Assignment

On

Developing a Marketing Plan for a New Product

Focus on: Capsicum Sauce

Prepared For

Md. Raihanul Hasan

Faculty,
Department of Marketing,
Jahangirnagar University, Saver, Dhaka.

Prepared By

Road Riders
Course Title: Marketing Planning and Implementation
Course code: MKT-507
MBA 2nd Semester

DEPARTMENT OF MARKETING
JAHANGIRNAGAR UNIVERSITY
SAVAR, DHAKA-1342

Date of Submission: 10 February, 2016

 Group Profile

Group Name: Road Riders

Course Title: Marketing Planning and Implementation

Course Code: MKT 507

No. Group Members ID

01. Mashiat Zahin (Group coordinator) 231
02. Nushrat Shahab Bristi 232
03. Asif Rumman 244
04. S. Mohammadur Rahman 245
05. Md. Navid Hasan 248

Department of Marketing
Jahangirnagar University
 Letter of Transmittal

February 10, 2016

Md. Raihanul Hasan

Faculty,
Department of Marketing,
Jahangirnagar University,
Saver, Dhaka-1342.

Subject: Submission of Assignment.

Dear Sir,
This is a great pleasure for us to submit this assignment on “Developing a Marketing Plan for a
New Product” before you as per fulfillment of 2nd semester, MBA program.

This task gave us the opportunity to conceptualize different strategies, factors, terms considering
marketing plan development for a totally new product. We are grateful to you for providing us
this unique and interesting topic to gain such knowledge. We have tried our best to highlight our
knowledge in this paper.
We hope that the paper will satisfy the entire requirements. We would be gladly available if there
is any need for further enquiry.

Sincerely yours,

----------------------
Mashiat Zahin
Group coordinator
Road Riders.
 ACKNOWLEDGEMENT

We would like to begin by thanking the Almighty Allah for giving us physical and mental
strength and blessings for successfully carrying out this term paper.
We are grateful to our supervisor Md. Raihanul Hasan, Faculty, Department of Marketing,
Jahangirnagar University for allowing us to do such an interesting and knowledgeable
assignment. Wonderful ideas and factual path showing are the specialties of those directions.
Without her proper and precise instruction, this study would definitely not be in its current form
by this time.
And it is our great pleasure to work on this topic as students of Department of Marketing,
Jahangirnagar University. For that reason our gratefulness is always to Department of Marketing
as a whole.
Chapter One: Introduction

1.1 Background Study

This assignment provides information obtained through analysis, regarding marketing plan of a
new product. This report will pay particular attention to how we can set marketing plan and
which factors we should focus while offering a new product to the market. This assignment will
also explain how we can set promotional strategy and implement it for a new or innovative
product.

We want to launch a new type of Sauce in Bangladesh market under Pran Foods Limited. It is
totally different from the traditional sauce. We want to produce, launch and sell a high quality,
testy & nutritious ‘Capsicum Sauce’. That’s why, we want to bring it under a leading food
products company as well as leading sauce manufacturing company that is Pran Food Ltd. In that
product, there will have some special ingredients which will provide test, nutrition. We can use it
with snacks, homemade foods, curry etc. So definitely, that will be an exclusive product in the
market.
Capsicum sauce is found in different foreign countries. But customers of Bangladesh are out of
touch of it. Pran produces Hot Tomato Sauce, Hot Chilli Sauce etc. Pran is a very familiar and
popular food brand in Bangladesh and now it does business globally. So, we want to bring it as
Pran Capsicum Sauce.

1.2 Objectives of the report

 Developing a new or innovative product.

 Developing marketing plan for the product.
 Providing internal & external contingencies, market segmentation and marketing mix
decisions.

1.3 Limitation of the Study

 There was limited time to complete this term paper because of academic pressure.

 Different orators has defined these philosophies in different ways, so it was hard to
identify and describe the correct one.

 Data collection is based on secondary sources. So, there can be biased and lack of
information.
Chapter Two: Understanding Consumer Needs

