Fit Crackers Market Analysis

MKT 201Sec: 07 Submitted To: Mr. Abul Khair Jyote Submitted By: Group â€Å"Innovi† GROUP MEMBERS MD. Asif Chowdhury,ID: 1010498 Nafisa Khan, ID:1020718 Tusher Mahamud, ID: 1127026 Shadia Tahsin, ID: 1221675 Yasmin Jahan, ID: 1127036 Submission Date: 25th november 2012 ASSIGNMENT ON: â€Å"Fit Crackers† Acknowledgement: We would like to thank our respected course instructor Mr. Abul Khair Jyote to give us such an opportunity to make a group report on a product’s market analysis. We also want to give him a special word of thanks for his persistent guidance and encouragement at all stages of this work.We consider it a great opportunity to have a share of his knowledge and experience in the field of marketing. And we want to thank the Pran foods company’s employees for giving us such valuable information. We also want to thank our guardians, seniors and friends who help us to make our report valuable and complete by giving information and their valuable perce ptions. Topic Name| Page No. | 1. Executive Summary| 1| 2. Introduction * Company overview * Product| 2-32-33| 3. Marketing Mix * Product * Price * Place * Promotion| 44444| 4.Market Strategies * Market Segmentation * Target Market * Market Positioning| 5-655-66| 5. Practice of Marketing Concept| 6| 6. Building Customer Relationship| 6-7| 7. Customer Relationship Group| 7-8| 8. Competitors| 8| 9. SWOT Analysis| 9| 10. Ad Analysis| 10| 11. Product Life Cycle| 11| 12. Conclusion| 11| Executive Summary: Fit Crackers is a product of Pran Food Company. It starts the journey in 2012 with milk favored biscuit. Slogan of this product was â€Å"ESE GELO CRISPY CRUNCHY FIT CRACKERS EKBAR KHAN R TOTALLY CRAGY HOYE JAN†. Weight of this product is 130gm and price is TK. 0. In market segmentation it does not focus only a special group. It divides market into multiple segments like demographic, Psychographic segmentation. It uses different target marketing strategies for its several custome rs. Its target customers are children, young people. That is why it uses milk flavor, sweet and healthy ingredients. It holds a great position in the consumer mind by creating good taste of biscuit also favorable price for every class of people. To build a good relationship Pran always handle their consumer promptly. PRAN view their consumers’ as their king.They build and maintain profitable customer relationships via endorsing consumers’ satisfaction. It also maintains good customer relationship. At the beginning of Fit crackers it has good demand in the local market. But day by day competitors are increasing by offering more variety product with fewer prices like Fnf crackers by Danish group. In the SWOT analysis it has good chance to hold market also have weakness & threats to escape from the market. Pran fit Cracker has an Ad which telecasts on Tv also it circulates Ad on some newspaper.This ad actually dictates that people who love craziness especially the younger can enjoy it more to feel their craziness. Fit Crackers starts its life cycle from introduction with great effort and successfully hold in the market but due to increasing competitors its now in maturity stage which is not good for Pran. At last we can indicate that to survive in the competitive market Pran have to come with new variety taste of fit crackers like Fnf Crackers with attractive price by providing superior taste than other competitors. Page No. 01 Introduction: We analyze the market of â€Å"Fit Crackers† a product of PRAN Foods Company.The introduction part divided into two sections one is about company and the other one is about the product. Company Overview: â€Å"PRAN† is currently one of the most admired food and beverage brand among the peoples of Bangladesh. PRAN started in 1981 as a processors fruit and vegetable in Bangladesh. All the PRAN products are produced as per international standards maintaining highest level of quality at every stages of its production process. PRAN products are regularly being exported among 82 countries around the world. The company has adopted ISO 9001 as a guiding principle of its management system.This company is complaint to HACCP and certified with HALAL, which ensures the best quality products reaches to the customers around the world. Company Aim: â€Å"To generate employment and earn dignity and self-respect for their competitors through profitable enterprises. † Vision: â€Å"Improving Livelihood† PRAN is currently producing 200 hundred products under 10 different categories. Page No. 02 Company Objective * Profit maximization * Maximize sales * Growth * Maximize sales revenue Attract and retain loyal customers by providing value for customers LOGO Company Address:Corporate Address: PRAN-RFL Centre, 105 Middle Badda, Dhaka-1212, Bangladesh. Phone: 880-2-9881792 Ext-345, 880-2-8835546 Fax: 88-02-8837464 Web Address: www. pranfoods. net Product Introduction: Our market analyz ing product name is â€Å"Fit Crackers† it’s a milk-flavored biscuit. It’s a Bangladeshi