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2.1.2Sampling Size
Madhumati Salt has consumers all over the Bangladesh. So it is difficult to cover all the consumers due to time limit. I cover for the study 30 consumer as sample size.
2.1.3Sampling Procedure
For this research, I follow convenience sampling under no probability sampling.
2.3 Limitations
Every good thing in life has some limitations. And this report also has some limitation and also some problems. Time is always a main problem in this world no matter how much time is given it turns out to be insufficient. The given two month to complete the report is not good enough time, but the report would have been better if more time would given. There is lot numbers consumer in Bangladesh. But due to the shortage of time many could not covered. We know that business people are always very busy So from the consumer s answer s that given within short time may not be true what they hand in mind. Many consumers agents may have biased opinion about the company and may not have given the right answer. Most of the questionnaire filled up over phone and respondents felt irrigate to answer on phone.
Customer Retention
The overall objective of providing value to customers continuously and more effectively than the competition is to have highly satisfied customers, this strategy of customer retention makes it in the best interest of customers to stay with the company rater than switch to another firm.. In almost all business situations, it is more expensive to win new customer than to keep existing ones. Studies have shown that small reduction in customer defections procedure significant increase in profits because (1) loyal customers buy more product (2) loyal customers are less price sensitive and pay less attention to competitors advertising,(3) servicing existing customers ,who are familiar with the firms offerings and process, is cheaper and,(4) loyal customers spread positive word of mouth and refer other customers. Furthermore marketing efforts aimed at attracting new customers are expensive, indeed saturated markets, it may be impossible to find new consumer.
Competitive Analysis
The process of identifying key competitors assessing their objective strategic strengths and weakness, and reaction patterns, and selecting which competitor to attack or avoid. (Principles of Marketing Philip Kotler , Eight Edition, Page 557)
Promotion
Promotion or promotional activities refer to the set of activities undertaken by a company to boost the sales of their products for both short and long term. These steps may include advertising, sampling, public relation etc.
Promotion is an attempt to influence and more specifically, promotion is the element in an organizations marketing mix that serves to inform, persuade and remind the market of a product and organization or the organization selling it, in hopes of influencing the recipients, belief and behavior. (Principles of Marketing Philip Kotler , Tenth Edition; page 456 )
Brand
A name, term, sign, symbol, or design, or a combination of these intended to identify the goods or service of one seller or group of sellers and to differentiate them from those of competitors. (Principles of Marketing- Philip Kotler , Eight Edition; Page 245)
Research question
Research question are refined statements of the specific components, of the problem, research question ask what specific information is required with respect to the problem components. Naresh K. Malhotra (page 52)
Exploratory research
One type of research design that has as it s primary objectives the provision of insights into and comprehension of the problem situation confronting the researcher. Naresh k. Malhotra Page 83.
Non probability
Sampling techniques that do not use chance selection procedures rater they rely on the personal judgment of the researcher. Naresh K. Malhotra (Page 334)
Convenience sampling
A non probability sampling techniques that attempts to obtain a sample of convenient elements. Naresh K. Malhotra (Page 334)
Lekert scale
Lekart scale that requires the respondent to indicate the degree of agreement or disagreement with each of a series of statements about the stimulus objects. Naresh K . Malhotra (Page 271)
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among
the
competitions
of
Customer satisfaction levels about different salt industries are represented in the following figure &table:
35 30 25 % Of 20 response 15 10 5 0 response of the customer
Madhumati salt Globe salt Sundarban salt pubali salt Titas salt Others
Figure: 1
Product
Madhumati salt Globe salt Sundorban salt Pubali salt Titas Orhers
Percentage of response
25 20 35 06 07 07
Table: 1
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In this charts its appear that Sundarban and globe has greater percentage of response because of greater demand and upscale image and distributor prefer to sell these product. And also the retailer prefers to sell that product. Now if the company wants to capture the mind of customer, the company has to go for certain promotional activities. While I conduct in survey most of the customer complained that brand name is not known but the company does not pay more attention on advertising at the same time complained about the whitening of the product.
5.2 Analysis of the Reason for Choosing Madhumati Salt: Comparative study about why 25% salt customers use Madhumati salt is represented in the following table & figure:
60 50 40
% of the response
low price Goodwill of the company Availability of product Better quality in market Others
response of the customer
30 20 10 0
Figure: 2
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Product
Low price Good will of the company Availability of product Better quality in market Others
Percentage of response
55 25 05 10 05
Table: 2
Customer mainly choose Madhumati salt because of low price. Its master cartoons price is lower than sundarban and globe salt. And due to low price it has greater demand in the market place especially in rural area.
