Marketing plan - Purpose of this assignment is to start a new product planning of “Dragon Fruit PDF

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Executive Summary Purpose of this assignment is to start a new product planning of Fruit Dragon Fruit Juice is a new brand for Bangladesh. This is the first effort in Bangladesh to market this product. Dragon Fruit Juice is a leading health juice provider, facing direct competition from other bottle...

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Executive Summary

Purpose of this assignment is to start a new product planning of “Dragon Fruit Juice”. Dragon Fruit Juice is a new brand for Bangladesh. This is the first effort in Bangladesh to market this product. Dragon Fruit Juice is a leading health juice provider, facing direct competition from other bottled juice. It will position itself in the same category. Dragon Fruit Juice is much more than just juice and refreshment. It works for more responsible hydration. It is great-tasting, nutrient-packed, an enhanced juice with added electrolytes. In addition to providing a perfect complement to everyone’s less-than-perfect diet, each Dragon Fruit Juice variety has a unique combination of nutrients to deliver a specific benefit to get you through your day. Our marketing strategy will be the reasonable price and the availability of products in all the convenience stores and intensive promotional measure to expand the market which will facilitate the marketing of future products to a considerable extent. Many comparative brands were very aggressive are spent huge amount in advertising during the last few year. Now, there are huge competitors in the market. So, we have to use huge promotional activities. We’ll use different Medias to draw the attention of the consumer like:  Press Advertisement (News paper & Magazines)  Television Commercial (National & Cable TVs)  Radio Advertisement (Bangladesh Radio & Privet radio stations).  Outdoor Advertisement (Billboards, Pestering, Neon sign etc).  Mobile Campaign (Road shows).  Moving Advertisements (Advertisements on vehicles)  Public Relations (Sponsoring & arranging Spot games shows).  Sales Promotion (Sampling, Gift and scratch card offer) etc.

Product Slogan: “Another name of Fruits” 1|Page

Current Market Situation 1. Current situation - Macro environment: 1.1 Economy: Bangladesh’s current economical environment is good enough. We can go ahead freely to develop this brand. Our competitor’s economic situation is strong so we need to take steps consciously. We are launching a new product which is Dragon Fruit Juice. We just think about our juice competitor’s current economic position in the market. 1.2 Legality: We have legal paper to launch this product. To produce Dragon Fruit Juice we have proper legal lawyers to advice ourselves about legality. The product of course will be healthy. We don’t have any complex legality problem at all now. To produce product our production place will be social fair. 1.3 Government: Our product will be recognized by Bangladesh’s government. The government doesn’t have any restriction to launch our product. The government has already approved our company. 1.4 Technology : Bangladesh’s technology is so much developed. The technology will help us to produce more products at a little time. The technology will help us to promote our product. Advance technology of producing product is now new attraction. 1.5 Ecological: The product will not hamper any ecological balance our product will be environment friendly. Our product will be made on the basis of eco friendly and easily adjust with environment. 1.6 Socio cultural: Our company will always try to increase our social image to do some CSR activity in Bangladesh. Our company will do other social task which will improve our social image. Our

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company will have workplace for the people to improve their skills. We will take some effort against smoking AIDS etc.

2. Current situation - Market analysis: 2.1 Market Definition: Our market is in the juice sector. There are huge amount of competition on that sector. So, it will be very tough for us to make good position on that market. But, we will do huge promotional activities to make a suitable position on that market. 2.2 Market Size: Our market size is big. We have targeted mainly young generation. That’s why we have huge market. We have targeted young generation, sports man, employee etc as our target market. 2.3 Porter’s five forces analysis: 1. Threat of intense segment rivalry: We have close competitors so we need to take step consciously .The competitors like Pran, Acme, and Shezan who are the leaders of juice suppliers. We have many competitors in this industry this rivalry is intensely fighting price war .We need to think about these intense rivalry competitions. We make consumer conscious about our product that we are different than other competitors. 2. Threat of new entrants: This market is going on intense competition. So the threat is to think about new competitors who are trying to produce new quality full product. We need to think about these new competitors.

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3. Threat of substitute products: Particularly we don’t have close substitute but we have substitute who can be threat for us. They can decrease our profit margin such as Pran, Acme and Shezan can be threat for us because they are the market leaders they will try to defeat us . 4. Threat of buyers growing bargaining power: When intense competition arises the buyer can gain power to choose the best one for him. He can bargain any product and he can switch another product if our product can’t give his expectation. 5. Threat of suppliers growing bargaining power: The suppliers can be threat sometimes. If competition is high the suppliers can use any brand if they want because they have alternatives to choose them. Sometimes they can increase product price. 2.4 Competition and Competitors Strength and Weakness: 2.4.1 Major industry players in Bangladesh

Here we are showing current situation of regular branded bottled juice which are very much popular in Bangladesh. These are given in follower:

1. Mangolee Mango Juice 2. Pran Frooto 3. Star Ship 4. Frutika 5. Shezan Juicepak 6. Pran Mango Juicepak 7. Acme Mango Juice

