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Dedication;
Praise to Allah Almighty the most Merciful the most Beneficent .We dedicate this
effort and yet to come effort to our real and spiritual parents. Their love, Guidence
and prayers have always accomplished us in all our tasks. What ever we are today is
just the result of their prayers for us, and all our achievements belong to them first.
Acknowledgement
First and foremost thanks to Al- Mighty Allah, Who has bestowed us
with wisdom, with the capability to learn and benefit by experiences. We are highly
in debt to all the people, who have extended their support and help, and have guided
us in using all our insights in every day during the completion of our final year
report specially Sir. Ayyaz Rishi, because without his support and through his skills
and guidance this final year report would not have completed and enabled us to full
fill our objectives .Most importantly we would like to appreciate the group work
and co-ordination by whole team members including Sayeda Anum Asim, Samar
Abdullah,Yusra Tariq, Mustafa Mehdi 118 ,Zulqernain Ali Haider 121, Ehsan-ul-
Haq , Waqas Ali , Mujadad Aftab Abbassi, .
FLAT FIT
Market Oriented
” We make your drive smooth and provide you safety.”
SWOT Analysis:
SWOT analysis
gives a general overview of a
company’s strengths, weaknesses,
and opportunities a. Specifically,
SWOT is a basic, straightforward
model that assesses what an
organization can and cannot do as
well as its potential opportunities
and threats. The method of SWOT
analysis is to take the information
from an environmental analysis and
separate it into internal (strengths
and weaknesses) and external issues
(opportunities and threats). Once
this is completed, SWOT analysis
determines what may assist the firm
in accomplishing its objectives, and
what obstacles must be overcome or minimized to achieve desired results
SWOT Analysis With Reference To Flat Fit:
(i) Strengths
Here we should list the main strengths of our business and products/services. This should
include not only the areas that our business or products are good at, but also high profit
margins, successful current marketing campaigns and similar strengths. E.g.: Our
business has a reputation for excellent quality customer service.
Strengths are internal factors, and are usually related to our business only.
Considering the above criteria we evaluate our strength on the following factors.
1. Modern Production Method
Under this head we have used best possible ingredient for the maximum working
efficiency that is glycol, which is more temperature tolerating covers surface area
as compared with the other liquids like water and fiber gel.
2. Highly Qualified Staff
Justifying this factor of strength we will have the availability of qualified and
competitive staff members which can have the ability to convince the customers
and build strong customer relationship.
3. Personal Sales Force
We have a personal sales force which communicate the customers directly and
provide them solution to according to their desires.
4. Web Loyalty
The basic advantage of this factor is to provide information and getting feedback
by means of website.
5. Financial Sound Status
We have the more credit and financial resources which can help us to make heavy
investment and support us for a long period of time.
6. Availability of Sponsors
Another important element of strength is big and heavy sponsors. We have
plenty of sponsors which can help us to promote our product. For examples
General Tires, Bridge Stone and Good Year.
7. Young Blood Involvement
We have the young people force which are physically and mentally ready to
work for the best interest of the company and gives innovative ideas.
(ii) Weaknesses
Here you should list the main weaknesses of your business and products/services. This
should include the areas that you feel your business could improve on, or are limiting
your quality or expansion. E.g.: Our slow production speed makes it difficult for us to
meet shipment dates effectively.
Weaknesses are internal factors, and are usually related to your business only.
1. Limited Production
As we are going to start new business so in case of getting large orders. We
lack the ability to fulfill the production at larger scale.
(iii) Opportunities
Here you should list what you believe to be the best opportunities available in your
market, or new markets you believe your business can succeed in. E.g.: Gap in market for
smaller versions of our products.
1. First To Enter In The Market
Primary opportunity for us is that we are the first to enter in the market with a
unique solution of a routine life problem. We can achieve high market share and
high profit ratios.
2. No Competitors
Secondly we can enjoy the monopolistic rule so far as there is no such competitor
available in the market from whom there is a threat of heavy competition
3. Easily Availability Of Distributors
Thirdly there is wide range of distributor available for our product distribution at
an extensive level thus providing us a smooth ground for market penetration.
4. Chances For Globalization
Considering the scope of our product we can rise our distribution from local to
national and then international level
5. Diversifying Our Product
In case of good feedbacks from the consumers we can diversify our product that is
classify the product according to the vehicle thus providing a variety with in our
product and a complete range
6. Made Tires Filled With Sealant
Another opportunity for us is to make readymade sealant filled tires which can be
more facilitating for the consumer and for our business point of view a new field
to introduce our brand and product
STRATEGIC PLANNING
The process of developing and maintaining a strategic fit between the organization’s
goals and capabilities, and its changing marketing opportunities. It involves defining a
clear company mission, setting supporting objectives, designing a sound business
portfolio, and coordinating functional strategies.
Strategic planning with reference
to our company Flat FIT is given
below.
