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Submitted By
Bipasha Das ID: 112 113 041 Sec: A, MBA Program Date Of Submission: September 3, 2012
September 03, 2012 Prof. Dr. Mijanur Rahman Course Instructor School of Business MBA Program United International University
This is a great pleasure for me that I have the opportunity to submit the report. I have tried my level best to put in meticulous effort for the preparation of this report. Any shortcomings may arise. I will wholeheartedly welcome any clarification and suggestion about any view and conception circulated through this report.
Executive Summary
Bright Company Ltd. is one of the esteemed and reputed new cosmetics business houses in Bangladesh. It has crossed one year of operation. Bright Company Ltd has endured turbulences of the last one year and has been able to renovate itself from a small trading company into a leading diversified business house. This is, indeed, a target, which Bright Company Ltd has achieved with trust, support and commitment of all stakeholders, past and present, most significantly to its customers.
Bright Company Ltd. is preparing to launch a new Angel baby perfume, a totally new perfume baby product market. Assume our main competitors are Lux, Dove, Rexona, Nivea and others, They are dominating these cosmetics market. But we are ready to compete because our offering combines exclusive features at a value-added price. We are targeting specific segments in the consumer and new business market, taking advantage of opportunities indicated by high demand for easy-to-use. Our product only for child aged (5-15) .They will be attract to our product because its innovative.
Launching a new baby perfume product is very difficult for other existing products. To take place in the very competitive market, a well-planned marketing strategy is necessary. Marketing plan by which the business unit hopes to achieve its marketing objectives through marketing strategy: market segmentation, targeting, and position. By marketing strategy, the company designs a marketing mix made up of factors under its control- Product, Price, Place and Promotion. To find the best marketing plan, the company engages in marketing analysis, planning, and implementation control. Marketing plan results in making effective market position of a new product. In this assignment, I have tried my level of best to explore a new product marketing plan through practical implication.
Table of Content
Page No.
Situation Analysis ............. 06 07 16
Business Analysis
SWOT Analysis Strength Weakness Opportunities Threats
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19 19 19 19 19
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..
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20
Others Factors
Micro Environment Macro Environment
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... .
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23 23
Conclusion
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Though our product is a new addition in baby product market, we have not any direct competitors. But consumers are habituate with generally using for keep cool their babies body with elders perfume. So we think our major competitors in the market are Lux, Dove, Rexona, Nivea and others. And we also believe that as our product is specially for child, our quality of product is high so we can competitively attain this market as far as. Having say that beautiful and pleasant it is.
Survey
Number of People: - We have survey almost 20 persons who provided their genuine views about the new product development Baby perfume. Where we survey: - We have had survey in urban area to the House wife, Service Holder, and other occupation people also. Number of question: - We have included 8 questions in our survey, the questions were close format.
Research Question
We are researcher and developer of Bright Company Ltd. (BCL). We are doing a research on New product development Baby Perfume. We request you to help us by giving your truthful answers.
Female
Children
Q.1: Common perfume product is appropriate for your babys body Do you agree with this opinion? A. B. C. D. E. Strongly agree Agree Neutral Disagree Strongly disagree
Q.2: Babies body remains soft after using common perfume. Do you think that? A. Strongly agree B. Agree C. Neutral D. Disagree E. Strongly disagree
Q.3: Are you satisfied with using common perfume which using your elders? A. B. C. D. Yes No Neutral Others
Q.4: Do you feel that Special perfume is needed to keep cool your body ? A. B. C. D. Strongly feel Feel Neutral Dont feel
Q.5: Do you want alcohol free ingredients with this baby perfume? A. Yes, I want B. Neutral C. No, I dont want Q.6: Which sizes are you prefer for this baby perfume? A. B. C. D. 250 gm 500 gm 1000 gm Other (Please Specify) ..
