are approximately 317 self-governed municipalities (Infopankki, n.d.).Environmentalism is taken

seriously in Finland. According to Lyytimäki, Finland has been rated as one of the leading

countries protecting environment. Finnish administration and legislation has had an effective

impact on this (ThisisFINLAND, n.d.).

Legal

Every inhabitant has certain rights and obligations according to Finnish Law. Foreigners,

who accommodate in Finland, have almost the same rights and obligations with some exceptions.

Furthermore, every inhabitant is entitled to be treated equally. Discrimination is considered as a

crime (Infopankki 2016).

Porter’s Five Forces

As Finland is considered as one of the new possible market areas for Ricberry, the

potentiality of Finnish market is now analyzed by Porter’s five forces. Estonia and Denmark will

be analyzed later in the paper.

When it comes to snack industry, an ideal snack for Finns is healthy, nutritious, easy to

consume and tasty (RAISIO, n.d.). Ricberry’s products might have potential in Finland, because

they fulfill these requirements. Also, Finns, especially children, tend to get too much energy from

the snacks between meals (Ruokatieto, n.d.).

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Competitive Rivalry – HIGH

In Finland, there are several companies operating in the “snack industry”, such as Arla

Ingman, Fazer, Raisio Oyj, Vaasan and Valio. Besides other products, they provide various types

of snacks for Finnish consumers. In comparison of annual turnovers in 2009, Valio (EUR 1 787

million) and Fazer (EUR 1 160 million) for example have proved their strong position in the

market (Food for life Finland, n.d.).

Threat of New Entry – LOW

Finnish supermarkets have a wide selection of snacks, which are usually consumed in

between meals. Besides Finnish brands, such as Valio and Elovena, supermarkets offer brands of

their own, which are usually cheaper than very well-known brands. Therefore, it is difficult for

new companies to enter the market.

Threat of Substitution – HIGH

It is a common habit in Finland to have something with protein and fiber for a snack

(Ruokatieto, n.d.). Ricberry’s products do not contain as much as one would need (Ricberry,

n.d.). Typical snacks Finns consume are rye bread, fruit and different types of yogurts and curds.

Also, protein and cereal bars, quick-porridges and biscuits are consumed as well. Rye bread was

estimated to be the most popular snack in 2012 (Pfizer Oy, 2012).

Bargaining Power of Suppliers – MEDIUM

When it comes to importing, Finnish customs have certain regulations of what is allowed

to import. According to the Import Price Index statistics, the import of food commodities has

decreased -1, 0% during the past year (Statistics Finland, n.d.). Also, the Finnish food safety

agency Evira inspects food products to meet certain safety and health standards.

There are three dominating retail store chains in Finland: Kesko (32, 7%), S-kanava (45,

9%) and Lidl Suomi KY (9, 0%) (PTY, n.d.). When it comes to the aspect of retailing of

Ricberry’s berry snacks, Kesko and S-kanava would probably provide better opportunities.

Bargaining Power of Customers – LOW

Considering Ricberry’s berry snacks, the demand varies. One of the current trends in

Finland is fitness and health, which means that Ricberry’s products might have opportunities.

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However, another trend is to buy locally produced food. This is an obstacle, because the company

uses Latvian berries in their products. Also, most of Finns prefer domestic over foreign products

in order to avoid unhealthy preservatives and to support local producers. Approximately 60% of

the population is interested in the origins of food in general, and around 75% insure the origins of

milk and meat products. Furthermore, the share for domestic food consumed in Finland is

estimated to be 75-80% (Helsingin Sanomat, n.d.). Therefore, it is challenging for the company

to educate Finnish consumers to choose a foreign product.

Also, the price for the berry snacks of Ricberry might increase due to the Finnish taxation

policy (VAT). This might be an issue, because new foreign products with high prices do not

usually succeed in Finland.

All in all, there are little market opportunities for the company in Finland. The Finnish

consumption habit rarely allows foreign products to succeed. However, such snacks as pure fruit

bars do not exist in Finland, and if Ricberry decides to expand in Finland further research is

recommended.

Estonia

PESTEL analysis

Politics

The political situation in Estonia has been stable since 1992, when the constitution of

Estonia came into force, and the power has been held by one party for the last 10 years. The Head

of the State is the President; executive power is exercised by the Government (Study and

Mapping of Estonian Creative Economy, 2011). The Republic of Estonia is a member state of

European Union since 2004 and has had the euro currency since 2011 (Estonia.eu, 2016).

