Mkt Termpaper.docx

Assignment on Marketing Plan of A New Product Course Name : Principles Of marketing Course Initials : MKT 101 Section : 5

Submitted to Nayeema Sultana Lecturer Department of Business Administration

Submitted by

Name

Student ID

Mahin Ibne Moyeen

2018-1-10-145

Md. Abu Naeem

2018-1-10-119

Abdul Aziz Moon

2018-1-10-068

Abdulla Al Mamun

2018-2-10-011

Table of Contents 

Student’s Declaration............................................................................................................................ 4



Acknowledgement ................................................................................................................................ 5



Executive Summary .............................................................................................................................. 6



Introduction ........................................................................................................................................... 7

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Situation Analysis ................................................................................................................................. 8

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Market Need and New Product idea .................................................................................................. 10

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Marketing Strategy ............................................................................................................................. 11 

Segmentation .................................................................................................................................. 11



Target market.................................................................................................................................. 12



Differentiation:................................................................................................................................ 12



Positioning: ..................................................................................................................................... 12



Marketing tactics ................................................................................................................................ 13 

Product ............................................................................................................................................ 13



Price ................................................................................................................................................ 14



Place ................................................................................................................................................ 15



PROMOTION PLANNING ................................................................................................................. 15

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Financial Budget .................................................................................................................................. 16

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The controlling process: ...................................................................................................................... 18



Implementation: ................................................................................................................................. 18

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CONCLUSION ....................................................................................................................................... 19

 Student’s Declaration

We Syed Adeel Shah, Zahid Khan, Wasiq Raza, Saeed Ullah students of city university Peshawar are declaring that this sample of marketing “The New Product plan” has been prepared only for the fulfillment of one of the curse requirements of the course Marketing Management. It has not been prepared for any other purpose.

 Acknowledgement

First of all I pay a special thanks to my almighty God, who made me able to complete this report. Then I would like to give thanks to renowned philanthropist Dr. Mohammed Farashuddin as he established East West University and we got this opportunity to read here. I would like to thanks our course instructor Nayeema Sultana, respected lecturer of East West University for giving me this chance to make an assignment on “Marketing plan”. My thanks also goes to my family members and friends who are co-operated with me at any of the steps of the assignment and continuously support me without any hesitation and make themselves an important part of this job.

 Executive Summary

Vision: “We want to be Asian Number One Chips Company.”

Mission: “We want to be number one chips company in Bangladesh and create strong relationship with our supplier and ensure our customers’ health security by providing more nutrition.”

Brand Name: Triangle Company Product Name: Crunch chips We are dividing the total new product plan into 5 chapters. 1st chapter includes the situation analysis .we provide the strength, weakness, opportunities and threats that our company face when we launched the product In 2nd chapter we discussed the customer driver marketing strategy such as market segmentation, market targeting, market differentiation and positioning plan as well as marketing mix( product,price,place,promotion) 3rd chapter, our overall budget program like per unit of cost, fixed cost, variable cost, total production units etc. 4th chapter, the controlling process, we mentioned hear how t control our overall marketing strategy like we will hire a market auditory to give suggestion how to improve our plan and operational activities 5th chapter Action program is included in this .when our product will be launched, who will be done, how much will cost everything mention on this like our advertisement plan on April, May, and June..

 Introduction

Origin of the study: This Assignment originates to fulfill the requirement of studying Principles of Marketing, which is the course of BBA Program of East West University. The topic of the assignment is “Marketing Plan.”

Scope of the Study: The market of food and beverage is very competitive. I may say that as a strong market. This assignment paper is prepared as a marketing plan of a product of Triangle Bangladesh Limited which brand name is Crunch.

Purpose: The purpose of the report is to develop our skills in marketing activities and to elaborate our knowledge.

Limitations: To prepare this report I have faced a lot of problems such as electricity problem, unavailability of related books, lack of time, unavailability of information in net etc.

 Situation Analysis

SWOT analysis: SWOT analysis is the overall evaluation of a company’s strengths, weaknesses, opportunities and threats. The SWOT analysis of the Triangle Bangladesh Ltd regarding marketing of ‘Crunch” is as follows— Internal environment analysis: The strengths and weaknesses of Triangle Bangladesh Ltd “Crunch” are summarized below: Strengths: 

Chip is such kind of product which has no any restriction of age or gender



People are comfortable with the Price



Expert and experienced management



High quality product offerings that will exceed the competitors’ price, quality and services.



Maintain strong delivery schedule.



Availability of capital



Use of modern technology



Financial stability



Our distribution channel is very strong; relation of the supplier and resellers is very strong.

