24th November, 2019

Mr. A.K Jyote

Course Instructor,

School of Business,

Independent University, Bangladesh.

Subject: Marketing Plan of Teer Soyabean Oil

Dear Sir,

We submit herewith the attached report on the marketing plan of Teer Soyabean Oil.

The following report was prepared to overview the insights of the marketing strategies of Teer
Soyabean Oil and the marketing strategy of a new product of Teer.
In the process of bringing this report, the members of the team (respective names stated) have
endeavoured to their utmost to maintain the highest of qualities in terms of writing, information
collection and data analysis. The members have furthermore striven to make this report as
comprehensive and relevant to the course as possible.

We would also like to take this opportunity to put forward our most heartfelt thanks for giving
this opportunity.

We hope you find this report satisfactory.

Regards,

Sadia Kalam

Mohammad Mamun

Mohammad Fazle Rabbi

Nabila Islam

Riasat Zaman Sakib

Acknowledgement
We would like to express our deepest gratitude to the course coordinator of Independent
University, Bangladesh (IUB) School of Business Department for providing such a professional
yet learning platform for exposing our talents and potentials in the field of business. Our eternal
respect towards our Principles of Marketing (MKT201) Faculty, Mr.Abul Khair Jyote. We
are eternally grateful to him for sharing valuable and incalculable knowledge and guiding us
through all the way in making a successful, neat and clean marketing report. Our journey with
him in this course has been truly a worthwhile learning experience.

At the same time, we acknowledge and value the efforts of the team members who have put their
dedication and sincerity upon successfully completing this report work, without their
contributions it would have been an incredibly difficult job to accomplish. We, the group
members have spent considerable amount of time and put effort into designing this very
marketing report. We hope and firmly believe that our faculty will be pleased with the work we
are presenting with.

Executive Summary
TEER is the most acclaimed brand of City Group with impression in edible oil, atta, flour,
semolina, rice, lentil, sugar and animal feed items. The brand is synonymous to wellbeing,
cleanliness and greatness.

TEER Soyabean Oil is one of the largest brands in the premium segment of refined oil consumer
packs. The top graded imported crude oil goes thorough world class refining process to ensure
healthy cooking without cutting back on flavor and taste. TEER offers the goodness of vitamin
A, D, E and essential nutrients which makes it the ideal choice for people looking for a healthy
lifestyle.

Company Background

City Group is one of Bangladesh's driving aggregates and confided in shopper product makers.
With 46 years of business heritage, the gathering has become considerably over the period in
esteem creation and generation. At present there are 40 sister concerns, each having some
expertise in various items and administrations.

The gathering's quality lies in dedication to meet our guarantees of conveyance, firm frame of
mind for quality, and valued association with clients, representatives and every single social
gathering.

Teer dedicated management team is working hard for market expansion, product sourcing and
marketing. Although the product of Teer is a bit expensive from other local brands due to some
specific reasons but it always maintains quality.

Our Vision
"To become leading Bangladeshi conglomerate in global arena operating responsibly and
sustainably for making a better society"
Our Mission
"Blending world class technology, innovation and local entrepreneurship to provide hygiene,
health and excellence to consumers."

Product Feature of Teer Soyabean Oil

Teer Soyabean Oil is one of the flagship products of City Group with the following packaging
sizes:

Food Grade HDPE Poly Bag

900 mL

Food Grade HDPE Can

 5 Liters 4 Liters 3 Liters 2 Liters

Food Grade PET Bottle

5 Liter 4 Liter 3 Liter 2 Liter 1 Liter 500 mL

Tin

16 Liter

Current Market Situation

In view of the current soyabean oil market situation in Bangladesh, it seems that Teer Soyabean
Oil is on a satisfactory level.

The following diagram shows the market share of various brands of Soyabean Oil accessible in
the market

According to this pie chart, Teer and Fresh are the market leaders of Bangladesh edible oil.
Rupchanda and ACI hold the other half and many new brands are also present in the market with
different strategies.