Economics

In 2014 the employment rate of population aged 18 until pension age was 73,3% and

unemployment rate 7,6%. In comparison with the last years, the employment rate is slightly

increasing and unemployment decreasing (Statistical Office of Estonia, 2016).

The consumer prices has been decreasing in total since 2011. In March of 2016 it rose

0,5% in food and non-alcoholic beverages and increased 1,7% in health products which shows

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great change in medical care prices as it has appeared also in previous years. According to

Trading Economics the Inflation Rate is reported to be -0,2%, and the Consumer Price Index CPI

195,20 index points (Trading Economics, 2016).

Estonia has a trade deficit of 139,70 million in February of 2016 which is smaller gap

than year before with 150,51 million. Although the trade deficit has decreased, the imports have

grown by 5% year-on-year and purchases rose the most for electrical equipment and mineral

products (Trading Economics, 2016). Latvia is the fourth most important partner in trade with

8,5% of total import to Estonia. The import of oilcakes have been increased since 2013 by 6,2%

but the export has increased even more with 322% in 2014 (the last data) (Statistical Office of

Estonia, 2016).

Social

The population of Estonia is approximately 1,3 million inhabitants and 31,5% of citizens

live in the capital. In Estonia live inhabitants with different ethnic background: 69% of Estonians,

26% of Russians and 5% of other ethnical background. Latvian nation is not very decisive part

among the population with 0,14% of inhabitants but it is important to mention that 36% of them

live in the capital and 19% of them in Valga (Statistical Office of Estonia, 2016).

According to the Statistical Office of Estonia there were 203 471 women aged between

and 39 in 2015 which is 17,6% of population and the number of the selected population is

decreasing (Statistical Office of Estonia, 2016).

Technology

Estonia has considered access to the Internet a basic human right as 98% of the country

has Internet coverage (Estonian Ministry of foreign affairs, 2016). It is common that people

purchase products via Internet and sign their documents with ID card. Scientists and students

cooperate to find more efficient and beneficial solutions in production which has led companies

to use technologies in food processing to retain more nutritional value.

Environmental

The area of Estonia is 45 227 square kilometers. The capital city of Estonia is Tallinn,

located in the northern coast of Estonia. The country has 15 counties, 33 towns and 194 rural

municipalities (Estonian Ministry of foreign affairs, 2016).

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Legacy

Every inhabitant has rights and obligations according to Estonian Constitution and Laws.

The legal system is based primarily on the German model with in the field of civil law. General

principles and norms of international law and directly applicable rules of European Union law

form an integral part of national legal system (Estonia.eu, 2016).

Porter’s Five Forces

Competitive Rivalry- HIGH

Snack industry has various selection of food that can be divided into healthy and not so

healthy products. As the domestic products play great role in the industry, there have been

brought out some of the healthy snack companies: Vägi, Amoor, Good Mood Food, Must

Küüslauk, Gurmeeklubi, Põhjaka Mõis, Pädaste Mõis, Allew Magusameister, SirLoin.

Threat of New Entry -MEDIUM

As the market of snack industry is difficult to define in case of Ricberry’s berry candy, the

customers’ receptivity is not clear. To give confident assertation, more research is needed. Based

on the authors experience we can give hypothetical assumption that it is difficult to entry the

market that has historically established trends in consumption of domestic products. As

consumers have the experience with familiar products, it is difficult but possible to entry to the

market.

Threat of Substitution - MEDIUM

Snack industry in Estonia has great variability and the substitutes are available. To

prevent the substitution it is necessary to keep the price low and competitive. People with higher

incomes tend to eat more meat and fruit, whereas people with lower incomes consume more grain

products, in particular bread (European Commission, 2015).

Bargaining Power of Suppliers - HIGH

Handmade gourmet is common in supermarkets, organic stores and gourmet boutiques.

The suppliers range from local and foreign producers. The most comparable product in snack

industry is Ampstükk (Amoor OÜ) which fruit bars have been prepared without added sugar and

any kind of heat treatment, which has been preserved in all of vitamins and flavor nuances

(Uusen, 2014).

