ToFarzan MituLecturer, School of BusinessNorth South UniversitySubject:- Submission of Final reportDear Madam,We had been assigned to prepare a final report for the course of MKT202. We had chosen theroduct “Travel Pillow” for our project. We had an very ineresting as well as realstic experiencewhile working on this project. We thank you for giving us the opportunity to work on such aproject. We believe that it will increase our marketing skills further, and we will be able to workbetter in the near future.Thank you for your supervision.
AcknowledgementIt is indeed of great moment to pleasure to express oursenses of profound gratitude & indebtedness to all thepeople who have been instrumental in making it a richexperience. We found it to be a challenging project thatgave us a real practical ideas about different types ofstrategies used in marketing process of a product and it isalmost impossible to do the same without the guidance ofour course instructor Farzana Mitu (FrM) peoples and thesupportive equal contribution of our group member. AndIt gives us a chance to do our project done and providingus wonderful support throughout our project with hervaluable guidelines.
Table of Contents1. Executive Summary2. Business Details Target market Positioning Strategy Marketing Mix i. Product ii. Price iii. Promotion iv. Place Differentiation Strategy SWOT analysis i. Strength (S) ii. Weakness (W) iii. Opportunity O) iv. Threat (T)3. Conclusion
Executive SummeryBliss Travel Pillow is a health and comfort product. Bliss Pvt. Ltd. will provide different types oftravel pillow that fit the needs that traveler might have comfort wise. On traveling, especially ona long air flight or long journey comfort or also driving for long periods at a stretch should beone of the most important things traveler should think about and we want to comfort them onthat time by our product. Our products are coming in the market with some new comforts whichare totally unknown to the people of Bangladesh. Through our products we want to set up animage that is a source of healthy life. Everyone wants to feel comfortable while they aretravelling, and travel pillow would make sure that comfort. We think our products will be able tofill a gap on the market. We have stated earlier that Bliss Travel Pillow is coming in the marketwith a long product line. We have different types of travel pillows which are Classic TravelPillows, Inflatable Neck Pillows, Contour Type Pillows, Doraemon Pillows. We have selectedcity people, airlines, and companies that provide public transportations as our target market.The target market and the marketing mix variables of product, place, promotion and price are thetwo elements of a marketing mix strategy that determine the success of a product in the marketplace. As this product is all about customers comfort zone, so we will make sure to providethem high quality travel pillow. We want our travel pillow to become customers "a must need"when it comes to travelling, so our positioning statement would be "a must have for travelers,"through this statement we believe that whenever our customers would think of travelling, ourtravel pillow would always feature in their "a must have when travelling" list. Our pricingstrategy will be skimmed pricing. As our target market will be high and upper middle class andthey will not be very much pricing sensitive. One of the main goals of our company is to servethe consumer in the best possible way so that they can get it wherever they want to get it. So weare optimistic about our success in this business and hope to be the market leader in this field inthe near future. We have no competitor so we will have first mover advantage also.
Target Market Profile:We have selected city people, airlines, and companies that provide public transportations as ourtarget market. The traffic situation of Dhaka city make people spend a lot of time in the vehicles.Wherever they go, they have to face traffic jam, and have to stay in the road for a long time.Sitting on the vehicle for a long time can cause muscle sprain and many other problems. Travelpillow could be a great solution to all these problems. This pillow can be provided by the airlinesand public transportations as well.The target market and the marketing mix variables of product, place, promotion and price are thetwo elements of a marketing mix strategy that determine the success of a product in the marketplace. Travel pillow would be profitable for this segment because these people are in great needof this product. Everyone wants to feel comfortable while they are travelling, and travel pillowwould make sure that comfort.We have segmented the market, and chosen a market segment to enter. We have used thedifferent forms of segmentation for our target market as follows:• Geographic segmentations: City people• Demographic segmentation: Age- 6-aboveGender-Male, female and others.Income- 45000-above.• Psychographic segmentation:Social Class- Upper middle and upper class.Lifestyle- People who have to spend a lot of time in the vehicles or who have to travel a lot.• Behavioral segmentation:Benefits- Convenience
User Status- First time userPositioning Strategy:The Most Comfortable Travel Pillow in Bangladesh! Our company Bliss Pvt. Ltd. Produces themost comfortable travel pillow in Bangladesh. Bliss travel pillow will protect you from the painand other travel neck syndrom and provide complete comfort for your neck. Designed withcomfort as the goal.FinallyOur Bliss travel pillow will be the travel pillow that works!! Bliss Travel Pillow has it all!Ultra-soft, washable and removable velour cover, lateral head stabilizing supports, largeformat media pouch, a rear headrest, toggled drawstring for total support, bonus memoryfoam ear plugs and a water-proof compact carrying pouch. There are some reasons why oneshould use travel pillow during traveling- ensure complete support for head and neck will soothe muscle tensions, offer relief from shoulder/neck tightness and pain prevent headaches prevent long term neck hazardsSo, Say good-bye to Travel Neck Syndrome and embrace the only travel pillow that deliversComplete Support.
