Fu-Wang Tiffin Pack

Introduction - Marketing
Marketing as a business discipline has been around since the 1940s and many classic models have evolved in respect of how best to conceptualize it and to organize its activities. Pick up any standard textbook on marketing these days and you will undoubtedly find an overabundance of different definitions. Two of the more popular of these are as listed:

Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably. (Chartered Institute of Marketing)

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. (American Marketing Association)

Both these definitions make it clear that marketing actually comprises two distinct elements (Hoffman 54).

The first is the one that most people typically associate with marketing: that is, the notion of a functional department in an organization that is responsible for activities such as conducting research, designing products, and then promoting THJ Page 1

Fu-Wang Tiffin Pack these products to consumers. These are some of the most visible aspects of marketing activity and might typically form part of the job descriptions of individuals working within a discrete marketing department

Marketing refers to promotion and can also involve pricing, product placement and distribution when relevant. Promotion can be limited to a specific target group, or it can be aimed at the general public. Marketing strategies differ depending on the product, target market and budget.

Marketing is an investment that, if done wisely, not only pays for itself but also allows a business to grow. When proper marketing gets the message to the right audience, delivered in the right context, at the right price, it can't go wrong.

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Fu-Wang Tiffin Pack

1. Situation Analysis

a. The Companys products and Service Analysis

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Fu-Wang Tiffin Pack

Our New Product- Fu-Wang Tiffin Pack

1.Product feature- A product can be offered with varying features. A

stripped-down models, one without any extras, is the starting point. The company can create higher-level models by adding more features. Features are competitive tools for differentiating the companys products from competitors product. A Fu-Wang Tiffin pack is basically offered for kids. Kids generally like tasty and lucrative items of food. For this reason we generate our product on the basis of kids needs. Our Tiffin pack featured by kids favorite chips, egg stick. cake and juice.

2.Product design- Good design contributes to products usefulness as well as

to its look. On the basis of kids mind we decorated our design in various way. Colorful pictures and funny cartoons are shown in our design.

3. Product style- Style simply describes the appearances of product. Style

will be eye-catching or yawn producing. Our packaging shows such sort of style that innovate something funny and enjoy for kids.

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b. Market Analysis

MAIN DIMENSIONS Geographic Segmentation

VARIABLES Region Area size Density Climate Age Gender Income Occupation Education Race Home ownership Personality Lifestyle Benefits

BREAKDOWNS Nationwide (all provinces and territories) with emphasis on urban / metropolitan areas, and adapted strategies for all geographical groups 5000-19,999 to 4,000,000+ Urban, suburban All 04-14 years old (Students) Male and Female None Students Primary and Secondary All Living with parents (Kids) Buyers (Parents): Brand conscious, anchored in popular culture, inclined for differentiation and sophistication, quick maturation with modern products All of them dependent on parents, no major responsibilities, highly influenced by peer groups, active life, importance of school and social life COMMUNICATION BENEFITS -Nutritional information -Informational text on history of product FUNCTIONAL BENEFITS -Healthier than fast foods -Convenient, easy to take out PERCEPTUAL BENEFITS -Quality/Premium price -Social standing/good-looking Seasonal (peak in school time), daily-basis, weekly basis Non-user, regular user (current user through existing bar-shops) None, medium, strong

Demographic Segmentation

Psychographics Segmentation

Behavioral Segmentation

so u g ht

Usage rate User status Loyalty status

Market Needs

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Fu-Wang Tiffin Pack Fu-Wang Tiffin Pack is to be established within the Functional food sector. The product will cater to physiological needs (hydrating and nutritional value)

Market Trends
The current trends include a shift away from junk foods and carbonated drinks, a growing interest for healthier / beneficial products for the mind and body the trend towards the availability of on-the-go products for those with an active lifestyle, as well as the trend for personalization through customization (or for beverages, through variety-seeking in a wide introduction of flavours).

Market Growth
Statistical reports anticipate a segment growth of 55.26 % over the next 9 years (2015).

c. Distribution Network Analysis

Place includes company activities that make the product available to target consumers. We can also say that distribution is a process by which a firm makes profit by delivering a certain product or service to target consumers. Without an effective distribution line no company can earn estimated profit. Place strategies include:

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Fu-Wang Tiffin Pack

1.

