It is a presentation on the marketing strategies a hypothetical handicraft industry i.e. "FabBharat" can incorporate in order to maintain its market share and distrupt the post covid market.
2. GIVEN THE SCENARIO FAB BHARAT’S
POSITION CAN BE FORMULATED AS:
SWOT
ANALYSIS
of
FabBharat
STRENGHTH WEAKNESS
OPPORTUNITY
THREAT
1. Inventory dumping, stockpiling
2. Disrupted supply chain
1. Niche market- Low competition
2. International partnerships
3. Unique workmanship, finesse
and exclusive designs
4. Wide rang of goods
1. Government campaigns -
Atmanirbhar Bharat, Vocal for
Local
2. Change in sales model from
B2B to B2C
1. Handicraft - non essential
good can easy loose its
market share to foreign
goods market.
2. Increasing operational costs
due to covid-19.
3. TIMELINE
Aug-Sept, 2021
Clearing of the
existing stock dump
through the B2B
network
Nov- Dec, 2021
Conducting Market
research and launching an
online platform to directly
cater to consumer demand
2026-27
Launch of physical
stores with increased
product vertices
including food product
range
2024-25
Expanding product
vertical to body care
products and
cosmetic
4. MARKETING MIX- THE 4
P’S APPROACH
Product:
FabBharat maintains a variety of
handicraft products.
To exploit the post covid-19 market, it
can introduce various new products to
its product line like:
1. Handmade designer masks
2. Fabric Wipes, Soaps
3. Packaged Food - Due to covid and
prolonged closure of restaurants
people are still hesitant to buy
unpacked food. Food being a
necessity good- is essential -low
competitive niche - high potential
product
5. FabBharat in its new clothing line can
introduce:
1. Designer custom made mask for
different situations
2. Designer gloves and caps to
compliment the mask
3. Polyester shields like a PPE kit
Other than clothing line:
Packaged food products- Consisting of
packed homemade food .
which give the ‘ghar wali feeling’ and are
safe to eat and cheap to buy.
6. MARKETING MIX-THE 4
P’S APPROACH
Price:
The majority of Indian population is
middle class. In an attempt of capture
a larger marketshare FabBharat
should target the price affordable to
every section of the society.
The same can be incorporated by the
idea of ‘fast fashion not first fashion’
wherein rather than being trend
setters FabBharat aims at providing
cheaper of goods in respect with
latest fashion trends.
7. MARKETING MIX-THE 4
P’S APPROACH
Place:
The greatest means that helped us
sail through covid-19 has been the
incorporation of technology. Even in
coming times technology has no
escape.
Thus FabBharat should get into the
e-commerce platform, digitalising its
firm.
Leading to an exponential increase in
reach directly with end users and
reduction of fixed maintenance costs.
8. MARKETING MIX- THE 4
P’S APPROACH
APPROACH APPROACH
Promotion:
Paradoxical to general custom,
promoting an anti-marketing
technique will help FabBharat
maintain uniqueness and cultivate a
mindset in customers as a successful
brand.
The essential promotion can be done
through word of mouth, for which
FabBharat must maintain customer
intimacy and give prior importance to
consumer preferences and feedback.
9. MARKETING STRATEGIES
The most long lasting way to market and develop brand loyalty is through
consumer satisfaction. In order to create best customer experiences
FabBharat incorporates:
Channel
Strategy
Comparing
FabIndia’s supply chain has to move from a centralised
warehouse model to a more decentralised one to reach
greater masses and to shorten the chain further it can
apply the concept of community owner company giving
more autonomy to individual artisans.
Giving gift vouchers, special discount, loyalty points
maintains customer retention along with customer
satisfaction. Also customer feedback and mystery
shopper program help in identifying loopholes and
latest demands.
Customer
Service
Strategy
Product
Strategy
FabBharat manufactures a wide range of product in order
to meet varied demands and cater to the needs of a wide
range of customers
10. UNIQUE SELLING
PROPOSITION (USP)
BRANDING STRATEGY
➤ The quality of fabric, craftsmanship,
differentiates the products of FabBharat
from other available products and the
cultivated image of “Indianness”
associated with it adds to its demand
from a social angle.
➤ Non matching best quality product in wide
range of segment, low crowding in this
niche has given the benefit of first mover
advantage to FabBharat.
11. “ Thank you!
Team Name- Autarky
Participant Name- Sargam
Singhal
College Name- IIM, Rohtak