Marketing Plan For New Product Developme
Marketing Plan For New Product Developme
Marketing Plan For New Product Developme
Purpose of this assignment is to start a new product planning of “Dragon Fruit Juice”. Dragon
Fruit Juice is a new brand for Bangladesh. This is the first effort in Bangladesh to market this
product.
Dragon Fruit Juice is a leading health juice provider, facing direct competition from other
bottled juice. It will position itself in the same category.
Dragon Fruit Juice is much more than just juice and refreshment. It works for more
responsible hydration. It is great-tasting, nutrient-packed, an enhanced juice with added
electrolytes. In addition to providing a perfect complement to everyone’s less-than-perfect
diet, each Dragon Fruit Juice variety has a unique combination of nutrients to deliver a
specific benefit to get you through your day.
Our marketing strategy will be the reasonable price and the availability of products in all the
convenience stores and intensive promotional measure to expand the market which will
facilitate the marketing of future products to a considerable extent. Many comparative brands
were very aggressive are spent huge amount in advertising during the last few year.
Now, there are huge competitors in the market. So, we have to use huge promotional
activities.
We’ll use different Medias to draw the attention of the consumer like:
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Current Market Situation
1.2 Legality:
We have legal paper to launch this product. To produce Dragon Fruit Juice we have proper
legal lawyers to advice ourselves about legality.
The product of course will be healthy. We don’t have any complex legality problem at all
now. To produce product our production place will be social fair.
1.3 Government:
Our product will be recognized by Bangladesh’s government. The government doesn’t have
any restriction to launch our product. The government has already approved our company.
1.4 Technology :
Bangladesh’s technology is so much developed. The technology will help us to produce more
products at a little time. The technology will help us to promote our product. Advance
technology of producing product is now new attraction.
1.5 Ecological:
The product will not hamper any ecological balance our product will be environment friendly.
Our product will be made on the basis of eco friendly and easily adjust with environment.
Our company will always try to increase our social image to do some CSR activity in
Bangladesh. Our company will do other social task which will improve our social image. Our
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company will have workplace for the people to improve their skills. We will take some effort
against smoking AIDS etc.
Our market is in the juice sector. There are huge amount of competition on that sector. So, it
will be very tough for us to make good position on that market. But, we will do huge
promotional activities to make a suitable position on that market.
Our market size is big. We have targeted mainly young generation. That’s why we have huge
market. We have targeted young generation, sports man, employee etc as our target market.
We have close competitors so we need to take step consciously .The competitors like Pran,
Acme, and Shezan who are the leaders of juice suppliers.
We have many competitors in this industry this rivalry is intensely fighting price war .We
need to think about these intense rivalry competitions.
We make consumer conscious about our product that we are different than other competitors.
This market is going on intense competition. So the threat is to think about new competitors
who are trying to produce new quality full product.
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3. Threat of substitute products:
Particularly we don’t have close substitute but we have substitute who can be threat for us.
They can decrease our profit margin such as Pran, Acme and Shezan can be threat for us
because they are the market leaders they will try to defeat us .
When intense competition arises the buyer can gain power to choose the best one for him. He
can bargain any product and he can switch another product if our product can’t give his
expectation.
The suppliers can be threat sometimes. If competition is high the suppliers can use any brand
if they want because they have alternatives to choose them. Sometimes they can increase
product price.
Here we are showing current situation of regular branded bottled juice which are very much
popular in Bangladesh. These are given in follower:
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3. Current situation - Consumer analysis
To buy this type of product consumers often do a lot of brand switching .They may hold some
belief, they choose a brand of this type of product without much revaluation and revaluate
that product during consumption but next time the consumers may pick another brand
.Consumers do this type of behave, when they are offered lower prices, coupons, free samples
and advertising. This offering presents reasons for typing something new.
3.2 Participants:
Highly educated
Economic situation are strong and good
Young generation and corporate people
15 to 65 ages people
Staying outside from home, consumers may feel tired. At that time they want to buy juice or
water. Consumers have expectation when they buy juice or water. They may expect that the
juice will pure and available, the juice will be healthy; the bottle of the juice will be looking
good. If the product fulfilled their expectation, they will motive to that product.