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Poor quality
10 5 0
response of the customer
Brand name is not known Distribution of the company is not good Others
Figure: 3
Reason
Poor packaging Poor quality Brand name is not known Distribution of the company is not good Others
Percentage of Response
30 35 15 10 10
Table: 3
Most of the respondent claim for poor packaging of Madhumati salt , When labor do handle to load and unload the product some time its get burst and they do not have scalene machine to seal the bag again. On the other hand Globe salt did come up with lamination package which is rich, less chance to get burst and attractive and there is no
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Chance to have food contamination. So it catches the attention of customers. Brand awareness is another reason where customers are less aware about the Madhumati.
50 45 40 35 30 % of the response 25 20 15 10 5 0
response of the customer
Percentage of response
40 48 12
Table: 4
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Customers are not satisfied with the availability of Madhumati salt, some time they do face problem of on time buy and some time company do stop their production. Actually this thing happens due to scarcity of raw materials. Raw salt procure from coxs bazaar , kutubdia, Mohashkhali, Teknaf, Baskhali and these are the only area where as 95% salt procure here. And all companies depend on these raw materials. When the scarcity appear that time price of raw salt goes up. If the price of salt goes up then the company can not continue production because it increases production cost. And if they increase of Madhumati salt then low sales appear.
40 35 30 25
% of the response
20 15 10 5 0
response of the customer
Figure: 5
20
Satisfaction level
Highly satisfied Neutral
Percentage of response
35
40 Highly dissatisfied 25
Table: 5
Unlike Madhumati salt most of the company does not face problem to continue their production and if we look to the main competitor Globe which is situated in Meghnaghat. They Are also situated in the center part of the country and do not face problem for availability.
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40 35 30 25 % of the 20 response 15 10 5 0
response of the customer
Percentage of response
04 16 20 40 20
Table: 6
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Then came the question about the satisfaction level with Madhumatis promotional activities. Hardly 04 percent of the customer was extremely satisfied with the promotional activities of the company. Only 16 percent of customer were satisfied with the promotional activities of Madhumati salt . 20 percent of the customer had average feelings And 40percent of the customer were not satisfied at all.
Figure: 7
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Satisfaction level
Extremely Satisfied Satisfied Average Not satisfied Extremely dissatisfied
Percentage of response
22 40 20 12 06
Table: 7
The scenario is totally different when we look at the tally of competetiors satisfaction level. 40 percent of the respondents are satisfied with the promotional activituy and 20 percent of the respondents said that they had an average feelings about the promotional activities of the competitors.
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Percentage of response
04 16 20 40 20
Table: 8
25 The scenario is totally different when we look at the tally of competitors satisfaction level. Only 16 percent of the respondent is satisfied with the product quality and 20 percent of the respondent said that they had a average feelings about the product quality activities of the competitors.
Percentage of response
16 28 41 10 05
Table: 9
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The scenario is totally different when we look at the tally of competitors satisfaction level. 28 percent of the respondents are satisfied with the product quality and 41 percent of the respondents said that they had a average feelings about the product quality of the competitors. And only 10 percent of the respondents are not satisfied about the product quality.
40 35 30 % of the 20 response 15 10 5 0 response of the customer 25 Extremely satisfied Satisfied Average Not satisfied Extremely dissatisfied
Percentage of response
0 05 25 40 30
Table: 10
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Then we asked the distributor what they thought about the sales person. 05 percent of the respondents were satisfied with the sale people and 40 percent were not satisfied with the sales people. 25 percent have average feeling and 0 percent has extremely dissatisfied feeling. Hardly have they visited distributors and their task also to find out that every retail stores have Madhumati salt and also provide market report to the company.
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CHAPTER: 6 FINDINGS
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6.0 FINDINGS
6.1 Customers are unaware about madhumati salt
According to distributors customers are unaware of madhumati salt. They pointed out that lack of advertising is the reason for being unaware among customers.In opposite globe salt has strong advertising.
6.4 Very few are satisfied with Madhumati salt product availability
When the distributors place order to the company sometimes product is not provided to the distributor on time . And for this reason distributors cannot supply product to the retails stores and as a result they lose the market of Madhumati Salt. On the other hand most of the distributors are satisfied with the availability with the other companys product.
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6.7 Higher profit margin influence retailer to sale other companys product
Not all customer sale globe and Mollah salt. we found few retailer sales only Madhumati Salt and those who sale Mollah,globe and other salt they prefer to sell globe and Mollah due to higher profit margin. From each carton of Mollah salt they receive normally .50tk and from globe they receive .60tk and from Madhumati they receive only .30tk. But this profit margin is not fixing.
