MKT 330

Sec : 3

Final Report

Topic : AI Refrigerator

Submitted to

Mohammed Abdul Mumin Evan

Lecturer
Department of Marketing & International Business
North South University

Submitted by

Anupam Saha - 133 0684 030

Alvi Kader - 141 1242 630
Benazir Tanisha Pew - 142 1406 030
Aquib Ajwad Bhuiyan – 142 1867 030
Table of Contents
Introduction ...................................................................................................................... 3
Business Idea..................................................................................................................... 4
Market Opportunities ........................................................................................................ 4
Business Model ................................................................................................................. 5
Situational Analysis ........................................................................................................... 6
Marketing objectives ......................................................................................................... 7
Market Strategy ................................................................................................................ 7
Marketing Tactics .............................................................................................................. 8
Actions ............................................................................................................................ 10
Control ............................................................................................................................ 12
Conclusion ....................................................................................................................... 12

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Introduction
Today’s world moving towards smart living day by day. Everything can be done with the
help of technology. But still there are some lacking in some basic sectors. People don’t get
enough times to do grocery shopping now-a-days because of their busy work schedule. So, to
make consumer’s life more convenient and smart, we came up with the idea of Wellpro AI
Refrigerator by which people don’t need to go to market anymore to do their grocery
shopping.

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Business Idea
People don’t need to worry about grocery shopping anymore after getting Wellpro AI
Refrigerator. This Refrigerator will remind you about your grocery stock & condition through
an Mobile App. Also this Refrigerator will buy your groceries behalf of you, with your
permission. Based on your grocery shopping behavior, App will notify you to buy that
particular product. If you give permission, the AI will buy the product from online grocery
store on behalf of you and the product will be delivered to your doorstep.

Suppose, you bought a dozen off eggs and put it on Wellpro AI Refrigerator. You eat an egg
on daily basis. Based on that, App will notify you haw many eggs are left and remind you if
you want to buy more eggs. If you don’t eat the eggs, App will remind you to about the eggs
and suggest you to eat it before it get rotten.

Also, Based on your items availability on refrigerator, App will suggest you various kinds of
recipes which can be made with the items of your refrigerator.

Market Opportunities
Currently there are no AI Refrigerator available in global market. So, we will get the first
mover advantage in the market.

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Business Model
Value Proposition : People don’t need to think about grocery shopping anymore. This fridge
will do everything for grocery. People just need to give permission to it. This fridge will
make consumer’s life more convenient.

Revenue Steam : We will gain the major revenue by this selling this AI refrigerator. We will
make partnerships with grocery shopping sites from where will get commission from them.

Long term sustainability : Food is a basic need for human being and it will remain same
forever. For food, Refrigerator is necessary. In future, we will develop our product to make it
more convenient. For example, It might can make food (e.g; ice-cream, juice) with available
items from the refrigerator.

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Situational Analysis
SWOT analysis
Strength:
• Providing the products on time and It's hassle free.
• As we are first provider in Bangladesh with this service so this will attract many investors
like Chaldal.com, meenaclick and Shwapno.
• Nowadays we can't find the time to go to the groceries and buy the necessaries so we will
able to breakeven easily and attract a lot of customers specially who likes to experiment
with technology.
• As the app is all time active so it’s easy to see the product conditions and we can know
easily when we will get our products.
• And we will provide 24/7 customer service through the hotline and chat box. Because
there will be a lot users who can face problem with this new technology.

Opportunities:
As people are getting busy day by day so they will happy with this AI refrigerator and It Is a
advantage for us we can expand our service in different cities.

As people will use the service through the app so it is easy to keep tracks of customers and
you can also know what type of people are using your services.

Weakness:

IT might lead to disaster therefore customer satisfaction might get low.

The price is too high so people might get confused when the buy it.

Threats:
1. It will be tough for educating the people about our product.Because it’s first time for our
country.
2. Tax might be high.
3. Substitute can grab the market like LG, Singer can come up with this type of products.

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Marketing objectives
Specific: We are focusing on technology based refrigerator that helps people to buy their
necessary through the apps. It’s help mainly the job holder and business people.
Measurable: we will constantly monitor the number of users through the app and
Achievable: Our app and our AI refrigerator and our customer will help us to gain our goals.
Realistic: The app provide the real information about the product and buy that product just
one click.
Time specific: Though we will be constantly monitoring our app and AI refrigerator, we are
assuming by 1 year or so we will be able to achieve our goals.

Market Strategy

Segmentation, Targeting and Positioning (STP)

Segmentation, Targeting and Positioning (STP) together involve a three phase process. We
initially figure out which sorts of customers exist, at that point we select which ones we are
best off attempting to serve and, at last, execute our division by upgrading our items for that
segment.
Segmentation
In terms of segmenting our market we will focus on demographic segmentation. As our AI
based refrigerator is higher in price than the refrigerators available in the market, our targeted
segment will be the high economic class and higher middle class peoples who are tech savvy.
On the other hand, peoples who live alone or have not married yet, due to lot of work pressure
they most of the time forget about grocery shopping or cannot realize what they need to buy
and what not. AI refrigerator will be best solution for them.
Target market
Our targeted group will be the high class and higher middle class peoples who has adequate
knowledge about technology and want new experience from using innovative products.
Peoples who stay out of home without family basically the job holders are also included in this
group.

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Positioning statement
Now a days people are more carrier oriented that, they cannot give proper attention to buy
foods and grocery products for themselves and their family. Our AI refrigerator is app based
home appliance which is connected to internet and gives remainder to its owner when grocery
products kept in the refrigerator is running out of stock and asks for permission to buy these
particular stuffs from online grocery shops. We believe that, our product is going to solve this
problem and make life easier for the peoples who are always busy with their works and cannot
even manage time to go to market.