Weakness 

Although the company is new, it has not established a brand or images in the market place this is the weakness for the product popularity.



Facing the enormous competitors prevailing in the market



For the first time the carrot is exit in the market that’s why people can’t properly reliable to the product quality.

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Lack of proper knowledge about the market and the demand.

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At that time Triangle only offering one flavors



People usually like variety in flavors which is the upcoming threat to the Triangle because we have only one flavor

External environment analysis: The major opportunities and threats of “Crunch” are given below:

Opportunities: 

There are more and more schools that are being put up in the city



Addition of new local flavors helps a lot to sustain in the market

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Sponsoring major events and festivals for huge awareness campaigns

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Try to serve the elite class according to their status and requirement



A supportive government indicates that there is a bright future for the firm in the export market



There are no existing chips like CARROT Chips

Threats: 

The preference of students and young people to eat junk foods.



The prices of cooking oil is increasing.



As it is a new product, there is a chance of rejection by the market.



Foreign chips company.

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Govt. policies may affect the growth of the Triangle’s Crunch carrot chips.

 Market Need and New Product idea Market need Quality That we are first assure in our product. As carrots are a good source of several vitamins and minerals, especially vitamin A (from beta-carotene), biotin, vitamin K (phylloquinone), potassium and vitamin B6, our carrot chips contains almost all of its natural nutritions Customer service: The customer want good service to build a strong customer relationship. Our company wants to take good care and also want to take their opinions.

New product idea The Crunch banana chips are delicious, crispy, and healthy snacks. They do not contain artificial additives. Each chip has an average size of 25-30 millimeters in diameter and thickness of 3-4 millimeters. The thin chips are deep-fried, and naturally cooled before packaging restoring the product’s crispiness. The carrot chips are packed by 50 grams in plastics. The label indicates the business and product name, ingredients, weight, and business address and number. Each pack is well-sealed to maintain the product’s crispiness.

 Marketing Strategy  Segmentation Triangle Bangladesh Ltd. has segmented its market on the basis of following categories Geographic:  For the urban and sub urban and rural areas citizen of all over the country.  Especially for the convenient transportation areas.

Demographic:  Children generally under teen-age.  Young generation generally under age range 13-25.  Educated people and conscious parents.

Psychographic:  The lower middle class, middle class, and upper middle class.  The conscious people.

Behavioral Factor  Those who have negative idea about the traditional chips.  Those who seek good quality.  The non-users and regular users of the chips.  Those who are aware about the bad effect of the traditional chips.

 Target market 1. Children 2. Young people 3. People Middle class and higher class 4. Urban area people 5. Regular user of chips 6. Non users and potential users 7. Educated people

This is our target market. We want to target children as well as young people of middle and higher class of people. Except lower classes of our society, every social class and income level is favorable for the company. We are not eliminating lower class people but first we want to create demand for our product then we will try to reduce our product price and serve to all class of people. Then we want to those people who are enough education to the benefit of eating carrots and who are also aware of their health and also check food nutritions. Crunch will be consumed on occasionally basis, providing the better quality at economical price. We deeply focus on non-users potential users and first time users

 Differentiation: Carrots are good sources nutrition and this is our main ingredients. There is no other chips in the market who make chips out of carrots. Most chips are potato chips in the market.  Positioning: Triangle company offering the carrot chips by following same for less strategy .There are many companies in market such as Lays they sell chips but their price in quite high and there chips quantity in packet is low. But we are offering chips with different ingredient with same level of crispiness and flavor but at a lower cost. Our carrot chips will conquer the market with this one motto “Flavor in Every Bite”

 Marketing tactics  Product Crunch chips lies in the snacks category is offered to market for consumption and it is much satisfying the consumer’s needs and wants. Levels of Products For every product there are basically three levels of product. Core Benefit Before introducing the brand the Triangle Company conduct different surveys to get the perception of the consumer about features, design and quality level. Public want to buy the carrot chips to remove their hunger with little bit crunch and unique taste. But mostly people are not ready to compromise on quality. Actual product After a complete research Triangle Company turns the core benefits into the actual product and introduces the Crunch CHIPS which is unique in Quality, Flavor, taste and quantity. It’s totally fulfilling the need of the people. Augmented Product As we know that Crunch is the convenience good at the consumer level so they are not offering any services directly to consumer such as after sale service, user manual but they are offering benefits to the retailers in the form of more profit. Crunch stands etc.