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The most growing trend is to purchase food products from acquaintances or via reliable

internet forums in case of good quality-price rate and to contribute into local organic industry

(All, 2016). As the awareness of greenwashing is growing, customers are looking for reliable

certificates but still purchase products in case these have proved themselves in the market.

"People are becoming more aware of food quality and organic product expanding pool of buyers.

“I sincerely believe that the idea of "Estonia as an eco state" is absolutely real," said Margit

Kimmel who is the founder of Ampstükk (Kruuse, 2014).

Bargaining Power of Customers - HIGH

The demand of customers vary between sex, age and purchase power of customers. The

trend in Estonia supports the import of Ricberry products.

The price of a product is often crucial, when a product is purchased which means that the

company should not raise the price very much. According to the last data of average monthly

gross wage the annual purchase power is 13 261€ which is the highest level in Estonia’s history

(Trading Economics, 2016). Despite the increased purchase power, people still are not ready to

consume proportionally more. Margit Kimmel said that "it is important to keep the prices

reasonable, the organic goods would be available and would not be considered just a hobby of the

rich. “There is room for many more, of course, but I believe that organic trade is the future.”

(Kruuse, 2014).

Denmark

PEST analysis

Political factors

Since the constitution was signed in 1849 Denmark has been a democracy, and has a very

sustainable political system (Aarhus Universitet, n.d.). The politicians have intense focus on the

Danish food industry, and in 2015 there was made plenty of new rules about how to conserve,

store, and label food. This means that companies, for example, have to make more detailed

description of what the product contains. Many of the regulations also come from the European

Union (Teknologisk Institut, 2014).

Economic factors

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In Denmark there is an overall growth. In 2015 three markets that were growing the most

are research and development (198%), beverage industry (67%) and electricity and gas supply

industry (37%) (Finans, 2015). The inflation rate is currently at 1,3% and the Consumer Price

Index (CPI) is at 100,60 indexpoints (Trading economics, n.d.).

Social

The population in Denmark is 5,7 million, and, if we take into account the target group of

Ricberry, threre are 689,081 women of the age of 18 – 40 (Statiskbank, n.d.).

The official language is Danish, but everyone studies English in school for at least of 5

years. Also German is mandatory in most of Danish schools. According to Confederation of

Danish Enterprise, three of the most important things for the Danish consumer are: 1) focus on

experience, 2) focus on price and 3) focus on health and well-being. This means that the modern

consumers want to signal that they are healthy, energized and in control, even though 1,3 million

adults are overweight. This becomes a community problem (Dansk Erhverv, n.d.). It seems that

both, consumers and retailstores, have growing interest in accurate and credible information

about the food. Therefore, regulation and certification are very important for Denmark (Doc

player, n.d.).

Technology

In Denmark the technology is in focus, especially because the internet is taking over. For

example, one of three people buy food online (Foodculture.dk, 2013).

Porters Five Forces

Competitive Rivalry - MEDIUM

In Denmark there is an endless number of different energy and proteinbars, and also fruit

bars from “Castus” intented to put in kids lunchbox, and also the sports version for adults. The

trend in Denmark right now is that everything have to be healthy, and reflect that you have

control in your everyday life.

Threads of New Entry – HIGH

In this industry there is a high risk of new competitors. Everyone can start mixing their

own berries and start selling it, you do not need any expert knowledge or huge capital to start,

and therefore the barriers of entry are very small.

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Threat of Substitution - HIGH

There are substitute products in the snack industry in Denmark, Ricberry’s products can

be substituted by all the training supplement, or all the different kinds of candy. That is why they

have to differentiate, and be very clear about what they are and want to be in order to penetrate

the Danish marked.

Bargaining Power of Suppliers - MEDIUM

There is some dominating retail store chains in Denmark, for example “Coop Danmark”

and “Dansk Supermarked”. If Ricberry’s want to go all in, in Denmark they have to get solid

suppliers.

The suppliers that make Ricberry product do not necessarily have to be changed in order

to go to Danish market. However, the problem may arise, if Ricberry‘s suppliers will not be able

to keep up with the huge amount of bars they have to produce in order to work with one of giant

Danish retail store chains in Denmark, that combined have a turnover of 13,2 billion EUR every

year (Proff, n.d.).