2.1 Marketing Research

2.1.1 Different perspective based concept
At the time of launching a new product market analysis is very important. We have analyzed the
feasibility according to different perspective.
Economy: Bangladesh is a developing country. Though the economic condition of this country is
not so good, the economy is turning from agricultural sector to and industry sectors. So the future
of any industry like sauce in this country is very bright.
Government: The govt. is also attentive about the industry sector and encourages and helps to
establish new businesses.
Legal: The govt. regulations or the legal condition of Bangladesh is also not a big obstacle at
starting new business or to launch new product. But in terms of introducing new consumer
product, a company must obtain the approval of BSTI (Bangladesh Standard & Testing Institute).
So to launch new type sauce, the company must obtain BSTI as well as other approvals.
Technology: The technological environment of Bangladesh is not developed. So, new and
advanced technology and machinery have to be imported from the abroad to produce quality
capsicum sauce. It’s our great advantage that Pran has world class technology to produce food
products.
Socio-cultural: From the socio-cultural point of view, there is no barrier for sauce. Sauce has a
good acceptance in Bangladesh. But some are very much concern about their health. They try to
avoid it considering fatty or junk food.
Political: The political condition of Bangladesh is not so good. Strikes and other protest against
govt. is harmful for industrial sector. But we think it as a major problem.
Customers: Bangladesh is an over populated country. It has a large amount of population. And
many of them are fond of sauce. So there is vast market for the sauce industry. But some people
are not interested about the sauce. So, people have also some negative ideas about the product.
Competitors: The sauce industry in Bangladesh is not small. There are a lot of sauce brands of
different types. Some of them are national and some of them are local. Some companies also
export their sauce. In our country some foreign brands are also available. They are comparatively
costly also. So the consumers’ taste and demand are changing from low quality sauce to high
quality sauce. Now the sauce industry of Bangladesh is very competitive.
Suppliers: Bangladesh has a lot of resources. Even many items of a sauce product especially
chemical ingredients have to be imported from abroad. So the supply of raw materials from local
and foreign sources is very important in producing the sauce and its good management can be a
competitive advantage.
Marketing Intermediaries: As the various branded sauce are available all over the country, many
intermediaries are now involved in this business. So using the present intermediaries any
company can reach their sauce easily to its target market.

2.1.2 The resource based concept

a) Financial resource: Our product is coming under Pran. So, Pran Food Products Ltd will
provide the major portion of the money needed to establishment and other costing of this new
product. And rest of the money will come from bank loan.
b) Technological resource: Pran Food Products Ltd is using world class technology in Habiganj
industrial park at Olipur, Sayestaganj, Habigang factory to produce their products. For Capsicum
sauce production, we will import world class sauce production technology.
c) Organizational resource: We have many delivery van for delivering raw materials and finished
products, Mini bus-Micro bus for transportation of employee and officer. We only need some
official inventories. As it is a line extension of Pran Sauce, so need not to expend a lot amount of
money for additional organizational resources.
d) Human Resource Management: We need some additional employees and labors for both our
production sector and official sector.
In production sector, we current Production Manager will observe new product. Under him, there
will be recruited one executive (Fry), two operators, 8 Technical Assistants, one helper, one
Assistant Supervisor, one Technical Supervisor, one Dry. Executive (Quality/Control), five
female Packers, one Dry. Executive and two sweepers.
In official sector, we have Management Trainee, Finance Officer, Accounts Officer, Accounts
Assistant, Vat-Clerk, Marketing Officer, HRM Officer, PS of CEO, Pion, Sweepers. We only
need another Management Trainee who will be responsible for this new product.

2.2 SWOT Analysis

The overall evaluation of a company’s strengths, weaknesses, opportunities and threats is called
SWOT analysis. SWOT analysis helps explore the areas of possible changes in marketing
activities. A brief discussion about the implementation the marketing plan and bring the product
in the market. SWOT of a Marketing Plan has basically two parts. Here, we will describe our (1)
External and (2) Internal Contingencies of our product as well as the business.
2.2.1 External Contingencies
O - There is a demand for this kind of product.
P
P - Company has good image in the market.
O
R - There are no existing sauce like Capsicum Sauce.
T - Good and initiative employees
U
N - Mature retail market in Bangladesh.
I
T
- Developed communication channel.
Y - Company has a lot of vehicles to deliver the product.
T - The present sauce manufacturers are also strong competitors.
H
R - As it is a new product, there is a chance of rejection by the market.
E
A - It may fail to fulfill the expectations of the customers
T - Foreign sauce manufacturing company.
S
- High cost of the raw materials.
- Political environment of the country.

2.2.2 Internal Contingencies

- Expert and experienced management
- High quality product offerings that will exceed the competitors’ price, quality and
services.
- Maintain strong delivery schedule.
S - Strong financial support.
T - Company has strong manpower.
R
E - Pran Foods Ltd has a great reputation in Bangladesh as well as all over the world.
N
G
- Customer loyalty of the company.
T - Availability of capital.
H
- Use of modern technology.
- Financial stability.
- Product has the brand personality
- New nutritious, sugar free food product.
W - “Capsicum Sauce” is a new product of the company.
E
A - Pran Foods Ltd has many kind of product. But for this new type of product,
K
N distribution and promotion will have to be taken.
E - As it is a new flavor product, it will be difficult to manage customers for the
S
S company.
- Lack of proper knowledge about the market and the demand.
Chapter Three: Market Selection Decisions

