But consumers are becoming more health conscious and somewhat multi-cultural (in a way consumer’s are trying to adopt other cultures and eating habits) these days and that is where our focus is to emerge our breakfast cereal product with the changing culture. ii. Social: In addition to cultural factors, a consumer’s behavior is influenced by such social factors as reference groups, family, and social roles and statuses. In this context, reference groups are family, friends, neighbors and coworkers with whom the person interacts continuously and informally.
The most important social factor for our product is the family of orientation (parents and siblings) from where initial consumer habit for breakfast usually develops. Family of procreation (spouse or children) plays a broad role for changing consumer behavior. iii. Personal: Occupation & economic circumstances are the major aspects that will have effect on our product. In urban area like Dhaka consumers are too busy working and commuting all day and making own breakfast can be time consuming and cereal product is a great solution for that, specially saving time every orning for working women iv. Psychological: It can be a challenge to motivate people to start consuming cereal when they are very much used to traditional breakfast like roti or parata. We have to focus on changing consumer’s perception about cereal with attractive advertising and proving enough information that they need when making the buying decision, involving them in different learning processes about advantages and usefulness of having cereal as breakfast (by doing marketing campaigns and providing free samples to try out before they buy).
Another effective way of marketing for psychological factor is making the product memorable to consumers in a way that consumers remember the good features of the product for long time and will help transforming the new consumer to regular long time consumer in the long run. b. Competitors: We are starting our business in small scale. It is a small entrepreneur venture. Presently we are facing one of the biggest global brands, Nestle. They have started their business under a large budget.
At first we will not go for direct distribution is such a big or we don’t have the direct production but in future we will expand our business like other business. As mentioned before we would firstly be operating at a niche scale. Hence when we initially enter the market we would not be having any true competitors (in terms of providing the same product and service). However the closest competition we would be facing will nestle and other foreign company which is exist in our markets that are an already established brand name in the Bangladeshi market in terms of providing quality products. . SWOT Analysis: Strengths: * Pioneer Bangladeshi brand: though we have a strong competitor like nestle but their operation is negligible. We will purchase from China, packed in our package. We will import and distribute which will help to operate our product as a monopoly product in Bangladesh until new other competitor is coming. * Cost benefit: Our product is comparatively cheap. We will import from China and our distribution will be outsourced. Our venture will involve minimum capital investment. * Technology: Though we will import our product from the abroad.
We will buy the dealership from our brands. At the first period of time we don’t have much technology but within few month of launching our business we will establish online buying and selling, online customer service. * Operation and maintenance by highly skilled and trained personnel: We will provide skilled sales personal. Adequate effort should be given to ensure excellent customer service and create unique brand value. Profit sharing with the distribution channel agencies will make them feel part of the organization. * Valuing Customers: Now days peoples are getting busy.
Around, 85% of Bangladeshi people have limited income, so they have limited budget to pay for personal items. Different type of product packages will be offered for customers of different segments. Weakness: * Lack of information: As this is a new kind of product in Bangladesh people do not have much information about it. So to inform people we have to spend lots money for informative advertising. * Week Distribution Channel: We don’t have strong distribution channel. And we don’t have any outlet. Not only will that it take time to import our product from abroad because of different political and legal issue.
Therefore, we do not create a strong distribution channel in Bangladesh at the starting time. So our product is not available at all places in Bangladesh. * Price: though we have to import our product and it will cost little bit high initially when we will be running at small scale. Best effort should be made to keep the price as low as possible. Another challenge is that, as we are keeping the price low customers might assume it as a low quality product. * Financial Position: Though it is partnership business and first of all it will face difficulties to grand loans and other financial support.
Opportunities: * Increasing demand: We will provide in Dhaka city where people are too busy with their career growth. So they have less time constant to make breakfast. Now a day’s most of the women are also working. So it will help them. We will target the people who like to buy take simple and nutrition product. Now a day’s people are also health conscious so they try to avoid rich and oily heavy food. * New impression for working class people: Now a day’s most of the women are also working. People are too busy with their career growth.