product. It is under their Dairy Category. PRAN Dairy Limited manufactures it in their factory Bagpara, Palash, Narsingdi. PRAN come with a new milk flavored biscuits with new taste and new design Launch Year: 2012 Page No. 03 Country of origin: Bangladesh Storage Information: Keep in dry and cool place.Marketing Mix: The marketing mix consists of everything that the PRAN Fit Crackers can do to influence the demand for its product. The many possibilities can be collected into four groups of variables known as the 4Ps. Product: In short, we can define product as anything that can be offered to a market or consumer for attention, acquisition, use or consumption that might satisfy a need or want. This product is pure tangible goods. Levels of the product: The following are the two levels of this product: Core Benefit: Satisfaction of hunger, ensure nutrition to the people.Actua l Product Name: Fit Crackers, a PRAN food. A new milk- flavored crispy, crunchy and tasty biscuit with new and different style packing. Tagline/Slogan: â€Å"ESE GELO CRISPY CRUNCHY FIT CRACKERS EKBAR KHAN R TOTALLY CRAGY HOYE JAN† Net Weight: 130 GM. Price: Tk. 30. 00, which is based on their target customer’s income. Place: This product is available in every grocery and departmental shops of Bangladesh. It also exported other countries like PRAN’s others products. Promotion: It uses newspaper and TV Ad as promotional activities. Page No. 04 Market Strategies: Market positioningTarget marketing Market segmentation This process involves market segmentation, target marketing, differentiation and positioning. Market Segmentation: Market segmentation is one of the most important parts in marketing. It is the part where marketers divide the market into small groups of buyers’ distinct needs, characteristics, or behavior that might require separate products or marketing mixes. Here, Multiple segmentation is use to choose the market. Demographic Segmentation Age & life cycle: This is a milk flavored sweet healthy and biscuit which is for children and young people mainly.Because for older people sweet and fat is not healthy. They choose a small family size. Religion: They choose not only Non-Muslim and non-vegetarian but also for Muslim and vegetarian. Psychographic Segmentation: It’s a milk flavored crispy crunchy biscuit, which new different taste create craziness. Its slogan based on this psychology of craziness. They choose middle class people for their market. Target Marketing: It uses different target marketing strategies for its several customers. Its target customers are children, young people. That is why it uses milk flavor, sweet and healthy ingredients.Make the product crispy, crunchy and tasty to attract the customers. It designed and weighted based on another customer small families. Page No. 05 Another customer is mid dle class people who like to take biscuits with tea. To attract middle class people it designed like a meal, which people can take with tea. Moreover, they make a lower price for middle class people. It targets not only Non-Muslim and non-vegetarian people but also Muslim and vegetarian people. That is why they use HALAL and vegetarian ingredients to make this product. Market Positioning:While promoting or introducing a new product it is very important to have a good and strong positioning strategy. Product position is the way the product defined by consumers on important attributes-the place and product occupies in consumers’ minds relative to competing. As fit crackers is a product of PRAN group create position in the consumer mind by promoting attractive ad with great milk flavor taste also with good brand name (Pran) so is definitely have a better place relatively to competing products in the minds of target customers.It’s completely a new product with an advantage over other competitor by offering good taste with good price which can easily affordable to every class of people. Practice of Marketing Concepts: There are five marketing concepts. * Production * Product * Selling * Marketing * Social Marketing Concept From this PRAN practice Marketing concepts for â€Å"Fit Crackers† Marketing concepts: They view their customers as their king and as their laypeople. They identify needs and wants of the target markets and delivering the desired satisfactions better than competitors do.That is why they come with different milk-flavored biscuit from their competitors innovating new taste according to their customer choice. Building Customer Relationship: PRAN view their consumers’ as their king. They care about their consumers. They build and maintain profitable customer relationships via endorsing consumers’ satisfaction. They fully support consumers’ right to know what is in the product and they are transparent in terms of ingredients. They provide clear communication about their product ingredients, date of expire, nutrition values, etc.Page No. 06 They recently have started PCC (PRAN Customer Care) The eventual goal of their customer