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3. Current situation - Consumer analysis 3.1 Nature of the buying decision: To buy this type of product consumers often do a lot of brand switching .They may hold some belief, they choose a brand of this type of product without much revaluation and revaluate that product during consumption but next time the consumers may pick another brand .Consumers do this type of behave, when they are offered lower prices, coupons, free samples and advertising. This offering presents reasons for typing something new. 3.2 Participants: Consumers will interested to purchase Dragon Fruit Juice who are  Aware for their health  In supper middle class and supper class  Highly educated  Economic situation are strong and good  Young generation and corporate people  15 to 65 ages people 3.3 Buyer motivation and expectation: Staying outside from home, consumers may feel tired. At that time they want to buy juice or water. Consumers have expectation when they buy juice or water. They may expect that the juice will pure and available, the juice will be healthy; the bottle of the juice will be looking good. If the product fulfilled their expectation, they will motive to that product.

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Strengths, Weakness, Opportunities and Threat Analysis SWOT analysis is a basic, straightforward model that provides direction and serves as a basis for the development of marketing plans. The role of SWOT analysis is to take the information from the environmental analysis and separate it into internal issues (strengths and weaknesses) and external issues (opportunities and threats). The SWOT analysis summarizes the external environmental factors as a list of opportunities and threats. 4.1 Strength: 

Economic of Scale: Dragon Fruit Juice is an established company brand with huge amount of capital. So we can afford our expenses and protect critical circumstances. We invest huge amount of money that also support our marketing plan. We always try to reduce our product cost that also helpful for company.

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High Quality With affordable Price: The major strength of our product is high quality product and maintain affordable price. Our products differ from other company product because of high quality and affordable price; we always try to add some value with the product.

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Distribution channels: We select retailers and dealer to carry our product to the shops. We also inquiry the previous performance of retailer and dealers. Our company select short distribution process as a result, our maintain cost reduce and profit can easily increase. We use our own transport.

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Some other strengths are: o Human resource o Wide drinks category o We have our own factory, dairy and manufacture 6|Page

o Don’t use unhealthy chemicals.

4.2 Weaknesses 

Price: Many competitors try to reduce the price of their product.

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Target market: Because our company’s product and service are international standard in terms of both quality and price. It is difficult for our company to go for mass marketing.

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Preservation: It is much more difficult for our company to preserve the mango products. Because food is so perishable product and also the problem of temperature.

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Heavy administration expenses: We maintain administration cost will increases, In addition, other expenses such as transport, Packaging, labeling, branding, maintaining and promotional, agent channel-cost also increases.

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Some other weaknesses are: o Customer acceptance of new product. o Training and development of company o Short life cycle of product o New brand name has to be introduced in Bangladesh o Positioning as a local manufacturing company o Contract resource

4.3 Opportunities 

New technology: New theology is the biggest advantage in Bangladesh. Therefore, we can eliminate our production cost as much as possible.

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New market: The main peruse to enter the new geographical area is to be generate profit as well as increase our brand image 7|Page

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Some other opportunities are: o Ability to make a more convenient or efficient buying process. o To collect the more information and advice from customers. o

Large market size.

o Opportunity to increase can market coverage and retail penetration. o More promotional activities o Strong brand image o Competitor’s weak distribution channel o Franchise business all over the world 4.4 Threats: 

Competitors: When we lunch our product in a new market, there are available competitors. It is important for us to differentiate our product from other competitors.

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Changing Buyers taste: Consumer tastes are always changeable because they always find different features from the product. The demand of the buyers, change day by day.

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Some other threats are: o Foreign juices cover all market. o

Well-built brand image of the competitions.

o Extensive promotion and campaign by the competitions.

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Objectives Analysis 1. Mission statement: At all times we are dedicated to work in a quality environment. Working with quality people and offering quality products, thus ensuring growth earnings to our staff, principles and our customers. To establish Dragon Fruit Juice in Bangladesh as a healthy juice we are targeting young generation, sports people, thrill seeking people and also for those adults for whom nutrition became a necessity with a span of age or due to some illness. It is for the daily source of energy for the people. Our mission is to build a good reputation for Dragon Fruit Juice in quality and to become a successful company in Bangladesh.

2. Our vision: We hope that our investment in people and technology will enable us to develop our business into a Successful Enterprise. Knowledge of Customers and the market will allow us to capitalize on product and development and to be more flexible and efficient. We believe that integrity is the key to gain the respect of the employees, the colleagues and the consumers throughout the industry. A strong base from which we can build our project into a successful enterprise can only be built by the joint effort and the commitment of our customers, distributers, suppliers and employees. Quality means everything to our company and our quality assurance systems are designed to ensure our products meet all safety regulations and quality standards.