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Strengths, Weakness, Opportunities and
Threat Analysis
SWOT analysis is a basic, straightforward model that provides direction and serves as a basis
for the development of marketing plans. The role of SWOT analysis is to take the information
from the environmental analysis and separate it into internal issues (strengths and
weaknesses) and external issues (opportunities and threats).
The SWOT analysis summarizes the external environmental factors as a list of opportunities
and threats.
4.1 Strength:
High Quality With affordable Price: The major strength of our product is high
quality product and maintain affordable price. Our products differ from other
company product because of high quality and affordable price; we always try to
add some value with the product.
Distribution channels: We select retailers and dealer to carry our product to the
shops. We also inquiry the previous performance of retailer and dealers. Our
company select short distribution process as a result, our maintain cost reduce and
profit can easily increase. We use our own transport.
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o Don’t use unhealthy chemicals.
4.2 Weaknesses
Target market: Because our company’s product and service are international
standard in terms of both quality and price. It is difficult for our company to go for
mass marketing.
Preservation: It is much more difficult for our company to preserve the mango
products. Because food is so perishable product and also the problem of
temperature.
4.3 Opportunities
New market: The main peruse to enter the new geographical area is to be generate
profit as well as increase our brand image
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Some other opportunities are:
o Ability to make a more convenient or efficient buying process.
o To collect the more information and advice from customers.
o Large market size.
o Opportunity to increase can market coverage and retail penetration.
o More promotional activities
o Strong brand image
o Competitor’s weak distribution channel
o Franchise business all over the world
4.4 Threats:
Competitors: When we lunch our product in a new market, there are available
competitors. It is important for us to differentiate our product from other
competitors.
Changing Buyers taste: Consumer tastes are always changeable because they
always find different features from the product. The demand of the buyers,
change day by day.
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Objectives Analysis
1. Mission statement:
At all times we are dedicated to work in a quality environment. Working with quality people
and offering quality products, thus ensuring growth earnings to our staff, principles and our
customers.
To establish Dragon Fruit Juice in Bangladesh as a healthy juice we are targeting young
generation, sports people, thrill seeking people and also for those adults for whom nutrition
became a necessity with a span of age or due to some illness. It is for the daily source of
energy for the people. Our mission is to build a good reputation for Dragon Fruit Juice in
quality and to become a successful company in Bangladesh.
2. Our vision:
We hope that our investment in people and technology will enable us to develop our business
into a Successful Enterprise. Knowledge of Customers and the market will allow us to
capitalize on product and development and to be more flexible and efficient. We believe that
integrity is the key to gain the respect of the employees, the colleagues and the consumers
throughout the industry. A strong base from which we can build our project into a successful
enterprise can only be built by the joint effort and the commitment of our customers,
distributers, suppliers and employees.
Quality means everything to our company and our quality assurance systems are designed to
ensure our products meet all safety regulations and quality standards.
3. Financial objectives:
Increasing growth percentages in revenues
Growth in earnings
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Following wider profit margins
Follow the common financial ratios
Bigger cash flows
Attractive Economic Value Added (EVA) performance
4. Corporate objectives:
Develop the relations among the departments
Develop the employee efficiency
Develop the employee relation
5. Marketing objectives:
Higher product quality than rivals
Expand our business in new market
Broader or more attractive product line than rivals
Increasing market share
Superior customer service
Reasonable price related to key competitor
Health care and educational establishment
Our Basic Business Philosophy is not only to sell the product and earn the revenue. At first
we want to spread the product in Bangladesh among all regions. We will create more
variation and make product quality better than the others.
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Marketing Strategy
1. Product:
It is fully mixture of fruits and also mixture of nutrition. Product is the key element in the
marketing offering .Our marketing mix planning begins with formulating an offering that
brings value to the target market. This offering becomes the basis upon which the company
builds profitable relationship with customer.
