Marketing Plan for Partex Furniture Final
Short Description
Marketing Plan for a renowned furniture company in Bangladesh...
Description
June 13, 2012
Mr. Khaled Mahmud Course Instructor Institute of Business Administration University of Dhaka
Sir, We would like to submit the report ‘Marketing Plan for Nature Series of Partex Furniture Limited’ which was a partial requirement for the course. In this report we mainly focus on the process of making an effective marketing plan for Partex Furniture Limited. We would like to thank you for giving us the opportunity to do this report.
Sincerely,
Ummay Sumaiya Mutiatur Rasul, On Behalf of the Group-15 BBA 15th Batch
Table of Contents
PARTEX GALLERY
Executive Summary............................................................................................... IV 1.
Introduction....................................................................................................... 1
1.1.
Origin............................................................................................................. 1
1.2.
Objectives of the report................................................................................. 1
1.3.
Scope of the report........................................................................................ 1
1.4.
Methodology of the report.............................................................................1
1.5.
Limitations of the report................................................................................ 2
2.
Overview of furniture industry..........................................................................3
2.1.
History of furniture industry...........................................................................3
2.2.
Review of Partex over the time......................................................................6
3.
The corporate Setting..................................................................................... 10
3.1.
Mission Statement:...................................................................................... 10
3.2.
Values & Corner-stones:...............................................................................10
4.
Segmenting, Targeting & Positioning...............................................................12
4.1.
Variables of segmentation...........................................................................12
4.2.
The segmentation process...........................................................................12
4.3.
Selecting segment....................................................................................... 15
4.4.
The final target market................................................................................15
4.5.
Positioning Partex in consumers mind.........................................................15
5.
Analyses on “Partex Furniture Limited”...........................................................17
5.1.
The 3C Model............................................................................................... 17
5.2.
Internal Analyses on “Partex Furniture Limited”...........................................19
5.2.1.
SW Analysis.............................................................................................. 19
5.2.2.
SWOT in 7Ps.............................................................................................. 20
5.2.3.
GE Model for Partex..................................................................................22
5.2.4.
Extended BCG Matrix for furniture............................................................24
5.3.
External Analysis.......................................................................................... 25
5.3.1.
OT analyses of Partex and competitors....................................................25
5.3.2.
Wood Substitute-price analysis.................................................................27
5.3.3.
Product Price-Design Analysis...................................................................27
5.3.4.
Product price-durability analyses..............................................................28
5.4. 5.4.1.
Porter’s five forces model............................................................................28 Rivalry within firms...................................................................................28 [2]
PARTEX GALLERY
5.4.2.
Barriers to entry and exit..........................................................................29
5.4.3.
Threat of Substitute products...................................................................30
5.4.4.
Threat of Supplier Power...........................................................................30
5.4.5.
Threat of Buyer Power.............................................................................. 30
6.
Overview of product line................................................................................. 32
6.1.
Brand personality......................................................................................... 32
6.2.
Description of sub-categories......................................................................33
6.3.
Raw materials used...................................................................................... 33
7.
Price................................................................................................................ 35
8.
Place............................................................................................................... 36
9.
Promotion........................................................................................................ 38
9.1.
Advertisement............................................................................................. 38
9.2.
Sales Promotion........................................................................................... 45
9.3.
Direct marketing.......................................................................................... 46
10.
People.......................................................................................................... 46
10.1.
Design based informed salesperson for timber furniture..........................47
10.2.
Customer need based salesperson...........................................................47
11.
Physical Evidence........................................................................................ 48
11.1.
Renovating showrooms-............................................................................48
11.2.
Design based categorization.....................................................................49
12.
Evaluations.................................................................................................. 49
[3]
PARTEX GALLERY Executive Summary It was 1990 when the main revolution of furniture industry started. Before that furniture industry was dominated by local carpenters and some imported furniture. In early 1990s, Otobi comes as a big company of manufacturing furniture. Then comes Hatil, Partex, Navana and legacy along with some other companies. Mainly Otobi manufactures mechanized furniture and it is the market leader in mechanized furniture. Recently Otobi has started making wooden furniture. Hatil and Lagacy make wooden furniture. Partex started their journey through making timber furniture and later they launched mechanized furniture making.
Partex Gallery: Partex furniture is a company of Partex Groups founded by Mr. M A Hashem. Partex is the most environmently furniture manufacturer maximization wood conservation. Their values are focused on artistic design,integrity and quality orientation. Target market: The company’s target market is urban educated females whose ages are within 2540. The size of final target market is 1580328. The growth expected in the target market: is 10.48% in five years.
The company has several strong point of differentiating it from its competitor. For example they can use their leadership,heritage and the way of making products.
Internal and external analysis: To have a complete view, some internal analyses have been done. On SW analysis, we have found that Partex is lagging behind to its main competitor Otobi. The average rating of strength variables for Partex is 6.31 on a scale of 10 (less than Otobi’s 6.88). The average rating of weakness variables is 6.81 which is higher than that of competitor Otobi (5.25). The reasons are some undeniable reality. The company has a first mover’s advantage but fail to utilize it. The company does poor in promotional activity. On OT analysis, Partx has more opportunity than its competitor. The main opportunity is the increasing environmental awareness in Bangladesh. Partex is at build selectively stage at GE model. In terms of 7P’s partex has several weaknesses. There is a lot of chance to make attractive and useful products. In terms of design, Partex is behind Legacy and Hatil. [4]
PARTEX GALLERY They give a sales discount thrice a year on rgular basis that often hampers their profit and some customers only buy at the discount time. So the sales yearly distribution is not that smooth. The number of outlets are few and most of the showrooms are inconveniently placed, for example some showrooms lack parking space, some showrooms are at VIP road where rickshaw does not go. The showrooms are clumsily organized. The promotional activity is very few in terms of quality and quantity. The sales persons are not that motivated and they do not have specific task. The whim of owners also discourages executives. The whole process of buying is not that customer experience focused. The delivery system is slow. the strategies: partex should increase number and quality of advertisements as it does not reach the mind share of many potential customers. Instead of giving discount,it should give voucher and gifts that would seem more worthy to customers. Miniature display and catalogue should be available to common public place. It should make the showrooms more attractive and resourceful so that the potential customers at least pay a visit to the showroom to see furnitures. Is should classify loyal customers and increase direct marketing. It can differentiate itself as an environment friendly furniture company. It should also announce durability of their furniture by giving warranty.
Evaluation: The increase of market share is supposed to increase a great deal in regard of costs as calculated. As the ROI is positive and worthtaking, Partex should go for the strategy.
[5]
PARTEX GALLERY 1. Introduction 1.1.
Origin
This report is prepared as a partial requirement for the course ‘Marketing Management’ instructed by Professor Syed Ferhat Anwar. This report has been prepared by group 15, which consists of four members, of BBA 15 th batch.
1.2.
Objectives of the report
This report aims at developing a marketing plan for ‘Nature Series’ of Partex Furniture Limited through doing an internal and external analysis of the company.
1.3.
Scope of the report
The report deals with a special category of furniture called ‘Nature Series’. The report deals with the bedroom settings. The plan is made for countrywide operation and we took Dhaka Metropolitan City as a standard to measure the characteristics of the target market.
1.4.
Methodology of the report
The information used in this report is mainly secondary data collected from Marketing Plan for Nature Series | of Partex Furniture Ltd.
1
PARTEX GALLERY various publications and websites. Academic books are also consulted. Primary data is collected from interviews, personal observations.
1.5.
Some
Limitations of the report
internal
company
information
was
not
available
because
of
maintaining confidentiality. In those cases, information has been estimated.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY 2. Overview of furniture industry 2.1.