3.1 Market Segmentation

3.1.1 Overall Market:
1. Sauce is all age product:
Sauce is generally taken by all aged customers. But it is found that people of kids and young
aged people enjoy it more. Especially a large market segment of sauce customers lies on the age
group of 7 to 40. To the school, college and varsity students, this product has huge popularity.
Adult and age old are also interested about sauce.
2. Difference in child market and adult market
There is a significant difference in the preference of the child and adult for the same product,
sauce. Children & young like to eat sauce with fast food. They prefer this for better test while
taking snacks. It’s also same for the adult customers. But it also used in homemade food.
Nowadays homemakers use different types of sauces making homemade food for better test.
They use sauces while cooking special foods for friend & family. As we focusing better test and
quality, we will try to capture all aged actual and potential customers of the country.
3.1.2 Specific Market:
Sauce is a kind of mouthwatering food. Now there is a widespread market of sauce in
Bangladesh. The demand is so high that despite of the existence of a number of local
manufacturers, sauces are also coming from other countries. In the initial stage of starting, the
market will be very small. Before launching a new product in the market manufacturers should
set their target market.
From upper class to lower class, people of all strata of the society have demand for this food. In
general, people of middle class to upper class are the major consumer of this product. A major
portion of children and young people want sauce because of the taste. Sometimes they take the
purchase decision but most of the times decision is taken by their guardians. But their brand
preference play role here. Parents want to give their children nutritious food. As our capsicum
sauce will provide nutritional facts & exceptional tastes which will provide great pleasure, so we
can attract the parents (adults) who are health conscious.
3.2 Target Market

– The children, teen, young and age old people of the country
– The current users of the chips.
– Upper middle and Upper class people.
Target Market Segments
We have segmented capsicum sauce market on the basis of following categories:
Geographic:
 For the urban and sub urban areas citizen of all over the country.
 Especially for the convenient transportation areas.

Demographic:
 Children generally under teen-age.
 Young generation generally under age range 13-25 as well as adults 26-55.
 Educated people and conscious parents.

Psychographic:
 The upper middle and upper class.
 The health conscious people.

Behavioral Factor
 Those who have negative idea about the traditional sauce.
 Those who seek good quality, nutritious and healthy products.
 The non-users and regular users of the sauce.
 Those who are aware about the bad effect of the traditional sauce.

3.3 Positioning
We want to position our product building meaningful differentiation, supported by appropriate
strategy and implementation that can help us to build competitive advantage. We will provide
some value and benefit and position the product. Those can be:

 Set a perception of good quality, nutritious and healthy products.

 Comparatively higher price for high quality product.
 Create attractive packages that can easily draw the attention of the customer.
 Spread more information and a literature of our product.
 Giving sponsorship in different cultural and educational program.
 Engage in some social causes.
 Can use the cause related marketing strategy to create a positive impression about the
product and also about the company in the customer mind.
 Less harmful, affordable price, higher quality.
 Very much convenience products.
 High Price

Current Position

Low Quality High Quality

Low Price

Figure 1: Positioning of Capsicum Sauce

We want to launch Pran Capsicum Sauce with a great hope. So we have to maintain some
strategy to position and to establish the product and grab the market. To make the product
acceptable and also to increase its acceptability we have to follow some techniques. These can
be-
 selling the product at a competitive price.
 provide better quality.
 taste or flavor can be improved.
 give more by the same price.
 give free gifts with each packet.
 can involve in some social welfare.
 sponsor in different cultural, educational or sports programs.
 give free sauce with other foods products of the company.
 contract with different reputed fast food to give the sauce with their snacks items.
 sampling in different places like in educational institutes, seminars, business conference
and in other market places.

We will consider some important strategy and implement activities to position it properly.
Among them the first strategy that we follow is the strategy of Michel Porters generic strategies.
And we also follow the intensive growth strategies of Ansoff’s product market expansion grid.
1. Differentiation: Capsicum sauce is absolutely a new product for Bangladesh. It is totally
different from others. So, our product will be different from our competitors. We will also
improve the quality of our products. We will try to provide more quality than our
competitors do. Moreover, we will differentiate our product not only in taste but also its
packaging because we all are well known that packaging plays a great roll in products
selling. People, mostly children get attracted by colorful packet.

2. Mass marketing: We want to apply mass marketing theory. We will produce sauce by
concerning not only children but also people of all ages. We will price our products in
different categories based on peoples need and want.