Product Differentiation:Product: The product is luxurious and also an innovation on the market.Personnel that interact with the customer: The customers can interact with us with the help oftoll-free online calling and also the video calling if anything found defective.Image: The image of our product is very reputed and also through the worldwide market.Quality: The quality of the product will be on the demand of the customers and also on thedemandServices differentiation 1. Complain: We have the complain boxes for the customers so that they can submit written objection there. 2. Feedback through Website: we have a website where the customers and registered member will post their feedbacks. The customers will be able to write their feedback easily and it will also save their time.Personnel DifferentiationCourtesy: The courtesy of the entire personnel is the most valuable and the most respectiverelationship within the entire competition. For this, we will choose the more enthusiastic selfmotivated sales representatives and agents.Reliability: The customers can rely on the distribution and the service of our products.Responsiveness: The product feedback will be very responsive on the customers complains. Theproducts’ whole system of management depends on the feed backs of the customers.
ProductBliss Travel Pillow is travel pillow which is a health and comfort product. Bliss Pvt. Ltd. willprovide different types of travel pillow that fit the needs that traveler might have comfort wise.On traveling, especially on a long air flight or long journey comfort or also driving for longperiods at a streatch should be one of the most important things traveler should think about andwe want to comfort them on that time by our Bliss Travel Pillow. We think our products will beable to fill a gap on the market. We have stated earlier that Bliss Pvt. Ltd. is coming in themarket with a new product. We have different types of travel pillows which areClassic Travel Pillows: Bliss pvt.ltd will provide three types of classic pillows. They are- Inflatable Neck Pillows: If you are looking for a pillow that will be easy to pack and will not take up much space then you should take a look at the inflatable neck pillows. These pillows are usually horseshoe shaped and can be inflated to the desired firmness.
Contour Type Pillows: The most popular travel pillows are the contour type that are meant to give your neck extra support. Some of these are horseshoe shaped; others are more rectangular with a depression in the center for your head.Buckwheat Hull travel Pillow: Regular use of the Buckwheat Hull Night Pillowand Millet Hull Night Pillow with their complete support for head and neck will soothemuscle tensions, offer relief from shoulder/neck tightness and pain, and preventheadaches. Our Night Pillows certified organic buckwheat/millet hull filling will adjustitself to the individual form and weight of your head.
Doraemon Pillows: We also provide Bliss Travel Pillow for kids specially designed with famous cartoon character “Doraemon Pillows” to attract them.Pricing Strategy:We produce the pillwos for the first time in Bangladesh and there is no such companies availablein our country.Our pricing strategy will be skimmed pricing. As our target market will be high and uppermiddle class and they will not be very much price sensitive.We will pricing our product based on our cost incurred.Category Users Cost(TK.) Price (TK.)Classic Pillows Adults 400-1000 1000-2500Doremon Children 400-11000 1100-2600Volume discounts and wholesale pricing: There will be special discounts for buying packageslike---Package Quantity DiscountFamily pack 2 classic+1 doraemon 10%Couple pack 2 classic pillows 7%Kiddy pack 3 Doraemon 8%
Distribution Strategy:The decisions concerning distribution are very important as this factor provides utility to theconsumer; and also having a quite high price than other ordinary pillows that is it makes aproduct a little bit special effort to purchase when it is needed. One of the main goals of ourcompany is to serve the consumer in the best possible way. To determine how the products willgo from factory to the consumer, we examined some factors and related them to our products.The factors are discussed below.Market coverage: we will distribute our pillows in a exclusive manner. Where we havethree dealers in Dhaka and few sales representatives who will represent our products to ourcustomers in B2B markets. Our B2B customer will be the Airliance Agencies, Luxurious PublicHighway transportation companies (Mercidies Benz, Green Line). Degree of Directness of Channel – As our products are small in size, not quickly perishable and as our consumers are dispersed in the market, we have chosen indirect channel for our products. Criteria in Selection of Channel Members – by channel member we mean the distributors, retailers, commission agents etc. who play a very important role in case of launching a new product. We have followed the selective method in case of choosing channel members; that is we have chosen them based on some set of criteria or requirements which are as follows. Reputation, Services provided, Solvency, Warehouse facility and Past experience.