History of furniture industry
The main revolution of modern furniture in Dhaka city started during the late 1990s. Before 90s furniture industry was in a scattered form and a few furniture maker shops were here and there in Dhaka city. However, they were non-united and they did not think it as an industry. They just worked out as hereditary business. However, during late 90s, furniture business emerges as an important field of modern furniture industry.1 It has changed up its traditional materials and design, many new raw materials being added in furniture industry and many types of modern shape and new furniture being emerged. Local furniture manufacturers are meeting a huge local demand while the upper section of society is also having access to imported furniture. Fortunately, the local companies have the lion’s share of the market. After meeting the local demand, furniture industry moves forward and is concentrating on exporting furniture to neighboring countries specially India. In 2007-08 fiscal years, $ 2.44 million worth of furniture was exported, which was 0.02 percent of the total export earnings.2
1 Market Potentials of Modern Furniture in Metropolitan Dhaka City, Md. Joynal Abdin (FBCCI)
2 www.bdnews24.com/rb/dg/bd/1134h. Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY Bangladesh has potential in this particular sector both locally and abroad. The saga of furniture industry in Bangladesh has mainly originated from normal local carpenters who used to work on small levels. The craft and art engraved in today’s furniture bears the testimony of their practice. Some local furniture boutiques still are carrying that heritage forward but in a small level. There are 5,000 registered furniture houses in the country, according to the Bangladesh Furniture Association. Almost 99 per cent of them are nonbrand operators.1 However, brand furniture has curved out a niche among the people. Some manufacturers are holding more than 50 per cent of the country’s furniture market worth about Tk 1,600 crore and the forecasted market growth rate for 2007-2012 is 23.2%. The overall furniture market of Bangladesh is forecasted to grow in the following manner2:
1 www.bdnews24.com/rb/dg/bd/1134h. 2 Statistical Market Forecast for Furniture in Bangladesh, Gobi International, 2007 Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY
Series 1 2 1.5 Series 1 1 0.5 0 20052006200720082009201020112012
Figure 1 Market Forecast for 2007-2012 in case of Bangladesh
Otobi is the perceived leader of this branded furniture segment. 1Following the footsteps of Otobi, pioneer in establishing brand name in furniture, Navana, Partex and Hatil are following same type of strategy and have already established their brand names. Besides, the state-owned Bangladesh Forest Industries Development Corporation, Akhtar and Legacy are the other major brand names in the local furniture market. The noteworthy Brand Furniture companies are: 1. Otobi: According to CEO Sabbir Hasan Nasir, Otobi is currently holding 70% of branded furniture segment and its current turnover rate is 500 crore per year. Otobi has 13 showrooms in Dhaka and 300 dealers across the country. Sector experts, said the main reason behind the phenomenal rise of Otobi is to deliver attractive furniture through wood substitutes like particle, plastic and laminated boards. Otobi was quick 1 www.bdnews24.com/rb/dg/bd/1134h. Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY in action to conceive the idea of manufacturing furniture items by wood substitutes and became successful for its aggressive and integrated marketing strategy.1
2. Hatil: Since its inception in 1989, Hatil has been a trendsetter in innovation, design, management practices and quality in Bangladesh. It is the market leader in household wooden and processed wood furniture segment. In 2005, they had major expansion and are currently operating around 80 outlets in Bangladesh, 1showroom in Calcutta and 3 other distribution centers in India. They are looking forward to exploring the international market with foreign partners.2
3. Navana: Navana is one of the most well known brands in the local market with a wide variety of products. The inception of Navana Group in the country’s new generation furniture (wood substitute furniture) market occurred almost four years ago. Navana furniture ergonomically solves to ensure comfort and durability. Navana has 80 showrooms all over the country and has recently started exporting to Agortola, Calcutta.3
1 www.bdnews24.com/rb/dg/bd/1134h. 2 ICPAR Mumbai, April 14, 2009 Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY 4. Legacy: Like Hatil, legacy concentrates in wooden furniture segment and targets the higher market segment. It started operating in 1995 1. Sharmin Siraj, a designer at Legacy Furniture Ltd, which produces artistic furniture, said people have now become more conscious about aesthetic beauty of home furniture, being a bit costly.2
5. Akhtar: Akhtar Furniture is a sister concern of Akhtar Automobile Ltd. It operates in wrought iron, wooden and other furniture. Akhtar has fame in the upper segment of the market for its wooden furniture and operates outside the country especially in Middle East.
2.2.
Review of Partex over the time
Invention of particleboard When renowned scientist Dr. Qudrat-e-khuda invented particleboard from patkhori, it made a breakthrough as a replacement of wood. It was perceived to be a solution to the need of timber in different wood-based industries 3 ICPAR Mumbai, April 14, 2009 1 www.bangladeshinc.com 2 Interview at Fourth National Furniture Fair, 2009 Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY along with a way to solve alarming rate of wood smuggling. It also proved to be economical to use particleboard, as “Patkhori” was mainly the wastage of the Adamji Jute mill. The then Pakistan Government took patent of the formula and first implemented it in the Partex Company, as the company was a government company that time. Investment in particleboard With the help of the Privatization Act, Bangladesh government wanted to yield the company in private hands to ensure proper use of its resources. Then, M.A.Hashem came forward to patron this company with a view to prosper as the finest particleboard manufacturers in the country and if possible carry this name overseas. With a lump sum of 40 million taka, he bought it from the government and started its functioning. However, finest people are needed to improve the condition of this fine company along with its fine board. So gradually, the company grew up into a first-class particleboard maker. Improvised board making It is a known and agreed fact that there is always room for improvement. That is why Partex did not stop only with the same particleboard invented long ago. Many problems arose with that old board. It did not have high durability, was easily damaged by water or heat, did not have a fashionable look and it was quite fragile. Therefore, R&D sector started putting their efforts in it to find out a way to improve. Several upgrading is shown by the flowchart given below:
Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY
• Particleboard • Wood substitute
1
• Vineer Board • Cover & protects particleboard • Cross vineer • Reinforcing capability
2 3
• Laqur and grating • fulfills varnishing purpose
4
Figure 2 Transition to modern furniture
From board to furniture
At the beginning, Partex was just the supplier of particleboard. Later, it started using boards in door making. However, as the board has a size of 20 feet and only 14 feet is needed to make a door, the remaining 6 feet had no utility. That is why; the company had to sell it to local manufacturers at a much lower price, sometimes lower than the landing price. Therefore, the top management came up with a view to use this remaining part and concentrate in furniture making. The furniture village As said before, finest people are needed to come up with finest work. That is why; Partex recruited 555 carpenters who have expertise on woodcarving and furniture making. In order to make them feel homely in factory area Naryangonj, the company established schools for their children, built up homes and provided job to their spouses. Thus, a whole Partex village came into form. Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY Traditional furniture(1999)
Mechanized & traditional(200 3-05)
• batch production • little customization
• batch production
Innovative(200 6-to date) • batch production • requires proper marketing
Figure 3 History of Partex Furniture
Era of mechanized furniture Around the year 2003, Partex became interested in making mechanized furniture as it has growing demand among the consumers. The company recruited 203 people who were experts in using CDS, CNC and making mechanized furniture. However, they could not merge with the artisans in the initial stage and Partex had to go through a cultural dilemma. Therefore, their production can be time lined as follows: Position of Partex Partex is now a quite well known brand as a furniture manufacturer. They are renowned because of their self-reliance that emphasizes their vertical integration. Their forest-friendliness is also a major issue as they do not take
Marketing Plan for Nature Series | of Partex Furniture Ltd.
10
PARTEX GALLERY wood from local timber traders but buy from international timber trading association.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY 3. The corporate Setting 3.1.
Mission Statement:
“We, through our forest-friendly interior adornment business aim to bring comfort & style in the lives of the prosperous by making quality-oriented furniture through blending with traditional and artistic woodcraft.”
3.2.
Values & Corner-stones:
Partex perceives four elements as the cornerstones that build up the business and support the company to move forward. The core value-integrity of Partex further influences these cornerstones.
Value-Integrity
Partex Furniture values integrity in every sphere of business and emphasize on maintain high ethical standard in the daily conduct of business. Partex has adopted integrity as the guiding principle and follows it everywhere:
Art & Innovation Integrit y Environmen tfriendliness Qualityorientation
Customer Focus
Figure 4 Value & cornerstones of Partex Furniture Ltd.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY
Cornerstone 1: Quality orientation Partex Furniture promises to maintain superb quality of our products especially regarding raw materials, technology and design. Due to the relentless effort to uphold this promise, Partex has achieved ISO certification and made a place of its own in the international market. Cornerstone 2: Art & Innovation A piece of furniture is not only a thing for storing things or for sitting or sleeping on. Partex believes in providing the customers new and innovative products with international standards to match with the changing lifestyle of today. Cornerstone 3: Environment-friendliness Partex maintains and operates the business for long-term sustainability. Partex believes that saving the environment is essential for that. To ensure wood conservation, Partex combines economic use of wood and creates wood substitute products for furnishing needs. Cornerstone 4: Customer Focus Partex focuses on the fulfillment of customers’ needs. To ensure that fulfillment, Partex tries to offer complete solutions, free technical consultancy services, after sales support and efficient delivery system. Above all, Partex wants to deliver quality products that exceed expectations.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY 4. Segmenting, Targeting & Positioning A good market segmentation will result in segment members that are internally homogenous and externally heterogeneous; that is, as similar as possible within the segment, and as different as possible between segments.
4.1.
Variables of segmentation
For segmenting the overall (existing and potential) market, demographic variables like age, gender, education were used as the determining factors. The social factor such as urban area is also taken into account. Demographic Factors: age, gender and education Measurable and exact size can be evaluated The market can be grouped easily Geographical: urban Operations and lifestyle remains quite same in a domain
4.2.