Channel: We will set two types of channel. One includes suppliers, retailers and consumers. Another one includes no channel. Product will be sold directly to the consumers.

2.

Location: Fu-Wang Tiffin packs will be sold in schools areas and local community.

3.

Transportation: Strong transportation system will be ensured.

d. Competitive Analysis
The current market for Fu-Wang Tiffin Pack is fragmented, since the distribution is restricted to Fu-Wang local outlets and nearby schools and small shops in scattered locations. However, direct competition from these local players is not anticipated, but soon other competitors may follow us. A strong distribution system already exists with Fu-Wang, since partnerships and channels are already in place. This will facilitate the products reach into its target market.

e. Current Financial Situation

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Fu-Wang Tiffin Pack Fu-Wang is a renowned bakery food organization. Its lifetime is not so long, but because of it well organized manufacturing process it foods become fresh, healthy and testy for consumer. Its market segment is not so large but it has already gained much popularity. Therefore its current financial situation is also satisfying .So why its thinks to expense its market segments. As it is a profitable organization, so we think that it will be able to capture market and may it more profitable.

f. Historical Result

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Fu-Wang Tiffin Pack In the emergence of 21st century, consumer consciousnesses are ameliorated day by day. Now their product selection is in the term of quality rather than quantity & price. They are always looking forward to safer & security of their regular product. Considering above Fu-Wang engages in the field of food industry since August 1997. The Management of Fu-Wang Group is always followed QSP (Quality, Services and Price) for their each & every product.

Fu-Wang is much closed to the taste and food habit of generations. Accordingly they are sincere to research and development of products from state of art laboratory. Every developed product from Fu-Wang foods is well accepted from each every valued customers group.

Presently they are having 350 dealers, more than dozens of chain shops, eight numbers of branches & residential offices to serve their customers. More than 200 products option to customers wide variety choice. 24-hour supervision of foreign technician for producing quality, imported Taiwan, Italian machinery, good quality raw materials confirming customer satisfaction. Very near future they are stepping in for beverage products.

They are committed to customers better health providing, hygienic & fresh product, sufficient food values for your nutrition and taste.

COMPANY PROFILE:

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Fu-Wang Tiffin Pack Company Name: FU-WANG Foods & Beverage Ltd. Date of Incorporation:: 17 February 1997 Listed in Dhaka Stock Exchange : Director Listed in Chittagong Stock Exchange : July 2000 Commercial Production : August 1997 ISO Certification : ISO-9002 Certified on 04 November 1998 Business line : Food & Beverage Processing Industry Authorized Capital : TK. 500 Million Paid-up Capital : TK. 184 Million Number of Employees : 762

Factories
412 Tejgaon-Gulshan link Road, Tejgaon I/A, Dhaka. Borkan Monipur, Hotapara, Gazi Sadar, Gazipur 348 Gulbagh, Brparipara, Agrabad C/A, Chitagong.

2. SWOT ANALYSIS
(Internal Strengths and weaknesses, Outside Opportunities and threats) Strengths Brand strength Effective stride in new markets Healthy and nutritious Strong existing distribution channels Opportunities New product introductions Brand is attractive to global partners Weaknesses Reliant upon line extensions Entrance into difficult categories Threats Moderate competition Free trade

non-core

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Fu-Wang Tiffin Pack

3. Marketing Objectives & Issues

a. Financial Objective:
Through efficiency and economy of scale gains, we will try to increases our profit margin by 3.5% per quarter. 1. By regular research and increasing budget, we will able to identify our lacking as well as profit gaining sectors. So than we can take necessary steps. 2. A double-digit growth rate for the first three years.

b. Marketing Objectives
The objectives of the marketing plan are strategically centered around 3 criteria: to create a strong consumer awareness towards a completely new food package from Fu- Wang, to establish a wide brand recognition through the capture of market shares in the functional food segment, and to become the top market leader in that particular segment within the forecasted sales figures.

c. Critical Issues
As a start up business, Tiffin pack is still in the early stages. So the critical issues are: 1. Establish itself as a renowned Tiffin producer. 2. More focus on controlling system, which ensure that payroll expenses will never exceed revenue base. As a result protecting recession will be much more easier. THJ Page 11

Fu-Wang Tiffin Pack 3. Examining the customer satisfaction regularly which ensures that the growth strategy will never compromise service and satisfaction level.