Current New We
Products Products
follo
3. Market- penetration 2. Product- w
Current
strategy development strategy
Markets

New 3. Market- 4. Diversification

Markets development strategy strategy

Figure 2: Ansoff’s Product-Market Expansion Grid

3. Product development strategies: Product development strategy plays a vital role at the
time of launching a new product. We have analyzed the market and have reach in a decision
that we can launch capsicum sauce in the market. That’s why we will produce and sell it in
the market by considering the demand of the customers. The packaging will be in bottle and
in mini pack of different color, size and shape.

These is a brief description of our marketing strategy. We will discuss it elaborately at the
promotional part.
Chapter Four: Marketing Mix Decisions

4.1 Product
We have already mentioned that we want to launch a new product under an existing company
that is Pran Foods Limited. Pran Foods Limited has many products in Bangladesh. Our product
name is Capsicum Sauce. Capsicum sauce is not familer in our country. It’s a very testy sauce
and popular in foreign countries. We will do different types of packaging. We also want to
provide Mini pack sauce by the side of bottol sauce to people.
We have already mentioned the ingredients of our products. It will contains Capsicum, Vegetable
oil, Mustard oil, Sodium chloride, Acetic acid, Ginger, Garlic, Turmeric powder, Chilli powder,
White mustard, Black cumin seed, Mace, Sugar, Salt.
So, the core benefits of our product are quality, taste and nutrition. Capsicum sauce will increase
the taste of foods whatever those are snacks or curry. Customers also get a nutritious sauce.
It’s a great opportunity to produce that product because capsicum is produced in our country. Our
product will provide Vitamin A, sodium, calcium, calorie C & exceptional tastes which will
provide great pleasure. As we know capsicum is one of the most nutritious food, so the sauce
will be good for health. There will no chemical color in this sauce. This is mainly a natural
product which has no bad side effect. It can be hoped that if people really like our products and
as our product quality is good, there is a big change to become the market leader. Though there
are many competitors in sauce industry and they compete with almost the same product this is
the main issue in terms of market opportunity. Because now we are coming into the market with
a new & different product of different taste and flavor.
Ingredient of our product:

Capsicum Vegetable oil Sodium chloride

Salt Mustard oil White mustard
Sugar Acetic acid Turmeric powder
Ginger Chilli powder Black cumin seed
Garlic Mace Food Flavor
Resource requirements:
a) Financial resource: Money
b) Technological resource: Machineries, computers,
c) Organizational resource: Infrastructure, furniture, accessories, delivery van, transport etc.
d) Human Resource: Employees, labors, office staffs.
e) Raw material: Carrot, Vegetable oil, Salt, Chilly, Wheat, Seasoning, and Flavor.
Nutritional facts of our product:

Nutritional Facts
Vitamin A 5%
Calcium 9%
Calorie 14%
Vitamin B6 4%
Vitamin C 8%
Iron 4%
Fat 3.20%
Sodium 4%
Carbohydrate 12%
Others 36.80%
Total 100%

Production Process:
We have taken a strategy to collect quality capsicum from the field. We will take fertile land
where capsicum production is very good as liege from the owners of the lands. For this, the cost
of raw material (capsicum) of production will be decreased. If we want to collect capsicum from
wholesalers or farmers we have to buy it by comparatively more price. We collect all the
capsicum from the land and pay wages to farmers for their labor. Then the capsicum will go to
warehouse/factory. In the factory at Habiganj industrial park at Olipur, Sayestaganj, Habigang,
through production process the capsicum will become sauce, then the packaging and delivery.
Red capsicum are processed in the factory by cleaning, grinding, and packaging. Blowers and
gravity separators are used to remove dust, dirt clods, bits of twigs and stalk, and other impurities
from the peppercorns after they are imported from the field. Sometimes, treatments are used to
eliminate bacteria on the cleaned, dry peppercorns.
Grinding consists of using a series of rollers in a process called cold roll milling to crush the
peppercorns. Cracked capsicums are only crushed lightly to bruise the capsicums and release
their flavor.
Further grinding steps crush capsicum into coarse and fine grinds of capsicum that are packaged
separately. A sifter sorts the grains by size, and they are conveyed to packaging stations.
Packaging varies widely among processors and includes bags, boxes, and canisters for large-
volume commercial sales and smaller jars, cans, and mills for home use. Packing may also
include the blending of capsicum with other spices in a variety of spice mixes for preparing
sauces, Cajun recipes, Italian foods, seafood, and a range of other specialized blends.
 Prototype Bottle pack Prototype Mini pack
Labeling: There will be many information in the label of our product. They are-
 Product name
 Weight
 Image of the main element(Capsicum) of the product
 ISO 9001 certified company
 Manufacturer/ Company name
 Address of production field
 Contact Information (Website, Phone, Fax, Mobile, Mail)
 List of ingredients
 List of Nutritional facts
 BSTI and Keep your country clean seal
 Keep in dry and cool place (Suggestion)
 A word HALAL that should be highlighted in the label
 Barcode.

