New Product Executive Shoe

8/9/2019 New Product Executive Shoe

1/15

1

An Assignment

On

New Product

Executive Shoe

Submitted To:

Md. Abdullah MafuzLecturer in Marketing

Department of Business Administration

Northern University, Bangladesh

Submitted By:Dipock Mondal

Department of Business AdministrationNorthern University, Bangladesh

Date of Submission: 4th April 2010


2/15

2

ACKNOWLEDGEMENT

First of all we would like to be grateful to Allah and my parents and pay my

deepest respect Md.Abdullah Mafuz, Lecturer in Marketing, Department of BusinessAdministration, Northern University Bangladesh, due to her generous and friendly guidance.The NORTHEN UNIVERSITY BANGLADESH help me to get the opportunity to do the

work in the New Product. We are also grateful to her for helping me to understand some

minute issues as well as those issues which we have failed to understand. we also would like

thanks my friends for giving me enormous help can not mention in this short extent.

.

Marketing Plan ofExecutive Shoe


3/15

3

3.1 Introduction:

Bata is a new and starting up company which forms on 4 April in 2010 in Dhaka. Its

objectives are to provide world class and innovative Executive Shoe. This company ispreparing to launchExecutive Shoe which is quite new and stylish product for all.

Shoe has gotten stylish overtime. People spend thousands of money for buying differenttypes of Shoe to make them beautiful and sophisticated. As thing get better with time,

people will move on from the good Executive Shoe

3.2 Objectives OfThis Assignment:

The objectives of this assignment is to know how to started a new shoe and how to

captured the market shares. The implication of 4 p s of marketing. We also learned about

SWAT analysis of new shoe.

Market Summary:

Executive Shoe possesses good information about the market and knows a great deal about thecommon attributes of the most customers. This information will be leveraged to better

understand what their specific needs and how Executive Shoe can better communicate withthem.

3.3. Market Demographics:

Geographic:y Executive Shoe has no specific geographic target area in Bangladesh but we

prefer Executive. It would be very suitable for Executive classes of people.People can use this shoe all the time.

Demographics:y Male can use this shoe.

y People who are Executive are the vital users.

y People who are educated are major concerning customer.

y People who are involved in earning and lead a prosperous life also ourconcerning customer.

Behavior Factory People who are very aristocratic and lead very luxurious life they usually

accept this product easily and old conventional people will take longer time toaccept this Shoe.

3.4. Market Needs:


4/15

4

People usually need shoe or similar type of chopple. Almost all people who profession is inoffice in our country use Shoe. People are very much habituated to use Shoe. Most of the people

recommended are using first and foremost for better class shoe

Purpose of using shoe:

All the executive people of our country are very much conventional but our young

generations are different as they can cope with newly things much more easily. Some sorts ofpeople especially young generations are very much monotonous with using conventional Shoe. So

they are looking for something new and different. Thats why we believe that our would be the

most impressive want for this growing need.

3.5. Market Trends:

64%15%

5%16%

Formility

Comfortable

Luxury life lead

Style


5/15

5

In our country people usually use Shoe for maintaining formality respondents repliedpositively that they use shoe. However, among male who is not use shoe will use it

Influencing Factors in New shoe Purchase Decision:

While purchasing shoe respondents firstly look for brand and their percentage is 26.67%. Then,

secondly they prefer both antiseptic quality and for these the percentage is 23.33%. After that,10.00% consumers seek for both price and ingredients. Again, 6.67% people search for both

availability and size Finally, only 3.33% people hunt for few other factors which are size,advertisements, and shopkeepers opinion.

Different types of people use different types of shoe. People who are concerned with theirformality use high quality shoe.

Market segmentation:


6/15

6

Executive Shoe is a new and uncommon shoe and its segmentation is different to other ordinaryshoe. Its segmentation bases on-

Gender (men & women)Social class (Upper upper-Upper- Upper middle and Middle.)

Density (urban area)

Attitude toward product (positive, adaptable with new things.) and generation (young )

Our market segment is quite measureable because our main target customer is executive people

and its approximate size is 63.6% of total population

Our target segment is very accessible because we urban area is one of our target market. Theurban population which is 27% of total population

Our market segment is quite differentiable (Such as Men, Women) who have distinct

choices needs and characteristics.In order to actionable our marketing program our market segment will help us. We can

introduce different marketing strategy and promotional strategy according to men and womenchoice, preference and needs. So our market segment is measurable, accessible, actionable, and

differentiable.