The segmentation process
To find an appropriate segment it is necessary to remember two things. First, the needs of a segment we drive to should match the benefits offered by our product and go according to our value proposition. Second, the benefits we offer should be grater then other competitors working within the same industry. Thus, for segmenting the total market, we first need to identify the needs of different segments and find out the benefits we can provide them. Thus, we can pick up the segments whose needs we can satisfy most.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY Segmentation step 1: urban people Needs Style in living
Benefits offered by Partex Designs blends traditional
modern craft Easy access for further repair Satisfactory repair service
work Easy
interior Multiple use of commodities Portability
in Convenient design of furniture
accommodation
Flexibility
to
choose
and
Multi functional furniture Light-weight, disassemble possible
furniture from Availability of various design
different options Simplicity in designs Neat interior Need to keep status within Value based pricing own circle
Size of the segment: 1, 89, 28,1841
Segmentation step 02: Female Needs Benefits offered by Partex I. Feel confident about home- Established brand name II.
furnishing Comfort for eyes
Visually
soothing
designs
for
furniture 1 Statistical Year Book 2006, page-51 Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY III.
Uniqueness
Innovative, continuously changing product design
Size of the segment: 86, 84,0101
Segmentation step 03: Educated Needs Benefits offered by Partex Meet the growing trend of Creating new designs using mix of
native art and craft
solid
wood
curving
and
Depiction of Aestheticism
particleboard Product blends folk and nobility
Size of the segment: Total number of urban female* female education rate in urban area =86, 84,010* 64.67%2 = 56, 15,949
Segmentation step 04: age group (25-40) 1 Statistical Year Book 2006, page-53 2 Statistical Year Book 2006, page-626 Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY Needs Feel up to date
Benefits offered by Partex Contemporary design and materials of furniture Consciousness
Show constructive attitude
regarding
wood
conservation Establish recent changes in Wide array of furniture targeted towards families
marital/job/residence status
Size of the segment: Total number of educated urban female * Rate of female of ages 25-40 =56, 15,949*28.14%1 =15, 80,328
4.3. As
Selecting segment
a home-adornment company, we choose to follow concentrated
segmenting. Because, We will go for large share in one or few market segments Build and retain position by superior knowledge and reputation in those few segments Innovate variety within a few categories and thus market our products more efficiently.
4.4.
The final target market The size of final target market: 1580328
1 Statistical Year Book 2006, page-33 Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY The growth expected in the target market: 10.48% in five years2
4.5.
Positioning Partex in consumers mind
Partex has several strength points to differentiate their furniture from others. For example: a) Attribute ownership: Partex should position their products in a way that will attach a particular attribute to their products. When people hear the name Otobi, people think of light and simple design, when people come to the name of Legacy, exclusive design comes to their mind. So Partex has to own an attribute different from its competitor. Hatil is related to ‘solid wood’ furniture and Navana is related to cheap furniture.2 Partex should choose an appropriate attribute for example ‘innovative design in durable furniture’ and position their products in consumer minds. If they want to establish the attribute ‘durable’ they can give written warranty to the customers. This idea will be new in furniture industry and Partex will gain an advantage. b) Leadership: Partex is the pioneer in the concept of wood conservation while making furniture and they should not be afraid to brag about it. While the recent craze is about environment friendliness, they can take advantage of it. In their campaign, they should articulate that they are the leading environment friendly company. 2 Size of target market in 1996=15203Size of target market in 2001= 16796 So, the growth expected in the target market=1593/15203*100%=10.48%
2 ICPAR Mumbai, April 14, 2009 Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY
Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY 5. Analyses on “Partex Furniture Limited”
5.1.
The 3C Model
The 3C Model is a strategic look at the factors needed for success. Kenichi Ohmae, a business and corporate strategist, developed it. The 3C model points out that a strategist should focus on three key factors for success.1 In the construction of a business strategy, three main players must be taken into account: A. The corporation Selectivity and sequencing: The corporation does not have to lead in every function to win. If it can gain decisive edge in one key function, it will eventually be able to improve its other functions which are now average. Partex earns more profit margins from timber furniture and a meager profit margin from mechanized furniture though the sales volumes of mechanized and timber furniture is almost same. So, Partex Should focus on timber furniture. Make or buy: In case of rapidly rising wage costs, it becomes a critical decision for a company to subcontract a major share of its assembly operations. Partex has a very good relationship with the carpenters and suppliers. Most of the 1 www.wikipedia.org Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY carpenters work there at contract basis. There are some groups of carpenters who work for Partex on contractual basis. So, Partex should continue the current strategy of making the furniture using the vertical integration.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY Cost-effectiveness: Partex claimed to have the cost leadership in furniture market. As it ensures maximum wood preservation and contractual artisanship, it has succeeded to maintain cost effectiveness.
B. The Customer Segmenting by objectives: Partex has segmented its customers by objectives. The company makes timber furniture, mechanized furniture and office and hospital furniture. Mainly timber furniture is for upper class people who want elegant design to decorate their houses, mechanized furniture is for people who want simple design and durability for low price and office and hospital furniture is for commercial uses. Segmenting the market once more: In fierce competition, competitors are likely to be dissecting the market in similar ways. Partex has a scope of segmenting the market in a narrower way. There is a market for selling mechanized furniture in a lot for commercial use and Partex segmented that market but there is also a market which will buy high price timber furniture in a bulk for commercial use (for example, first class hotels, resorts, apartments etc) and Partex has not segmented that market yet.
C. The Competitor Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY These strategies are constructed by looking at possible sources of differentiation in functions such as: design, engineering, sales and servicing. In both mechanized and timber furniture, the performance of Partex is not that much different from the competitors. In mechanized furniture, the main competitor of Partex is Otobi. In timber furniture, Partex and its competitor sell through own showrooms. However, Partex has several strengthening points to differentiate its products from the competitors and the company is lagging behind to differentiate its products from others.
5.2.
Internal Analyses on “Partex Furniture Limited”
5.2.1.
SW Analysis
Strength- Weakness analysis of Partex and competitors:
Strengths
10
9
8
7
6
10 9 8 7 6 5 54 3 2 1 0
4
3
2
1
0
Weaknesses
Strength-weakness analysis of Partex furniture gives a look into the internal qualities of the company.
Though being the first mover in the furniture
business, Partex is lagging behind its main competitor Otobi. The average rating of strength variables for Partex is 6.31 on a scale of 10 (less than Otobi’s 6.88). Though it is above average, it is not good enough. Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY Further look into the strength variables of the company reveals some inconvenient facts1. Partex has the first mover’s advantage but they don’t actually use it to promote their product. Otobi is already established as the generic name for mechanized furniture. Partex products have long durability but again this point is never highlighted in their marketing campaigns. They don’t even provide any kind of warranty which projects an image of nondurable products in consumers’ minds. Partex scores very low in some strength variables. It indicates their lack of initiatives on those spheres. The packaging of the furniture is also very ordinary and often fails to secure the furniture from scratches and smudges. Partex doesn’t have any customer hotline or standby helpline (one of the competitors, Otobi, has already started it). The average rating of weakness variables is 6.81 which is higher than that of competitor Otobi (5.25). The reasons are some undeniable reality.2 As Partex Furniture is often treated virtually as a brand extension of the Partex Particle Boards, the company faces problems to cope up with rest of the Partex group. Partex also has a very weak demand forecasting which often results in pile of products in the showrooms. It is mainly because Partex doesn’t have an
1 Appendix-1 2 Appendix-1 Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY exclusive database of past records to forecast on. Centralized nature of the company is also responsible for this. The SW analysis clarifies the internal problems and strengths for Partex furniture. Steps should be taken to minimize the weaknesses and highlight the strengths.
5.2.2.