Marketing Tactics

Product
Wellpro is an AI based refrigerator which has the capability to give reminder to its owner and
shop by itself which is very new concept in the Bangladesh market. We are providing high
class instruments like best compressor, cooling system, build quality and a friendly user
interface which is fully app based stored in smartphone. Customers will log in our wellpro app
being connected on internet and get information about refrigerator performance status, food
availability and stock. In the notification bar customer will see the AI permission for shopping,
if they allow, AI will start ordering grocery stuffs from online shops.

Price
As a new comer we have come to a decision that we are going to introduce our product at
relatively higher price compare to our potential competitors since we are targeting a small
market. We have settled down our pricing plan keeping in mind the market that we are going
to operate and also our target customers. We’ll offer two different models and sizes. Price will
start from 1lac tk for 29.5 inches French door, and 2.5 lacs for 32 inches side by side door
refrigerator.

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Place: We’ll launch our product in three main cities in Bangladesh. Those are Dhaka,
Chittagong and Sylhet. Our product will be available in all renowned showrooms of these three
areas. People will be able to order our product from our official web page also.

Promotion
We are going to create brand awareness by promoting our product through Print media,
Facebook, YouTube, Organizing events and endorsing popular celebrity for TV and radio
commercials to persuade consumers.

Process
We will give discounts and offers to our customers. People who will buy our product directly
from our website will get EMI facilities up to 12 months with 0% interest on credit cards of
our selected banks.
Physical environment
Besides, online webpage we will be available at our registered showrooms. Customers will be
able to buy our products and get after sale service facility from there.
People
We will employ trained sales personnel to serve our customers. We will also employ well
trained management teams for making decisions, plans and product development. We believe
a strong and active workforce can bring success for any organization.
Productivity and quality
We can make sure that, we will maintain our product quality so that customer trust can’t be
broken. Moreover, we’ll develop our refrigerator according to futuristic technology so that
we can add more features.

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Actions
Gantt Chart

Task Week 1 Week 2 Week 3 Week 4 Week 5 Week 6

no. (January 1 to
January 7)
1. We will attract the
new selected
customer base and
promote our brand (January January
through ads. 8 21)
2. We will use different
competitive
superiorities- App,
advertisements through
social media, online and (January Feb 3)
offline Campaigning. 28

3. We will imply different

Branding elements:
Logo, Slogan, Labeling,
for better feedback.
( Feb 4 to Feb 11)

4. We will slowly
introduce the
technology which
will be using for AI
refrigerator in a way
that will make it
easier for the users/
customers to adapt.
5. ( January 1 to January 7)
We will be promoting some
discount offers for the first 300
customers through online and
offline platforms.

showing the relationship between the activities and current schedules which are mandatory
for launching AI Refrigerator through GANTT CHART.

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Budget

showing the initial budget plan for e-marketing of Wellpro AI Refrigerator:

Budget for Wellpro AI Refrigerator's

e-marketing

10%

12%

52%

26%

Social media marketing SEO Online ads E-mail marketing

Our whole budget for AI refrigerator’s e-marketing is initially 5000000tk. the spending
percentages for each sector are shown in the diagram.

Social Media: the social media platforms are one of the easiest and fastest ways to attract
customers and to promote a brand. Because of this fact we have planned to spend more on
social media marketing. We will promote our brand and make the users adaptive with our new
features through social media platforms.
SEO: we are also keeping our budget for the optimization of our website in search engines.
This will help us with gaining more visitors. People who will search for better/ smarter
refrigerators will find the name of our website at the top of the search list through this strategy.
This is on our priority list along with social media marketing.
Online Ads: we will also keep budget for advertising our brand in other online platforms. This
includes creating skip ads on Youtube and display ads in other company’s websites.

E-mail marketing: this is Important for the in-depth communication between the buyer and
seller. It will increase the reliability of the company. This is why we have kept this on our
budget list.

Reference: How much should you budget for marketing in 2019 (June 2,2019), Retrieved from;
https://www.webstrategiesinc.com/blog/how-much-budget-for-online-marketing-in-2014

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Control
Describing the AI Refrigerator’s controlling sector through these terms:
Usability testing and customer satisfaction surveys: As we all know in e-commerce web
usability is all about customer satisfaction and as we are planning to promote our e-commerce
site, we are going to focus more on customer satisfaction. And for that we will be evaluating
how well our website relates with the visitor’s design, color, language etc. we will also
measure:
• the speed and ratio of different types of content which will be in our webpages
• search engine optimization
• the visibility of our app across different devices
• navigation and availability of information
• effectivity of customer support features such as live chat and more.

KPI (Key performance indicators) :

Social media followers: We will measure the efficiency of our social media marketing through
measuring how many people are following us on the social media platforms. From this we will
get the information of how much effective this e-marketing strategy is and will improve the
control of this process according to that information.
E-mail marketing: we will evaluate the performance and effectiveness of e-mail marketing
through measuring how many number of emails are delivered and how many number of emails
are opened.
Online engagements: we will effectively check the number of engagements of our website
and social media pages by click through rate and click-to-open rate.
We will be using these terms to evaluate the performance of the e-marketing processes which
will provide necessary information for monitoring the AI refrigerator’s e-marketing processes
more efficiently and effectively.
Website traffic: As better web usability and user experience is one of our major concerns, we
will review the website traffic regularly to minimize the risk of slow starting and less visibility
across search engines and other devices. This will help us to control the bounce rate of our
website.

Conclusion
Wellpro AI refrigerator is a new and exciting innovation which has higher chance to reach its
ultimate goal. With the right e-marketing strategy and right implementation of the e-marketing
processes we can make our brand visible & attractive in both domestic and international market
and make our success certain.

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