Market Segmentation
Market segmentation is one of the steps that goes into defining and targeting specific markets. It
is the process of dividing a market into a distinct group of buyers that require different products
or marketing mixes.

Opportunities in marketing increase when segmented groups of clients and customers with
varying needs and wants are recognized. Markets can be segmented or targeted using a variety of
factor.

The bases for segmenting consumer markets include:

• Psychographic: Upper and Middle Class, Personality

• Behavioral: Occasions

The City group’s marketing department does not work only segmentation of Teer Soyabean oil. It
works with the same kinds of product altogether. It does mass marketing where differentiation is
less than cost.

Target Market

A target market refers to a group of potential customers to whom a company wants to sell its
products and services. 

Upper and Middle class – 20% of the country’s population lives in urban areas or in large cities
and consume 11.2kgs of edible oil per year. Teer Soyabean Oil focuses on urban population
because of its high quality product and benefits which are very difficult to explain to rural
Bangladesh.

All Age Group – Keeping in mind about the health conscious people which are somewhat
present in all age group, Teer has kept its uniqueness of providing a healthy oil with low
cholesterol which is good for the heart.

Lifestyle- working professionals who live a stressful and busy life.

Assessment of 4Ps

Product
Product is the goods and services that companies offers to the target market.

Teer Soyabean Oil is a predominant oil that is a great oil for frying. Because of its gentle flavor,
it is a universally handy oil which has no off-flavors when cooking and frying.

The new product introduced by Teer is the TEER Advanced Soyabean Oil. TEER gives vitamin
A, D, E and essential nutrients which makes it the ideal choice for people looking for a healthy
lifestyle.

Price

Price is the value measured in money term in the part of the transaction between two parties
where the buyer has to give something up (the price) to gain something offered by the other party
or the seller.

TEER Soyabean Oil brand goodwill is quiet high, the oil which is commonly used. Though the
price of a 5lr.can is between 450tk to 500tk, people still purchase the product.

Therefore, the pricing strategy used by Teer is value-based pricing where price is set based on
how much the customers believe and they are willing to purchase, which avoids competition
based on price.

Place (Distribution)

Placement or distribution, this is the process and methods used to bring the product or service to
the consumer.

City Group has chosen to distribute Teer Soyabean oil through its current circulation channel and
for this, their goal is to supply in the perfect spot in the ideal time.

Promotion

Promotion includes all activities that involve communicating with the customer about

the product and its benefits and features.
TEER Soyabean Oil is in the market for a long time and have used promotions like
advertisements to uplift its image. It is running on its brand name.

Competitive Review

Competitive analysis or competitive research is a field of strategic research that specializes in the

collection and review of information about rival firms.

The competition of Teer Soyabean Oil among its rivalries is pretty high because Teer has been in
the market for a long period of time. It has many competitors like Rupchanda, Fresh, ACI and so
many others in the market.

Bashundhara Fortified Soybean Oil: Bashundhara Multi Food Products Ltd. (BMF) has
launched Bashundhara Fortified Soybean Oil in February 2019 which aims to become the no 1
preferred brand in Soybean oil category in Bangladesh..

ACI: ACI Pure Soyabean Oil is a fairly new entrant into the market. The Pure Soyabean oil
business started its operation from middle of May, 2016. The company has targeted to get 8%
market share within 2017.

Rupchanda: Rupchanda, top brand in the edible oil market, has become new formulized edible
oil brand ‘Rupchanda Lessorb Soyabean oil.

According to the bar chart, we can see, Teer has the highest sales in the market with Fresh
slightly lacking behind.
Objectives

From a marketing point of view, the biggest lesson learned is that there’s a huge gap in the idea
and innovation part of Teer Soyabean Oil.

Every business has to make profit to survive in the competing market but there is something
much more important than that and many companies and their marketing team fail to realize this,
and that is brand name and loyalty.