SWOT in 7Ps
From the SWOT analysis that we have done, it is imminent that Partex has a lot to improve in its marketing mix. Here we will discuss the SWOT of Partex in the light of 7Ps. Product: Partex has to develop their product. From the SWOT analysis, major weaknesses for product can be attributed to, unattractive, non-descriptive and generic packaging and nonflexible space consuming design of the product.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY Price: Partex should not give exaggerated sales promotion. Sales promotion often creates quality dilution in the consumers’ mind. Rather Partex should focus on value added gifts like vouchers or show pieces. Sales promotion also increases price sensitivity among the consumers. Place: The Partex showrooms are not exactly at hand for most of the people. There are seven owned showrooms of Partex. The other outlets are dealer based. Even in Dhaka, their largest showroom is inconveniently placed in Farmgate. High score in “Unsuitable location of showrooms” denotes that. Moreover, the showrooms are clumsily decorated, placements of products are not category based; rather they are rather product based. Promotion: Partex has major weaknesses in promotion. They take few promotional campaigns which are shortly effective but do not create any value in the mind of customers. Moreover, their billboards and printed ads are often misplaced which results into low turnover of the advertisements. Partex should also try to diminish the effect of promotion threats like consumers’ avoidance of ads, low attention span and unexposureable media habit of the consumers. People: Partex has a friendly and active sales force in their showrooms. But, the problem is that there is no job-specification. Their sales force should be more motivated. But hasty decision making, de-motivating corporate ladder, inconsistency of company culture and primarily the rigid structure of Partex are contributing to the dissatisfaction of the employees. Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY Process: The delivery time of Partex furniture is still high on average. Partex have shown instant delivery capabilities on special occasions, we propose that this should be practiced on every purchase. However, the immediate step is to meet the given deadline. Consumers really do not think high of a company that breaks its own promise. Physical Evidence: The exterior design of the showrooms is such that it is hard for the customers to identify the showrooms. Like the other papa-mama stores, the showrooms of Partex are painted in white, blue and red color mainly.
5.2.3.
GE Model for Partex
We Identified 16 variables of business strengths for Partex. We assigned weight to each variable based on their importance. Then, Partex is rated each variable in a scale of 1-5. After taking the weighted average of the variables, we got the business strength rating for Partex.
1
11 variables for market attractiveness were selected based on a rough survey among the prospective and existing buyers of the furniture. The rating was given by the consumers.2 Business Strength 1 Appendix-3 2 Appendix-4 Marketing Plan for Nature Series | of Partex Furniture Ltd.
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Market Attractiveness
PARTEX GALLERY 5
Protect Position
Invest to Build
Build Selectively
3.6
Build Selectively
Selectivity/Manage
Limited Expansions
7
for Earnings
2.3
Partex Protect
3
Refocus
and Manage
for Divest
Earnings
1 5 3.67
2.33
1
Partex has scored low in Market attractiveness. Partex falls in the ‘build selectively’ segment. Though they are still in the “favorable” portion of the GE matrix, they actually need to develop some of their attributes. To be specific they should
Increase number and quality of advertisements Make the showrooms more attractive and resourceful Increase direct marketing Use environmental awareness as business tool Announce durability of their furniture Invest on most attractive market segment Create the ability to counter the competition in company’s ‘low
market share segments’ Create growth opportunities in untouched market segment
Marketing Plan for Nature Series | of Partex Furniture Ltd.
28
PARTEX GALLERY
Market Growth
5.2.4. 5
1.5 %
-2%
Extended BCG Matrix for furniture
Stars Timber
Question Marks mid-priced Hospital Furniture Interior Decoration furniture including Computer Furniture Sofa, Dinning Set, Alternative material Sofa Alternative material Chairs Beds, Dressing Partex Aesthetic Tables etc. Lister Series Cash Cows Dogs Auxiliary Furniture Kitchen Cabinets Alternative material household furniture Orphans Victorian Furniture
Dead
5
0.5
0.05
Share
Marketing Plan for Nature Series | of Partex Furniture Ltd.
29
PARTEX GALLERY 5.3.
External Analysis
5.3.1.
Opportunities
OT analyses of Partex and competitors
10
9
8
7
6
10 9 8 7 6 5 54 4 3 2 1 0
3
2
1
0
Threats
Opportunity-threat analysis of the company gives information about the external forces acting upon the company. While some of these forces are favorable for Partex, steps should also be taken to minimize the unfavorable effects. The average opportunity score for Partex shows that the company is in a better position to take advantage of the opportunities than the competitors are. Environmental awareness is rapidly increasing in Bangladesh. Due to the fact that Partex has strength in minimization of wood use, Partex can avail this opportunity. The approval of environmentalists for their products can be an added advantage for them. The competitors have not started to take advantage of the awareness; here Partex can make a difference. The overall preference for brand furniture is also increasing; sufficient awareness about the company among the customers will cause this preference to increase the sales.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
30
PARTEX GALLERY The current trend of appreciation for folk crafts and traditional motifs is also an excellent opportunity to promote themed products. Export opportunities also look promising for furniture sector so that option is worth tapping. But on the other hand, Partex is also more sensitive to external threats than other competitors. A number of external factors seem to be problematic for Partex. The timber furniture market has exposureed maturity, though it holds the largest share in the furniture market. Decreasing growth rate of timber furniture market is decreasing and companies must find other solutions to survive. High exit barrier in furniture industry also prevents Partex from experimenting with their products. Lack of import barriers for foreign furniture import is also creating new competitors, which, though depending entirely on outside supply, are capturing a significant portion of market share. Another hidden threat is the off stream plastic furniture makers. Plastic furniture is becoming popular for their low price and lower maintenance cost. The consumer’s media habit, especially avoidance to ads and low attention span often prevents the company to exposure its target bunch of consumers with the right message. Partex has to deal with it by carefully designing and placing their ads for maximum reach.1
1 Appendix-2 Marketing Plan for Nature Series | of Partex Furniture Ltd.
31
PARTEX GALLERY
Materials used
5.3.2.
5.3.3.
Wood Substitute-price analysis
Price of the Product High Medi Lo Price um w Price Pric e Wood Legacy Hatil, Infini Close to Wood
Fournit ure Boutiqu e
Wood Substit ute
Akhter Partex
te
Otobi
Parte x, Otobi , Infini te
Product Price-Design Analysis
In 000’s
Very Attractive
120-
Legacy,
Design Innovati Typical ve shop
+Job Typical
No exclusiv e design
Marketing Plan for Nature Series | of Partex Furniture Ltd.
32
Price range(bedroom set)
PARTEX GALLERY abov e
Akhtar, Hatil,Impor ted
90120 65-90 50-65
35-50
5.3.4.
Partex Aestheti c Partex (timber)
Otobi (timber) Partex(mechaniz ed), Otobi(mechaniz ed) Partex Lister
Navan a
Local Wood shop
Product price-durability analyses
Marketing Plan for Nature Series | of Partex Furniture Ltd.
33
PARTEX GALLERY Price 35-50 Durabil
50-65
65-90
Mediu
d) Navana,
Local
Partex
m
Partex
Carpenters
(timber)
Lister,
(timber)
90-120
120-above
ity Low
Local Carpenters (mechanize
Local(timbe r) High
Otobi
Otobi
Partex
Legacy,
Hatil,
(mechanized)
(timber)
Aestheti
Akhtar,
c
Imported, Furniture Boutique
5.4.
Porter’s five forces model
5.4.1.
Rivalry within firms
Rivalry among existing Firms in the furniture industry is intensified by the following factors: i. It is noteworthy that Hatil and Otobi, the main rivals to Partex came earlier in the market.
As a result, rivalry is intensified among the
established firms because of Partex’s creating the risk of potential entrant. ii. The least intense rivalry will prevail in an industry in which one or a few large firms dominate. Thus, if we look at the Brand Furniture
Marketing Plan for Nature Series | of Partex Furniture Ltd.
34
PARTEX GALLERY industry comprising Partex, Hatil and OTOBI there are few companies with shared dominance. This results in Oligopoly. . iii.Though Partex had 100 crore taka as investment, the full-scale operation for Partex is yet to begin and apparently it is following otobi and hatil. That is how the strategy do not differ much from them and rivalry increases. In spite of this, the other two company do not mention having Partex as a noteworthy competitor and continues with their own strategy. iv. Furthermore, both
the
principle
competitors,
Hatil
and
OTOBI,
pioneered the concept of Brand Furniture industry, which has apparently been booming for the past 4 years 1. Partex identified this opportunity in the market and it is not a new entrant. In the end, with the strength of integration prevailing within Partex, there are possibilities of the industry becoming highly consolidated. v. The furniture industry is not a commodity market and each player has its
differential
furniture.
advantages.
OTOBI
has
pioneered
panel-based
Imported-furniture based companies are also coming up.
Hatil has set the tone in brand timber-based furniture and Partex eventually followed that. In this situation, price is not that big a factor rather it’s the brand image, quality, innovation etc. that create the difference. Moreover, when the differentiation is well established, each company has quite a blue ocean of their own and thus the rivalry becomes less.
1 OTOBI introduced brand furniture in the International Trade Fair 1999
Marketing Plan for Nature Series | of Partex Furniture Ltd.
35
PARTEX GALLERY 5.4.2.
Barriers to entry and exit
Exit barriers are economic, strategic and emotional factors that may keep Partex in the furniture industry even if returns are low. Exit barriers further create chronic overcapacity and the intense rivalry which accompanies that condition. High Exit barriers for Partex: Since Partex is a relatively new entrant in the home furniture industry and they have invested Tk 100 crore to establish their stand in the market, it makes it hard for Partex to leave the industry.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
36
PARTEX GALLERY
5.4.3.