Bargaining Power of Customers: - HIGH

Women in Denmark have an average income of 294.000 Kr a year, equal to 39508 EUR.

Overall in Denmark there is an increasing interest in organic food. Around 93% of the Danish

people buy organic food.Women buy organic food more often than men, and 3 out of 4 would

purchase more organic foods if they were cheaper (lf.dk, 2015).

Decision making matrix By using the decision making matrix method it is possible to evaluate how Ricberry

should enter the markets in the three countries. Using this method can help managers of

companies to take important decisions in making a strategy (Businessballs, 2015). In table X the

parameters that we have chosen can be seen. It should be noted that all the analysis is based on

our subjective evaluations.

From the given number Ricberry can see which country have higher chance to succeed in

an international expansion. The highest number has the best circumstances to succeed, and

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smaller numbers suggest that the company has to differentiate its business compared to its current

situation. In the parameter grade, 5 means that there are many competitors, and 1 means there is

little competition.

Parameter Weight Estonia Denmark Finland

Certifications: is it

normal to have

certifications in the

country

1-5 3 - very normal and

needed for customers.

2 - customers

want to know

everything about

the product.

2 - customers want to

be aware of what

they buy.

Customer

expectations: how

open are the

customers for new

products?

1-5 3 - customers are open

to new products, if

they are oopen relate

to the customer

segment

2 - customers are

open to new

products, if they

are open relate to

the customer

segment

2 - most of

customers buy only

certain products,

which they know

well

Economic:

What is the power of

the buyers? (CPI)

1-5 3 - average income is

13.261€ per year.

CPI 195.20

indexpoints.

4 - average income

is 39.508€ per

year.

CPI is 100.60

indexpoints.

4 - average income

is 42.456€ per year.

CPI is 100.1

indexpoints

Greenwashing: how

important is

authenticity in the

country?

1-5 2 - authenticity and

experience plays great

roll in marketing.

2 - authenticity is

important do to the

fact that 93% of

the population

buys organic food

once in a while.

2 - authenticity is

very important for

most consumers

Competition: how

many competitors is

there in the country?

1-5 1 - lots of similar

domestic products

1 - there is a lot

of competitors

related to energy

and protinbars

1 - wide selection of

domestic substitute

products (snacks)

Total: 5-25 12 11 11

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Results from the decision making matrix analysis show that Estonia scored the highest

total of 12 points. Therefore, according to our analysis this market would be the most preferable

for Ricberry to enter.

Suggestions for the company According to the PEST –analysis, Porter’s five forces and Decision making matrix of

each country, Estonia is the most potential option for expansion. First, Estonia and Latvia are

neighboring countries, which facilitates issues regarding exporting and their costs. Latvia is the

fourth most important partner in import to Estonia, which gives an advantage for additional

export. Second, the economy is slowly recovering, which can be seen in the PEST –analysis: the

employment rate is slightly rising and unemployment rate dropping. Third, the population of

Estonia consists of inhabitants from different ethnic backgrounds: there are, for example,

Latvians living in Estonia, of whom most are residents of the capital city. Different ethnical

backgrounds might create more openness for foreign products.

Implementation This chapter will describe an implementation plan for Ricberry to expand its business in

Estonia and to enter Estonian market. The plan is divided into three parts, short-, mid- and long-

term, all of which describe recommended actions for the company. Short-term implementation

plan consists of matters to take into consideration within the first six months. Mid-term plan, in

turn, describes the actions after short-term , after the first 6 months to one year. Long-term plan

considers long term actions, which would take place after the first year to the second year.

Short-term

In order to fully understand Estonian market and its consumer behavior, further market

research is recommended. Furthermore, it is advisable for the company to study certain important

matters such as trade barriers and custom regulations as it will facilitate the exportation process.

Also, Ricberry should come up with a plan on how to actually implement the market entry:

choosing an entry mode.

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Once the plan is made, it is time for risk and financial analyses. Risk analysis is useful for

the prevention of possible risks. Financial analysis, in return, helps the company to identify its

resources as well as to consider funding issues. A clear sketch of how to use money and time

should be drawn.

Another matter to consider for further research is competitors. There might also be

possible partners, which would provide market security at least for the beginning of expansion.

As for marketing, creating a story for the company and its products is recommended in

order to arouse interest among Estonian consumers. Storytelling would promote the brand itself

as well as healthy lifestyle, which would also raise the awareness in the current market as well.