The main target is to become a reliable name in the respected fields. Profit will come eventually
but more important is creating our brand image and customer loyalty. This will help us in selling
more and always having an ensured amount of sales.

Our plan is to increase our market shares which are currently at 5% to 10% within this year. To
do this, we are planning on diversifying our product line 5% more every year. This will ensure a
big portion of the market. In marketing, there is a saying, “customers are king” so customer
satisfaction is one of our top priorities.

Issues

Despite having similar prices with our competitors, Teer Soyabean Oil lacks to attract loyal
consumers. The problem lies within the low existing brand image amongst the not loyal
consumers, since oil is a convenience product, therefore most of the consumers will exhibit the
‘habitual buying behavior’, which indicates they will purchase the product that they are very
used to.

Based on the issues we have determined 4 objectives that will be fitting for Teer Soyabean Oil in
the long-run, these include:

• Building Brand Image

• Increase Brand Awareness

• Increase sales

• Increase market share

Building Brand Image

Teer Soyabean Oil is already an established brand that needs no introduction. It has been a house
hold name for more than decades. To launch our new product, our primary objective is to acquire
the capability an established named with accurate positioning.

Our plus point is we don’t need to invest heavily for marketing this product as we all know
TEER is already an established brand across the country but we have to keep that in mind and
must be cautious so that our marketing efforts become fruitful.

Printed advertising
Newspapers have always been a great tool for any product advertisement. It can still be a good
option to promote our product in this modern/ high-tech period.

Television advertising
Huge number of people watch TV in a regular basis. And to advertise a good, memorable and
informative commercial of our product can highly increase its awareness.

Social media advertising

In Facebook, Instagram, Twitter, YouTube etc. social media platform, our popping up
commercials and ads might be a bit irritating but there is also a high chance of getting noticed by
the spectators.

Remarketing Campaigns
This is a pro strategy for boosting that good brand awareness. Why? Remarketing involves
showing ads to users who visited our site, but left before converting. Remarketing ads are placed
all across the web on sites our customers visit. Soon they’ll be seeing our business everywhere –
on their favorite blogs, while shopping online, etc. This gives the impression that our company is
much larger (and has a much bigger ad budget) than it really is. And it's a great way to increase
your conversion rate.
Sponsoring
Another way to is to sponsor for shows, games, cultural events to boost the brand awareness.

Increase sales

Teer Soyabean Oil current customers are one of the best resources for increased revenue. It is
much easier to sell a client who is already familiar with our product, the quality of our product,
and are comfortable using it. We believe, if we can build a relationship with our target customers,
and if they consider our product as a reliable product, then those customers will recommend
others to use our product.

We think our current customers are a great asset in providing us with client referrals. If we know
that a client is satisfied and happy with our products, we will ask the satisfied customers for
testimonials and then use those on our website and in sales emails or newsletters.

We can offer our customers a monthly pack with up-to 30 taka saving which can turn many
customers interest towards our product.
Offering our customers a bit more in product amount in comparison to our competitor
brands.

Increase market share

Applying for a referral program

It takes a lot of time and effort to acquire new customers, which is one reason why so many B2B
businesses rely on referral programs. In a banking study, referrals were 18 percent more likely to
stay with the company and generated 16 percent more in profits.

By getting these kinds of benefits, our product can increase market share.

More engagement with customers

Numerous studies show the correlation between customer engagement and customer loyalty. It is
one of the reasons social media has evolved from an auxiliary channel to a standard tool in most
marketing programs.

Teer has to figure out how to increase market share online and increase engagement which will
helps us to maintain our current share and turn more new customers into loyal buyers.

Stay ahead of our competitors

Some of the largest companies in the world achieved their current positions because they offered
something bigger or better than the competitors. In this case it’s clear that the slow and steady
never wins the race. So we have to pitch our offerings as fast as we can before any of our
competitors.