Quality:
Quality is the important part of the product attributes. We always try to maintain better
quality than competitors do. We never use chemical into the fruits, and our product always
offer freshness. Here product quality means performance quality-freedom from defects and
consistency in delivering a target level of performance.
Features:
Product can be offered with varying features. We create high quality product by adding
features. Features are competition tool for differentiating the company’s product from
competitor’s product.
Design and Style:
Another away to add consumer’s value is through distinctive product style and design. We
can improve our packaging design for capturing customer’s value.
Product strengths:
1. Unique Quality
2. Unique design
3. Taste different
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4. Different flavor
5. Can fulfill thirst and give energy.
Product weaknesses:
To build strong customer mind we think about product development. We can improve
our product quality to capture customer which can maximize our product profit. Product
modification can attract our customer sometimes we’ll modify our product quality, design,
benefits for the customer.
Maintaining performance quality is critical but frequently a product that leaves the factory at
performance quality is damaged as it passes through the distribution chain. This is a special
problem for international marketing. We will definitely try to maintain the overall quality of
our product Dragon Fruit Juice. As it is a fruit juice so we will give more importance to
maintain the percentage of the core ingredient of the drink and that is various fruits.
1.3 Adaptation:
Economic:
The less economically developed a market is, the greater degree of adaptation it needs.
Sometimes a product has to be changed according to the new market and this is called
adaptation. Adaptation can be made according to legal, economic, political, and technological
and climate fields. As Bangladesh is a monochromatic country, they like to do works on time.
So we have to be punctual at every step of our marketing.
Price:
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Price of our product can be determined as far as the target market is concerned. As
Bangladesh is an economically rich country, so we can charge price concerning that factor.
We guess pricing adaptation will not be very much critical for Bangladesh’s economy.
Climate:
Changes may also have to made according to the climate differences. According to
Bangladesh’s climate we can serve it on plastic bottle or on canned tin. The preference can be
made by looking at the market condition of Bangladesh.
Development:
When we generate idea and develop a product with new brand name in new country,
profits are zero .The investment are high and risk also high. That’s why we need to conscious
from our development process.
Introduction:
The initial period of time our sales will grow up slowly and profit will come slowly.
Growth:
In this stage our customer knows about our product and conscious about our product
quality than our sales will increase rapidly and profit margin will be high.
Maturity:
This period of time our product sale can be slowdown for because of competitors will
know about our strong point and weak point. This time our profit not increase against
competitors.
Decline:
When sales will fall consistently and our profits will drop than we think about shut
down our production. We’ve to do more promotional activity to recover it. We’ve to find new
extension.
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1.5 Branding:
Branding is a very important part of any product, a product always known by its brand name,
image and quality. We have chosen this word ‘Dragon’ because it’s the name of fruit and
make fresh juice.
There are typically four levels of meaning conveyed by a brand name. The following is an
analysis of what Dragon Fruit Juice brand names convey-
Brand
2. Price:
Pricing is one of the major issue which is a component of a full business plan. We selected
the price for our product Dragon Fruit Juice by considering various things like, price assigned
by their country will import whether consumer will purchase it, differentiating our product
from competitors, maintaining line with our marketing strategies and the product attributes
etc.
One should select pricing objective keeping in mind about the business and financial goals.
As our mission is to be leader by providing world’s premier consumer product Dragon Fruit
Juice, our pricing objective is to increase market share and even maximum profit by charging
reasonable price than the competitors do.
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Our company will follow the premium pricing strategy because our product Dragon Fruit
Juice is the premium product and we hope that it will be able to make a good position in our
consumers mind by divining its superior service and value. Premium pricing is the practice of
keeping the price of a product artificially high in order to encourage favorable perceptions
among buyers. It is intended to exploit the tendency for buyers to assignment expressive
items enjoy an exceptional reputation, are more reliable or desirable, or represent
expressional quality and distinction. As the features of our product matcher with this Strategy,
we decided that we will follow the premium pricing strategy.
