FUNDAMENTAL OF Marketing ( MKT 243 GROUP ASSIGNMENT REPORT) PDF

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FUNDAMENTALS OF MARKETING (MKT243)GROUP ASSIGNMENTFACULTY & PROGRAMME: FACULTY OF BUSINESSDIPLOMA BUSINESS IN INSURANCE (BA115)PREPARED BY: NO NAME MATRICS NO. 1. NUR ATIKAH BINTI ROSMAN 2. NUR AIN BINTI AMI NORDIN 3. HANAN NAZUHA BINTI SOFWAN 4. PUTERI RABIATUL ADAWIYAH BINTI ESA 5. TENGKU AMAN...

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FUNDAMENTALS OF MARKETING (MKT243) GROUP ASSIGNMENT

FACULTY & PROGRAMME: FACULTY OF BUSINESS DIPLOMA BUSINESS IN INSURANCE (BA115)

PREPARED BY: NO

NAME

1.

NUR ATIKAH BINTI ROSMAN

2.

NUR AIN BINTI AMI NORDIN

3.

HANAN NAZUHA BINTI SOFWAN

4.

PUTERI RABIATUL ADAWIYAH BINTI ESA

5.

TENGKU AMANINA SAHIRA BINTI TENGKU ADNAN

GROUP

MBA1152E SUBMITTED TO

DATE OF SUBMISSION:

MATRICS NO.

TABLE OF CONTENT PARTICULARS Acknowledgement 1.0 Company’s Background 2.0 Vision, Mission & Objective 3.0 Company’s Logo 4.0 Target Market 5.0 Product 6.0 Market Segmentation 7.0 Place 8.0 Promotion 9.0 Price 10.0 Competitor’s Analysis 11.0 Conclusion 12.0 Appendices Reference

PAGE

ACKNOWLEDGEMENT We would like to thank Allah SWT and his messenger, Prophet Muhammad SAW of his blessing, it is possible for us to finish up this assignment. We also want to thank our family for giving us very strong support, hopes that we can do the best for this assignment and prayers that had never left our parent’s lips, so that we can provide our assignment successfully.

We also want to said thank you to our lecturer, Madam Norazamimah Bogal towards her guidance, knowledge and experience. We were able to finish up our assignment full of inspiration and determination. She gives a lot of advice on what we need to do to finish up our assignment, how to find the information for this task and mostly about her support.

Finally, we would like to say thank you to everyone that got involved in the making of this assignment successfully. Without them, maybe we wouldn’t be able to complete this assignment perfectly and at the end of the day we won't be able to submit this assignment on the due date.

1.0 COMPANY’S BACKGROUND FROZEN FOOD by MAKENON was established on 1 January 2018. Nowadays many housewives out there want to find food that can be cooked in only a few minutes. So, from this situation, the owner of FROZEN FOOD MAKENON, Miss Siti Nur Hidayah Binti Rosman and her mother Madam Norzainon Binti Yaman make a decision to open a new business. They sell traditional food which is a variety of “Kuih-Muih”, “Pes Mee Bandung”, “Sambal Sotong” and so on. The main thing that drove the establishment of this business was to make it easier for working mothers who have a lack of time to prepare tea time for family or side dishes while having a relaxing time with the whole family. The second reason for the establishment of this business is, the owner wants to help the less fortunate families by donating mandatory household items such as rice, oil, sugar, flour and so on. The owner sets aside about 15% of the monthly sales proceeds to help each such family. Not to be outdone, the owners also provide the frozen food product to each family. Starting from that day, many people know about the frozen food and day by day the business is getting bigger and also has agents in some states. Until today, the business has nearly 50 agents who will make stock periodically every 2 weeks. The product produced satisfies the tastes of the customers and as the business owners, they place high emphasis on the voice of the customers in improving the quality of the products. For the production section, the product will only be processed one week after the order is received. The product will also not be stored for too long due to worries that the product is spoiled or not fresh. The shelf life of each product is 2-3 months if stored in the freezer section in the refrigerator. However, it is not recommended for customers to store the product for too long due to concerns about product damage from various factors.