Develop a unique brand position

Unique products and services are only the first steps. It also requires the marketing team to create
a distinct look, tone of voice and brand personality—as well as a plan to communicate our new
position at every opportunity. Teer will consider these steps and hope to gain a great market share
percentage for the long run.

SWOT Analysis

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT Analysis is
a technique for assessing these four aspects of a business.

Strength

• Brand reputation value

• It has strong research and development capabilities that are growing

• Good for health

Weakness

• Price is high compared to other competitors

• Our quality of bottles is not good enough

Opportunities

• The rural and local markets need to be tapped and make sure the provision of the
products within time.

• Most of the people living in remote areas, must be given priorities and should be
increased.

• It needs to have consistent and effective coordination between the manufacturing plants
and the local market to provide the quality product.

Threat

• Various other companies are present in market.

• The competitors offer good quality products and TEER needs to maintain the quality of
its products to govern over the market.

• Other brands can reduce the prices of their products and TEER needs to maintain good
rates of their products

Marketing Mix Strategy

Marketing mix refers to the amounts and kinds of marketing variable, the firm is using at a
particular time. Under marketing mix we include product mix, distribution mix, communication
mix and price mix.
Nature of Marketing Mix Strategy
Marketing mix is a dynamic process which is a difficult task as it involves the blending decision
of four different area of marketing i.e., the product, price, promotion and place.

Position
As we described in the SWOT analysis that our primary strength is that Teer Soyabean Oil is a
well renowned established brand throughout the country, so psychologically the consumers will
have a firm belief in their mind that the quality will be surely fair.

We must differentiate this product from others by setting up possible competitive advantages in
order to build a position amongst all the other competitors in the market. We must choose the
accurate competitive advantage and a perfect positioning strategy.

4P’s of Marketing

The marketing mix or 4p’s of marketing mostly describes putting the right product, in the right
place, at the right place, at the right time.

PRODUCT STRATEGY

The product is the most tangible and important single component of marketing program. The
product policy is the corner stone of a marketing mix, without product, there is nothing to
distribute, nothing to promote, nothing to price. If the product fails to satisfy consumer demand,
no additional cost on any of the ingredients of the marketing mix will improve the product
performance in the market place.

The Company (City Group) is producing various types of oil and Teer Soyabean Oil is one of
them. Teer Soyabean Oil is plant-based and is of less harmful saturated fats that offer nutrition
and health-related benefits. It is fitness-friendly, so at present, a large population is thinking to
buy it as an alternative to different types of oils. We have to make sure that we can catch the
market share with the aid of pleasing our customers through preserving hygiene.

A product line is a group of associated products underneath a single brand bought through an
equal company. We can create company improvement by using forming different sizes of bottled
oil, through growing our packaging system.

PRICING STRETAGY

Price is a major marketing tool that helps in directing the merchandise to a unique purchaser
regent. Price is a powerful instrument in which each purchaser and seller are keenly interested. It
is the fee of a product or a carrier that ensures a decent return of investment, a guaranteed table,
economic structure creator, continues and extends the market. Pricing venture contain setting up
pricing objectives. Though our charge is a bit excessive however this is simply to create a
manufacturer image.

TEER is one of the most renowned enterprise businesses throughout the country. We have been
in the market from the ’80s, although we have added our Teer Advanced Soyabean Oil recently.
As we are recognized for our excellent products, we focus on the middle class as properly as
high-end clients for this product. TEER, most of the instances, use value-based pricing mostly
and is slightly currently leaning towards competitive pricing approach keeping in mind the
competitors like ACI, Fresh, IFAD, etc. This avoids pricing competitions, however, Teer must
come up with other ways of competing and promoting their soyabean oil.
Distribution Strategy

The third segment of marketing mix is whether the product is sold at the right location or the
place. In the case of TEER Soyabean Oil, it is sold in distinctive divisions in Bangladesh.
Because of the price being a little high, rural population is nevertheless not involved to purchase
at this price. So, we mainly deliver our products in urban areas through the retailers and
wholesalers.

• Competitive edge over its existing rivals.