care program is to build long-term profitable relationships with their customers. They honor the communication to their customers. So, they humbly request their customers to feel free to communicate with them regarding following issues: * Complaint for the product * Price information * Benefits of the product * Comments for the product * And any other issues Objectives to seek through their customers’ care are: * To create a culture of customer focus To receive complaints from the customers on product related matters * To achieve customer satisfaction * To create rapport and loyalty They provide the easiest way to communication as they care valuable time of their consumers. Consumers can communicate with them about them through: * Cell Phone: +88-01973-737777 (During 8 A. M. to 8 P. M. ) * Through their web mail- [email  protected] com Customer Relationship Groups: For capturing Value from customers every product or company need to identify its customer groups. There are four customer groups:Short-term Customer Project Loyalty Long –term Customer High Profitability Low Profitability Potential Profitability Page No. 07 True Friends; Small families who are always having product of PRAN and very loyal to as PRAN product consumers they are also â€Å"Fit Crackers† true Fiends. Butterflies: Children or young people are â€Å"Fit Crackers† Butterflies. They are highly profitable but if they get extra facilities from another crackers biscuits like taste change, cost effective facility they will switch to another crackers biscuits.Strangers: Some people live in Bangladesh but do not like to have Bangladeshi manufacturing products they always try to choose exported products for their own use. That kind of people is strange rs for â€Å"Fit Crackers†. However, they are very little in size. Barnacles: Upper Middle class and upper class people are like Barnacles for â€Å"Fit Crackers†. Because they are, like fastidious. However, they are very loyal to PRAN, the leading Bangladeshi agro-based manufacturing company. However, if they find a simple fault or very little taste dissatisfaction they will be switch to others. Competitors:Day by day new competitors has arrived on of them is ‘FnF crackers’ by Danish group. They also provide the same design biscuit but their price of the product is not so high Tk. 30. n also tastes different from Fit crackers. Main point is that they brought small packet size 65-gram n price 15 Tk. Therefore, â€Å"FnF crackers† have a strong chance to compete. Page No. 08 Source: Prothom Alo News Paper Bangladesh, 22 November 2012, Front Page. SWOT Analysis: Strengths * Completely new Segment. * Taste is good. * Consumer perception is good. * Reas onable price than other product| Weaknesses * Low market share. Lack of brand awareness. * Lack of variety. * Lack of product size differentiation. | Threats * Competitors have variety. * Competitor has different product size. * Lack of promotion. | Opportunities * Fast market expansion. * Younger as an influence. * Innovative Promotions. * Good Brand name. | | | Ad Analysis: As Fit crackers is a biscuit targeted towards the young generation who are always in a hurry and don’t get enough nutrition, the Tvc and Newspaper Ad of this product also generate the intension to grab that particular target markets attention.Lots of colors have been used with a humorous story. Source: Prothom Alo Newspaper, Bangladesh 17 September, Page 20 Page No. 09 Product Lifecycle: A new product progresses through a sequence of stages from product development to introduction, growth, maturity, and decline. This sequence known as the product life cycle and is associated with changes in the marketing situation, thus affecting the marketing strategy and the marketing mix. PRODUCT LIFE CYCLE FOR FIT CRACKERS, THE PRODUCT LIFE CYCLE ANALYSIS IS: THIS PRODUCT IS ON NOW IN MATURITY STAGE(information provided by Pran company) * In maturity stage one or more competitors can come. And a competitor named FnF Crackers come in market and they offers lower price than fit Crackers. * Fit crackers features enhanced to differentiate the product from that of competitors. Page No. 10 Conclusion: Page No. 11 From the overall point of view we can conclude that Pran is a good company which has great value in the market which come up Fit crackers with successive strategy which has great demand in the market when competitors were absent in the market.Now markets are flourished with new product with variety according to consumer choice. One of the competitive products of Fit Crackers is FnF Crackers of Danish Group come up with variety with good price. But one thing Fnf Crackers not have which is bra nd name but Pran has so still have chance of fit crackers to regain his position in the market if they come up with new variety of product of Fit Crackers with variety taste which should superior than other. To draw attention of consumer Pran have to promote its product more and more by Tv, Magazine, Radio, Newspaper etc. Thank You