2.0 VISION, MISSION AND OBJECTIVES Mission The mission is to produce a product that can make it easier for customers who buy the products by only providing tea time in less than 10 minutes. The products are very convenient for working women who have limited time to prepare tea time or after dinner meals while relaxing with family members. Frozen Food by MAKENON will also add more new products so that customers will have more choices and always maintain the original of the taste so that it will remain the taste to the customers.

Vision In the long-term achievement, Frozen Food by MAKENON wants to expand their branches to all states in Malaysia. They are also in the process of planning to add a menu that is family-friendly and nutritious for children. Objective Frozen Food by MAKENON objective is to manufacture and market the company’s products ways to create long-term continued value for shareholders, employees, consumers and business partners

3.0 COMPANY’S LOGO

Here we have two types of logos for our company. The first logo that was made is in the shape of a circle. We used to print this logo as a sticker and apply it on transparent plastic packaging. Then, we improved our packaging from transparent plastic to packaging using a box. Rectangular-shaped logo is used in the packaging of this box. Both logos have a symbol of curry puff in it. This symbol is used because the first frozen food produced by Makenon was curry puff and has been well received so that Makenon is able to grow and produce various types of frozen food.

4.0 TARGET MARKET Target market is important for the company to identify the group of consumers for their product or services. The company should gather information in order to attract the group of consumers that they choose. Target market is an essential part because it will decide the product acceptance and achievement and as our concern, we focus on all levels of ages.

Our main target is 35% from the total population in Malaysia ranging from 8 years old to 45 years old. This is because this group of Malaysian people probably do not have time to eat breakfast, tea time and side dishes after dinner because they are too busy with their studies and work. So, we are targeting this group of ages because this product is suitable for them and easier for them to prepare their breakfast, tea time and side dishes after dinner meals every day.

TOTAL POPULATION IN MALAYSIA

32,776,194 PEOPLE

TARGET MARKET

35%

TOTAL TARGET MARKET

35% x 32,776,194 = 11,471,668 customers

5.0 PRODUCT

BRANDING Introducing our new product which is KING POPIA produced by Makenon Enterprise. It is called KING POPIA because taking inspiration from the durian itself which is the king of all fruits. The core in this popia is durian filling which is processed and frozen into ice cream but still retains the original durian taste because the percentage of durian content is very high which is 95%. Usually, the popia that we often eat have a vegetable filling inside. So, this is a new innovation because we have never found a popia that has fruit filling and is made in the form of ice cream in it. This KING POPIA contains a lot of nutrients because we use processing methods that can maintain the nutrient content of durian, without losing the rich natural taste of durian. It also can give freshness to anyone who eats it.

TRADEMARK It is illustrated by the owner herself, by using the slogan “Semudah ABC, Cepat Dan Sedap” which means all the food produced by Makenon Frozen Food is easy to prepare and delectable that suit the tastes of all ages throughout Malaysia.

LABELLING For the labelling part, we used both persuasive and informational labelling. Persuasive labelling, we focused on the illustration of durian because durian has its own unique feel. We also include our logo for the labelling. In contrast, nutrition information and ingredients are informational labelling. The main ingredient that has been decided to be used is durian as the filling inside and flour to make the outer layer of KING POPIA.

PACKAGING The common choices for frozen food packaging include tin cans, cardboard, laminated paper, and flexible and rigid plastic materials. For KING POPIA, we used a box made of cardboard material. It guarantees the safety of our frozen food more than a regular paper box.

PRODUCT SUGGESTED SERVING Our KING POPIA is best enjoyed during tea time. Just need to heat the oil in a frying pan, then put KING POPIA for 5 seconds and ready to eat. Suitable to enjoy with family members and friends.