3. Promotion:
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3.2 Promotional mix:
We will apply marketing strategy and sales strategy/ promotional activities, we have done our
survey, we have talked with the distributors, wholesalers, retailers, and we know what
demand do we have in the market, now it’s time for the implementation.
i. Advertisement:
Newspaper:
One of the oldest and most effective media is newspaper, will call a newspaper media
conference where we will give a detailed idea of our company and our product and for what
reason we want to launch Dragon Fruit Juice in Bangladesh..
Radio:
Currently Radio as one of the most famous media all around the country, a huge number
of old, young generation are fan of it, we will advertise our product in radio too.
Television:
A large number of invest would go on this sector, a full 50 second length of TV
commercial will be made by some celebrities and it will be shown of all the television
channels.
Free samples:
We will provide free samples of 250ml pack to different schools, college & universities,
shopping centers especially where the females are gathered. Like girls school, Ladies club,
school gates, girl’s colleges.
Website:
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We will launch a full dynamic website where we will give a full information about our
company, about our company’s mission, vision and objectives, our product range, our
standard quality rating certified by different organizations, our distribution channels, our sales
promotional activities, our new product launching section, feedback section, contact section.
4. Distribution:
4.1 Geographical Coverage:
Our geographic coverage will be in five huge warehouses, one in each division of
Bangladesh and then in future after establishing our product in these areas we will launch our
product in the rest of the cities of Bangladesh. The company does not use its own fleet of
transport for distributing its product. However, it has outsourced its distribution process to
various third party distributors. These distributors then supply the product all over
Bangladesh to a huge number of retailers.
The company’s distribution channel is not very difficult because of the nature of the product.
The company has the efficient distribution system that is earning a lot through mass sales.
In terms of distribution special focus would be given to the availability of product at Modern
Trade outlets, Big Grocery stores, and International Chain Accounts. Wholesale distribution
would be patchy. Convenience stores are another channel to be targeted for the availability.
Types of channels will be Direct like via sales force.
Using the latest e-business technology, WEBSE E-Distribution provides our business with an
affordable, fully functional business application which meets your business demands and
achieves cost effectiveness. We are also using e-mail and SMS’s to distribute our product.
5 Market Segmentation:
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Our product is healthy and the price of the product is high. So we are segmenting the
consumer market by income level and education. We differentiate the segments according to
Socio Economic Cluster (SEC) i.e. education and Income. The Socio Economic cluster
divides the population in five segments starting from A to E. A categorizes the highly
educated and high income earners holders. B categorizes upper middle income and educated
slightly less than A category. C categorizes middle income and educated slightly less than B
category. D categorizes lower middle income and educated slightly less than C category. E
categorizes low income and very low level of literacy.
Dragon Fruit Juice is healthy juice. This juice is containing some nutrition. So age is most
important to segmenting the market. We again differentiate the segments according to age.
The Age Chart divides the population in eight divisions starting from 1 to 8. Less than 6 ages
stay division 1, 6 to 10 ages stay division 2, 11 to 14 ages stay division 3, 15 to 19 ages stay
division 4, 20 to 34 ages stay division 5, 35 to 50 ages stay division 6, 51 to 65 ages stay
division 7 and 65+ ages stay division 8. We’ve targeted division 4-7.
6 Target Market:
The target consumers of Dragon Fruit Juice are people who want something healthier. Dragon
Fruit Juice is affordable and healthy. The people whose economic situations are strong and
who are aware about their health want to buy the product. Whose economic situations are
poor and who are illiterate they will not want to buy Dragon Fruit Juice. They have not
enough money. They are not aware about health. So the people of categories A, B and C can
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buy this product. Other side Dragon Fruit Juice contains some vitamins and nutrition. This
water is helpful for the 15 to 65 age’s people.
7 Marketing Research:
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.
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Action programs
Dragon Fruit Juice has decided to do some action programs to achieve their goals and to
recognize the product throughout the country. Here are some action program vitamin water
do through the whole year:
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4. April We decide that our company will set up an BDT 100000.00
information centre to provide the knowledge
and value of the product to the customers.