3. Financial objectives: 

Increasing growth percentages in revenues

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Growth in earnings 9|Page

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Following wider profit margins

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Follow the common financial ratios

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Bigger cash flows

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Attractive Economic Value Added (EVA) performance

4. Corporate objectives: 

Develop the relations among the departments

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Develop the employee efficiency

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Develop the employee relation

5. Marketing objectives: 

Higher product quality than rivals

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Expand our business in new market

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Broader or more attractive product line than rivals

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Increasing market share

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Superior customer service

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Reasonable price related to key competitor

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Health care and educational establishment

6. Long term objectives: 

Profitability

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Entering into new market

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Technology development

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Competitive position and public and social responsibility

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Employee development

Our Basic Business Philosophy is not only to sell the product and earn the revenue. At first we want to spread the product in Bangladesh among all regions. We will create more variation and make product quality better than the others.

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Marketing Strategy 1. Product: 

Dragon Fruit Juices:

It is fully mixture of fruits and also mixture of nutrition. Product is the key element in the marketing offering .Our marketing mix planning begins with formulating an offering that brings value to the target market. This offering becomes the basis upon which the company builds profitable relationship with customer.

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Quality:

Quality is the important part of the product attributes. We always try to maintain better quality than competitors do. We never use chemical into the fruits, and our product always offer freshness. Here product quality means performance quality-freedom from defects and consistency in delivering a target level of performance. 

Features:

Product can be offered with varying features. We create high quality product by adding features. Features are competition tool for differentiating the company’s product from competitor’s product. 

Design and Style:

Another away to add consumer’s value is through distinctive product style and design. We can improve our packaging design for capturing customer’s value. Product strengths: 1. Unique Quality 2. Unique design 3. Taste different 11 | P a g e

4. Different flavor 5. Can fulfill thirst and give energy.

Product weaknesses: 1. Expansive than others 2. New brand 3. Trust worthy from customers.

1.1 Product development: To build strong customer mind we think about product development. We can improve our product quality to capture customer which can maximize our product profit. Product modification can attract our customer sometimes we’ll modify our product quality, design, benefits for the customer. 1.2 Maintaining Quality: Maintaining performance quality is critical but frequently a product that leaves the factory at performance quality is damaged as it passes through the distribution chain. This is a special problem for international marketing. We will definitely try to maintain the overall quality of our product Dragon Fruit Juice. As it is a fruit juice so we will give more importance to maintain the percentage of the core ingredient of the drink and that is various fruits. 1.3 Adaptation: 

Economic:

The less economically developed a market is, the greater degree of adaptation it needs. Sometimes a product has to be changed according to the new market and this is called adaptation. Adaptation can be made according to legal, economic, political, and technological and climate fields. As Bangladesh is a monochromatic country, they like to do works on time. So we have to be punctual at every step of our marketing. 

Price: 12 | P a g e

Price of our product can be determined as far as the target market is concerned. As Bangladesh is an economically rich country, so we can charge price concerning that factor. We guess pricing adaptation will not be very much critical for Bangladesh’s economy.

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Climate:

Changes may also have to made according to the climate differences. According to Bangladesh’s climate we can serve it on plastic bottle or on canned tin. The preference can be made by looking at the market condition of Bangladesh. 1.4 Product life cycle management (as in new country): 

Development:

When we generate idea and develop a product with new brand name in new country, profits are zero .The investment are high and risk also high. That’s why we need to conscious from our development process. 

Introduction:

The initial period of time our sales will grow up slowly and profit will come slowly. 

Growth:

In this stage our customer knows about our product and conscious about our product quality than our sales will increase rapidly and profit margin will be high. 

Maturity:

This period of time our product sale can be slowdown for because of competitors will know about our strong point and weak point. This time our profit not increase against competitors. 

Decline:

When sales will fall consistently and our profits will drop than we think about shut down our production. We’ve to do more promotional activity to recover it. We’ve to find new extension. 13 | P a g e

1.5 Branding:

Branding is a very important part of any product, a product always known by its brand name, image and quality. We have chosen this word ‘Dragon’ because it’s the name of fruit and make fresh juice. There are typically four levels of meaning conveyed by a brand name. The following is an analysis of what Dragon Fruit Juice brand names convey-

Brand Level

Dragon Fruit Juice

Attribute

Premium quality, high prestige

Benefit

Pure Mango Juice, Good health

Value

Healthy life

2. Price: Pricing is one of the major issue which is a component of a full business plan. We selected the price for our product Dragon Fruit Juice by considering various things like, price assigned by their country will import whether consumer will purchase it, differentiating our product from competitors, maintaining line with our marketing strategies and the product attributes etc. 2.1 Pricing objectives: One should select pricing objective keeping in mind about the business and financial goals. As our mission is to be leader by providing world’s premier consumer product Dragon Fruit Juice, our pricing objective is to increase market share and even maximum profit by charging reasonable price than the competitors do. 2.2 Pricing Strategy: 14 | P a g e

Our company will follow the premium pricing strategy because our product Dragon Fruit Juice is the premium product and we hope that it will be able to make a good position in our consumers mind by divining its superior service and value. Premium pricing is the practice of k...