Importing a Foreign Product in Bangladesh

INDEPENDENT UNIVERSITY BANGLADESH pic NAME OF THE COURSE INTERNATIONAL marketing SUBJECT CODE MKT 401 NAME OF THE INSTRUCTOR ABUL KHAIR JYOTE SECTION 01 NAME OF THE GROUP 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 foreign beau monde and its trying to get in East Pakistani market. In Bangladesh the average monthly income is some 500 dollar a month which is 35000 in Taka.So the income scale is medium. According to our survey we reckon come in that vaporize oven is used by the flock whose income scale is about 70000-80000 or higher in the month. If we consider the social sieve, we found the people from the higher and higher middle class ar e use the nuke oven and the rest of the people are comfor fudge with the gas stove. In Bangladesh, the market of smallwave oven is non that good enough. Our company wish non sustain in this limited amount of market. The company in truth fatalitys a ample market to do business.In this case, we got only one option and that s to expand the usage of littlewave oven in the country and to do so we take to target a new segment. We croupt precisely work on only two classes. Rather we need to concentrate on the middle 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 promote our overlap as a permanent need. For example, if we ideate of a house appliance, we constantly think about a tv, refrigerator, furniture etc. So we need to work in such a way that we can point that microwave oven oven is a must in a rest home appliance.We have gone thru most of the middle class families recently to get their opinion and found that they can actu bothy afford to barter for a micro wave oven. The approach of a microwave oven is about 7000-10000taka but the fuss is the usage speak to. They say microwave oven consumes lot of electrical energy and it creates a huge electricity bills which sometime get beyond affordability. even so most people believe the oven charter sustenance tastes bad. many another(prenominal) of them dont know how to use the microwave oven even many of them mis immersepret the microwave oven that it is a source of fudgeing food.Yes of course microwave oven is a cooking product but it is not able for our Bangladeshi food habit. We cannot cook our food in microwave as it is made on European context. It is precise good for ca-ca made food. Since, Bangladeshi people are not habituated in ready made foods we can promote the oven as a source of freshen up the food by heating system it. So the factor that mostly volition create problem inte rfering in Bangladeshi market is 01. Huge amount of electricity consumption 02. People misinterpret the product 03. People think oven come food taste badThe most im larboardant and common problem is the electricity consumption. Microwave actually takes a huge quantity of electricity to operate. To sort out this problem we are concentrating on manufacturing as special kind of oven named the electric convection oven. In this oven it has a special device or an adaptor which make the oven consume less energy and heat the food like the typical microwave ovens. A table is given 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 secureness oven and our special oven and figured out in average people can actually save 6 taka in every one hour. People may be getting interested on our product because we have made it cost effective. We need to promote our product in a way so that people should realize that microwave oven is not a product to cook, rather 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 reduce such perception and imply that there is nothing to do with the tastes.It just heat up the food to make it fresh. Such promotion may get a huge response because nowadays people are getting busy day by day. Even in many families, two husband wife is doing job and therefore they dont have much time for cooking. Even if we look at the bachelors, they still dont get any time to cook. Microwave oven is the outgo solution to cope up with their busy days. In the segment of busy people they would get a relief of cooking several times 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 can also promote the product by giving a recipe establish on microwave cooking as a bonus. In fact we will also abjure behind them with special bowls adequate for microwaves. We can also provide a facility of membership control panel to a particular shopping mall where they can buy their necessary groceries in a lower limit discount. In this way, people may get interest of buying our product. We can also make the microwave open which can be operated by the remote control. It will be easy for the users to operate it. The proceeds 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 choose 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 water should be given and again re cook the food which is very bothering and also it kills time too. In this case, microwave oven just heat up the food to make it fresh and it do not dry up the food which is an advantage.Tagline Thou gh we are manufacturing and marketing the product in Bangladesh for the genuine people, Ive considered THREE taglines WHITES FOR THE PEOPLE, BY THE PEOPLE, WITH THE PEOPLE LEMONY FRESH 24HR HEAT IT, FRESH IT Thing we need to think is that how will we actually enter the market after targeting our customer. We first thought about making a permanent factory to get the market permanently but we cannot do that for many circumstances. The Bangladeshi infrastructure is not suitable for our company. Moreover in Bangladesh, political turmoil, labor strike and most important problem load throw off is the daily patch.Our company cannot sustain with these problem. In this situation we are planning to get involve to a domestic company in Bangladesh in spliff judge. We are interested of making a articulation proceed with Walton. Walton doesnt manufacture micro ovens. So it might be a good probability for them to make a new segment of product in their company and we have the advantage of development 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 sight the profit margin up to 40%. then 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 interchange in the Bangladeshi market and there would be a 50/50 profit grant 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 last 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 trade union inside the venture premises. Government officers are not allowed as deputation. Yearly audit should be done by the renowned auditors.Finally Walton cannot terminate 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 some extra profit from the product and our benefit is our market is been diversifying. In fact the silk hat 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 payment where in the western countries people dont want to do job more than 8 hr.In our point of view, they shou ld take the offer because by functional with us, they might get many resourceful information, technologies, can train skilled custody to develop their industry. The government might verify this thing and to develop their domestic industries they might be very co operative with us. For example we dont need to give duty fee 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 applied science and information.If the countrys national level business policy frequently changes, it may affect our company profit. The most important issue is the corruption. 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. Working in Bangladesh as a joint venture it saves a lot of money because it has less responsibility such as labor cost and maintains, pol itical turmoil, load shedding etc. The home country would take care of these. The process we are salve a huge budget is called the economy of scale as it utilize the money very competent 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 extremely dedicated 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 chance of supporting people to buy our product. To inform the people about our product, we choose to make commercial advertisement in various public channels. flatadays cooking program in TV channels has gained a good reputation. In this case, what we can do is to sponsor a cooking program or we can arrange such program in TV channel s 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 submit using in the retail stores in the country. We also can arrange a flash heap 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 program operation on marketing our product in the Bangladesh defenses especially in the Army. The name of this pilot operation is called THE VETERAN. In the hill 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 those areas they are in the call of duty for the nation. They are not authorized to leave their position or to retur n their barracks for the sake of the countrys safety.Yes there are cooking facilities in the barrack but there is certain time of three 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 dowery our nation.