Threat of Substitute products
Close substitutes for Partex furniture are: Wrought Iron furniture Plastic furniture Solid wooden furniture These close substitutes are a very potent competitive threat for Partex furniture concern. Moreover, the Wrought Iron furniture boomed up as a fade and now lost their attractiveness due to low durability while plastic furniture is perceived as outdoor furniture and targets to a different market segment. Thus, the threat for Partex is substantially less. However, the solid wood made furniture is a big threat for Partex. The consumer’s perception is that the wood made furniture is more reliable and that the particleboard is made of jute-stick only. Besides, wood can be extensively curved but boards cannot be. To cope with this problem Partex started to integrate solid wood-curving upon their particleboard furniture.
5.4.4.
Threat of Supplier Power
For Partex the threat of the bargaining power of the supplier is likely to be low due to
Vertical integration Good relation with foreign timber traders
Marketing Plan for Nature Series | of Partex Furniture Ltd.
37
PARTEX GALLERY 5.4.5.
Threat of Buyer Power
The buyer is the next person downstream in the value chain. The buyers of Partex are grouped as the following:
General consumers having event-wise demand, buy in small amount
but altogether build a large group providing maximum revenue. Institutions and organization having bulk demand
Furniture buyers can integrate backward if suppliers cannot offer satisfactory prices. Often consumers choose designs of furniture from galleries and produce them through individual wood artisans.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
38
PARTEX GALLERY
6. Overview of product line PARTEX GALLERY has introduced a fundamentally new pattern of furniture by the end of 2005. This type is based on the philosophy of Pablo Picasso. The philosophy of Pablo Picasso says that the origination of all creations is inspired from nature. With an awe-inspiring combination of artistic talent of Artist Mizanur Rahman (from CTG institute of Fine Arts), and a team of technical experts led by wood Technologist Abdul Hai (from Kaptai Institute of Civil Engineering & Wood Technology), these designs have been introduced. Previously, the company launched this category under the name ‘Nature Series’. However, this name is not sufficient to include all the sub-categories. So, a new name is needed to justify the name according to the product line. To represent the innovative design of this category, the name ‘Partex Aesthetic’ is recommended.
6.1.
Brand personality
Partex’s different products resemble to different brand personality. For example, the costly home timber furniture resembles with sophistication (upper class and charming), the ‘Partex Aesthetic’ furniture, which is timber furniture with innovative design, resembles with competence (reliable, successful and intelligent). The mechanized furniture low in price and design and suitable for rough use resembles with ruggedness (outdoorsy and tough) Under the ‘Partex Aesthetic’, there are three different subcategories: Nature Series, Royal Series and Partex Folk. The basic difference between these three subcategories is the element of design. When an element of nature like fish, flying geese etc is engraved on the furniture, it is called ‘Nature Series’. Marketing Plan for Nature Series | of Partex Furniture Ltd.
39
PARTEX GALLERY There are some bedroom sets called ‘prince’,’princess’ etc. which upholds royalty and hence named as ‘Royal Series’. The bedroom sets which have embraced the folk designs and crafts like ‘nokshi’, ‘wheel’ etc. are under the series named ‘Partex Folk’1.
6.2.
Description of sub-categories
i. Prince Bedroom Set: Prince bedroom set, a full line bedroom set, is a feast to see two cultures mixed in such exciting manner. The headboard of the bed has a Roman pillar in the left side and floral patterns from the subcontinent engraved on the right. The excellent 60% gloss lacquer stain feels like muslin. ii. Evening Bedroom Set: Evening bedroom set, comprised of bed, dressing table and almirah, upholds the scenario of the sea beach in the evening. The bed is an excellent cascade of salty blue water turned mahogany by the setting sun. Palm trees explode out of the structure like dancing breeze over nature. The footboard of the bed is slightly carved and simple with the name of ‘Evening’ engraved on it. The mirror is so large that a girl can see a full size reflection of herself on the mirror. The almirah has the palm tree and setting sun engraved too. iii.Heritage Bedroom Set: Heritage bedroom set is a prominent example of ‘Partex Folk’. The design upholds the heritage of Bangladesh with the carvings of plough, cart, fence and hat of the farmer. You can have a bedroom set which talks about your origin, touches your heart and becomes the soul of Bangladeshis. 1 Detailed list in Appendix -6 Marketing Plan for Nature Series | of Partex Furniture Ltd.
40
PARTEX GALLERY 6.3.
Raw materials used
Timber is used to make furniture of all these three subcategories. Teak, Champ wood etc. are used mostly. The logs are stored in sheds to protect from direct sunlight and rain. Subsequently, logs are sawn to planks well ahead of time and seasoned to moisture content of 12+2 % in the most modern seasoning kilns. These are then again sorted out and good portions are selected for furniture production. The level of formaldehyde emission is kept to international standard to make the Furniture and wooden materials fire retardant. Furthermore, water-based adhesive is used in joints furniture. Strict supervisions in all stages of manufacture are mentioned1.
Australian Lacquering technology is used in all these three categories. This lacquer is Called ‘NC lacquer’ which is very famous in the furniture world. This enables a wide diversity (Infinite number of combinations) in the choice of colors named in dramatic tones such as (1) Sandgold Cherry, (2) Sandgold milky white, (3) Granite crackle etc. In case of ‘Partex Folk’, sandgold cherry is used while light to deep mahogany color is mostly used for ‘nature series’ and ‘royal series’.
The touch of craftsmanship and unique design is found here. The trained craftsmen living in the factory region make this furniture from the core of their hurt. Even, the wives of the craftsmen work there and design the subtle and delicate engravings on the furniture.
1 Appendix-7 Marketing Plan for Nature Series | of Partex Furniture Ltd.
41
PARTEX GALLERY 7. Price
There will not be any change in the current pricing method of the company for ‘Partex Aesthetic’. Partex is currently focusing on increasing the market share which can be gained by getting mind share and heart share. i. Pricing Method: Mark-up pricing Reason:
To charge a fair price
Consistency in pricing policy
New form of design As a matter of fact, this product has already been launched in the market following the mark-up pricing method. So, a change in the pricing strategy may negatively affect the consumer perception. So, the price will not be changed. ii. Strategic choice: It can be seen that in terms of durability, ‘Partex Aesthetic’ is playing at the same level like Hatil, Legacy and Otobi. All of them use lacquer technology in case of the timber furniture which helps to ensure durability. But, ‘Partex Aesthetic’ brings about a new form of design. So, this innovative design is being offered at a lower price than Legacy and Hatil.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
42
PARTEX GALLERY 8. Place
As furniture is a shopping product and people normally show dissonancereducing buying behavior while purchasing furniture, the proper placement of showrooms and outlets is necessary for a company to be close to consumers’ mindset. However, Partex is not the forbearer of furniture industry in Bangladesh so its proper placement is hampered by lack of suitable locations and silent management. So far, Partex has only 7 own showrooms and 69 retail outlets which is negligible compared to what other competitors like Otobi, Hatil has 1. This stands in the way of availability to customers.
To cope up with this situation, Partex is trying to have more dealers that will eventually disturb revenue, as dealers require a high margin. It is observed that, these small outlets contribute to the availability but on the other side, hampers image as the store atmosphere is not properly managed. The one way to solve this dilemma is to establish mobile information centre, which will operate in different selective areas and will provide the customers with all the necessary information they require to make a purchase. These info-centers will also enquire about customers’ locality and assist them in ordering from the nearby outlet. This direct marketing strategy will minimize the need of additional showrooms. However, this strategy will take away the opportunity of touch-and-feel which is very important for furniture buying. 1 www.partexgroup.com/furniture/contactus Marketing Plan for Nature Series | of Partex Furniture Ltd.
43
PARTEX GALLERY Therefore, Partex first needs to identify locations near resident areas where the target market will have more opportunity to pay at least one visit (favorably in a casual manner) and will come back to purchase in their convenient time. If these places cannot be selected for establishing showrooms or outlets then Partex should not hastily set up more outlets in subliminal places rather it should build up direct communication to boost up the popularity of showroom Therefore, considering the present scenario ‘Catalogue Marketing’ is more beneficiary for Partex to leave an impact on consumers mind. The catalogue marketing strategy is described in the “Direct Marketing” section.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
44
PARTEX GALLERY 9. Promotion
In furniture industry, common perception is that word of mouth works very well but in Partex no clear strategy to create positive buzz marketing has yet been established. The overall Partex group has strong public relation with press, cricket board, officials but that is not being used to foster furniture. Sales promotion tools are widely used by the company to foster sales in special occasions. The promotion mix of Partex should be a pull strategy that is ads and the company itself should run sales promotion. In addition, when positive response is created, channel members can come forward to meet up to the consumers problem solving. The objective of the advertisement made for ‘Partex Aesthetic’ is to persuade potential consumers so they will demand the furniture in their homes. We can see from the buyer readiness stage that, the market is aware of our presence but do not have good perception about us. Therefore, first we need to inform customers through advertising and then persuade them to buy. We need to increase market share, have strong competitors so large budget is needed. However, as the product is differentiated, moderate level of budget can be used but it has to be indicative to overall promotional campaign.
