marketing

1. Assignment Topic
Marketing Plan Of new Product (Horizon Bag)
Submitted To
Submitted By
Name: Abdulla
ID:
Batch: 11th
Section: B
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2. Table of content
Contents Page no
Executive summary iii
i.Production Description iv
ii. Market Research and Analysis v
ii.i Market Description v
ii.ii Market Segmentation and Targeting v
ii.iiiTarget market and projections vi
ii.iv SWOT analysis vi
ii.v Competitor Analysis viii
iii. Market Strategy ix
iii.i Setting the pricing objectives ix
iii.ii Determining Demand ix
iii.iii Estimating Costs ix
Iii,iv Selecting a pricing method ix
Iiii,ii.i Adevertising x
iii.ii.ii Personal selling x
iii.ii.iii Promotional tools x
iv Manufacturing and Operations xi
iv.i Locations xi
iv.ii Human resource xii
iv Technological aspects xii
V Financial plan xii
Vi Control xiii
Vii Implementation xiv
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3. EXECUTIVE SUMMARY
I want to market Horizon bag.we all know starting a new business is not
so easy there are many risk and effort on that process.In a business i see
lots of competitors who could be a great problem in our starting and the
laws will also create problem in our business.This bags are specially for
men.My business future plan is to make this small big means in other
word we want sell the bags to other nations and international that is our
future plan. I established by own money I do not take any loan from
bank.Horizon Bag are for poor and middle class and rich people.I will
take those steps as soon we make a limited profit to make international
deals. I have decided to give the product an indigenous image.I have set
a reasonable price for the product so that all kinds of people can afford. I
have followed the Target Costing pricing approach.I would gain a
competitive advantage,as this is a first hit in the market.
we have targeted a huge market segment for the product.Bangladesh is a
large populated country. Lots of people are looking for such a product.
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4. i.Production Description :
Bag
PREMIUM MATERIAL CONSTRUCTION - Superior cowhide
crazy horse leather masterfully sewed with durable and rugged wash
canvas fabric to ensure long lasting durability.
DURABLE HANDLES - Carrying handle made of the same cowhide
and fixed by high quality hardware, which brings comfortable feeling
and makes the bag durable.
OUTER MATERIAL: Leather
EASY TO CARRY- Come with a 32 x 21 x 5 cm laptop compartment,
the messenger bag can house 14-inch laptop computers of most brand,
yet It also fits the more common 13-inch laptops like a glove.
VARIOUS POCKETS - Besides the main storage compartment, the
messenger bag is also featured on 2 larger front pockets for easy access
of frequently handled items, 1 zipper pocket for significant articles
such as wallets and identification documents, and 2 Inner wall pockets
to store cell phones, chargers, earbuds, and glasses.
WEARABILITY - The messenger bag features a wide shoulder strap
that eliminates shoulder fatigue. The shoulder strap can be easily
removed when not required, and effortlessly adjusted to preferred
lengths. The bag can be carried by the handle, worn on shoulders,
and positioned across body.
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5. ii. Market Research and Analysis
Our company wants to develop and introduce a new Product.So,we have
gathered information through in-depth interviews.We made a survey of
the market to have a clear idea about our market,our customer demand,
needs and wants.This information helps us to know about the current
market and prospects of our new product.
ii.i Market Description
Bangladesh is a country of about 150 million people.The total market
size of the soft drink industry is about 20 million and day by day it is
increasing.We have a spread nationwide market of different
convenient product.People are nowadays very much concerned about
the market and product conditions.So we have a growing prospect of
customers of “Horizon bag”.Among the population we worked out
few segments of customers who will prefer our product most.
ii.ii Market Segmentation and Targeting
Market Segments:
We have observed and analyzed the market and based on the nature of
the market we segmented the market in the following sectors:
Geographic Segmentation:
• Sylhet
• Rajshahi
• Khulna & Barishal
• Chittagong
• Dhaka
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6. Demographics:
• Individuals
• Family
• Sportsman
• Business buyer
Psycho graphics:
• Higher class
• Higher mid class
• Middle class
ii.iiiTarget market and projections:
Analyzing all the segments, we decided our target market according to
our product category. The target customers of “Horizon bag” are
women, housewife, school and college and university student,tourists.
Market Needs:
“Horizon bag” wants to satisfy its customers need.That’s why it is
important to identify the market needs.My first consideration is to provide
the best product to its customers.That’s why we offer three different sizes
of various colour with different prices for its different segment of
customers.
ii.iv SWOT analysis:
The product existence in the future is depending on its strengths,
weakness, opportunities and threats analysis:
Strengths:
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7. 1.Available input materials
2.Low production cost
3.Technological and marketing knowledge
4.Strong distribution channel
5.Easy manufacturing process
6.Reasonable price
Weaknesses:
It is easy to copy the idea by others
Taste differ from the leather
Opportunities:
1.Monopoly market
2.Large market
3.High demand
4.Might have a chance to get subsidies by Govt. to export
Threats:
1.High competition in future by copying the idea
2.Entrance of new product
3.Alternatives are avoidable in some segment
4.Uncertainty of launching a new product.
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8. ii.v Competitor Analysis:
Ananta leather collection
Fortuna
Mkv brand
Lorenzo
Distinct Competency:
These companies can try to entrance our market by launching new
product lines to compete us.Yet,we have distinct competitive
advantage.That is our product is still brand new.The other companies
will take sometimes to enter into the market.Till then we can have a
monopoly market condition.The other advantage that we have is lower
price.We will sell products in reasonably lower price then other
competitors do.