• TEER have its own distribution networks equipped with all necessary transportation
facilities.

• We will transport our products at major regional sales offices, which are situated at
different cities of Bangladesh.

• These sales offices (distribution centers) will have their own vans with sales people who
sell and transport goods.

Marketing Communication Strategy

The last segment of marketing mix is promotion or the sales activities that are performed by the
companies in order to increase sale of the product. Teer Soyabean Oil is a renowned product in
Bangladesh.
Integrated Marketing Communication is a term used to describe a holistic approach to marketing
communication. It aims to ensure consistency of message and the complementary use of media.
The concept includes online and offline marketing channels.
A company develops its integrated marketing communication program using all the elements of
the marketing mix (product, price, place, and promotion). It is integration of all marketing tools,
approaches, and resources within a company which maximizes impact on consumer mind and
which results into maximum profit at minimum cost. Teer usually uses different communication
channels such as:
Print Media: Magazines, Newspaper
Broadcast Media: Radio, Television
Display Media: Billboard, Signs, Posters, Banner

Online Media: E-mail, Websites, Social Media (Facebook, Twitter, Instagram etc.). Primarily the
company will advertise via print media. Like newspaper, magazines, articles. Secondly the
company will promote this product via broadcast media like radio, television.

Company will also market their product on the display media.

One of the best ways to attract the customers is to advertise the product by the popular person in
the country.

Geographically in Bangladesh, cricketers and media persons are extremely popular. So, the
company will try to hire a famous cricketer or a films actor/actress. The company will spread the
billboard not only in the major point of the city but also in the important and busy places across
the country like terminals, bus stops, commercial areas where people frequently moves so that
they can see the ad and the company will also make sure that the size and the writings of the
billboard is clarified and visible.

New Product Development of Teer Non-Stick Cooking Spray

The initial phase in any product improvement is obviously the thought. It's one thing to have a
thought; it's another is inside and out to create it. In any case, when we have our thought settled,
there are some significant strides to seek after, including the structure of a marketable strategy
system which includes the advancement strategies, achievements to accomplish, evaluations of
budgetary guide required, and an appraisal of preparing needs.

From this examination we have clear picture that there is a potential for non-stick canned spray
in future.

Teer non-stick cooking spray is oil in a can, but not just oil; it contains lecithin, which is an
emulsifier; dimethyl silicone, which is an anti-foaming agent; and a propellant such as butane or
propane. The aerosol spray comes out and coats your item in a thin layer, which prevents food
from sticking. It comes in 2 variants, 500ml and 1l

Teer Non-stick Cooking Spray has come up with version of spray which is free of
preservatives to add to its purity. The nozzle design has also been revamped making it
leak proof and unmovable.

This helps to secure the oil and manage its use in a better manner. It is also made
through exclusive protection technology called LoSorb which will make the oil more
stable in use. It will be fortified with natural Vitamin-E which helps to preserve the
stability of the oil and therefore, increases the shelf life.

Key to success for Teer Non-stick Cooking Spray

• Excellence

• Innovation

• Product Availability

• Communication

Target Market for Teer Non-Stick Cooking Spray

• Heavy loyal core customers of Teer cooking Oil

• Medium to high income group of customers

• Teer Non-Stick Cooking will essentially target to satisfy the health need of consumers. The
product will emphasize on heart protection as one of the major concerns today is the
occurrence of heart disease and every fourth Bangladeshi is under threat.

It is important to highlight that more oil does not mean that the food will be tastier. It
just means that the excess oil will be floating around in your dish and has higher chances
of causing atherosclerosis, that is, a build-up of fat in your blood vessels.

Teer Non-Stick Cooking Spray also makes it easier to grease the utensils for baking
purposes.
Segmentation
Demographic Segmentation

Since this is a brand new product, we are going to start by targeting a single demographic. Our
primary targets are the people with relatively high income. The customer’s maybe families, gym
instructors or other employees, like doctors.