9.1.
Advertisement
Partex normally gives more thought about advertising in printed media specially newspaper. Past observations done by other company personnel indicates that, printed media brings more interested customer for them.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
45
PARTEX GALLERY
Choosing media
i. Tri-faced and banners Benefits of Tri-faced
Promotional
need
of
Nature
Large reach in one single point
series Target customers Residence or office
Eye-catching transition
or the road they use Makes people interested to see the next face of the tri-faced nature
Three
different
sequence
ads
at
series banner time Promotion of three different products at same arrangement1
The structured message2:
Face 1: An “Almirah” on underwater having a treasure chest beside it. The tagged line would be “Feel the elegance…” Face 2: A “Nile Dressing Table” is standing on an ocean surface with tagged line “Experience the beauty…” Face 3: A “Sunrise Bed” in front of a mountain plain having a tag line “Dream the Breeze…” 1 Marketing Management, Philip Kotler, Page- 502 2 Appendix-8 Marketing Plan for Nature Series | of Partex Furniture Ltd.
46
PARTEX GALLERY Strategies undertaken: Tri-faced will be set on the following areas: in front of Sheraton Hotel, in Gulshan Circle, at Mirpur Road and at Sonargaon Crossing as the reach to the target market is higher there due to high traffic. Tri-faced promotion will continue for 1 month in order to remind the target market of our offerings continuously. A longer period of tri-face advertising will not be followed, as that will create a sense of boredom among the consumers.
Total
cost
for
the
tri-faced
will
be
1500tk
per
sq.
feet
need
of
Nature
*(10’*20’)/12+50000tk tax, in total 75000tk1 ii. Newspaper Benefits of Newspaper
Promotional
Flexibility
series Option
Timeliness
limitedly Placement
to
disperse of
ads
on
information convenient
occasions like Eid, Bangla New Year High credibility
etc. Popular
Good local market coverage2
image of the newspaper Circulation exposureing
and
politically
impartial large
percentage of target market 1 Referred to current report, financial statement 2 Marketing Management, Philip Kotler, Page- 501 Marketing Plan for Nature Series | of Partex Furniture Ltd.
47
PARTEX GALLERY The structured message:
Filmstrip1: Arko was praising about the new female designer working with him. His sister-in-law ridicules him “I can bet that my sister is a far better designer than your colleague!” Filmstrip2: Arko opens the bedroom door and gasps, “I am glad to have lost the bet but how?” Filmstrip3: His wife smiles and replies, “easy, I just bought Partex furniture to
The message is concentrated into building interest and desire according to AIDA concept. a) Appeal: Emotional appeal to motivate purchase b) Structure:
In printed ads, conclusion will be drawn in a series so consumers have freedom to draw conclusion at first and check it afterwards
The strong or main idea is placed at last so it can have the long-lasting effect1
The news media selected is the “Daily Prothom Alo” due to its high score in relevancy.2
Effectiveness:
1 Appendix-9 Marketing Plan for Nature Series | of Partex Furniture Ltd.
48
PARTEX GALLERY Description
Target
The
Effectiveness
Timing
target Reach
market
24,00,0001
Media
Prothom Alo
Position
Last page
Spread
24 column inch
Appear
From Tuesday
Frequency
Pattern
3
Series
Exposure
312002
of three ads
2 Appendix-10 1 www.eprothom alo.com 2 24,00,000*1.3%(target market to total population ratio= 1.3%) Marketing Plan for Nature Series | of Partex Furniture Ltd.
49
PARTEX GALLERY iii. Electronic media Benefits of TVC
Promotional
Mass-marketing coverage Low cost/reach ratio
series Making people aware of nature Cost effective tool to exposure target
Appeal to major senses
market Showing the beauty and design more
Animated portrayal
1
need
of
exclusively than other media. Will create interest about
Nature
nature
series.
1 Marketing Management, Philip Kotler, Page-503 Marketing Plan for Nature Series | of Partex Furniture Ltd.
50
PARTEX GALLERY Plot of the message Scene 1: a young woman is talking to her fiancée as she prepares to go to buy furniture with him. She ends the phone call and while passing the corridor of her house, she peeps into the bedroom of her elder brother's bedroom. There is a large bed with heavy design. But, as the quality of the wood is not that good, part of the bed has become fade and there is a crack on the side of bed. The girl sighed and left. Scene 2: the man (who is the fiancée of the woman seen in the first scene) passes through his house and peeps into his younger brother's bedroom. The bedroom is full with mechanized furniture. The room is very simple and the border of the mechanized furniture is torn and displaced. The man sighed and left. Scene 3: the man and the woman entered into the ‘Partex Gallery’ and they were amazed to see the unique design. Scene 5: then there will be the tagline...now innovative design lasts
The message is concentrated into building interest and desire according to AIDA concept a) Appeal: Rational and emotional together is used to convince consumers and persuade purchase. b) Structure
The strong or main idea is placed at last so it can have the long-lasting effect
Two-sided ad is used first to convince the educated audience.
Marketing Plan for Nature Series | of Partex Furniture Ltd.
51
PARTEX GALLERY
Among the great number of local satellite channels, ATN and NTV has been selected for their overall high score.1
Effectiveness: Description
Effectiveness
Target
Reach
46,57,9202
Timing Frequency
Media Positi
ATN and NTV 8:15- Houseful at NTV
on
11:30-Doll’s House at
schedule
Sprea
ATN 8:00-12:00
for 1
week
per Continuou s on same
month
d Appea
10
Pattern
Mid break &
r
beginning of program
Durati
30 Sec.
on
iv. Miniature display To maximize the reach to the target customer and to gain favorable positive attitude from them, a miniature room display having the size of 4 1
2 Referred to financial statement Marketing Plan for Nature Series | of Partex Furniture Ltd.
52
PARTEX GALLERY feet by 4 feet will be set on Nondon Park. The miniature will represent a completely decorated “Evening Bedroom set” made of plaster and hardboard but colored in the dark chocolate plating to give real feelings. There will be a “Voucher Corner”. It will offer discount to visitors who are interested in furniture buying.
9.2.
Sales Promotion
Objective: To enhance long-term relation and reinforce position To induce short-term quick response To act as a base of future direct marketing and the step to initiate positive word-of-mouth Sales promotion Strategy: Observing from the consumers perspective we can say that so far the sales promotion given by the companies is, nothing but a discount or rather say, price cut. This practice is followed commonly by all companies and is mainly used during national occasions. However, as this has become quite a norm, none but only the market leader benefits from it. This practice although works during those occasions, hampers the normal sales all the year round as consumers only wait for that occasion to come instead of immediate buying. Furthermore, as all companies offer discount more or less on the same range the image of brands thriving to be a market challenger from market follower; becomes more diluted in consumers mind. Therefore, we came up with strategy that will eliminate the need of providing discount and will function as an image-building tool. Marketing Plan for Nature Series | of Partex Furniture Ltd.
53
PARTEX GALLERY Gift box on purchase When the consumer buys furniture, a wooden and carved box will be given. The box will contain the receipt and warranty card. On the cover of the box, the logo of the company will be engraved. It will help sustain long-term relationship.1
9.3.
Direct marketing
In case of Partex, direct marketing should be held in a very limited basis with an objective to maintain good relation with most preferred consumers aka the butterflies and to attract the large portion of consumers. The reasons to choose direct marketing for the above-mentioned conditions are given below:
Direct marketing counts customer experience and thus make way for improved relation with the preferred prospects. In other words, it is the base of customer relationship management.
When communicated directly, consumers perceive extra value of offerings and in return gives credit to the brand
Saves time and travel of the consumer and provide information when they are unable to search for it
Catalog marketing in Meena Bazaar, Agora Will serve the purpose of being an everlasting manual or guide to which consumers can refer to for future needs for same category of products 1 Appendix 14 Marketing Plan for Nature Series | of Partex Furniture Ltd.
