MKT202 Assignment 1

MKT202 Assignment 1

 

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Table of Contents

 

 
























IndexPage No
Acknowledgement03
Executive Summery04
Overview of the Company05
Mission Statement05
Vision Statement05
Introduction06
Market segmentation, selecting target market & justification07
Develop and justifying the positioning08
Marketing Mix Strategy09
Conclusion11
References11
 

 

 

 

 

Acknowledgment

 

Our group project for the MKT 202 course in the spring semester of 2012 has been done under the caption of launching a new product of PRAN Company. Under this caption, we carried out our work to prepare a report on “PRAN Instant Soup”.

We would like to thank our respected course instructor Mr. Bashir Uddin sir for giving us the opportunity to work on this project of launching a new product. This report has enabled us to apply all that we have learned in class and also helped us to enhance our knowledge in Marketing 202, on how the marketing process and practices are done. Also marketing strategies and techniques along with the company’s new product development methods are also seen.

 

This project would have been improper in the absence of any of the members of our group. So we, the members of this group are grateful to each other for all the effort and contribution of each naming, Sumaiya Hossain, Md. Azizur Rahman, Zubayer Shahed Al-Amin, Salman Farasee and Mahmud Sorwar.

Lastly this project has enabled us to lighten our knowledge of marketing process of a product. If we can satisfy even a bit of our course instructor immense expectations that he has upon us, then we would think our group project to be successful.

Executive Summary:

We have prepared the following Report on PRAN Company which is offering a new product naming “PRAN Instant Soup”.

The report includes Company Overview which covers the company’s history .Next the key information about the company’s Mission and Vision Statement.

We have provided comprehensive and informative idea and justification on Market Segment and Selecting Target Market. In the next section which covered the Development of Positioning along with the justification, where Taste and Health is given most priority.

In our next part we have touched the Marketing Mix where we have focused the 4 P’s of marketing i.e. Product, Price, Place and Promotion of the brand.

Finally, the Conclusion where we have focused on the overall view of the product and customer loyalty. Also we are looking for the complete satisfaction of the customer through our product by the positioning.

Overview of the company:

‘PRAN’ started its operation in 1981 as a processors fruit and vegetable in Bangladesh. Over the years, the company has not only grown in stature but also contributed significantly to the overall socio-economic development of the country.

“PRAN” is currently one of the most admired food & beverages brand among the millions of people of Bangladesh and other 82 countries of the world where PRAN Products are regularly being exported.

All the PRAN products are produced as per international standards maintaining highest level of quality at every stages of its production process.

PRAN is currently producing more than 200 food products under 10 different categories i.e. Juices, Drinks, Mineral Water, Bakery, Carbonated beverages, Snacks, Culinary, Confectionery, Biscuits & Dairy. The company has adopted ISO 9001 as a guiding principle of its management system. The company is complaint to HACCP & certified with HALAL which ensures only the best quality products are reaches to the consumers table across the Globe.

Mission statement:

To generate employment and earn dignity & self respect for our competitors through profitable enterprise.

 

Vision statement

“Improving livelihood”.

Introduction:

Instant soups are a kind of soup which is marketed by packaging. They are produced on an industrial scale and treated in different ways for preservation. Usually instant soups are dried and powdered form. It is very easy to prepare and take less time. PRAN is launching its Instant Soup under Brand extension where the product is completely new but having the same Brand name.

Market segmentation, selecting target market & justification:












GeographicRegion

 

Density

 

Climate
All the divisions

 

Mainly city people

 

All, especially in winter and spring season
DemographicAge

 

Income

 

 

Occupation

 
All age group

 

Above 5000 and students who are dependable to their parents

 

Students, Business people and other people.
PsychographicSocial class

 

 

Lifestyle

 

 
Middle class, upper middle class, upper class.

 

People who are fond of appetizer, they can get it at their home.
BehavioralOccasion

 

 

 

User status

 
Regular occasion, holiday.

 

Regular users, first time user

 

We have decided to segment the consumer market in order to meet consumer needs in a traditional way. We have segment the market in the form of geographic, demographic, psychographic and behavioral. The table below the segmentation parts:

In order to target market, the strategy which we adopted is the differentiated / segmented market.

To evaluate the segment, we have to look at three factors. They are-
  1. Segment size and growth

  2. Segment structural attractiveness

  3. Company objective and resource.


The size of our chosen segment is huge and is growing at a very fast rate. Our company has the good amount of resource to attract this large growing segment. Through the resource allocation the company moves to achieve their goal and fulfill the objective.

We have selected the busy persons especially the businessmen and corporate officials for saving their time and also to get a strong boost up feeling through our healthy and refreshing instant soup. Also the students and other appetizer loving people can have this as their light meals.

Develop and justifying the positioning:

Positioning for getting customer:

For getting new and enriched customer we have to position in a way that the consumer will always remind our product. PRAN Instant Soup offers a delicious soup that is easy to prepare and perfect for a light meal or easy snack. Availability in a great range of tempting flavors and varieties, and low in fat. PRAN Instant Soup is the convenient way to satisfy those hunger pangs.

Comparing positioning of competitors:

The overall positioning of the Knorr is based on two dimensions 1) Taste and, 2) Health

The Maggie is also positioned on the same dimension- 1) Taste & 2) Health

In this regard we can see that both of the company is focusing on two things Taste and Health issues.

Fixing our strategy:

We will opt for “Same for less” in which the same benefit is given but in less price i.e. our positioning is also based on Taste and Health. We are providing the same product quality but in lesser price than the competitors. Because customer always want a good product in less price. This strategy will be affected in the market to compete with the competitors in a short-term effect to get a better result in the long- term benefit after we get a well establishment.

Justifying the positioning:

We have selected this strategy as it is a new product; our main focus is to get the customer loyalty by giving them better and good quality product. Also we target to get the customer not to attain the profit, as we achieve the target afterwards we will focus on our profit level.

Marketing Mix Strategy:

Product:

Varity: We will provide 7 verities. These are Thai, Chicken, Chicken Ginger, Vegetable, Corn, Mushroom and Tomato.

Quality:  We focus on producing good quality and healthy soup.

Brand name: “PRAN”.

Product name: PRAN Instant Soup

Packaging: Attracting packaging and long term preservation.

Price:

List price: Per packet price is Tk-32 where as market price of other soup is around Tk-35.

Discounts: Combo packet in which 4 packets of soups are there which costs only Tk 120 and save Tk 08.

Place:

In general all the big store and super shop especially in business area’s retailers and groceries.

Promotion:

Advertising: Our investment is high to aware the people through Newspaper, Radio and Television.

Some other activities are like:-
  1. Setting small booths in every super shop.

  2. In any festive and occasion we will provide some offer.

  3. We will go for campaigning in schools, colleges and universities.

  4. We will sponsor school and college quiz shows where our product will be focused highly.

Conclusion:

Based on the above analysis we believe that our new product will be profitable as it has strong outlook for market share presence and growth opportunities. Upon implementing the marketing plan, we will try to win market share as much as possible. We will be targeting to earn huge revenue and profit by satisfying our customer, as customer satisfaction is our number one priority. We also evaluate the customer’s loyalty from which we will get our strong market position through their liking. We will try to create the image of producing new and successful products and always diversifying the market so we hope that our product will be successful.

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