Lebel of Bottle (Upper part)

 Lebel of Bottle (Lower part)

4.2 Price
Regarding pricing, the researchers’ view is that there is flexibility in the market to price the
product. Our bottle sauce price will be 95 taka which is contained 400 gm and mini pack sauce
price will be 6 taka which is contained 10 gm. Our product price is comparatively high (15 taka
more) than others because the rate of capsicum is high. But we are trying to give more than we
will get because it’s our launching time.
Pricing policy for its product due to the following reasons:
 Distinctive Packaging
 Brand Name
 Cost of raw materials

As we want to launch a new brand of capsicum under Pran Foods Ltd. we should have concerned
about the competitors. We have to face some hard competitors who produce different types of
tomato, chilli, soya sauce. There is not only local but also foreign competitors, but their
competitiveness is not so strong. Our main competitors are Ruchi and BD sauce. But only we are
going to bring capsicum sauce so we have a great chance to grab the market.
Price list of some Pran and competitors’ sauce:

Product’s Name Retailer price Quantity

Pran Hot Tomato Sauce 80 400 gm
Pran Hot Chilli Sauce 75 400 gm
Pran Tarmarind Sauce 80 400 gm
Ruchi Tomato Sauce 80 400 gm
Ruchi Spice Sauce 75 400 gm
BD Hot Tomato Sauce 78 400 gm
BD Chilli Sauce 75 400 gm

4.3 Place
We will sell our new product in the whole country. As we follow mass marketing strategy, so we
will ensure the convenience it for the customers as much as possible.
Using the present distribution channel Pran Foods Ltd. Especially Pran sauce, we can easily
distribute the product. The company has many consumer products. Our product is a brand
extension of Pran Sauce. The company can use its present Distribution channel to make the
products available all over the country.
The company can also use its current delivery vehicles to deliver the product to the wholesalers.
The company can use its local offices to deliver to the retailers. So at introduction stage,
company’s current marketing channel is enough to deliver the products to wholesalers and
retailers.
According to the proposed distribution channel the network will be as bellow:

Figure 3: Distribution Channel

An alternative distribution channel may be used by introducing a nationwide distributor. This

distributor will be someone of Pran and he will distribute only foods items. From him all other
distributors across the country will receive products. The main objective of this network is to
Personal
establish foods item as a strong brand in the market. This is a concept only. To implement this we
Personal
will need to work more about it. Selling
Selling

4.4 Promotion Public

Public Direct
Direct
Relation
Relation Marketing
Marketing
We know about the elements of promotion mix. Elements of a promotion mix may include print
or broadcast advertising, direct marketing, personal selling, point of sales displays etc. There are
Promotion
six main aspects of a promotional mix. Those are:
al Mix

Publicity
Publicity Advertising
Advertising

Sales
Sales
promotion
promotion
 Figure 4: Elements of Promotional Mix

Elements of promotional mix we will follow

We want to take huge Promotional selling strategies for our product. The company will keep a
handsome amount for the promotional activities of the product. As it is a new brand more
promotion is needed to build up the brand awareness. We will follow four elements from the
promotional mix for our product ‘Pran Capsicum Sauce’ to sell our products and make our
business profitable. Those are:-
 Personal Selling
 Advertising
 Sales promotion
 Direct marketing
 Public relations.

4.4.1 Personal Selling

As we are mainly focusing personal selling in our report, so will give more emphasize how we
can do personal selling for our new product- Pran Capsicum Sauce.
1. We should start slowly: The first step is to learn the laws about selling food. To sell sauce on
even a small scale, we must make it in a licensed commercial kitchen that has passed an
inspection, and we must have the correct bottling equipment. There are many ways we can rent
professional kitchen facilities and bottling equipment. As we are going to use labels in our
products, we will have to mention there that we are permitted to produce sauce. So, we should
start our business slowly. We should think properly about our target markets and business
strategies. We will have to decide first how we will reach our target audience and sell our new
product.
2. Choosing target audience: We have to choose our target audience very carefully. As it is a
new product we will not go for mass marketing at the beginning stage. We will be interested to
grave small stores. We will start with smaller locally-owned shops before approaching larger
chains. Local restaurants may also be interested in our sauces. So basically our target audience
will be:
 Small stores: The small stores owners may be interested to keep our sauce in his stores if
we can motivate him. It will easy for him to take our product if we give him the option
that he may give our products back after a certain time if it is not sold out.

