Marketing Plan of Silk Soap

In Bangladesh soap manufacturing business is now in maturity stage. At present time many companies are producing soap. That is why we have so many competitors. I have learnt about various weakness and limitations from data that I have collected from many companies. So i decided to set up a soap industry by overcoming these limitations and weaknesses. my ultimate goal is capture the market as within 5 years by providing superior value to the customer at reasonable price and will be able to build strong brand image.

However I have a plan to enter domestic market and subsequently the international market with its own brand once it has stabilized its procurement base, production process and quality of product and generated enough financial resources. I financed my business both equity and debt financing (60:40). And i manufacture two types of soap. Fairness and Anti-bacterial soap these two types of soap I will manufacture. Both the soap weighs differently. The fairness soap is 120 gm and the Anti-bacterial soap is 100 gm both the soap will be manufactured in the usual methods.

I will use a systematic distribution channel by which will be able to reach my target customers and also will follow different marketing strategy to capture the market. But first one or two I may face loss due to my new in the market and also I have to launch huge promotional activities to attract my target customers. Finally I will implement my plan and periodically it will review and new strategy will adopt over the time due to continuing the product development process.

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This marketing plan was assigned by Husna Ara, lecturer and course instructor of MKT-331 (Marketing Management) as an individual assignment on April, 25, 2011. As instructed, this plan is about the analysis Marketing plan of a particular company and after evaluating different possibilities the researchers have chosen to do the marketing plan ‘Silk soap Industries ltd.

The purpose of doing this report is to fulfill the requirement of the course Marketing Management (MKT-331) as it is compulsory to submit this Assignment.

By doing this marketing plan it will enable the researchers to implement the knowledge gained by doing this course in a more practical manner. As the topic of the assignment suggests would focus on the different types of marketing efforts and activities of Silk soap industries ltd. It should be mentioned here that this Assignment has been prepared in the context of Bangladeshi market and different segmentations and promotional activities analyzed in this report are solely based on the Bangladeshi consumers’ perspective. A lack of written material to collaborate with my findings also posed of a source limitations.

Time constraint and lack of raw materials won’t allow us to delve deeper into my assignment. None the less i will try to give my best to make this Assignment a good one and despite of many limitations in my approach, I expect that the reader of this assignment will have broader view and idea about impact and practice of marketing and sales activities of this new soap industry. The assignment has been prepared in a very constructive and methodological manner. The assignment not only focused on describing different Marketing strategy, it is also somewhat analytic.

The primary information will be obtained from observation and discussion. Secondary Source of Information: The secondary information will be collected from internet, books etc.

My mission is that to identify the target market and perform according to the identifying needs and consumer’s satisfaction. Vision: -Silk soap industry Ltd. is a soap manufacturing company. My company main philosophy is to ensure the whole society fair, beauty and health safety. And create goodwill in the society.

• The objectives of my soap industry are as follows:
• Ensuring better quality.
• Ensuring proper compensation to the employees.
• Ensuring good working condition.
• Ensuring interpersonal relations.

To accomplish my objectives as I have mentioned above, I will correct the opinion from the customers, wholesalers and retailers by providing an opinion book.

A product consists of all the tangible and intangible (goods, service or idea) characteristics provided in an exchange between a seller and a buyer. People buy product for the benefits and satisfaction it gives. There are two kinds of products, which used by organizations in producing goods and services or in carrying out their operations are industrial products.

My Company product is soap and I will manufacture two types of soaps. Fairness and Anti-bacterial soap these two types of soaps I will manufacture.

Both the soaps weights differently. The fairness soap is 120 gm and the Anti-bacterial soap is 100 gm both the soaps will be manufactured in the usual methods. Every woman wants to be looking beautiful. In Bangladesh and sub-continent every woman wants to be fair. It is a psychological advantage of this product. Now in the market just two types of fairness soaps are available. But those entire products prices are very high. Our product will available in standard price. So it can use all class. But our main target is High middle and High-class family. We are looking for good quality not high profit.

We hope this soap will be the best soap for beauty seeking women. Include in Fairness Soap: Name: LOREN fairness soap. Target market: women (every women wants to be looking beautiful and fairness) Net Weight: 120 gm Price: TK 17. 00 Element: Aqua, Plamitie Acid, Stearie Acid, Potassium hydroxide, Lauric Acid, PEG-7 glyceryl Cocoate, PEG-150-Distearate, Methyl Paraben, Licorice Extract, Aloe Vera Gel, Vitamin B3, Vitamin C150, and Fragrance.

