Business Plan For Foo Splash
After all the relevant analysis is complete, we move on to ur suggestions regarding positioning, product design, packaging, prlclng and the integrated marketing mix. Here we deal with the financial aspect as well. Coming together we arrive at the strategic marketing plan for Foo splash gum. Introduction Objectives of the Study The objective of the study is to develop a feasible and complete Business plan for "Foo Splash Gum".
Methodology
The study has been done to suggest the Business strategies that Foo Splash.
Order custom essay Business Plan For Foo Splash with free plagiarism report
450+ experts on 30 subjects
Starting from 3 hours delivery
Data from both primary and secondary sources were used and analyzed to complete the study. depth interviews of the Company Secretary, General Manager and his staff. We also conducted FGDs of the consumers and interviews of retailers. Follow up interviews with company staffs were also done at various stages.
Secondary information
The secondary sources used are Project report prepared by the company recently using a market expert from India. The project report consists of the projected investment, projected production volume and cost, projected sales and profits for 5 years, etc. Annual reports of at least the past 5 years.
Dealers list and distribution channel's details Scope
The scope of the study is geographically limited to the consumers of Dhaka city only. Furthermore the consumers surveyed through convenience sampling are considered as representatives of all the customers of liquid filled chewing gum products in Bangladesh. The limitations while conducting the study include, 1 . Market size could not be determined and thus demand of the product could not be projected. Limited knowledge about the management of process and people. The major competitor, Perfetti, was unwilling to reveal much information.
Report organization
The report is primarily divided into two parts. The market situation is analyzed in Part One, which consists of the industry analysis, company analysis and the evaluation of the market. Part Two of the report delves into the proposed marketing strategies, an evaluation of their effectiveness, implementation plan and resource requirements. Current marketing situation In the market of liquid filled chewing gum in Bangladesh, there are currently two companies in operation: gums 2.
Lotte Confectionary selling Lotto Spout brand of liquid filled gums According to the information obtained from Perfect Van Mille, the market leader in Bangladesh in terms of sales figures is Centre Fresh. Perfect claims that its wide each of distribution and local production allow it to enjoy very high sales, though the exact sales fgure was not revealed. Spout, on the other hand, has no local production facilities and is directly imported and sold through dealers. Spout is only available in a limited number of retail outlets focusing mainly in the urban metro areas.
It is never available with street vendors, from where most young consumers and smokers usually buy. This means Spout loses a significant number of buyers in this sector. Perfect considers Lotto Spout as an insignificant competitor since Spout has less availability in the market. Spout is only sold in 6 pieces pack (stick pack) priced at TK 10. Thus, Centre Fresh is the only brand selling in single unit packs and each piece is sold at Tk.
Market description
The capital requirement for this sector is not low.
But Pran, Hoque, Bengal and Nabisco have the financial capacity to enter the market. The inputs used for bubble gum are almost identical for any other candy based products. And there are suppliers new entrants can access easily. Brand identity is a major factor for the industry. The possible future entrants all have access to vast distribution channels for their xisting products. Buyers do not have any bargaining leverage as the market is already underserved. The products available basically offer the same flavors with very little variation in taste. The number of local companies in the bubble gum segment is nil, but as the inputs are very similar to the ones in other candy based products a number of suppliers already exist. power of the supplier. The price-performance trade-off of the substitutes available in the market is very high. Center fresh is currently the market leader in the industry, and Spout is considered a premium brand and has the advantage of first mover.
Product review
Our first product, the Foo splash gum, offers the following standard features with a Center fresh. Foo splash gum is sugar based candy. Foo splash gum is fun based tasty product. Mouth freshening chewing gum. Liquid filled chewing gum. First-year sales revenues are projected to be based on sales of Foo splash gum units at a wholesale price of each. During the second year, we plan to introduce the Foo splash gum fruity. The Competitive review on the three brands: Center Fresh, Spout and upcoming rand of We's gum has been done based on the price of the products and the functional benefit of the brand. The current market price of Centre Fresh is Tk. per single piece pack. The price of Spout is Tk. 15 for each stick pack of 7 pieces. Thus, both these brands are in the high price category. From the response of the questionnaires, it was found that the average score of Spout as a fun product in terms of taste is 1. 41 whereas as a need based mouth freshening product the score was 2. 17. Thus, the taste of Spout is considered to be more important than need based freshness. (The score represents the level of greement of customers as a fun product in terms of taste where 1 means highly agree and 5 means highly disagree).
The score of Center Fresh as a need based mouth freshening product is whereas its score for fun based tasty product is 2. Thus, the need based freshness of Centre Fresh is considered to be more important than its taste. The perceptual mapping of both Spout and Centre fresh has been prepared based on the above findings and it is seen that the market of low price liquid filled gum is empty. This is a market where We can venture into. This is also the best market for We considering the strength of the company in producing low cost product locally.
Thus, We Liquid Filled Gum can position itself as a low priced product in either of the two product category mentioned. Distribution review top Bangladesh markets. Among the most important channel partners being contacted are: Office supply superstores.
Confectionery stores
ConfecBD will carry Foo splash products. All types of tea stole and specialty cigarette stores. Although distribution will initially be restricted to the Bangladesh. We plan to expand into India. According to demand. We will emphasize trade sales promotion in irst year.
From the industry analysis, it was seen that the liquid filled chewing gum market has only two players, both of which are of foreign origin. As a result both were positioned n the high price sector of the perceptual map. This means that the market of low price liquid filled gum is empty. This is the market where We can venture into.
This is also the best market for We considering the strength of the company in producing low cost product locally. Thus the liquid filled chewing gum of We will be positioned as a low priced product.
Identifying the target market
To find the target segment for our product, we talked to 3 groups of 12 people in each and of three different age range. We divided the consumer segments into 3 age groups.
These groups are
- Below 13 (Children)
- 4-25 (Youth)
- Above 25 (Adult)
It was revealed from this study that the attributes that We is about to offer (liquid filled chewing gum with freshening taste at a cheaper price) are preferred by the youth segment most. Hence we are focusing on the youth segment as our target market.
Product strategy Questionnaire Development
In order to identify customer needs and design questionnaire accordingly, we carried out informal discussions with people in different locations like Bashundhara City Shopping Mall, Viquarunnisa Noon School and Dhaka University with the aim of developing a relevant questionnaire. In order to develop the questionnaire, firstly we needed to identify what the consumers needs expect a liquid filled chewing gum to meet. Various types of answers were found. The most frequent response that came up was that they buy liquid filled chewing gums simply because they love the taste. Good taste was closely mouth-freshening attribute as their reason for buying liquid filled chewing gums while some categorically mentioned that they buy these chewing gums to freshen their mouth after smoking.
Cite this Page
Business Plan For Foo Splash. (2018, Jan 13). Retrieved from https://phdessay.com/business-plan-48/
Run a free check or have your essay done for you