4. Marketing Strategy
Segment means dividing the market into distinct groups of buyer with different needs and wants, characteristics or behavior who might require separate attributes. A set of buyers who share common needs or characteristics that the company decides to serve is target market. For target marketing we follow undifferentiated (mass) marketing. As we are launching new product, we are selecting this strategy.

Mission
Fu-Wang is a very popular bakery food chain in Bangladesh. It has been relatively successful in gaining and capturing good percent of market share within a very small period. The mission statement of this company is stated below: We delight consumers, providing products with high quality standard, excitement, and innovation at a reasonable price that offers best value for their money. For new product to the market our Message is: THJ Page 12

Fu-Wang Tiffin Pack Fu-Wang Tiffin is a healthy package for children to help them grow fast.

a. TARGET MARKET
Our product is for 4 years to 14 years old children who need healthy foods for their growth. That is why package is designed in that manner. It is for kids regular school Tiffin. For Tiffin the target group is the health conscious parents of children. It is basically for the working parents who get little time to prepare Tiffin for their kids. Their strong emphasis is on saying Tiffin is the power pack of energy.

b. Positioning strategy
It is the only Tiffin pack available which saves time for the parents to prepare. Eye-catching package, reasonable-price, cool, new and unusual, unique experience, aspects of play (oversized colored straw), variety of flavors, sweet, refreshing, healthier alternative to other healthy foods.

c. Marketing strategy & Tactics

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Fu-Wang Tiffin Pack 1. Fu-Wang should think of increasing Product line, flavor to capture every segment with low price. 2. It must see that the store, dealers are full with its products in the market all time 3. They should think about taste & try to capture new segments. 4. They should reduce production cost for better profit margin. 5. Fu-Wang can increase promotional activities & motivation.

d. Marketing Mix
Product Strategies:
Fu-Wang Tiffin Pack is pre-packed, ready-to-eat format. The actual product o o Packaging and labeling: figure will show Branding: colorful, aspect of play, square shaped, prominent Fu-Waang logo written in modern font, catchphrases such as Full Power pack of Fun and Energy o o Trade name: Fu-Wang Tiffin Pack, a Fu-Wang product Brand personality: energy, cool, functional, original, healthy, etc.

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Fu-Wang Tiffin Pack o Brand equity: Fu-Wang provides a quality, consistent, innovative and accessible reputation. Augmented product o Nutritional information, ingredients, items inside the package, Features promoting the website, Health benefits.

To communicate with our customers we need to go for some advertisement (Promotion). To us TV and Dealers should be our main target. If we can make lucrative commercial then surely we will get the awareness. And if we can convince the dealers then they will market our product on behalf of us. Dealers are the persons who will deal with the customer. So convincing them is very important factor. The following chart will show the distribution of budget for

advertisement in different sectors. Television Newspaper Billboard Poster Dealers Gifts 35% 15% 12% 05% 25% 08% The most popular media. Plays a vital r ole An effective media to get to the customers People notice billboards. Also an effective mechanism Make people know what is available in the market Convince dealers so that they will market the product Attracts customers by cool gifts

PRICE STRATEGY
The price strategy that will be undertaken should consider the following aspects: 1. Customer demand 2. The product lifecycle 3. Potential substitutes 1. Customer demand THJ Page 15

Fu-Wang Tiffin Pack Customer demand is a crucial factor, which is driven by tastes, income and availability of others similar products at a different price (mentioned later in the potential substitutes section). For a lot of consumers, value and price are highly related: the higher the price, the higher the value. Consequently, Fu-Wangs intention to position Fu-Wang Tiffin pack as a unique, innovative and attractive Pure bundling product which gives it a certain control over price. To be able to implement higher pricing though, the minimization of the non-monetary costs to customers should also be include along with awareness of the product (notably by advertising) and value (benefits). 2.The product lifecycle The company should take advantage also to the fact that the newer the product and the earlier in its lifecycle the higher the price can usually be. It ensures a high profit margin as the early adopters buy the product and the firm seeks to recoup development costs quickly and it also brings a certain prestige to the product. 3. Potential substitutes Fu-Wang is constrained by the monopolistic market in which it competes. The main characteristic however is product differentiation.