7/15

7

SWOTANALYSIS


8/15

8

2. SWOT analysisStrength ofExecutive Shoe :

Convenient in distributionHigh quality leather.Combination of different features

Comfortable to useAffordable for all segments

Provide comfortable Size.

We assure shoe differentiation.

Weakness ofExecutive Shoe:

Production cost and price would be higher.No brand awareness of this new product as a start up company.

Lack of depth industry experience and insight.

Opportunities ofExecutive Shoe:

New stylish and very much adaptable for the young generation.There are no other manufacturers of such kind of shoe.

As the only manufacturer of this product we have an opportunity to capture thegreater market share.

Much different and distinctive than traditional shoe.So it is a large market which creates a great opsportunity for us.

Threat ofExecutive Shoe:Shoe market is the nearest competitor of us which possess the all market.

Our conventional people hardly take this shoe enthusiastically.Possibility to come more competitors in this market.

Competition:Competition is an important factor to consider before entering a business. Company

should have successfully competitive strategy to be able attract, retaiun and grow customer.There are no other companies who produce such kind of shoe. But there are similar types of

shoe. At present our Apex is our main competitor. There are different types of shoe

Product Offering:


9/15

9

Executive Shoe has two criteria; one is for men and another is for women. It will providethree category products, men, menthol, and normal. Executive Shoe especially for men has some

standard features:

y Richly Executive Shoe is made up by high quality leather.

y Feeling perfecting refreshed and recharged.y Scents skin with distinctive musk arena.

y Provides a gently yet through comfortable.

y Provides convenient value sized for executive.Marketing strategy:

The key to marketing strategy focusing on the stylish, broad minded, young and cautious of

their style, these types of users. Executive Shoe can cover the 50% of the shoe market because ifproduce products toward those segment who want to see themselves as distinctive. It is able to

address different segments within the market although each segment is distinct in terms of its usersbut it would be very much useful to different segment because of its comfortable, quality, long

term useable, reasonable price and its users get expression of sophistication.

Mission:Executive Shoe mission is to attract and maintain customers by ensuring better quality and having

difference from the other shoe. We hope our product will exceed the expectation of the customers.

Marketing objectives:

Executive Shoe key marketing objectives are: Establish a strong brand image and consumer loyalty.

Maintain positive strong growth in first years.

Decrease consumer acquisition cost by almost 1.5% per year.

Easiest and availability of the product to the target consumer.

Create awareness about this uncommon shoe.

Financial objectives: Achieve breakeven within first year.

Reduce production cost at every half yearly period steadily.

Maintain a significant research and development budget for future development and

innovation of the shoe.

After achieving breakeven increase profit margin by 1.5% per quarter through efficiency

and economy of scales gains.

Target market:


10/15

10

After segmenting as class basis we target different social class in Bangladesh. We prefer peoplewho are living in the urban area of our country. Our targeted social classes are divided as upper-

upper, upper-lower, upper-middle and middle and executive. Among the people of these socialclasses they want something new and sophisticated which would represent their choice and

personality. Moreover they want some variation in their daily life and want to use better something

which would represent their status and roles.

Young educated people are another preferable target market of us. They are becoming stylish &

want new & innovative things they are very much capable of adapting with the new invention.Mean while as shoe very much comfortable to use and economical it would be the first choice of

those people who are fond of journey.

Positioning:Positioning is one of the most important key to launch a product that means the distinctiveness

from any other product which possess in the customer mind. However Executive Shoe containslots of distinctive features from its competitor shoe.

Some distinctiveness are mentioned below- It is much more foaming than other traditional shoe.

It has two criteria (men & women) which contains distinct features from others. But

other traditional shoe has no criteria like (men & women).

Executive Shoe is normally suitable for all types of shoe.

We use some distinct ingredients which are hardly used in our traditional shoe.

Executive Shoe is much more distinct, stylish and enjoyable so we will convey this message to our target

customer by various promotional activities. We would follow societalmarketing concept for assuring

consumer satisfaction. More over we would maintain the ConsumerSocialResponsibilities (CSR) to create

brand awareness among the people.

If we can aware our customer about our products positive and distinct features we can create a

distinct position in our customer mind.

What is our market position:

Each company has its own particular position according to market share. Among four types ofmarket dominator our company product position is market leader. Because of is Executive Shoe

the pioneer of such kind of shoe. This shoe is totally new and no other company did not introducesuch kind of shoe in past. Thats why we will posses 100% market share of this product.

Strategies:


11/15

11

Our core objective is to position Executive Shoe in the shoe market. Our strategies base on specific

area pricing, distribution, and marketing communication.