Strategies against competitors:
To compete with the major competitors we can adopt the following
measures:
Providing the best service to create high customer satisfaction
Reasonable and acceptable pricing
Promising and providing top quality product
Launching highly effective mass promotional activities
Continuous innovation and modification of the products
Creating and maintaining long term customer relationship
Creating “Brand Loyalty” among the target consumers
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9. iii. Market Strategy
Pricing Strategies
I have decided to set a reasonable price for our product when we will
develop it.We considered many factors in setting the pricing policy.We
will describe a six-step procedure:
iii.i Setting the pricing objectives:
I company has decided where it wants to position its market offering.We
have chosen our objective to maximize market share.I believe that a
higher sales volume will lead to lower unit costs and higher long-run
profit.We have set the lower price because we assume that the market is
price sensitive.Our overall objective is to capture the maximum market
share by setting lower price.
iii.ii Determining Demand:
Each price will lead to different level of demand and therefore have a
different impact on company’s marketing objectives.
iii.iii Estimating costs: I have estimated the cost and want to charge a
price that covers the cost of production,distribution and selling the
product,including a fair return for its effort and risk.
iii.iv Selecting a pricing method:
I have chosen the target costing method to set price for our
product;pricing that starts with an ideal selling price based on customer
considerations,then target cost will ensure that the price is met.
Promotional Strategies:
To acquire a strong position in the market,we need to give special
emphasis on effective promotional activities.In order to get the
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10. maximum market share we will have to use all four tools of marketing
promotion.Specially,advertising through mass media will support us a
lot.
iii.ii.i Advertising:
I initially will give more emphasis on paper ads and TV
commercials.Because, advertising through these media is the most
effective way to reach the customers and position our product in their
mind.We are anticipating that this will have a massive impact on the
teenagers and other enthusiasts.Few neon signs and bill boards of
“Horizon bag” also can be set up in some core points of the city.We
hope to reach 75% of our customers through effective advertising.
iii.ii.ii Personal Selling:
Though personal selling skill is not that much effective for convenient
products like “Horizon bag”,we will inspire and train the sales persons
of the retail stores to convince people to buy our product when they will
come to buy any drinks item.The sales persons will inform the
consumers about the cool refreshing taste of “Horizon bag” and about
the nutritious aspects.We hope that will play a significant role to
increase our sales.
Iii,ii.iii Promotional Tools:
I have also planned to apply some promotional tools.Initially for
sometimes we will distribute our product at 50% discount just make our
new product familiar with the customers.This will be the market-testing
period for our product.Later, we may apply the strategy of giving
gifts,lucky coupons,tour tickets depending on the market and
competitive situations.
Public Relations:
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11. I have future plans to hold seminars,commit social
development,supporting social activities,to arrange cultural functions
and mobile game shows for publicity purpose.
Distribution Channel
In the initial stage, we will distribute the products with our sole
distribution channel.When our market will spread out,we will distribute
our products through dealers.We will set our own outlets in few core
market positions. When we will go for mass marketing, we will supply
our product nationwide through dealers. Our dealers will take the
products to every district of the country. “Horizon bag” will be available
in all retail stores of the country.
Services and warranties
As we are targeting to the top most customer satisfaction and building
long-term customer relationships,there is no alternative for us rather than
providing top quality service.Giving the customers timely and instant
quality service is our primary concern.We even planned to open few
customer service centers where will response to customers’interactions.I
will collect information,suggestions, ideas and opinions of the customers
through these centers and will innovate and modify our product
accordingly.I also will change any defected product.
iv Manufacturing and
Operations: iv.i Locations:
I will set our manufacturing and other working areas in convenient
locations.I will prefer the locations to set up our manufacturing
firms,warehouses and inventories in different core business points of the
country where it will be easier to both collect the raw materials and
transport the final goods to the market.
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12. iv.ii Human Resource:
The board of directors will be responsible for the recruiting
activities.Recruiting will be done through written tests followed by
interviews.
iv.iii Technological Aspects:
To create and innovate new quality products we need to use advanced
technology.I need high tech machineries imported from the foreign
countries.Not to mention,skilled people to operate them.I have already
studied all the technical aspects and prepared a list of instruments and
their costs.The machinery will be collected when required.
V. Financial Plan :
Selecting Price :
Material cost ***
Wage & Salary + ***
Equipment + ***
Travel Expense + ***
Profit + ***
Total Price ****
Last 3 years Balance sheet :
Year Selling Profit
2018 1000000 500000
2019 1200000 700000
2020 1400000 800000
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13. Selling Fig .
Taka .
1600000
1400000
1200000
1000000
800000
600000
400000
200000
0
Profit Fig .
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
vi. Controls:
This is a proposed marketing plan.On the other hand the implementation
will take two months time as per our hypothetical assumption.So after a
successful operation of at least one year,we will be able to determine
how much market share we would capture.
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14. vii. Implementation:
Step 1, To inform the customer about our product and extensive
television commercials will be broadcasted in all Bengali TV channels.
Step 2, Some creative, colorful and youth oriented billboards and
posters will be launched in all metropolitan cities.
Step 3, Simultaneously efficient distributors will be employed in all
territories.
Step 4. Our TO’s and managers make sure un-interrupted logistical
support and distribution
Step 5. Our efficient selling team will make sure that the product is
available in all retail shop within our territory.
Step 6. They will also make sure that sufficient margin is provided to
the retailers.
Step 7. We are going to undertake various motivational activities for the
distributors in different territories.
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