Our company member decided that this task
will be done by first line managers of our
company consists of 20 members to provide
knowledge to the customers.
5. May At the month of May we will do a brand BDT 50000.00
ambassador by selecting the well known
personality who has created the own image
by him/herself. This will be done by the
celebrity who will be selected by our
company. We will select the celebrity who
has a positive Impact on the people.
6. June At the month of June we will launch a full BDT 30000.00
dynamic website where we will give full
information about our company, our product.
By this customer can know about our
product. This work will be done by the
employees of technological development
department consists of 10 members.
7. July One of the oldest and most effective media is $20000.00
newspaper; we will call a newspaper media
conference where we will give the detailed
idea for what reason we are marketing this
Juice. This will be done by the owner of the
company that means us. It helps us to
introduce ourselves among the people and by
doing this we can tell the actual reason of the
launce of the product.
8. August Time to time for our promotional activities, BDT 150000.00
we will provide 5-10% discount or cash
back. This will be done by 5 middle
managers of our company.
9. September At the month of September we will do a $12000.00
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monthly quiz contest newspaper, a gift
voucher will be given to the winner. This
task will be done by the normal employees
who will follow our instructions.
10. October Bangladesh is a game loving country. We BDT 70000.00
will arrange different times of games as
football, and some logical games in school,
college and in university. This will be done
by the managers of our company.
11. November We will provide free samples of 300ml bottle BDT 100000.00
to school, college etc. Also we will provide
free samples to the departmental stores. This
work will be done by the distributer of our
company.
12. December One of the oldest and most effective ways is BDT 80000.00
announcing, where there is no TV or radio or
medias. It is very effective as we have seen
different product launching. This is the last
task of action programs. This will be done by
the normal employees of the company and
for completing this task they will follow the
rules of middle managers.
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Budgets
Income Statement
Marketing Expenses
Sales expense $120000.00
Promotion expenses $100000.00
$229000.00
Freight $90000.00
$610000.00
Net Profit Before Income Tax
Balance Sheet
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Particulars Amount Amount
Assets:
Cash 800000.00
Accounts Receivable 100000.00
Prepaid Insurance 30000.00
Equipment 300000.00
(-) Acc. Depreciation 150000.00 150000.00
1080000.00
Total Asset
Liabilities and Owner’s Equity:
Liabilities:
100000.00
Accounts payable
30000.00
Interest payable
150000.00
Salaries payable
280000.00
Total Liabilities
Owner’s Equity
Capital
800000.00
1080000.00
Total liabilities and Owner Equity
People in Bangladesh are very much health conscious. They want to lead their life in a
healthy manner. So in this regards some time they don’t compromise for money. More over
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juice is very essential to get healthy life. So why they will ignore drinking Dragon Fruit Juice
where they are getting the entire essential nutrition within affordable price!
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Method
Print advertising December 15, 2016 Personal Review outcomes :
Online advertising communication 1. We found public
Mail-out survey, public response and they
Give way opinion, collecting were interested to
Media release information from buy our product.
Event retailers and They are agree to
Public relation wholesalers. give us our
demand pricing.
2. Sales or profits
figures are given
below
3. 20% repeat
customer we have
found
4. 1000 customers
in a week.
Bibliography
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1. http://www.everyculture.com/Cr-Ga/Bangladesh.html
2. http://Bangladesh.dk/
3. http://erhvervsstyrelsen.dk/file/6194/BusinessPlanTemplate-UK2007.doc
4. http://www.startupoverseas.co.uk/expanding-a-business-in-Bangladesh/preparing-
to-expand.html
5. http://Bangladesh.dk/en/practical-info/invest-in-Bangladesh/
6. http://www.euromonitor.com/fruit-vegetable-juice-in-Bangladesh/report
7. www.arla.se/vara-produkter/produktgrupper/juice/
8. http://www.rynkeby.dk/
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