Company’s Mission
Statement:
Market Oriented
Selling Concept:
Selling concept states that “the idea that consumers will not buy
enough of the organization’s products unless the organization undertakes a large scale
selling and promotion effort.”
As our product is unsought so we have decided to choose this marketing strategy.
We will launch a large scale promotional campaign for the product to bring awareness
about the qualities of our product and we will also bring awareness among the users
about the advantages of using liquid sealants like our product. We will access all possible
Medias for the promotion of our product like door to door selling, mobile vans,
billboards, TV/radio commercials and all possible channels for the sales and promotion
of our product.
MARKETING PROCESS
Market Segmentation:
Market segmentation is process
of dividing the market into distinct groups with distinct
needs, characteristics or behavior who might require
separate products or marketing mixes.
Following are the basis of segmentation.
1. Geographic:
Dividing the market into different geographical units such as nations,
states, regions, counties, cities or neighborhoods.
2. Demographic:
We have divided the market according to geographic segment. We are using the Un-
segmented approach or Mass marketing approach to target the segment. We use this
approach because we are going to target market as a whole.
1-Geographic Segmentation
We have selected Country Pakistan and city Islamabad and its surrounding
because there is no such product available in the market in this context.
Secondly this region has both hilly and smooth tracks and having large numbers
of transportation vehicles both heavy and light transport vehicle.
Target Marketing:
A target market consists of set of buyers sharing common needs or
characteristics that the company decides to serve
Target marketing involves the following processes
Evaluating Market Segments
Selecting Target Market Segments
substitute products is zero for our product. Bargaining power of customer low and
supplier is powerful.
Company objectives and Resources: In this section we have analyzed whether
company resources and objectives are in relation to the segment. We have come
to know that Flat Fit possess the strengths and skills to serve target market
effectively and efficiently.
Target Marketing can be carried out at different levels. Following are the market
coverage strategy that the firm can choose to serve its target market.
Undifferentiated Marketing: A market-coverage strategy in which the firm
decides to ignore market segment differences and go after the whole market with
one offer.
Differentiated Marketing: A market-coverage strategy in which a firm decides
to target several market segments and designs separate offers for each.
Concentrated Marketing: A market-coverage strategy in which a firm goes after
a large share of one or few segments or niches.
Micromarketing: The practice of tailoring products and marketing programs to
the needs and wants of specific individuals and local customer groups- includes
local marketing and individual marketing.
- Commercial transporters
- Domestic drivers
- Fast track drivers
- Public transporters
. Because all above shows a large degree of attractiveness for this product.
As our product is going to launch first time in the market so that’s why we are using
concentrated marketing. Because our product has no such degree of variability so in the
future we will shift from concentrated marketing to undifferentiated marketing.
We cannot use other strategies such as differentiated or micromarketing because our
product does not show a high degree of variability. Secondly other segments did not
show any distinct or extra ordinary attractiveness.
Product Positioning:
The way the product is defined by consumers on important attributes- the place the
product occupies in consumer minds relative to competing products.
Competitive Advantage:
An advantage over competitors gained by offering consumers
greater value, either through lower price or by providing more benefits that justify higher
prices.
A company or market offer can be differentiated along the lines of product, services,
channels, people or image.
We have decided to gain a competitive advantage through product differentiation and
channel differentiation. We have designed our product in such a way that it is good for
tires and minimizes life risks.
The same for less: Positioning by offering equivalent product at a lower price.
Less for much less: Positioning by offering less for less price.
More for less: Positioning by offering more for less price.
Our positioning strategy is going to be more for less because our product is a automotive
item and charging high price for it makes no sense.
Positioning Statement:
A statement that summarizes company or brand positioning.
Following are the components of positioning statement:
Target segment and need: Commercial Transporters, who avoid spending much time on
tire fixing and usually will prefer our product.
Brand: Flat Fit
Concept: selling concept
Point of difference: Safety and Reliability
So our position statement is
“To the vehicle movers who are tired of facing the
problem of time wastage in fixing flat tires and wants to minimize life risks Flat Fit
is a liquid sealant which prevent the air loss because of cuts or holes Once you fill it
no need to refill.”
MARKETING RESEARCH
In our marketing research we designed a new product after going through the following
steps
Collection of Data:
We collected the data
from primary sources i.e. went to
different people held talks and did
survey from them directly. We also
conducted focus group interviewing. We
also approached opinion leaders.
Sampling Technique:
We drew the sample from large number of people in Islamabad
and Rawalpindi segment.
Sample:
In accordance with the sampling technique from larger areas of Islamabad we
focused in I-10, Peer-wadhai, G-9, Aabpara and in Rawalpindi we focused in Lalazar
sector, Scheme-3 and Gulistan.