Number of Channels – We have chosen multiple channels (distributors, retailers) for multiple target markets (according to age, income level, geographical area etc.) to distribute our products.So, finally our product flow will be like this. Factory Depots Dealers Retailer & Sales Customer representativePromotion Strategy:As we offer a new product to tme market, so we have to do with promotional activities to informabout our products to our target market. According to that, we are going to use severalmarketing media to communicate to our target customers. We are using different tools for that.Our promotional and advertising strategy includesADVERTISING: 1. Postering: We will advertise by postering. We will do massive postering with our brand name and logo. 2. Stickers & Coupons: We will be distributing our stickers & coupons in Airports, Terminals, Railway station, in the busy streets with heavy traffics, and also in front of the offices, universities through our agents. Showing those coupons the customers can have a discount on their product. 3. Billboards: We will hire some billboards at the different entry points of the city so that it can be noticeable by everyone. 4. Advertising through radio: We are also planning to advertise through the FM radio. In the evening and also during the early in the morning when most people are on their way to their respective work places. RJs will be encouraging the listeners about
travel pillow. 5. Advertising through Social Networking Sites: We will also open a group naming ……. and invite people specially travelers to join this group. We will let people know about our outlet and also encourage them to give our product a try. 6. Advertising through Newspaper and Magazine: Before starting our salling operations we will inform about our products to the people by giving advertisements in the top class news papesr like Prothom Alo, The Daily Star; weekly and monthly magazines.Sales Promotion : We will promote our product by giving some offerings like Discounts on buying more than two pillows,
bonus memory foam ear plugs a water-proof compact carrying pouch for each pillow Offering caps, Exotic stickers for vehicles Toys for children, etc.SWOT Analysis: Strength: As the market condition is monopoly , we have no competitors. So, we can market the product independently. People will have no options to buy products from any other companies. As the production cost and labor cost is very low in Bangladesh, we can sell the product by maximizing the profit. As Bangladesh is famous for cotton industry and we have so many of it, so we can sell our product with a tag "Made in Bangladesh" easily with a low labor cost. We will provide a user guide so that consumers can know about the proper use of the travel pillow. Weakness: As the product is very new in market, some people may not understand its functions. Most of the middle class and higher middle class people dont travel regularly. So, it is very possible that they will have no interest on travel pillow. Some people might find it as a burden during travelling session which can affect its selling.
Opportunity: As the target market is huge, grabbing a large market within a short period is possible. After entering the market, we can penetrate it easily as we are the only provider of this product. Threats: According to the concept of "Perfect competitive market" , after launching our product, we can earn profit in short run. But in long run, newcomers will come and enter in the market and will try to take control of it. Persons who have back pain and who dont know about the usefulness of the product, they may not buy the product.Conclusion:So, this is all about our Bliss Travel Pillow and it’s marketing Strategy. As we are the innovatorsof travel pillow in Bangladesh, we hope that our business will grow rapidly by informing aboutour product. Because, for short term and long term trips, where packing is light, a set of BLISStravel pillows will give a complete comfort. However, for long term journeys, where every inchof packing space is a valuable commodity, the clear winner in this case goes to the Smooth Tripneck pillow for size and comfort. So Purchase a BLISS travel pillow and remind us until yournext journy.