Q.7: If this product is available market, will you purchase it? A. Yes, ready to buy now B. Yes, but after considering a demo product C. No, not this time (Thank you very much for your kind cooperation)
Data Analysis
Quest. for Parent: Q.1: Common perfume is appropriate for your babys body Do you agree with this opinion?
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Number of response 0 2 5 7 6
On % 0 10 25 35 30
0% 30%
10% 25%
Interpretation: - After asking this question (35%) people answer that they are disagree with this statement, (30%) answer that they are strongly disagree, (25%) answer as neutral. On the other hand only (10%) people are agreed with this statement. Analysis: - We understand through their answer that, most of people think that, common perfume is not appropriate for their babys body.
Q.2: Babies body remains soft after using common perfume. Do you think that?
Number of response 0 2 3 13 2
On % 0 10 15 65 10
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10%
0%
10% 15%
Interpretation: - After asking this question most of people that are about (65%) answer that they are disagree with this statement, (15%) answer as neutral, (10%) answer that they are strongly disagree, on the other hand (10%) answer that they are just agree. Analysis: - We understand through their answer that, most of people think that, babies body are not remain soft by using common perfume. Quest.for Child: Q.3: Are you satisfied with using common perfume which using your elders?
Number of response 1 13 6 0
On % 5 65 30 0
0% 5% 30%
65%
Yes
No
Neutral
Other
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Interpretation: - We survey a question among childrens that Are you satisfied using common perfume which using your elder? Most of them (65%) answer that, they are not satisfied. Another (30%) answer as neutral. Other (5%) answer as yes they are satisfied. Analysis: - After getting answer from them we can say that, most of the child are not satisfied with using their elders perfume.
Q.4: Do you feel that Special perfume is needed to keep cool your body ?
Number of response 6 13 1 0
On % 30 65 5 0
5% 0% 30%
65%
Strong feel
Feel
Neutral
Dont feel
Interpretation: - On the basis of this question most of children (65%) answer that they are feel special perfume is needed to keep cool their body. Other childs (30%) said that they are strongly feel. Another child (5%) answer as neutral.
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Analysis: - We come to know from their answer that most of the child in our country feel special perfume is needed to refreshing their body.
Quest for Parent: Q.5: Do you want alcohol free ingredients with this baby perfume?
Number of response 20 0 0
On % 100 0 0
100%
Yes, I want
Neutral
Interpretation: - This is the question where all parent answer the same. All of parent answer that yes, they want alcohol free. Analysis: - We say through their answer that as babys skins is more sensitive, so that most of people think alcohol freeness is essential with baby perfume.
Q.6: Which sizes are you prefer for this baby perfume? Answer offer 100 ml. 200 ml. 300 ml. Other Number of response 4 11 4 1 On % 20 55 20 5
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5% 20%
20%
250 g
500 g
55% 1000 g
Other
Interpretation: - On the basic of this question most of people (55%) answer that 200gml.will be perfect. Other people (20%) said that prefer 100ml, another (20%) prefer 300ml.and remaining (5%) answer as other. Analysis: - We come to know from their answer that most people prefer 200ml. size for this perfume. Another people prefer 100ml. and also 300ml. So we think 100ml, 200ml, 300ml. will be product size as preferred by parent.
Q.7: If this product is available market, will you purchase it? Answer offer Yes, ready to buy now Yes, but after considering a demo product No, not this time Number of response 10 10 0 On % 50 50 0
0 50% 50%
Yes, ready to buy now Yes, but after considering a demo product No, not this time
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Interpretation: - We asked to parent that, if this product is available market, will you purchase it? (50%) answer that yes, ready to buy now, another (50%) said that yes, but after considering a demo product. Analysis: - By analyzing there answer we can said that, half of our target market we can capture without any demo product. But to capture another half of market we need demo product.