Size of Sample:
In the above mentioned populated areas we distributed 200
questionnaires
Sample Composition:
We have conducted the survey from people in 4 main
categories
- Commercial Transporters
- University students
- Routine life drivers
- People with transportation background
we have chosen market penetration as we know that our product do not have specific
competitors so in order to attract customers we shall have to go into the market with a
lower price. We haven’t used the market skimming strategy as we know that if we use the
skimming strategy then the customers according to Pakistani buying trends would not
even consider looking at the product in the beginning yet when we will reduce the price
they might think that there was something wrong with the product that is why we must
have reduced the price. Therefore we have decided to go with the penetration strategy.
Once we have penetrated into the market & gained some market share then we intend to
increase our product’s price to the level of our product’s competitors.
that this will help us gain loyalty of our trade channels as we are providing them with
incentives.
Segmented Pricing:
Since we will be launching our product in the major cities of Pakistan so we don’t need to
segment our prices in the beginning of our business but gradually as our business tends to
grow we may plan to segment prices at utility stores at which the price of our product
would be slightly less to provide comfort for the low income group.
Psychological Pricing:
The price we are offering as an introductory price for our product.
Therefore when we will enter into the market with a lower price the customer will
perceive the cost of our product comparatively less than the other products and this low
price may grab the attention of middle class who always tries to have quality product in
reasonable price. By this we will have the opportunity to establish our product status in
the market and once we’ll be successful to attain good market image we can sell our
product to high-income groups easily.
Geographic Pricing:
This strategy basically involves the pricing strategies according
geographical locations of country at first we tend to use the Freight absorption strategy
in which our company will bare all the freight expenses so that the consumer price
remains low because of which more and more customers will be attracted to our product
and we tend to increase our market share.
After gaining the sufficient market share we shall tend to use the uniform-delivered
pricing in which our company will charge the same price & freight to all customers not
talking into account their location as we want people to believe that our company takes
all its customers seriously and equally.
International Pricing:
Since our company is just in the developing stages so we
haven’t yet considered the international market we have our hands full with the domestic
market of Pakistan. In future if our company will make good profit margins then we
might consider expanding of our business internationally.
Price Changes:
Most of the times after developing the pricing structures companies are
often faced with situations in which price change is needed to be initiated.
If in future we find out that our product has great image and
has great value in the minds of the customer & that our product has an edge over other
competitors by having more of a market share then we might consider increasing the
price of our product by Rs.10 to Rs.20. This small increase in price would tend to bring
thousands of rupees revenue for us. We will also have to see that our sales don’t drop.
Another situation in which we are going to adopt this strategy is when we will be having
excess demand and we won’t be able to increase our production. Therefore a price
increase would not only increase profit margin but will also balance our short supply
problem.
Thirdly, if our production cost also increases then we would also have to increase our
price.
The STRATEGY:
We have opted for the “pull strategy” for the promotion of our product
as we believe it is through this marketing strategy that we will direct our marketing
activities to induce our customers to buy our product.
We have decided to use the following strategies.
Word of Mouth:
It is a very effective strategy in which we plan to use word of mouth to
introduce our product and the benefits of using our product to the targeted consumers so
that they might be clear about the product.
Print Media
We have decided to use the print media in which we advertised about our
product. We have used the local newspaper and weekly magazines for the publicity of
our product.
We have decided to place our banners on all-important intersections of the cities in which
we are launching our product so that the word of our product spreads round the cities.
We are also handing out brochures at all known petrol pumps, service stations,
workshops , tire shops etc. of the cities in which we are launching
Product
Anything that can be offered to a market for attention, acquisition, use, or consumption
that might satisfy a want or need.
Core benefit
The core benefit that the consumer can attain from our product is the safe transportation,
no wastage of time, enhancing tire’s life which is not available in any other product in the
market.
Actual product
FLAT Fit (liquid tire sealant) is our actual product. Its name, features, packaging and
other attributes have all been combined carefully to deliver the core benefit.
Augmented product
At this time our product is not augmented but in future we have a plan that we’ll offer
some incentives or more beneficial aspects with our product.
CONTROL AND SUGGESTIONS
As far as “Flat Fit “our product is concerned the basic problem we face is the gathering
the target customer for demonstrating our product and giving them basic information
about it .we have controlled this problem by
building up our sales force consisting 200 trained
sales men who are appointed in the city’s most
busy petrol pumps and bus stands and commercial
markets also where they can provide basic
information to the target customers by the means
of Multimedia projectors, broachers, and most
importantly they are provided with the product
bundles also facilitating selling the product at the
point with a number of special offers like :-
In return of doing these efforts we can get immediate feed backs from the
customers by filling questioners from them at the spot and maintain a record of
customers to build strong customer relationships.
• No
• Cant say anything
7. Do you think our product is the best among the substitutes available in the market for
the purpose of sealing puncture?
• Yes
• No
• Cant say anything
8. Is our product is expensive?
• Yes
• No
• Cant say anything
9. Is our product giving you maximum value in return?
• Yes
• No
• Cant say anything
10. Did you find our product better than old way?
• Yes
• No
• Cant say anything
11. Would you like to buy flat fit for your car?
• Yes
• No
• Cant say anything
Any Suggestions ……………………………………………………………………….
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