Tuesday, February 19, 2019
Importing a Foreign Product in Bangladesh
INDEPENDENT UNIVERSITY BANGLADESH pic ca-ca OF THE COURSE INTERNATIONAL merchandising SUBJECT CODE MKT 401 NAME OF THE INSTRUCTOR ABUL KHAIR JYOTE SECTION 01 NAME OF THE radical MUSTANG DATE OF SUBMISSION 01/11/2012 NAME OF THE GROUP MEMBER NAME ID E-MAIL NUMBER ANAN ASHEQ AREFEEN 1020644 emailprotected com 01719154064 MD. RIAZ SHOAIB 0910383 emailprotected om 01673390837 FAHIM MUNTAQIM 0921111 emailprotectedyahoo. com 01915483658 FAHAD HOSSAIN 0921338 emailprotected com 01677676794 TAWSIF BIN MAKSUD 0910374 emailprotected com 01671070843 White appliance is a contrary bon ton and its guessing to drag in Bangladeshi market. In Bangladesh the average monthly income is ab give away 500 dollar a month which is 35000 in Taka.So the income scale is medium. According to our survey we reckon out that zap oven is used by the state whose income scale is about 70000-80000 or high in the month. If we consider the social anatomy, we found the people from the higher(prenominal) and high er midst class argon using the atomise oven and the rest of the people ar comfortable with the splash stove. In Bangladesh, the market of zap oven is non that good enough. Our company bay windownot sustain in this limited amount of market. The company truly indigences a huge market to do business.In this case, we got only sensation option and that s to expand the usage of zap oven in the orbit and to do so we adopt to tar communicate a new instalment. We give the axet bonnie work on only two classes. quite we need to c oncentrate on the spirit class and upcoming middle class people. To expand our market, we targeted the middle class and upcoming middle class families and to do so, we need to provoke our reaping as a abiding need. For example, if we think of a house appliance, we always think about a tv, refrigerator, furniture etc. So we need to work in much(prenominal) a way that we back point that microwave oven oven is a must in a home appliance.We have go ne thru most of the middle class families recently to get their opinion and found that they can actually afford to buy a micro wave oven. The hail of a microwave oven is about 7000-10000taka but the problem is the usage damage. They say microwave oven consumes isthmus of electricity and it creates a huge electricity bills which nearlytime get beyond affordability. Even most people believe the oven make victuals tastes bad. Many of them preceptort know how to use the microwave oven sluice umpteen of them misinterpret the microwave oven that it is a source of homework nutrition for thought.Yes of cut across microwave oven is a homework product but it is not adequate for our Bangladeshi food habit. We cannot cook our food in microwave as it is make on European context. It is really good for ready do food. Since, Bangladeshi people be not habituated in ready made foods we can promote the oven as a source of freshen up the food by heating systeming it. So the eventor tha t mostly allow for create problem interfering in Bangladeshi market is 01. ample amount of electricity consumption 02. pot misinterpret the product 03. quite a little think oven make food taste badThe most important and uncouth problem is the electricity consumption. Microwave really bribes a huge bar of electricity to operate. To sort out this problem we are concentrating on manufacturing as special kind of oven look upd the electric convection oven. In this oven it has a special plait or an adaptor which make the oven consume less energy and heat the food like the typical microwave ovens. A table is habituated below Appliance Temperature Time Energy Cost Electric Oven 350 1 hour 2. 0 kWh 11. 2 Electric Convection Oven 325 1 hour 1. 39 kWh 5. 00 Weve made a compare between the regular oven and our special oven and figured out in average people can actually carry through 6 taka in every one hour. People whitethorn be getting interested on our product because we have m ade it live effective. We need to promote our product in a way so that people should realize that microwave oven is not a product to cook, alternatively it helps people to get the food fresh by heating it. People have misconception about the microwave oven that it makes food taste bad. We need to turn off such(prenominal) perception and imply that there is no topic to do with the tastes.It meet heat up the food to make it fresh. Such promotion may get a huge response because nowa mean solar days people are getting industrious day by day. Even in many families, both husband wife is doing job and therefore they dont have much time for cooking. Even if we look at the bachelors, they yet dont get any time to cook. Microwave oven is the scoop out solution to cope up with their busy days. In the segment of busy people they would get a relief of cooking several time a day. All they need to do is to cook food once a day and get fresh food all day by heating with microwave oven.We ca n in any case promote the product by giving a recipe based on microwave cooking as a bonus. In fact we depart also result them with special bowls suitable for microwaves. We can also provide a celerity of membership card to a particular shop mall where they can buy their necessary groceries in a lower limit usher out. In this way, people may get interest of acquire our product. We can also make the microwave open which can be operated by the remote control. It lead be easy for the users to operate it. The advantage of microwave oven is it makes the food fresh.Maximum people faced such problems in cooking and that is when food is been cooked in the afternoon, we prefer to have that in dinner too. So the food that was cooked in the afternoon need to heat up on the gas stove which makes the food dry. So to regain the previous taste, more spices and piss should be given and again re cook the food which is very b othering and also it kills time too. In this case, microwave oven j ust heat up the food to make it fresh and it do not dry up the food which is an advantage.Tagline Though we are manufacturing and marketing the product in Bangladesh for the honest people, Ive considered THREE taglines WHITES FOR THE PEOPLE, BY THE PEOPLE, WITH THE PEOPLE LEMONY FRESH 24HR inflame IT, FRESH IT Thing we need to think is that how will we actually tuck the