 Restaurants: Restaurants provide a large amount of sauces to their customers. But most
of the time they don’t produce it. They purchase it from others. If we can able to convince
them that our product is different and tasty from others and our price is also reasonable,
then they will be interested to purchase our sauce. As it is tasty and different from others
there is a possibility that the sales of that restaurant may be increase even. So, restaurants
are lucrative target market for us.

 Fast food shops: Fast food shops offer various kinds of sauces. If we offer them our new
capsicum sauce, they might be interested to purchase our product. Consumers want to
taste different categories and taste of sauces in the fast food shops, so it can also be our
target market.

 University or college cafeterias: We know that, young people always want new taste. So,
if we provide our sauce in cafeterias of schools, colleges and universities, they will be
interested to keep our products. They can be a vital target market for us.

3. Setting up a website: We will set up a website where people can read about our product and
order capsicum sauce online. An alternative to putting the nutrition facts on the label is to post
them on our website. Internet marketing skills can make or break our small business. It will be
easy for us to reach our target audience through online. As we are trying to grave different
categories of consumers but not going for a big scale then, may be even some of them can’t reach
us after liking our product. So, we have to go for online service. We will mention our website in
the label of our product. So, if anyone wants to purchase our product, he or she can reach us very
easily.
4. Judging the competition: There are various types of sauces are available in the market. There
are different types of sauces from established brands. Even sauces from no quality and brands are
also available. But, as our product is completely new in the industry it will have some leverage in
the competitive market. Sauce is not considered as our main food. People consume it with
different foods. So, usually they want different sauces to taste. If they find a new one, they might
taste is. As capsicum is becoming popular in our country the consumer may thing trying
capsicum sauce is a good idea. But, we have to understand that already there are established
brand in the market and the competition will be tough.
5. Pricing of the product: We will try to keep the price of our product reasonable. We are not
thinking to charge a lower price. We will provide quality product of different taste. So, our
pricing will be standard.
Now, we will discuss how we can sell our “Capsicum Sauce” through personal selling strategy.
Personal selling is a form of selling that many companies rely on heavily to promote and move
their products. The personal selling process involves various steps that a salesperson must go
through with most sales. Understanding these steps can help improve sales of our product.
 Prospecting: In the process, we look for new customers that we can potentially sell our
capsicum sauce. This can be done by going out into the market and talking to people.
This part of the process is a numbers game, and the sales representative has to contact
many people.
 Pre-Approach: At this time, we prepares for the first contact with the potential
customer. During this stage, we look at any information that he may have about the
customer.
 Approach: The approach is the next step in the process and it is also one of the most
important. During this step, we talk with our potential consumer and make him know
about the features of our product.
 Presentation: After approaching about the sauce we must show him a sample of our
product. Even we should let him the chance to give a try. In this phase we will try to
convince him to purchase our product. We will describe the attributes of our product and
why it is different from others.
 Overcome objection: Our target consumer have some query about our product or it
making procedure. We will answer his questions to make him clear and pursue him to
purchase.
 Closing: After the objections have been removed, the only thing left to do is close the
sale. We have to state our selling price and end the discussion after selling the product.
 Follow-up: This is last but a very important step of personal selling. If our customer is
satisfied with our sauce he will spread positive word of mouth about it. This will help us
to increase our sales and finding new consumers. So, following up is also important.

We will conduct this procedure to sell our product in various places. We will discuss a scenario
of selling our product in a restaurant as we have chosen it as our one of the most important target
market. The steps of making our sell will be:
 At first we will prospect a restaurant which may become interested about our product.
Consider “BFC or FFC or CFC” is our target restaurant.
 Then, we will make the primary contact with the personnel of that restaurant. We will call
him to take appointment. We will seek out information about “BFC, and we will try to
find out their perspective about our capsicum sauce.
 We will talk to them about our product. We will describe the features of our new sauce.
 After that, we will show them our product and try to pursue them why they should keep
our products. We will show them that our product taste and quality is different and better
from the others in the time of presentation. We will use some techniques at the time of
presentation. Those might be:
  Free sample: We will provide them some free samples to check the quality of
our sauce. They will be able to identify the need of our product after offering
those to their customers.
 Coupon: As we are at the beginning phase of production, we will provide
coupon with each package. The lucky winner will get various gifts from us.
 Free dinner: Every day we will provide free dinner for two lucky customers
who purchase our sauce.

 They may have some question regarding our product after the presentation. We will
resolve their questions and try to convince them to purchase our product.
 We need to following up and serve the sales properly. We will take feedback from them
about our sauce to understand that if our sauce is received by the consumers or not.