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CHAPTER: 7 CONCLUSION
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7.0 CONCLUSION
In this part conclusion are drawn and supported on the basis of the findings. Based on research findings lack of proper promotional strategy was undertaken by the company compared to the competitors. Highest percentage of respondents showed satisfaction on the other companys promotion where as respondents have average feeling towards Madhumati salts promotional activities. By interviewing Respondents, its revealed that they prefer more to receive gifts and rewarded ceremony and this promotional activity is already performed by other company, here Madhumati salt considered lack of proper promotional strategy compare to the competitors. Poor production capacity and scarcity of raw materials is another problem for Madhumati salt. Madhumati salt is not available and can not provide to the distributor on the time through out the year. Highest percentage of respondents showed that product is not delivered on time. Respondents believe that poor packaging leads to low sales for madhumati salt. The package of madhumati salt is not tough enough and the printing quality is not good and clear. They do face problem with the package like when labor handle product for loading and unloading sometimes its get burst or leak. Besides these factors there are some factors which are playing for low sales such as lack of advertising, inefficient sales person and less frequent visit by sales person, higher transportation cost etc. To improve their sales company should consider this factor otherwise sale will decrease day by day.
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CHAPTER: 8 RECOMMENDATION
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RECOMMENDATIONS
The result of the present study provides some insights into how Madhumati salt can increase their sales. To improve their sales and to increase their market share they will have to emphasize on few factors which have been mentioned bellow.
8.2 Advertisements
Some of the respondents claim that Madhumati has lack of advertisement in compare with Mollah and Globe salt. These two companies give ad in BTV and other private TV channel but currently MAdhumati salt is not giving advertisements. So lack of advertisement, the message is not delivered to the customer and the brand name remains unknown. So company should continue to give ad in BTV and other private channel. Again if we notice, then on the streets we will see that most of the shops have a neon sign stating the name of the shop. But if the notice carefully, we will see that the name of coke, Pepsi, fair & lovely, lux, etc remain at the button of the neon signs. Actually, the companies like pepsi, lever, coke sponsor these neon signs. Now consumer product like madhumati salt can do this as well. Another thing they can do is wall writing which is cheap and effective especially in outside the city area.
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APPENDIX
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QUESTIONNAIRE
Customer Name: Location: Date:
Q. Which of the following brand do you prefer to buy? a. Madhumati salt b. Globe salt c. Sundarban salt d. Pubali salt e. Titas f. Others..
Q. If you prefer MS brand ,tell the reason of preferring it? a. low price b. Goodwill of the company c. Availability of product d. Better quality in market. e. others.
38 Q. From which brand you do get more satisfaction? a. Madhumati salt b. Globe salt c. Sundarban salt d. Pubali salt e. Titas f. Others..
Q. If you dont buy MS product, the reason? a. Poor packaging b. Poor quality c. Brand name is not known d. Distribution of the company is not good E. others Q. Do you satisfied with the availability of MS product? Highly Satisfied 1 2 3 4 5 6 7 Highly Dissatisfied
Q. If you are satisfied with other companys product, please mention the name of that company. a. .. Q. Mention the satisfaction level of availability of other companys product. Highly 1 Satisfied 2 3 4 5 6 7 Highly Dissatisfied
39 Q. Are you satisfied with MS product quality? a. Extremely Satisfied b. Satisfied c. Average d. Not satisfied e. Extremely dissatisfied Q. Are you satisfied with other companys product quality? a. Extremely Satisfied b. Satisfied c. Average d. Not satisfied e. Extremely dissatisfied Q. Do you satisfied with MS promotional activities? a. Extremely Satisfied b. Satisfied c. Average d. Not Satisfied e. Extremely dissatisfied
40 Q. Are you satisfied with the other companys promotional activities? a. Extremely satisfied b. Satisfied c. Average d. Not satisfied e. Extremely dissatisfied Q. Are you Satisfied with sales people? a. Extremely satisfied b. Satisfied c. Average d. Not satisfied e. Extremely dissatisfied
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Product name Madhumati salt Globe salt Sundorban salt Pubali salt Titas salt Others
Percentage of Response 25 20 35 06 07 07
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Q. If you are satisfied with other companys product, please mention the name of that company
. Percentage of Response Name Madhumati salt Globe salt Sundabon salt Pubali salt Titas salt Others 25 20 35 06 07 07
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Neutral ,4, Percentage of Highly dissatisfied(5,6,7) Highly satisfied(1,2,3) response Percentage of response Percentage of response 35 40 25
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10.0 BIBLIOGRAPHY
1. Philip Kotler-Principles of Marketing. Eight Edition(1999) 2. C. Merle Crawford- New products Management. (1998) 3. Hawkins, Best, Coney- Consumer Behavior. International Edition (2001) 4. Charles Hill & Gareth Jones Strategic Management . Fourth Edition (1998) 5. Lesikar, Pettit, faltley- Lesikars Basic Business Communication. Eight Edition (1998) 6. Leon Schiffman & Lesilile Kanuk- Consumer Behavior. Sixth Edition (2002) 7. William G. Zikmund- Business Research Method. Sixth Edition, 2003 8. Naresh K. Malhotra Marketing Research. International Edition (2003) 9.Philip Kotler- Advanced Marketing Management. International Edition. (1999) 10.Madhumatis internal data source 11. Annual report of Madhumati salt