Type of the product Consumer Product Consumer products are those products which consumer buy or purchase for their personal use or consumption. So Crunch is the consumer product because it basically use at the consumer end. Convenience Type of Product Crunch snacks is the Convenience type of product in which consumer buying behavior is frequent purchase, little planning and little comparison and has a low price. And Triangle company is believed on wide distribution channel.

 Price Setting the right price is the most important thing, and Crunch chips will be doing well. Regal company is following the cost based pricing system to set the price of their newly launched carrot chips. Their cost includes 

Raw materials



Manpower



Machinery



Electricity



Employees

The price of Crunch is affordable for middle level income groups. The small pack consists 25grams of chips. Its wholesale price is 15taka and retailed price is 18 taka. We also have a Jumbo size pack and a family sized pack. Jumbo sized pack is 50gm each and its wholesale price is 30taka and retailed price is 30 taka.Thats not all regal company will also launched a family size pack like Lays which will be a 212gm of chips pack. It is little expensive than other packs. Its wholesale price is 100 taka and retailed price is 130taka and this pack includes one sticker inside for kids and more fun is this sticker glows in the dark.

 Place The delicious and healthy carrot chips product will be distributed mainly to canteens of the different schools, college and university canteen in the main 7 divisional cities such as Dhaka ,Rajshahi ,Rangpur etc. Since the business aims to make it known also to non-school canteen customers so we will deliver our chips to the retail stores also such large shops in different neighborhoods and chained supershops also such as SWAPNO,Carre Family etc.

 PROMOTION PLANNING 1. Advertising: Crunch advertises through various channels i.

Media (FM media, TV channels, Internet links etc.)

ii.

News Papers & Magazines

iii.

Billboards & Banners

iv.

Sponsoring various Shows and Matches

v.

Free samples

2. Sales Promotion We will launch a program which is buy 3 small or jumbo size get 1 small or jumbo pack free for the first month. And another is buy 1 family size pack and get a Pran lollipop free which is 10 taka per price free.

 Financial Budget Fixed cost (one time) Item name

Money ( taka)

Vegetable cutter (per item)

25000

Weigh filler packing machine (per item)

27000

Raj Industries fryer machine (per item)

35000

Industrial Vegetable Washing Machine (per item)

15000

Total

102000

Note: equipment will be purchased one piece only at the business startup. After six month if all the investment fully achieved through revenue and some profit arise we will expand our operations.

Variable cost (assumed for first three months) Item name

Money ( taka)

Raw materials ( carrots,spices,ingredients)

300000

Transportation

30000

Advertisement (social media, magazine)

100000

Sponsor event

300000

Electricity, gas

20000

Workers salary

35000

Total

785000

 The controlling process: In the control Process, we will compare our total result with the expected things that we are mentioned. If there is mistake s then take necessary steps to control the overall process. There will be two way of controlling. One is operational control and second one is strategic control. Operational control: If any changes occurred to our production process, then it will be done by operational control. There will be one supervisor who will look all the operations of the chips making. Strategic control: If any changes occurred into strategic plan than it will be done by strategic control. Market Audit: We will hire a market auditor or researcher to evaluate our marketing plan and give advices how to improve in operational control, strategic plan, others plans

 Implementation: Triangle company “Crunch chips’’ will be introduced in May 2019. Following are summaries of the action programs we will during the first three months to achieve our stated objective. April: Now a day’s event teenager is on Facebook.so in april triangle company will open a facebook page which will be named after Crunch chips and they will boost the page by page booster option in facebook.

May: We will start an integrated print, radio and media advertisement targeting consumers. This advertisement will show our products differentiation from other competitor. Advertisements also show our products feature to the ultimate customer. Our Advertisement manager is responsible for those works. June: After launching our product in May now Triangle company will try to sponsor few events. Many school college or university need funds to finalize an event. Even East West University often do lots of cultural event. We will try to contact the ECPA club to know there next event will try to contribute as much we can.But our main target will be schools because children eat chips more often.

 CONCLUSION The Chips business has a market and will grow in the future. The target markets of Triangle Company are school canteens and retail stores. There are numerous schools existing and being put up and canteens of these schools shall be the market of the business and at the same time its network of distribution links. The Crunch Carrot chips are very affordable for school canteens. Operationally, the proposed business is viable. Carrot chips are easy to make and it does not require highly technical equipments. The business also requires very minimum number of people to run and its organization structure is not complex. Financially, it is feasible considering its low project cost and it profitability. Within a period 6 or 7 months the business capitalist can recover its initial investment. Most importantly, the business will contribute to the society by making available a healthy product and employing unemployed individuals. It may start with only one, but when it will grow, it will make a significant impact on the country’s workforce and in the society.