market after targeting our customer. We archetypical thought about making a permanent grind to get the market permanently but we cannot do that for many circumstances. The Bangladeshi infrastructure is not suitable for our company. muchover in Bangladesh, political turmoil, constancy strike and most important problem lade shedding is the daily situation.Our company cannot sustain with these problem. In this situation we are planning to get involve to a domestic company in Bangladesh in sound out venture. We are interested of making a joint venture with Walton. Walton doesnt manufacture micro ovens. So it mig ht be a good opportunity for them to make a new segment of product in their company and we have the advantage of using their infrastructure. More over we can make a deal with them such as we will make the factory jointly by spreading 50/50 and our company will provide all the necessary machineries. Walton will maintain and hire the labor to manufacture our product.Walton and whites works in a joint venture and so we can use their distribution channel. In the contract of joint venture we will offer them 70/30 profit and bargain the profit margin up to 40%. and so we will also bargain about the selling of our manufacturing product. We will try to convince them allow us to sell our product on the other Asian countries by exporting. Such as if 100 micro ovens are manufactured in the industry of joint venture, 50 micro ovens will be sold in the Bangladeshi market and there would be a 50/50 profit share on the first fifty ovens.Then they must allow us to sell the other 50 micro ovens to other Asian countries by exporting thru Walton and we would give them 20% profit or may bargain up to 30% for the depart 50 products. According to the contract Walton will maintain the labor cost and we have the right to employ our own expert representatives to watch out the both the internal and external situation. Our company wills not toler any al cover union inside the venture premises. Government officers are not allowed as deputation. Yearly audit should be done by the renowned auditors.Finally Walton cannot give the sack this joint venture within 10yrs. It would be good for both of us because Walton got a new segment of their product line, and they can make both(prenominal) extra profit from the product and our benefit is our market is been diversifying. In fact the best advantage we got in this joint venture is reducing the labor cost as the labor cost in Bangladesh is very cheap. The factory overhead cost is very cheap. People here actually want to do overtime job in a certain pay where in the western countries people dont want to do job more than 8 hr.In our point of view, they should take the offer because by working with us, they might get many resourceful information, technologies, can purport skilled workforce to develop their industry. The government might verify this thing and to develop their domestic industries they might be very co artisan with us. For example we dont need to give duty slant in the port, more over we might get a facility to export our product from the Bangladeshi port on behalf the Walton in a half tax rate. The disadvantage of this joint venture is the leak of technology and information.If the countrys national level business policy much changes, it may affect our company profit. The most important issue is the putrescence. If the corruption cant be controlled, law and order situation is not good in the country and lack of good governance may create a huge problem in this joint venture. running(a) in Bangladesh as a joint venture it saves a lot of money because it has less responsibility such as labor cost and maintains, political turmoil, load shedding etc. The home country would take care of these. The process we are saving a huge cipher is shouted the economy of scale as it utilize the money very cost-efficient way.Establishing a factory in Bangladeshi premises would cost lot of money. We believe our company is working not only for the highest income category or group but for the every level of people. We are highly utilise on fulfilling the customer need. We dont work just for a profit. Considering the peoples need and the income status, we offer a facility of buying our product in an installment. People can buy our product in 3 month Period installment. It might be a hap of encouraging people to buy our product. To inform the people about our product, we elect to make commercial advertisement in various public impart. todayadays cooking program in TV channels has gained a good r eputation. In this case, what we can do is to sponsor a cooking program or we can arrange such program in TV channels based on the recipe which is related on microwave cooking. For some reason, if the budget gets tight, we will request some of those cooking programs to use our microwave and influence indirectly the audience to buy our product. We can also promote our product by giving the opportunity of demo using in the retail stores in the country. We also can arrange a ostentatiousness mob in the busiest locality to get the product in the peoples mind.We can also sponsor many inter country sports to spread the name of our product. In the last step we will also try a pilot operation on marketing our product in the Bangladesh defenses oddly in the Army. The name of this pilot operation is called THE VETERAN. In the hummock tracks or in the borders our soldiers face a lot of problem on getting fresh food. They often complained about it. They cant get fresh food just because in th ose areas they are in the call of duty for the nation. They are not authorized to leave their position or to return their barracks for the sake of the countrys safety.Yes there are cooking facilities in the barrack but there is certain time of leash days meal. If a person misses that time, he or she will not be allowed to get the meal. So in this case, they have to cook it for their own. Now the soldiers in the duty cannot often return in time. In this case, they dont need to cook again rather all they need to do is to heat up the meal. So to sort out such problem, we might influence them to use our product in 20% discount rate. This discount is named as the veteran rate. We are not actually just doing business but we also took the oath of serving our nation.