Also, according to the Porter’s five forces analysis of Estonian market, it is important to maintain

the prices relatively low in order to prevent substitution. Reliability and availability of the

product for new customers is another matter to consider in the very beginning of planning.

According to our experiences of visiting Ricberry’s website, it is necessary to have

information for the customers and partners available in English language as well. Also, more user

friendly interface is recommended in case of further expansions and customers as an example.

Mid-term

The company should start planning further steps according to the market entry plan made

during the short term implementation plan. This part includes financial, funding and resource

planning, recruitment planning and risk prevention planning. Also, the entry mode should be

chosen. When all of the matters above have been taken into deeper consideration, the

implementation of the entry plan can begin. Situations and markets change, and therefore it is

important to be aware of the changes, too. Therefore, there must be constant concentration and

supervision on all the matters mentioned above.

Long-term

When it comes to long-term planning, the market entry plan is in action. What needs to be

done at this point, depends on the outcome of previous operations done during the mid-term

planning.

17

Conclusions According to our research the Latvian company Ricberry’s first export country would be

Estonia in case of expanding to North European countries. Estonia provides great opportunities

for the company. There are many similar products that exist, which suggests that the healthy,

natural products are in high demand. Moreover, Estonia has steadily growing economy and big

ethnical diversity, which creates beneficial environment for the export. Estonian costumer has

medium purchasing power and recent trends show that more and more people, especially women,

prefer natural and healthy products when it comes to buying food. Moreover, average Estonian

costumer is considered to be open to trying new products; in the long term, however, quality and

reliability becomes a strong choosing factor.

In order to be competitive on Estonian or any other market, Ricberry needs to create an

experience for customers. Storytelling can be crucial if the company wants to differentiate and

stand out in the market. Estonian consumers, according to our research, tend to choose domestic

products over imported one. On the other hand, due to close geographical situation and cultural

connections between Estonia and Latvia, there is high acceptance in Estonia, for Latvian

products.

From ethical perspective, awareness regarding greenwashing is rising in Estonia.

Costumers do expect from the brand to fulfill its promises and consider the ethical part of food

processing important. This suggests that if Ricberry chooses to make statements about ecological

sustainability, it should provide clear evidence to support it.

Finally, strong brand image is important when expanding to other country or remaining

high performance in home market. The technical part such as English translation of website and

more user-friendly interface can create a competitive advantage and improve company’s image

and reliability. Overall, we think that the product has big future in case of implementing the

suggestions and be successful in neighbor countries.

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Appendixes Appendix A: Interview transcript

1. What is the exact mission and vision of Ricberry? By mission we mean bigger meaning

and/or story that the product and/or the company Ricberry is carrying.

Answer: Will be answered in the .pdf I’ve attached. Don’t focus on sugar content as the sugar

content for sweets is still high (even though it’s natural berry sugars).

2. What makes the product unique (we focus on berry bar)? How?

Answer: Look in the presentation.

3. Who are the competitors in the same market? Are you doing anything different to stand

out in the market? What?

Answer: Main competitors are Rāmkalni, Skrīveru Saldumi and different sweet companies but, if

we are talking about the 100% berry candy and products like our “ŠokOga”, then those kinds of

products are our own invention and up until recent we were the only ones in the world

manufacturing them. But any alternative sweets, protein bars, health bars, chocolate

manufacturers, etc. are our competitors.

4. Who is your target group? How do you approach your target group?

Answer: Our target group is women, aged 18 – 40 with middle or high income. So far we’ve had

some TV and magazine ads as well as tastings (which work best for our products).

5. Why should we eat the berry candy and on what occasion (for examples – after the gym

or during the movies)?

Answer: You should eat it whenever you want to have a snack, instead of traditional sweets, but

it’s also great for fast carbs after a work-out or extra vitamins, during illness.

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6. Why do you want to expand to another countries?

Answer: While we are always motivated by the possibility to provide opportunities for people to

start eating healthier, Latvia is such a small and low income country that local market simply

cannot sustain any kind of premium segment business.

7. What do you think about exporting in Estonia, Finland and Denmark

Answer: These countries are fine, I believe our northern mentalities are similar and the “green

trend” is very pronounced there.