So it will help them. We will target the people who like to buy take simple and nutrition product Threats: * The exchange rate: The exchange rate fluctuates which affects the company as most of the products have to be imported. * Increased competition: Our main competitor is Nestle who have strong distribution channel all over the world. More companies want to enter in this market with more attractive features. Not only that there are also some established company. Also some foreign countries are also trying to catch the market which is a big threat. Limited buying capability of Bangladeshi people: Per head income of Bangladeshi people is very low and it would be hard for us to hold on to its customers with the present pricing strategy for our products. * Descending weight on pricing: Increasing competition is approaching the markets to lower its price down. Still our objectives to serve people with better quality and lower price leftovers the same, as our company is for the people and for the country. The Recent financial situation in Bangladesh has abridged the buying potential of the customers and as well as the assurance to spend.
This is an uncontrollable factor for Prime. ii. Five forces * New entrant: As the industry is still new and there is little or no entry barrier. The possible of new entry is very high. Big and industry leaders from other business sectors might introduce themselves in the market as soon as they see the sector booming. * Supplier power: As we will be starting business at a small scale, it will not be feasible to contract with many suppliers and get good rates at the same time. So the supplier’s bargaining power will be very high initially.
Good b2b relationship skills need to be employed to keep the prices low from the supplier end. Also relationship has to be established with multiple vendors in case of emergency. * Buyer power: The buyers have so many alternatives. Though the price of food is increasing in recent times still the staple price of Bangladesh is pretty low comparing to global standard. Most buyers are accustomed to buy their breakfast meal within 20 taka with several side dishes. * Substitute: Actually the cereal food itself is a substitute product for rice, bread, parata etc.
Our key concern is to switch people from these food items. Even though we are successful there is always good chance that the people will switch back. New competitors can also come into the market with newer products. * Industry rivalry: The main industry competitor at the moment is Nestle. We will be the market challenger in this case. At the beginning our strategy will be to capture a different customer group (low income group). We will be operating in different customer segment. With the growth of our market segment we will take several attacking strategy to capture their market share. . Company SETAR Cereals is a private limited company with 5 directors. The director will make equal contribution to the capital investment and will enjoy equal share of the organization. Our Values Now a day’s people are very busy and in their frenzied life style they are suffering from different problem like cholesterols problem, diabetic, kidney problem where they love to eat tasty and healthy food. Our main motto is to serve this people a healthy hygienic food which will take less time to prepare. Our main maxim is “We are concerned with your health”.
Mission and vision: Our aim is to be a significant participant in the entrepreneurial business by Realizing the present demand, trend and fashion and create a brand image along with providing products to our consumers’ at most affordable and competitive price by preserving our intellectual property so that we can accomplish our goals by securing our selves. * To attain highest level of competence through continuous development of the professional management system, Human resource information system and to ensure complete transparency in all aspects of business. To establish ourselves as a one stop source for the Global market. * To satisfy and meet customer’s expectation by developing and providing products and service on time, which offer value in terms of Quality, Price, Safety & Environmental impact. * To provide the employees internationally acceptable working condition /standards. * To promote the development and best use of human talent & equal opportunity employment. * To be recognized as the most renowned and professional business house in Bangladesh with an array of comprehensive team of professionals and high quality products and service . Context i. Analyzing the business environment: When we want to start up a business the environment around us affect highly. To understand the all scenario, we have to analysis the environment. We conduct the “PEST” analysis. P = Political Environment-A sustainable political condition helps to grow the business successfully. Now a day our country Political situation is not stable. But the need for economic food will always be there. But there is risk of change in regulatory policy for imported materials which might affect our business.
HSB4U Challenge & Change in Society
HSB4U Challenge & Change in Society.
HSB4U Challenge & Change in Society
This order includes part 1 and 2. part 2 needs about 1900 word that answers EVERYQUESTION on the sheet about the topic. and the poster need notes and IMAGE for bistoal board. part 1 i assign the rest of 300 words. please ensure part 1 and part 2 are BOTH finished and needs to be seperate files. please deliver accordingl
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