There are lots of competitors in the market for the same product. My Silk Soap Industry will produce two types of soaps, Fairness soap and Anti-bacterial soap. To survive in the market each company have to face a challenging competition between each other. So that knowing about the competitors is very important developing business strategies.

To marketed my products to the targeted customers. My channel will be like follows: Manufacturer Wholesaler Jobber Retailers Consumers * Manufacturer: Silk soap industry is the manufacturer of Loren Fairness soap and Exit-antibacterial soap. So soaps will be distributed from its production plant to wholesalers directly. I will have six authorized wholesaler, as the agents in the each divisional cities to where I will offer my products.

These wholesalers will represent my products with the help of different retailer and also advertise, store, distribute and do other promotional activities as well. * Jobber: Under the each authorized wholesalers, I will have around 15-20 jobbers to each divisional wholesaler, who will act as the sub- agents of the wholesaler and influence the market and retailers to use and present the product. These jobbers will be appointed on commission basis. * Retailers: My retailers will actually offer my products to the actual and potential customers. They will collect the soaps from the wholesaler and marketed them frequently.

In each and every public places like market, and near the commercial areas, I will have retailer’s shop and outlets so that they can easily collect my product and use it. By this way I will reach to the customers.

At the final level of the process come the consumers who will consume my products. They are the target customers for my company and reaching them, should be my main goal in order to market my products. They will give the final and overall feedback of my products and according to their demands the company must set their objectives and strategies.

This is the new company in Bangladesh my company position in the investor’s mind will be slightly difficult but over the time I will be able to build up a unique and strong brand image in publics minds, that will be helps my company to attract the investors and capture the market share at good percentage. my goal is, within 5 years I will be able to targeted area.

According to my projection I will capture: 22% of the target market share within 2 years 45% of the target market share within 4 years 65% of the target market share within 5 years or more.

Strength:

• It provides better quality and more quantity than any other brand in the market with a very eye-catching brand name and package.
• It has sufficient manufacturing plant with the capacity to meet the demand.
• Strong, Skilled, Professional & Dedicated Manpower;
• Strong Administration
• Latest, Modern & High Qualified Machinery
• R&D will have Done Regularly
• The Decisions will make into Action without Any Delay
• We are offering the affordable price than other competitor’s firm
• No side effect of our product.

Weaknesses:

• Lack of much experience
• Needs more time to research on consumer behaviors We need to follow more different marketing strategies for different demographical situation
• Loren fairness soap is mainly made for female
• Lack of brand Establishments

Opportunities:

• Approved by Bangladesh Standard Testing Institute (BSTI)
• Certified by London Soap Research Institute (LSRI)
• Huge Demand for quality fairness and anti-bacterial soap.
• The market is large in this business.
• Chance of introduce it in rural market & export it in international market in future.

Silk Soap Industry ltd. has different types of target market. My company produces two types of soap, our target markets are also different:

FAIRNESS SOAP: every woman wants to be looking beautiful. In Bangladesh and sub-continent every woman wants to be fair. It is a psychological advantage of this product. Now in the market just two types of fairness soaps are available. But those entire products prices are very high. Our product will available in standard price. So it can use all class.

But my comany main target is High middle and High-class family. My company looking for good quality but not high profit. I hope this soap will be the best soap for beauty seeking women.

ANTI-BACTERIAL SOAP: EXIT anti-bacterial makes for all person of any age. So, its market is larger than Fairness soap. Every person is my company target. Male, female and children can use this soap. It is an international standard soap. Peoples who are conscious for their health, our anti-bacterial soap are for them. So my company’s main target is the cities of the country.

“Silk Soap Industry” expects large number of target markets.

So, I have segmented our total market into different segments. We divided our target markets two different segments. First, Geographic and second is Demographic segmentation strategy. Geographic segmentation: In the first time I will introduce my soaps in Bangladesh. I reached my company products every cities and district of the country. As my company produce international standard soap and will export my company products in different countries.

Basically, a price needs to review four factors to arrive at a price: pricing objectives, cost, competition and demand.

Along with company pricing objectives, cost, and demand we will give emphasis on competitor’s price while setting our one. As fairness and anti-bacterial soap market in our country comprising a large number of active firms like lux, Tibbet and meril, Keya,sandalina etc. ,the competition is fierce. On the other hand, among the two principal pricing strategies, skimming and penetration, company are going to adopt penetrating pricing that means our products price will be relatively low during the initial stage to penetrate the market quickly and deeply in order to attract a large number of buyers quickly and win a large market share.