4.4.2 Advertising
The non-personal communication of information usually paid for & usually persuasive in nature,
about products (goods & services) or ideas by identified sponsor through various media.
Advertising is mainly provided to make aware the target market about the product. This
encourages consumers to continue or taking new action. The purpose of advertising may also be
to measure employees or shareholders that a company is successful. So, this is a very important
task for us. There are various forms of advertisement. We want to follow all the forms of
advertisement our product. To present our product’s advertisement what we want to do are given
below:
1. Television commercial: Popularity of the channel and the program when the advertisement
will be broadcasted is very much important. Time slot is the most important fact for any TV
commercial. If we want to make these activities successful we have to broadcast our
commercials in that time when we will be able to reach our highest numbers of target consumers.
For this reason, we will broadcast our commercials to the Bangladeshi TV channels. We will
show our advertising in TV channels at the important time slots.
2. Printed advertising: We know that it’s a very significant way to reach the target market
through newspaper because huge number of our people read newspapers or magazines. We have
decided to provide our advertisement in two national newspapers. The one of which is very
popular among people and the other in the way of gain popularity. The newspapers in which we
will provide our advertisement are:-
 Daily Prothom Alo
 Bangladesh Protidin.
 Daily Star
 Daily Ittefaq and
 Other national popular daily newspaper.
3. Billboard: Billboards are large structures located in public places which display
advertisements to passing pedestrians and motorists. Most often, they are located on main roads
with a large amount of passing motor and pedestrian traffic. So, we will place our billboard in
such places. We have selected some important places to set our billboards in Dhaka city. And
every main point of every district we will provide our product’s billboard.

4.4.3 Sales promotion

Sales promotions are a way to advertise. The ultimate goal of sales promotions is to stimulate
potential customers to action. Our product is a completely new product to the consumers. Most
of the people of our country is not that much concern about Capsicum sauce. So, this product
will be able to introduce them with a new taste and flavor. We have taken two promotional
policies to make consumers aware about our product and to increase our sales. The policies we
will follow are:-
 Sampling
 Coupons and lottery
 Discounts

1. Sampling: Free samples of our product will be provided in various shopping malls and retail
stores like MINA BAZAR, AGORA, NONDON, SHOPNO with a special offer that if they buy a
bottle of sauce from that shop, they will get a free mini pack of capsicum sauce on a specific day
like every Friday and Saturday of a weak. To make people known about this product and also to
make it familiar with them we also give free packets of sauce in different shopping malls and
retailer stores and also in various schools, colleges & universities canteens. It is important
because, if they like this they will become the repeated consumer of this.
2. Coupons and lottery: With every packet (bottle) we will provide a coupon where some
question will be given related capsicum sauce. Consumers have to give the answer among the 4/5
alternative answers and they have to send it to us or give it to the retail seller. We will collect all
the coupons and make a lottery. Then, we will give special gift hamper and various prizes to the
lucky winners of the lottery.
We can make crass card system that if u crass the card u will get gifts like bottle or mini pack
sauce free, 5-20 take less, dinner in a fast food etc.
3. Discounts: We can provide discount rate in sauce for some days. That will be mentioned in the
product level.

4.4.4 Direct marketing

Direct marketing is the form of communication straight with the consumers. There are various
forms of direct marketing. Now-a-days, direct marketing is a very effective and popular form of
promotional activities. Because, most of the people are connected with the digital world using
various electric devices like mobile, computer, netbook, tab etc. So, advertising through
technology is very much important for these types of people. We will follow some direct
marketing policies to grave this market. The policies will be:-
 E-mail
 Mobile messaging
 Websites.

1. E-mail: We will send direct mail to a lot of people through internet to make them known
about our product. There we will give all the information about the product. They will be
informed about ingredients, price and where they will get the product etc.
2. Mobile messaging: We will use a tale-communication company to sending message to our
target market.
3. Websites: We will provide our ads in various Bangladeshi websites to make the users of that
website known about our product. Various social media sites like Facebook, we will provide our
ads.

4.4.5 Public Relation

Public relation is the practice of managing the flow of information between the organization and
outside people. This concept is very much special while a company launching a new product in
the market. Without making the people aware of the product, it will be a fantasy to create a
desirable market for new product.
The essential functions of public relations include research, planning, communication, dialogue
and evaluation. Each and every sector will work for making the ultimate target market.
There are many promotional activities those we could take. But we only take the following
promotional activities to increase our sales-
 sampling in different places like in schools, colleges and also in other market places.
 involving in some social welfare .such as-scholarship, charity, donation.
 sponsoring in different cultural, educational or sports programs.
 advertising in electronic, print media, bill board etc.

Sponsorship
We will launch the product under the food brand Pran. As Pran is a renowned brand, it can easily
sponsor any sports and art exhibition under this banner ‘sponsored by Pran Capsicum Sauce’.

