GROUP PRESENTATION ON JOYOUNG LTD.

BY :PRATIKA GUPTA PRATEEK JAIN HARMEET KAUR AKHIL JAIN SAKSHI TAVLEEN KAUR

SUMMARY OF JOYOUNG SOYMILK MAKER

JOYOUNG brand was launched in 1994 and invented the worlds first automatic soymilk maker home appliance. It had nearly two thousand employees and the company's sales grew by RMB 6 million to RMB 12 million. It became one of the most prominent brand in its field and had captured the 80 percent market share. They fought the competition by being constant innovators to develop a high-quality and differentiated products that met the needs of its customers. It was among the fast-learning Chinese companies which relied on extensive market research.

Contrary to its current success, Joyoung soymilk could not succeed at the time when they launched the product as they assumed that the product would be accepted by the customers, but the customers had no idea what this machine does. Due to which it could not succeed and had first two thousand units remained sacked in storage for months.

But later when they decided to conduct market research they dint only succeeded but surpassed the sales of Phillips home appliances in the Chinese market.

Objective
To Make it easier for consumer to enjoy healthy life styles. To develop high quality and distinctively designed products that meet consumers need. To do constant innovation of product so as to satisfy the consumer and to fight competition.

Approaches to the Problem

They did not conduct market research and relied on the historical assumptions. No good strategy was followed. Targets were not set properly. No positioning. No new promotions strategies.

Customers profile
There are various factors on which customers profile is made for market segmentation, but the factors used by Joyoung ltd were:1. Gender male or female. 2. What is the Marital status single or married.

3. In which Age group they belong under 34 ; 35 54 55 and above.

4. What is there basic pay :-

Less than RMB 5,000 RMB 5,000 - RMB 9,999 RMB 10,000 - RMB 14,999 RMB 15,000 - RMB 19,999 RMB 20,000 - RMB 24,999 RMB 25000 - and higher.

5. Their psychological character's :- attitude; opinion and interest.

6. Behaviour related characteristics:- usage, benefits, loyalty status.

Needs that satisfies the customer

The need of the customer is the motivating factor for them to buy the product. Joyuoung soymilk maker tends to satisfy the customers need of providing healthy lifestyle. As for health conscious people the products they consume need to be of high quality without any adulteration, Joyuoung soymilk maker satisfies there need by developing high quality and distinctively designed products that meet customer needs.

What they should do?

Before launching any new product market research should be done. Should target new market. Market segmentation should be done. Constant innovation should be done to develop high-quality product and distinctively designed product should be made to satisfy the consumers needs.

Conclusion

Subject Of Evaluation
Constant growth of Joyoung company ltd.

Criteria
Extensive research

Hired SICC to conduct research

Captured a wide range of markets

With the help of different type of products

Constant innovation

To make the products more user friendly.

SOME OF THE PRODUCTS OF JOYOUNG LTD .