Distribution strategies are concerned with the flow of goods and services from manufacturers to customers.

My company going to use indirect distribution channels means our distribution process will involve the use of different intermediaries such as wholesalers and retailers to reach the optimal number of customers in a timely manner at the lowest possible cost while maintaining the desired degree of control. Company channel strategy is to use intensive distribution to have company product Loren fairness Soap and Exit anti-bacterial soap sold through each and every retailer stores of the country. Time to time we will also evaluate our channel-members based on their performance and will modify the process if needed.

To resolve any kind of conflict, if arise, we will nominate any of company employee to act as a diplomat among channel members. We will also welcome the frequent formal interaction with the channel members to develop an appreciation of each other’s perspectives. And all distribution activities will be conducted according to our distribution channel.

Positioning Positioning is the act of designing the company’s offering and image to occupy a distinctive place in the target market’s mind. Such as create lots of awareness about the product.

I have to position of company brand “Loren fairness and Exit anti-bacterial soap” by the desire of the target consumer: “Loren fairness and Exit anti-bacterial soap” is a brand which is different from another fairness and anti-bacterial product. In the positioning stage I am thinking about value proposition. Value proposition is the way where I reflect the core things what I will provide as per as the desire of the target consumer. So the positioning should be such where the core things will be reflected.

Silk soap industry will use personal presentation by the firm’s sales force for the purpose of making sales and building customer relationships. Integrated marketing communications will help the Company to produce better communications consistency and greater sales impact. This company will reinforce the brand name and the main points of product differentiation, specially our exclusive varieties of flavor by integrating all messages in all media. Research about media communication patterns will help Loren and Exit soap’s advertising agency choose appropriate media and timing to reach prospects before and during product introduction.

There, after advertising will maintain brand awareness and communication various differentiation messages. It leads to a total marketing communication strategy aimed at showing how the company and its products can help customers solve their problem. To attract, retain and motivate channel partners for a push strategy. It will also use trade sales promotion to channel partners.

A product consists of all the tangible and intangible (goods, service or idea) characteristics provided in an exchange between a seller and a buyer. People buy product for the benefits and satisfaction it gives.

There are four kinds of products, which used by organizations in producing goods and services or in carrying out their operations are industrial products. Specific items: my product is soap and I will manufacturing two types of soap. Fairness and Beauty these two types of soap we are manufacturing. Both the soap weighs differently. The fairness soap is 120 gm and the beauty soap is 100 gm both the soap will be manufactured in the usual methods.

Production methods: The production methods include what would be the cost of an individual soap. The cost includes labor cost, machinery cost, raw materials and some other elated costs. Stages of development of the products: New products are vital for a firm’s long-term success. Developing new products with high growth potential is no simple task.

Around 1,000 new products are brought to the marketplace each year in our country, but many of them fail. So our products will be developing from the beginning stage Business that fails to develop new products may limit their potential for growth and eventually become vulnerable to competitors. I have considered a new product to be one that a particular firm offers for the first time, whether or not similar products exist in the marketplace.

So our products will compare will the competitors from the beginning and we will emphasize specially in quality. I will also emphasize on pricing.

I will choose most effective media with reasonable cost for advertisement. We will prefer Banner:

It will be effective for informing peoples about my company soap. I will set banners in front of markets and other public places, where a large number of peoples will be able to know about my company soap. I will publish my company advertisement regularly to the newspaper, and four days in a month to the magazine.

Before any occasion I will use expensive portion of newspaper for advertising purpose. Broadcast Media: - I will broadcast about my company products in radio, and television. I will provide all of information in theInternet. I will give my company products information on the store of the towns and cities. I will use billboards on the side of the road and through ad on the cabs of the cities.

By conducting research Silk soap Industry has identified the specific features and benefits that the target market segments value. Feedback from market tests, surveys, and focus groups will be helped to develop the product. Silk soap Industry is also measuring and analyzing customer attitudes towards competing brands and products.

Brand awareness research will help us determine the effectiveness and efficiency of our messages and media. Finally, This Company will use customer satisfaction studies to gauge market reaction.

I will invest my maximum effort to my company for the success. At the same time will provide high quality full products or service better than other company to the customer.

Reference:

1. Principles Of Marketing (11th edition) - Philip Kotler & Gary Armstrong
2. Principles Of Marketing - Lamb Hair MC Daniel
3. Marketing Management (13th edition) -philip Kotler, Kevin lane
4. Other Information from Internet and my own knowledge.

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