Product:

We are going to introduce Executive Shoe. For serving the market of we are introducing differentsegment.

This Shoe has many value added features like-

* Convenient in distributionComfortable to use

* Affordable for all segments

Price:

Price is only one p among the 4ps that generate some revenue for the company rest all incurredsome cost of the company.

As you know that there are several price based approaches are available that company shouldfollow---

*Firstly we consider our product cost.*Then we analyze competitors price

*After all our price of Executive shoe is average to competitor price.

After complete analysis of all the cost which is incurred we set the standard price of the shoewhich is easily affordable for all segment like low class, middle class, and higher class people

easily purchase that shoe.

Promotion:

For the purpose of promoting Executive Shoe we use different sources like print media, Electronicmedia and Internet.

Placement:The shoe which we are going to be introduced is Executive shoe after deciding rest all three

marketing ps now we are in a position to decide where the product is placed. The shoe should beplaced everywhere in the market. Company also targeted to capture the whole market by

comparative price. The product is placed in retail shops through different distributors. The shoe isavailable in the market at fair price.


12/15

12

Distribution: Initially we will use dealer to cover six divisions and distinct towns. We will use 2

depots in Dhaka and Rajshai .Our shoe will be delivered to the depot, and then distributed to the

dealers. We have 60 dealers in the whole market and more than 2000 sales representatives under

dealers around the country. By sales representatives we would give money to grocers, showrooms

or own sale center as they will be more active to make aware and convince the Shoe customer

about this shoe.

Marketing communication: By integrating all messages in all media, we will reinforce the

brand name, and the main points of product, especially our exclusive feature.

We will take some promotional activities- first of all we will give ads on TV channels; it is

the most interesting recreational media of our country. We will hold dramatic

advertisement on various satellite channels like NTV, RTV, ETV, BTV, ATN, etc. make

attraction to the people. We will sponsor popular drama, cinema to make awareness of the

consumer.

Secondly we will add the various popular daily newspapers like PROTHOMALOJUGANTAR THE DAILY STAR etc. Because most of educated and urban

people read this news papers.

Thirdly we would like to choice FM radio, which is growing popular recreational media in

our country. In the small period of time there comes some radio channel like RADIO

TODAY ABC RADIO RADIO FOORTI etc. We will hold jingle types of

advertisement in the radio channels. Young generation is the most vital customer of our

product and the hear FM radio in their leisure time.

We will also add in periodical like different types of magazines. We will sponsor different

events and give wall and bill board advertisement in the important places to draw attention

of the people.

As a opinion leader we will use some reputed player and a reference group we can use our

Bangladesh cricket team.

Finally we will hold customer driven campaign in most of towns. Such as

Distribution of samples

Discount of coupons to customers in the retail stores

Prize through raffle draws

Free trials of new customers

Discount coupon will serve as marketing strategy to develop similar loyalty scheme in

order to indentify and stimulate brand awareness In the Bangladesh market.


13/15

13

Control:

The purpose of marketing plan ofExecutive Shoeis to serve as guideline for the

organization. We will measure our performance by controlling following areas:-

Annual revenue

Annual sales expense

Customer satisfaction

Implementation:

We are planning tight control measure to closely monitor quality and customer satisfaction. Thiswill enable us to react very quickly in correcting any problem (if any deviation find) that may

occur.


14/15

14

Recommendation

And

Conclusion


15/15

15

Conclusion:As Executive Shoe is a new shoe in our country, so it has some lacking such as no popular brandname, people are not accustomed with such kind of product etc. but we hope we can easily

overcome these lacking in our nearest future by providing better quality and creating strong brandloyalty among the customer. We believe that our people will prefer the Executive Shoe then

traditional shoe after comparing the product benefits. Hopefully in near future our people will getride of that old Executive Shoe and get your self a Executive Shoe and change the way their shoe.

Recommendation:-

Although Executive Shoe richly distinctive from other shoe and it contains very good quality andadaptable for the young generation but it has some lacking. So we provide some recommendation

to overcome those lacking. Its a new shoe in our country market and has no brand popularity so we need to take lots

of promotional activities to create brand awareness among the people.

Its price is much higher than other shoe. So we should reduce our production cost by

producing and selling larger scales.

We give much priority to young generation but capturing the young generation we should

emphasizes on other people as well. We should provide more information about quality, feature and benefits to the target

customers.

Reference:

www.google.com

www.newproduct.cu.uk

www.p&g.com

Book, Marketing Management By katler & kellar

Internship ReportSample Assignment by internet

New Product Executive Shoe

Documents

Transcript of New Product Executive Shoe