Executive Summary
For our final marketing term paper, we were tasked with coming up a new product for BD Food
Ltd. BD Food Ltd has been around for more than a decade. They have a wide range of different
products. However with existing competitions from local and foreign companies, their products
are being overtaken by its competitors. For this reason we are launching a new product known as
Mint Ketchup.
At first, we discuss the current marketing situation of the existing and new products of BD Food
Ltd. By market description and assessment of 4Ps, we can divide the customers with marketing
segmentation. The market can be divided into groups by according to the choice, preference, and
taste of individual buyers. With different segmentations such as market, demographic,
psychological etc, we can identify about existing products situations and for upcoming new
products. We also discuss about the target market. Here we target the customers according to
different segmentations. For example: for our new product Mint Ketchup, we target customers
who are health conscience. We also look at the market position of our existing products and new
product.
Then we look at the assessment of 4P’s of our existing products and new product. The 4P’s of
marketing is a simple way of thinking about marketing plans across 4 main areas which are
product, price, place and promotion. We also discuss about the current competitors for both of
our existing and new products.
For the second part, we discuss about the objectives and issues for both of our existing and new
products. Here we look at their market position and identify the issues they are facing and
implementing objectives in order to increase sales, increase market share, brand imaging, brand
awareness etc.
For our final Part, we discuss about the marketing strategies for our products. Here we discuss
about product strategies such as product line, brand development. We also look at the pricing
strategies which we used for this report. We also look at other strategies such as distribution,
market communicating.
Objective and Issues
BD Food Ketchup (Existing Products):
Attracting New Customers: BD Food is very famous in our country. However with recent
addition of foreign ketchup companies, it is very hard to gain new customers. BD Food offers
range of variety of selections of products. In order to attract new customers, we plan to use
different sales strategies such as offering free samples, discounts, bundles, advertising etc.
Retaining Customers: With so many competitors introducing new types of products, some
people are shifting to a different brand. As a way to reward our loyal and existing customers, we
plan to introduce new strategies such as holding events where our customers can win prizes,
rewarding long term purchasers with free gifts, introducing customer of week where the
customer with the most purchase in a month would get a chance to win large prizes such as car,
paid vacation, freeze etc.
Increasing Sales: More sales means more revenue. In order to increase sales, we plan on
implementing short term strategies such as offering discount, free samples, bundle offers etc.
Competitors and Market Share: Currently there are many competitors such as Pran, Ahmed,
Heinz, Ruchi, etc in the market. Some companies like Pran and Heinz are global brands who
have access to large budgets which enable them to invest more into their products. With large
budgets, they can easily influence the market share by holding social events or creating social
campaigns which can affect the choice of the customers.
BD Food Mint Ketchup (New Product):
Gaining New Customers: As mint ketchup is a new brand introduced in the market, no proper
information is available to the customers. Normally people tend to stay within their comfort zone
and unlikely shift to a different brand. As a new brand, we need to create a customer base by
attracting customers from other brands. In order to do that, we need to spread awareness about
the new product. We should also use promotional strategies like offering samples, discounts,
bundles etc.
Increasing Brand Awareness: Mint Ketchup is a new brand. Normally people tend to stay
within their own brand choices. As it is a new brand, we need to increase its awareness among
the customers. We can advertise in social media’s and also advertise near stores physically. We
need to also offer samples so that customers can know about the product. Moreover we need to
hold campaigns in order to spread awareness.
Building Brand Image: The image of a brand can affect the perspective of the customer. With
mint ketchup, the image we are upholding is that it is a healthy choice compared to other
products or brands. Mint ketchup consists of healthy ingredients. Ketchups mostly can be seen as
an unhealthy product. So people who are health conscience but also loves to consume ketchup,
can choose this mint ketchup as an alternative choice to their current brands or products.
Table of Content
Topics
Executing Summary
Introduction
Market Description (For existing product BD Food)
Market Description (For new version BD Mint Ketchup)
Assessment of 4P’s of BD Mint Ketchup (Existing product)
Assessment of 4P’s of BD Mint Ketchup (New version)
Competitive Review
Objectives and Issues
Product Strategy of Mint Ketchup
Pricing Strategy of Mint Ketchup
Mint Ketchup Distribution Strategy
Communication Strategy of Mint Ketchup
Reference