3.2 Positioning
Using product differentiation, we are positioning the AngeL baby perfume the most effective fragrance with antiseptic ingredients. We will focus on mainly on the effectiveness of the perfume along with the sweet smell. Our positioning statement will be Where fragrance and refreshing is matter. You will be happy by the sweet smell of a unique Jasmine flavor. We try our best to keep your babies body and create refreshing. We will send this statement to the targeted customers. Our target customer zone will cover all the customers. Those who use LUX, REXONA and DOVE are concerned about high price and those use other perfumes are concerned about their
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performance. So, the customers can switch if they get a combined offer of service quality, price, antiseptic and new fragrance which stays longer in babys body than any other common perfume which is not suitable for them. We hope that our customers will prefer the product over the competitors product. We will have totally different and most attractive packaging process.
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3.6.1 Product
Our product will enable our customers to have a different experience to test in using perfume. They will be able to differentiate our product in quality which is unique in the baby product market. They will not be able to feel the same way for the other perfume in the market.
3.6.2 Pricing
In the current market of Bangladesh, there are a number of perfume products exist. Through the market research we have revealed that most of these products price is Tk350. According to our cost and benefit we set our product price is Tk. 420. Reason of high price the product is innovative.
3.6.3 Place:
For initial stage we will set sales agents and distributors in several districts. They will provide the product to the whole seller and retailer, so that our product will available to the target consumer.
3.6.4 Promotion:
The most successful advertising and promotion has been through the following: Newspaper Advertisement: The Prothom-Alo, The Janokantho, The Jugantor, The Daily Star, The Independent, The Daily Samakal, The Daily Noia Digonto, The Manobjomin etc. Television Advertisement: - Channel I, ETV, BTV, NTV, ATN Bangla, Chanel 1, R TV etc. Radio: - Bangladesh Beter, Radio Furti, Radio Today, Radio Amar etc. Leaflets: - distribution about the product in different areas.
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4.1.1 Strengths
Strong relationships with suppliers that offer credit arrangements, flexibility and response for any new product of our company. Alcohol free perfume first ever our country. Excellent, stable and trained staff for customer service. Skilled employee in marketing department for the promoting the product. Totally new feature in the baby product industry. We have total quality management for our product. Strong merchandising and product presentation. Good relationship with companys suppliers, partners and customers. High quality machineries and raw materials.
4.1.2 Weaknesses
New environment for the company as because first time lunching product in the market. Lack community support so far because we have not had any formal and informal communication with any political leader of the community. Less product classification
4.1.3 Opportunities
Product diversification: Baby soap, Baby shampoo, Baby foods, Kids game, Kids fashion house, kids education care etc. Create new market: Export in to foreign market Producing consumer and toiletries goods One stop service: Home delivery, Customer care, Online order
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4.1.4 Threats
Other competitors of common perfume companies have a high market share in the perfume market. This company may be able to become threat for us by introducing new product like ours. Economic, political and technological factors of the country may be threatening for our product.
Manufacturing Cost =Variable Cost + (Fixed Costs/Unit Sales) =260 + (1,00,00,000 / 2,00,000) = Tk. 310 Per Unit At the very beginning, we want to go for 2,00,000pcs production and selling price is to be tk 420 per 200ml.
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Fixed Cost Break Even Volume = Unit Selling Price Unit Variable Cost 1,00,00,000 = 420-260 = Break even sales = = 62,500 Units 62,500 Units x Tk.420 Tk.2,62,50,000
Price(tk.)
TR
TC
FC
20,000
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The company must use heavy sales promotion to entice trial that is matter of investing huge amount of money. The products cost per customer will be high, as the product is lunching initially.
6.3 Environment
Micro and Macro environment is going to affect the success of AngeL baby perfume
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B Conclusion
In conclusion we can see that, the product the company is going to launch has a bright future in its market. As the product is innovative, the consumers are going to appreciate it. And according to the R&D (Research and Development) department this product will be a strong product mix for our company and once our AngeL baby perfume will reach to the hand of every of our targeted customers.
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