6.0 MARKET SEGMENTATION

Before deciding to put this product on the market, our team conducted extensive research. We chose to use these two market segmentations, which are demographic segmentation and psychographic segmentation, after considering all of the marketing department's input. Demographic segmentation is the method of dividing a market into distinct categories based on physical and factual data. Age, gender, income, occupation, marital status, family size, race, religion, and country are some of the demographic characteristics to consider. Durian is familiar in Malaysia especially among the Malays. Durians are much more enjoyable when shared among family members. Therefore, we see and focus more on those who have families as potential buyers of our products. KING POPIA is crispy on the outside and soft on the interior, making it a favorite among families. Many people are enamored with it since it is simple to prepare. In addition, we can see a lot of profit potential when those with families buy our products. Because one family represents many individuals, such as a father, mother, and children, we anticipate that they would purchase a large quantity of our KING POPIA to enjoy with the entire family. A mother will also love this product because it is easy to cook and does not take long. In the morning, mothers can make a supply of food for their kid faster and more deliciously!

Psychographic segmentation is a market segmentation technique in which consumers are divided into groups based on psychological characteristics that impact consumption patterns based on their lifestyle and preferences. It is mostly based on “how” individuals think and “what” they want their lives to be like. We'll make sure the durian taste in POPIA DURIAN is always at the highest level. Because of its easy-to-catch size and suitability for all sorts of individuals, KING POPIA is highly popular with people of all ages. Furthermore, it is simple to prepare and saves time. This product is appropriate for serving in the morning or evening and is unquestionably delicious. Many people would be enticed by the crunchy taste of popiah and the sweet and soft taste of durian in our product. Durian lovers will definitely fall in love with our product, as they will be able to taste durian in new ways. The presence of popiah and the original taste of durian will undoubtedly entice them to enjoy it.

7.0 PLACE

It has been decided that we will sell and launch our product by direct channel. Our shop is located in Johor and by using a small retailer and agent. We believe it is the most effective strategy for increasing our revenue. This strategy could assist us in selling more of our new products boosting the profit . The important thing is that we choose this strategy because we want attract attention our loyal customers and to introduce our new product so we need to make sure this product has a wider customer reach, because it can benefit our business within the distribution networks is the rapidity with which “KING POPIA” can be distributed in any geographic location within our small agents and retailers. To help with market coverage, established distributors can easily tap into a network of merchants and other distributors. We

want our new products to have faster growth by having agents and small retailers. In simple terms, a retailer and agent can act on behalf of our business, buy a product and then sell it to customers. We decided to have small retailers and agents rather than huge retailers. This is because when we own a small retailer, we want to make sure there is effective communication between our small agent and retailers so that it can help “MAKENON” be able to maintain growth for our business. Besides that we have the freedom to negotiate your own purchasing agreements with the small agent, carry any products we choose in the store, and make policy exceptions fit. Next to sell our product we also provide a direct channel. This method will help us to build a relationship with our customer at once. It can help us to collect valuable data on customer buying habits. This also can automatically help us to collect customer feedback directly to improve our business.

8.0 PROMOTION Promotions are a great way to introduce and inform the public about new products that Frozen Food by Makenon released in the market. A new product has been developed, which is KING POPIA. It would be ideal to promote this new product through advertising and sales promotion at the same time.

As we know, advertisement is an impersonal (one-way) paid communication featuring an identified sponsor or company. We have a variety of platforms available to us

to market our new products, KING POPIA. As for the main platform, we will use the Internet, since, in this technological age, the internet can be used to go viral by making ads in online applications. We will use apps such as Instagram, Facebook, and others. Apps such as these are very powerful in terms of advertising because these apps can reach a wide audience. Moreover, Internet platforms enable potential customers to access them on any given day and at any time. Also, potential customers can easily replace an order on that platform as well. So, social media platforms online are the simplest way to market our new product.

In addition, we can pay for reviews to advertise KING POPIA, our new product. We will promote KING POPIA this way, by using influencers. As we know, an influencer is an individual who is able to influence social media users by promoting or recommending products or services. So, influencers will be given our new product, KING POPIA, to review on their social media accounts. Then, the followers will want to try the KING POPIA and eat it themselves once they see how the influencers make it seem so delicious. As a result, influencer followers will notice our new products and will highly trust the influencer's recommendations. Thus, we may be able to convince potential buyers to purchase our new products and increase sales at the same time. In this age of online

promotion, influencers have become such an important element.