Concentrated (Niche) Marketing

Since Teer Non-Stick Cooking Spray is a new product, niche marketing seemed like the best way
to go. If the brand is able to capture this singular segment, it will look to expand.

Our primary target is health conscious consumers.

SWOT Analysis
Strength
• Since there is no other company in this sector who would be producing non-stick cooking
spray, we will be operating as a monopoly, and thus we will be the sole and pioneer
company doing this in Bangladesh.

• In the long run, it is definitely cheaper than buying cans of cooking spray

Weakness
• no market share

• Less experienced customers

Opportunities
• market is very big and attractive
 • Acquiring the newer technology and techniques

• Satisfy customer needs

Threats
• entrance of a new product

• Retaining consumers

• Many competitors

Positioning in the Market

Product
Teer non-stick cooking spray may be used instead of oil on frying pans, and this is a
healthier alternative with a lower calorie content. The cooking spray can be employed whenever
you need to fry some eggs, vegetables or prepare a more sophisticated recipe.

Price
We did a survey so that we can know how much price the customers are willing to pay for the
product. 48% respondent would like to pay within the range of 360-500 BDT and 32% are
willing to pay 500-650 BDT. And surprisingly 12% respondent are willing to pay 700+ BDT.

On the basis of our survey analysis, we chose to fix the price of our product at 620 BDT which is
relatively affordable, yet premium despite being it.

Place (Distribution)
TEER have its own distribution networks equipped with all necessary transportation facilities.

Promotion
Our main mode of communication will be through social media. Almost everyone has a
Facebook, YouTube or Twitter account and in some cases a lot more.
Posters will also be posted on walls at the selected malls and markets to make sure both health
conscious and CVD patients are aware of our product.

Posters are relatively cheaper than other common forms of advertising.

Future Perspective of the Product

The market growth stage is very much important for a new product. When a new product
satisfies the market it will enter a growth stage. Then the sales will start climbing quickly. When
a new product comes into a market with some new feature then the market will expand. So we
are expecting to take the market with our new product. There have to use several strategies to
sustain rapid market.

Action Plan

Teer’s Non-Stick Cooking Spray Research outcomes will be gathered accordingly the following
various actions at various times.

Initial Set-Up: huge sales and promotional activities are to be carried out in the months of
February and March. Personal distribution of the template showing introduction of the Teer’s
Non-Stick Cooking Spray. We will provide our new product to the customers at a discount price
or any other offer such as giving a nozzle or another 1 liter free with a 5 liter bottle so that they
can easily consume our product.

1st quarter (April-June): We will immediately start advertising our new product mainly through
TV/ Media. We will use other print media as well e.g. Big Signposts on the main roads showing
Teer’s cooking spray.

2nd quarter (July-September): As customers get familiar with the cooking spray, more sales
promotion activity will be done by putting prizes under the wrapper, thereby encouraging the
customers to buy more of the product.

3rd quarter (October-December): We will introduce New Year sales for quick generating of the
sales turnover and increasing market share and brand awareness.
Last quarter (January-March): There will be special offers to be made to wholesalers and
collaboration will be made with the supermarket to kick start the new promotional activity for
last gap increase in the sales for the first year ending.

Conclusion

All in all, we can conclude by saying that in the market place of TEER must look forward to
increasing the market share of Teer Soyabean Oil by implementing accurate marketing strategies.
As there will be a new product in market, it has a great opportunity to turn it into a familiar
current market. We must also advertise the product to let people know about its existence.
According to what we have shown in the marketing plan, the company must think much about
their future strategies in order to compete with the other brands in the market as the competition
is hard nowadays

Marketing is more than just advertising. It is about creating and capturing customer’s value.
Marketing deals with understanding the needs and demands of the consumers, market research,
pricing, the distribution system and last but not the least advertising and promotions. All of these
add up to the heart of a successful marketing project. We are highly optimistic, with this
marketing report; it will serve its product with optimum benefits in getting back to the map