Market analysis

Target market segment

As our project is related to the major ingredient of cooking, which are different types of spices,
our target customers will be the working women, men, college and university going girls or boys
who cook their food by themselves. Along with these, persons who want to save their time while
cooking, who don’t have much time to cook their food with a long time preparation for the
spices, and aged persons who cannot really do the stuffs related to cutting and making pest of
garlic, onion or ginger and many other spices while cooking. In case of demographic
segmentation, the middle aged working individuals and the aged persons are mainly targeted as
our market segment,

Reason for choosing the segment

Our vision for choosing this project about producing powder spices is to assist people in the
cooking process by ensuring the quality of the food and saving their time. As the persons who
have a job and other works to do and can’t really give much time in preparing their spices like
cutting onion, garlic, or ginger, blending or making their pest. They cannot give enough effort in
preparing them before cooking than the home-makers do. Though the work can be done through
maids if we consider the total cost of these it will not be that much cost effective. Also, most of
the busy women or men are willing to use the powder spices in their cooking process as long as
we can ensure the taste and quality of the food. Much positive responses were received from
these segment of the all the market segments, so it is decided to serve this particular segment for
the project.

Explaining the market need that ‘Good Spices’ will satisfy

There are so many companies in Bangladesh like Pran, BD Foods, Radhuni etc are producing
cooking spices that are mainly turmeric powder, chili powder, pepper powder and cumin powder.
But all these large organizations do not produce the key spices like garlic powder, onion powder
or ginger powder. As per the market survey, people are also very much interested in using these
types of powder spices in their food only if there is no variation in the food. Another most
popular element in making snacks is Bread-crumbs and it’s very rare to see that a well reputed
company is producing and selling it in the market. Though these powder spices items and
packaged bread crumbs are found in big supers-shops like Agora, Meena Bazar, Swapno but it is
hard to find in a local shop. Besides, the survey says that if these types of powder spices and
bread crumbs are available in the market they will definitely try it. So, the lack that big
organizations are having in producing these powder spices and bread crumbs, with the
implementation of the project and launching the products in the market customers’ need for these
products will also be reduces.

Marketing mix of the project

Product: The major products that will be initiated to produce through the implementation of the
project are onion powder, garlic powder, ginger powder, and different types of bread crumbs.
Each of the products will be packaged in different measurements like 50 grams, 100 grams or
250 grams packets.

Price: The products produced by the project will majorly target the people who want to save
their time in the cooking process and making it easy. As there are presence of several rivals like
Pran, Radhuni, and BD Foods the pricing strategy should be effective enough to compete against
these companies and their quality. But low price establishment may also let customers concern
about the quality of the products. So the pricing of the product has to be in optimum levels that
match the current market price of the raw products. The pricing strategy that might to attract
customers and heed their attention is Market penetration pricing strategy.

Place: The probable place for the distribution of the products will be Dhaka Near Dhanmondi or
Mirpur. These will be a small shop as storing house and selling place. Along with that another
plan for the project is to distribute the product in local grocery shops where customers can easily
find it out.

Promotion: To attract the attention of the customers, introduce the product towards the customer
and grab a strong position in the market the promotional strategy needs to be intense. The
advertisement campaign can be shown by print media, social media, magazines, posters and own
website. Social media sited like Facebook and Twitter can be great sources and cost effective
online portals to present advertisement of the products.