54
PARTEX GALLERY
Consumers
find
time
and
opportunity
of
having
necessary
information even when they are preoccupied with other shopping plans
The above-mentioned places are picked
due to the common
preference of target market to shop there for grocery items
10. People From the SWOT analyses, it is obvious that the salespersons in Partex Gallery are quite associative and friendly comparing to the competitors. This is really a strength which can become very valuable if used properly and efficiently. Partex ensures very friendly and informative approach to highly preferable consumers who are very likely to buy from them. At present, Partex do not believe in indulging time to attract customers who are not ready to buy and quite negative for window-shoppers. The new strategy will focus on providing organized selling teams in all showrooms and that process is described below:
10.1. Design based informed salesperson for timber furniture Better informed about the design and can satisfy the curiosity of the customer Can give more attention to individual product Has more opportunity to demonstrate key features of a certain category
Marketing Plan for Nature Series | of Partex Furniture Ltd.
55
PARTEX GALLERY Can match the key feature to a reason to buy and provide solution to customers need To counter the disadvantage the design-based role-play has, the main booth or transition corners corner will have a few salespersons that will respond according to customer need and will guide through to the design-based salesperson.
10.2.
Customer need based salesperson set up close relation with every buy can react differently to current vs. new, major vs. regular customers can make the environment free and friendly for window shoppers by not bothering with heavy product jargon thus enhance probability of potential customers can refer to category that mostly satisfy the need
Marketing Plan for Nature Series | of Partex Furniture Ltd.
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PARTEX GALLERY 11. Physical Evidence The overall environment of showrooms and information giving were regarded as an extra expenditure. Partex tries to create the simulation of real use of furniture but spending too much time there is regarded as a drift from furniture. The reason is that some consumers are found talking about the cushions more than the furniture1. The outside looks of the showrooms are being kept as simple as possible. However, the showrooms of Partex are clumsily decorated. The furniture is not kept in a categorized manner. The gallery itself does not have an appearance of a furniture store. The new strategies will strengthen our positioning by image building and channel renovation.
11.1.
Renovating showrooms-
Partex showrooms will be renovated. The whole building will have a theme that reflects the identity of Partex furniture. The color will be a combination of dark brown and light brown. Tiles will be used so that the color seems glossy. The color will represent the elegance of wood. The main exterior pillar will resemble the design of Nature Series, especially the design of Prince Bed. On exterior wall there will have green color that will resemble the nature friendliness. The indoor pillar will be similar to the trunk of a tree. The wall will have glossy posters that will portray how a bedroom will look if it has Partex furniture. The posters of how carefully the furniture is made and how Partex ensures the quality of wood will be depicted. There will be option of lighting 1 SWOT Analysis, Appendix-13 Marketing Plan for Nature Series | of Partex Furniture Ltd.
57
PARTEX GALLERY so that a customer can watch how the color of furniture changes as the light changes.1
1 Appendix-10 Marketing Plan for Nature Series | of Partex Furniture Ltd.
58
PARTEX GALLERY 11.2.
Design based categorization
To develop a faster and more efficient purchase process, the placement of furniture should be planned and it should be executed in a tactful way. As “Partex Aesthetic” is the focus of Partex Gallery now, this category needs special care. Sometimes, target customers cannot pick up or choose bed-set according to their likings due to untidy decoration. As the whole bed-set carries different designs, design-based categorization, which will also foster room-based categorization, is included in the new strategy. Thus, other types of furniture and “Partex Aesthetic” will not confuse consumers and consumers will have the delight of seeing a complete bedroom setting.
12. Evaluations The focus of the marketing campaign is to create a brand image of Partex Furniture. The campaign will have five components, Tri-faced Billboards, Newspaper ads, television ads, miniature display and structural renovation. For their time specific and concentrated focus, Tri-Faced and Miniature Display are evaluated separately. Warranty is also evaluated in terms cost and perceived value.
Campaign Component
Taka
Newspaper
7,16,200
TV
9,37,500
Structural Renovation
21,00,000
Total
37,53,700
Marketing Plan for Nature Series | of Partex Furniture Ltd.
59
PARTEX GALLERY 10,97,00,0001
Sales Growth Return on Marketing Investment
2822.45%
Tri-Faced Billboard Cost Sales Growth
6, 20,000 tk
5, 75, 70,000 tk2
Return on marketing Investment9185.48%
Miniature Display Cost Sales Growth
50,000 tk
8,91,000 tk
Return on Marketing Investment 1682%
Warranty Cost
20,510 tk3
Warranty contributes to increased brand value. Which in turns helps to achieve the targeted sales. 1 Appendix-14 2 Appendix-14 3 Same as above Marketing Plan for Nature Series | of Partex Furniture Ltd.
60
PARTEX GALLERY
Marketing Plan for Nature Series | of Partex Furniture Ltd.
61
Appendix Appendix-1: Rates of SW analysis
Weakness 6.818181818 5.25 7.15 5.684210526 7.055555556 6.722222222 5.055555556
Partex Otobi Navana Hatil Akhtar Legacy Others
strength 6.313432836 6.880597015 4.940298507 5.029850746 3.089552239 3.059701493 1.402985075
Appendix-2: Rates of OT analysis
Threats
Opportunities
Partex
7.5
7.8
Otobi
6.714285714
5.7
Navana
7.5
4.8
Hatil
6.571428571
5.4
Akhtar
7.357142857
1.8
Legacy
6.857142857
1
Others
4.428571429
0.777777778
Appendix-3: The GE Matrix (Business Strength) Sl.
Business Strength Variable
Weigh
No.
Rating
t
Contributi on
to
1 2 3 4 5 6 7 8 9 10 11 12 13
Exclusive Design Durability of Products Relation with foreign timber trade Own raw material source Solid wood use minimization Relationship with advertising agencies Relationship with press Consumer friendly sales force Spacious Showrooms Distribution Channel Useful Website Multipurpose designed furniture Categorization of products in the
0.11 0.10 0.11 0.08 0.09 0.08 0.08 0.03 0.03 0.08 0.02 0.03 0.03
4 5 5 5 5 4 4 5 3 3 4 4 2
Rating 0.44 0.50 0.55 0.40 0.45 0.32 0.32 0.15 0.09 0.24 0.08 0.12 0.06
14
showrooms Continuity
0.08
2
0.16
&
concentration
advertisements
iv
of
C.
Appendix 15 16
Demonstrative Catalogues Home delivery service Company Rating
0.02 0.03
3 2
0.06 0.06 4.04
Appendix-4: The GE Matrix (Market Attractiveness) Sl.
Market Attractiveness Variable
Weight
Rating
Comtributi
No.
on
1 2 3 4 5
Environmental awareness Brand value Approval of artists Traditional craftsmanship Creative mechanized
Rating 0.09 0.40 0.14 0.28 0.20
6 7 8 9 10 11
furniture Attractive design Durability Helpful sales representative Available outlets Quick delivery Persuasive advertising Rating
timber
iv
.03 .10 .07 .07 .05
3 4 2 4 4
.20 .15 .06 .10 .07 .10
4 3 4 3 2 2
0.80 0.45 0.24 0.30 0.14 0.20 3.24
to
C.
Appendix Appendix-5: The Furniture Industry
Furniture Industry
Particle Board Based
-
Wood Based / Veneered Boards
Plain Particle Board Vinyl Board Timber Framed Board Plytex Ply wood Lacquered Flush Door Aperture Door Louvre Door Honey Combed Door
-
Teak White Seder Champ Chapalish Garjon Mehogony Other commercial Veneer
COMPETITORS (particle market):
COMPETITORS (Wood market):
Akiz Particles Star Particle Board Mills Limited OTOBI Foreign imported furniture.
HATIL Italian Furniture (imported) PARTEX Group G-Mart
iv
Appendix Appendix 6: Product line of ‘Partex Aesthetic’
Partex Aesthetic 1.
Royal Series
1.
Prince Bedroom Set
2.
Prince Bedroom Set 2
3.
Princess Ragini Bedroom Set
2.
Nature series
4.
Princess-2
5.
Mughal Bedroom Set
6.
Evening Bedroom Set
7.
Moon Bedroom Set
8.
Morning Bell Series
9.
Garden Bedroom Set
10.
Eagle Bedroom Set
11.
Fish Bedroom Set
12.
Flying Geese Series
13.
Forest Bedroom Set
14.
Swan Bedroom Set
15.
Paddy Field Bedroom Set
16.
Nile Bedroom Set
17.
Burning leaves Bedroom Set
3.
Folk series
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18.
Dinosaur Bedroom Set
19.
Bamboo Bedroom Set
20.
Penguin Bedroom Set
21.
Nokshi Bedroom Set
22.
Heritage Bedroom Set
23.
Anchor Bedroom Set
Appendix
iv
24.
Horn Bedroom Set
25.