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PLACE STRATEGY
Fu-Wang Tiffin pack will be chooses selective distribution through these channels: supermarkets, convenience stores, independent food stores, multiple grocers, and direct sales.

PROMOTION STRATEGY
Objectives: To initiate strong awareness about the launch of Tiffin Pack throughout kids (04-14 years) as well as their parents. To win market shares.

Concepts: Energy in healthy body. For the extra-ordinary kids who will be future stars.

Media selection: Before choosing the appropriate Medias, it is important to note that kids and their parents give partial attention to media. However, they can be reached through integrated programs. They are typically using more than one communication media at a time; a behaviour that is often called multitasking. This group of consumers doesnt give its full attention to one single message, but rather uses continuous partial attention to scan the media. Marketers can still communicate with this group by using a variety of targeted promotional tools. Another important tactic to reach our target market is through Viral or Buzz marketing, which FuWang will heavily use in this campaign (schools, game contests). THJ Page 17

Fu-Wang Tiffin Pack Customer Service Fu-Wang believes that it will able to achieve higher level of customer satisfaction through offering better service with smiling face.

e. Marketing Research
It includes four functions 1. Defining the problem and research objectives. 2. Developing the research plan. 3. Implementing the research plan. 4. Interpreting and reporting the findings.

5. Action Item
Marketing Organization

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Fu-Wang Tiffin Pack Board of Directors

Audit Committee Chairman

Management of the Company Managing Director Chief Financial Officer Head of Internal Audit Company Directors &Board of Secretary Forecast

Auditors of the Company Chartered Accountants

Member Member

6. Financial, Budgets
Break-Even Analysis
Variable Cost per unit=30 Finance Fixed Cost=900000 Department

Marketing Department

Accounting Department

Expected unit sales=300000 Budgeting Promotional Unit Cost= Variable Cost+ Fixed Cost/Unit Sales Activities = TK30+TK900000/300000 Controlling Budget = TK33 Generating Expenses

Sales Forecast Annual Reports

Want to get 35% markup on sales in three years. Markup Price= Unit cost/(1-Desired return on sales) = TK33/ (1-0.35) = TK 50 Break- Even Volume= Fixed Cost/Price- Variable Cost THJ Page 19

Fu-Wang Tiffin Pack = 900000/ (50-30) = 45000 Total revenue 1500 1300 1000 900 Fixed cost Target profit Total cost

25

45

55

Break-Even Diagram

b. Sales Forecast
Year 1 2 3 Expected Unit Sales 60000 80000 160000 Sales % 20% 26.67% 53.33% Market Share % 5% 8% 20% Profit % 10.5% 16% 30%

c. Marketing Budget Forecast

Year Expected Unit Sales 1 60000 2 80000 3 160000 Research & Advertising Distribution Maintenance Others Development Cost Cost Cost Cost 330000 150000 20000 280000 220000 200000 250000 300000 300000 130000 200000 60000 50000 40000 20000 Total Costs 1040000 910000 600000

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7.Controls
a. Performance Monitoring
We can monitor performance by seeing the sale volume of Tiffin pack. If it gets the target number sell in required time period that will assure good performance level. For that we have to monitor the bottom line providers (retail sellers). Are they keeping boxes properly, not providing damp or expire date packs. Lastly we can hire a marketing survey organization to measure the market acceptance of our product and to know consumer preference and any change they want.

Conclusion
Our motto is customer satisfaction. So take from opinion customer, we evaluate their opinion and we offer service according to their need and wants. We want to make people aware about health.

References
Philip Kotler & Kevin Lane Kellers Marketing Management- BOOK www.fuwanggroup.com/message.html www.fuwanggroup.com/message.html www.alacrastore.com/.../Fu_Wang_Food_Industries_Ltd-4066801 www.bdtradeinfo.com/yellowpages/des_data.asp?...id=387

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Fu-Wang Tiffin Pack nvest.informe.com/.../fuwan-food-falling-may-stop-soon-t20.html Bangladesh shuvecchadhaka.com/index.php?main_page=index&manufacturers_id... www.bdyellowbook.com/catalog/Food.../Food_Products/ -

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