Testimonial
At first we will send some sample to some celebrities of our country such as Cricketer Sakib al
Hasan, actress Bidda Sinha Mim. Our sales executive will contact with them and their
experienced about our sauce will be shared with mass people through advertise on tv, print, fm
radio media. We will do a contract with them to tell positive word about our product for some 6
months. This informative advertise will be telecasted after 15 days of launching the product.
Others:
They will develop some cartoons/ characters which will be used on the T-shirts, bill boards, neon
boards, and in some ads to attract the children and young people. The company also can set big
dummy of capsicum sauce bottles with some big dummy of capsicum in the most familiar places
of the big cities.

Implementation and Control

Every business organization must conduct some evaluative and control measures for its own
safety to find out if the operations are going according to the plan. So Pran will also conduct
some evaluative actions for its new product that will make sure the quality.
At first we want to say that Pran Foods Limited has marketing department which will work under
the supervision of the Marketing officer. This department consisting of marketing specialist
whose main job are planning and implementing of marketing activities such as advertising,
promotional campaigns, public relations, providing market information to sales department.
The major activities of the department can be listed as follows:
 Carry out market reach, customer satisfaction survey.
 Collect and review information on market, top competitor.
 Encourage the customer to the brand.
 The authority should be conscious about their marketing strategy.
 Should be more advertisement in the content of whole Bangladesh focused on billboard,
print media and web add etc.
 Need regular communication among clients and sales persons.
 The company should have to ensure good use of fund.

Marketing plan includes different kinds of budget and managerial assignment for every action
program. It describes how to implement marketing plan. For control purposes, the plan also
allows for quarterly comparison of actual versus projected sales and expenses. If we cannot do
this comparison among the plan then we never go to the competition. For our better performance
we need comparison between actual and projected sales and expenses. If there find out any gap
in plan and output, we have to take corrective actions. Not only that, if there is any problem arise
in production, marketing process, or any other areas, we have to take necessary steps to
overcome that. Finally, the management will monitor the total environment, progress, and gap
and will take the corrective actions if necessary. The company always has to maintain the TQM
(Total Quality Management).
Pran is very much strict to maintain its premium quality. Pran has a grand philosophy about
quality and service that no compromise about quality and service. There are plenty quality
standards are granted by Pran so that the quality and service given by Pran stays stable.
Risk Analysis
Development Risk- Zero
As Pran is an existing company and it has a worldwide reputation, so the development risk of our
product is near about zero.

Financing Risk- Low/Moderate

As this is a large multinational organization the funding will be well planned and studied. Its
financial risk is less than any other local organizations.
Marketing Risk- Low/Moderate
The initial marketing risk is minimized because of the other merchant alliance. However, as these
concepts are new to the market, the broader market needs to be educated in the features and
benefits of these concepts. This will involve time and effort but will be assisted greatly with
governmental involvement.
Exit Risk- Low/Moderate
Given the forecast sales, the solid returns, Trade Sale strategy, the exit risk for the investor is
assessed to be moderate to low.
Controlling tools
As over the time Pran Capsicum Sauce will be expanded and be a premium brand in Bangladesh,
a proper evaluative measure will take place to get this product on the right track for its success.
Comparing with other competitors randomly, going beyond of business sense for the society,
philanthropic thinking and focusing on customer feedback will help Pran Capsicum Sauce to stay
right on very correct track no matter what happens in future.

Some keys to fulfill lacking:

 Distribute our products through proper distribution channel. We already mention two
types of distribution channel in the marketing mix portion of our report.

 Taking promotional activities in a way that make sense among people that we do it to
promote our products.

 Advertising of the product is must to gain customer attention towards the product and
make the product profitable. Advertisement means not only the advertises that we see in
the TV but also the advertises in newspaper, billboard, radio etc.

 Improve the shape, taste or flavor of the product that attract the consumer in a way that if
they eat once they want to eat it ones more.

 Providing sufficient promotional activities.

 Ensuring product quality.

 Creating a proper distribution channel.

 If any company directly does copy our process, formula or packaging, we will take legal
steps.

Conclusion

We have learned many things after preparing our marketing plan for a new product. For a new
product marketing plan should be unique. So, we have tried to use different personal selling
strategies as well as overall promotional tools. In the above we discuss the strengths of our
company that will help in future because without strength a company cannot exit. Our company
will solve its weakness and overcome its threats. Competitors are everywhere, they will try to
beat us. Our new product contain such advantage or features that we hope to achieve customers’
attention. If the customers take our sauce, we add other flavor/taste or other value in it which will
help us to acquire position in the minds of the customers.