Moreover, a sales promotion is generally a short-term tool to stimulate demand in a short period of time. We will use consumer-oriented promotion tools such as rebates to use for sales promotion. Rebates are cash refunds given for a product purchased during a particular time period. As a new product, KING POPIA should be offered at discount prices for its introduction. Besides, rebates can help to motivate customers to buy our products, KING POPIA, at a lower price than the original. For example, we will give a 3% discount on our new products, KING POPIA but on a particular time. These rebates are one of the best methods of introducing our KING POPIA to consumers and getting them aware of our new products. Therefore, we should offer price cuts to customers so that our new products are familiar to many customers.

9.0 PRICE KING POPIA, our product, has been priced at RM12.00 for 24 pieces. For our new product, the firm chose to stick with the status quo price approach. We used this technique because we believe this is the most effective way to introduce our product to the market. Essentially, status quo pricing occurs when a product is sold at a set price that is comparable to that of its competitor. Because our product is mostly based on durian, we feel it will be very easy to enter the market. Durian, as we all know, is a well-known fruit in Malaysia. It is popular among Malays. When it comes to durian season, durians are bound to be in high demand. Durian is quite familiar in other parts of the world. Foreigners who are intrigued

about durians will buy them to find out what they taste like. A few of them enjoy the taste. Our KING POPIA has a genuine durian essence. This will, at the very best, attract potential buyers to our product. We considered a number of variables before deciding to adhere to the status quo pricing. First, we choose the price status quo to ensure consistent profit from item sales. By keeping a competitive pricing level, we will ensure a consistent profit as well as a consistent number of consumers. This is significant for us because we are still a young firm attempting to enter into the business, especially given the current economic situation. Furthermore, by selecting a price level comparable to our rival, we can prevent a price war amongst competitors and instead focus on increasing our product quality and performance. We may avoid competition with larger companies that could damage our firm because our company is still new and has just recently entered the market. It will take some time for our product to get market recognition. This might also assist to preserve the industry status quo. If competitors' prices begin to fall, it will progressively trigger other firms, perhaps leading to a price war amongst enterprises. This arrangement is unlikely to benefit anybody except for the customer.

10.0 COMPETITORS ANALYSIS COMPETITORS

STRENGTHS

WEAKNESSES

KAWAN FOOD

1.Variety of products for every culture

1. Many competitors

2.Internationally known

2. Limited supply

3.Win many awards 4. Intensive marketing

PA FOOD

1.Good customer service

1. Lack a little of brand

2. Good value for money

recognition 2. Products are not varied enough

FIGO

FATIHAH FROZEN FOOD

1. Good marketing

1. Slow sales journey

2. Satisfy customers consistently

2. Not enough brand awareness

1. Well known brand 2. Affordable price

1. Weak marketing 2. Not available in certain places

COMPETITORS

OPPORTUNITIES

THREATS

KAWAN FOOD 1.Distribution and coverage

PA FOOD

of the market improved

1. A global economic crisis has occurred

2.Growing class economies

2. Inflation occurred

1.Possibility of gaining more loyal customers 2.An increasing demand

FIGO

1. Increasing marketing effectiveness 2.Maintain loyal customers

FATIHAH FROZEN FOOD

2. Possibility of economic shifts

1. Economic changes 2. Competitors' convergence

1. Improve the use of the low class and middle class 2. In rural areas, market penetration is limited

11.0 CONCLUSION

1. Price competition

1. Low product rating 2. Competitors' complementarities

We chose to launch our new product as “King Popia” because we know that “durian” is the king of fruit in Malaysia instead it is very popular in other countries too. We take this as an opportunity to create a competitive advantage by introducing our new product.

We

combine Malaysia’s people's favourite fruit and we choose popia because we know in Malaysia this is one of the popular favourite tea snacks. Our product is convenient because it is easy to carry, cook and saves time and the important part of this product is we choose only the best durian for our customer. “King Popia” is perfect to have together with family or friends during high-tea especially.

Since this product is new and is limited because we use direct channels and small agents and retailers, it is quite difficult to introduce our new product...