Wheel Bedroom Set
Appendix Appendix 7: Characteristics of wood used in manufacturing Hard Wood Specification
Imported Teak
Champ Teak
Density, Kg/m3
560-640
610
Modulus of rupture (n/mm )
100
65
Shrinkage % radial
105
3.2
Tangential
2.5
5.2
Moisture %
10-14
10-14
2
Appendix-8: Tri-faced sample
iv
Appendix
Face 1: Almirah
iv Face 2: Dressing Table
Appendix
Face 3: Bed
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Appendix Appendix-9: Newspaper ad sample
Episode 1: How the ad will Look on the paper
iv
Appendix
Episode 2
Episode 3
iv
Appendix Appendix-10:Unweighted scoring on a scale of 1-5
Total circular Editorial
Prothom Alo 5 5
Jugantor 2 4
Somokal 4 4
Daily Star 3 5
Quality Attention
5
2
3
5
creating Targets
5
3
4
5
media
habit
fulfilling
Appendix-11: Unweighted scoring 1-5 Ch.I
Ch.1
NTV
ATN
Bangl
ETV
RTV
BTV
a 4
5
4
4
vision 4
4
4
3
nt Editorial
4
4
4
5
3
5
2
2
Quality Ad slot Credibility in
4 3
3 3
4 3
5 3
3 3
4 3
3 3
4 3
info given Reach to
3
3
4
4
3
3
3
2
Targets entertainme
target
iv
Appendix Appendix-12: The showroom pictures
Through Artist's eyes: Renovated Farmgate Gallery
Through Artist's eyes: Renovation of Mirpur showroom
iv
Appendix Appendix-13: The SWOT analysis Strengths Variables 1st movers advantage Comfort in using furnitures Attractiveness of the design Accommodation of the design Multipurpose fulfilling design User-friendliness of the design Design ensures health safety Durability of products Consistent quality Attractive packaging Descriptive packaging Package as recognition of brand Safeness of packaging Environment-friendly packaging materials Label design in accordance with PDT design Label beautifying product Partnership with outside distribution channels Frequency of Buyer-seller interaction Customer-centered sales reps Customer helpline Customer hot line Friendliness of sales reps sales assistance in giving info to customers
Partex
Otobi
Navana
9 6 8 8 6 8 10 10 10 5 5 2 0 9 5 3 8 9 6 0 0 8 8
2 9 7 10 10 9 6 5 9 8 7 9 5 9 10 6 10 10 4 2 1 7 7
0 7 3 9 6 8 6 5 8 7 6 8 0 9 9 4 9 8 5 0 0 5 6
iv
Hatil 10 8 9 9 8 8 6 6 6 8 8 9 5 9 8 6 5 7 4 0 0 6 5
Akhtar 7 4 6 7 5 6 9 8 4 6 4 2 0 7 5 3 0 6 3 0 0 5 4
Legacy 8 4 10 6 4 5 9 9 10 5 2 2 0 7 4 0 2 5 3 0 0 6 6
Other 6 5 7 10 6 2 7 4 1 1 0 2 0 0 0 0 0 3 2 0 0 2 7
Appendix Compliance with consumer rights law Compliance with environment law Compliance with safety law Minimization of wood use Relation with foreign timber traders Relation with ad agencies Fast decision making Spaciousness of showrooms PDT-type categorization in showrooms Room-based categorization Design-based categorization Data transaction between stores Selling within stores giving infomercials Continuity of ads Concentration of ads Acceptability of e-cash Acceptability of check money Folding capability of the products Persuasive ads Ads reinforcing buyers purchase decision Decisive ads Vivid demonstration in tv ads Dramatical portrayal in ads Illustrative of printed ads Providing PDT to entertainment media to get publicity
7 9 8 10 10 10 8 9 8 6 3 6 8 10 6 5 10 10 5 5 6 6 3 4 8
8 8 9 9 6 8 9 10 10 9 9 8 9 10 8 7 10 10 10 9 9 8 8 9 8
6 8 8 9 6 9 7 8 5 6 4 6 6 10 3 2 10 10 10 4 7 6 0 0 5
7 7 8 8 8 5 7 7 7 7 7 3 2 8 2 2 10 10 9 1 3 3 0 0 2
4 6 6 4 6 3 2 6 5 4 1 2 2 5 0 0 10 10 1 1 2 1 0 0 0
3 5 5 3 4 2 3 3 2 5 6 2 2 3 0 0 10 10 1 1 2 1 0 0 0
2 2 1 2 0 0 8 1 1 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0
1
1
0
0
0
0
0
iv
Appendix In-store demonstration Art & craft competition Festivity orientation Ability to create own RM Charity show organizing Favorable relation with press Relation with legislators Appreciable logo Informative catalogs Telemarketing Placement of kiosk marketing Eye catching billboards Rich content of web page Sites ability to make interaction among users Easy communication by web page Partnership with other websites Salesperson as a solution vendor to customers Fast home delivery Average
Weakness Variables De-motivating corporate ladder Hasty decision making Unavailability of previous data
8 0 10 10 1 10 10 3 6 8 0 2 7 5 3 2
0 9 10 5 1 6 6 8 9 6 0 4 0 0 0 0
0 0 10 0 0 6 0 2 6 0 0 0 0 5 3 0
10 9 10 0 0 0 0 7 2 0 0 1 10 0 0 0
0 0 10 0 0 0 0 2 2 0 0 0 0 0 0 0
0 0 8 0 0 0 0 6 2 0 0 0 0 0 0 0
0 0 0 0 0 0 0 2 2 0 0 0 0 0 0 0
10 4 6.31
10 6 6.88
10 6 4.94
0 5 5.03
8 3 3.09
7 2 3.06
0 2 1.40
Akhtar 10 10 10
Legacy 10 10 10
Partex 8 7 9
Otobi 6 6 2
iv
Navana 9 9 4
Hatil 10 10 3
other 10 10 10
Appendix Delay in planning Owner’s intervention Inconsistency of corporate culture Communication gap within management levels Rigid, old structure Centralization Unfeasible customer base Use of extra brand extension Sales promotion resulting in quality delusion Sales promo increasing price sensitivity Unsuitable location of showrooms Absence of trade allowances Training and development Package vulnerability Weak demand forecasting Intra-group disagreement shortage of skilled craftsman Within store rivalry in making sales Shortage of state-of-the-art machines Average
Opportunities Variables Environmental awareness 15% demand increase
7 4
3 2
8 9
9 9
3 9
9 9
9 0
9
4
9
9
9
9
9
9 5 5 2 10 10 10 8 0 5 8 8 8 1 8 9 6.82
7
10
5 2 5 10 10 6 0 8 5 9
9 2 6 10 10 9 0 0 9 9
9 2 5 6 6 5 0 0 7 5
10 2
10 2
10 2
6 6 10 10 0 10 5
6 0 8 10 0 10 5
0 0 0 10 0 10 0
2 9 4 5.25
2 9 10 7.15
2 4 7 5.68
4 3 10 7.06
1 2 10 6.72
0 1 10 5.06
Akhtar 3 2
Legacy 2 2
Partex 10 7
Otobi 9 9 iv
Navana 8 6
Hatil 8 9
other 1 2
Appendix Growth of brand furniture Government facilities Intro of panel based furniture Approval of famous artists Approval of environmentalists Appreciation of folk crafts Export opportunities Globalization Average
Threats Variables Dependence on outside supply Maturity of timber furniture High exit barrier Oligopoly market Competitors price leadership Lack of import barriers Rise of plastic furniture Demand of wrought iron furniture Consumers low attention span
9 2 10 9 10 10 9 2 7.80
Partex 3 9 8 8 10 8 9 2 8
10 2 5 2 9 0 9 2 5.70
Otobi 5 5 10 8 10 8 5 2 8 iv
9 2 2 2 9 0 9 1 4.80
Navana 8 5 10 8 10 8 5 3 8
10 2 0 2 8 5 9 1 5.40
Hatil 9 5 10 8 8 7 5 3 7
2 2 0 2 0 7 0 0 1.80
2 2 0 2 0 0 0 0 1.00
Akhtar 7 9 10 8 10 7 9 4 5
Legacy 7 9 10 8 10 7 9 5 5
2 0 2 0 0 0 0 0.78
Other 10 0 10 10 5 10 0 5 0
Appendix Consumers avoidance to ads Unexposureable media habit of the consumers Standard are set by mkt leaders Competition clutter in furniture industry Free market to new arrivals Average
8
9
10
10
10
10
0
10 10 10 2 7.50
10 2 10 2 6.71
10 10 8 2 7.50
8 2 8 2 6.57
8 6 8 2 7.36
7 2 5 2 6.86
0 10 0 2 4.43
iv
Appendix Appendix-14: Evalution Details
Cost of the prepared marketing campaign: Campaign
Duratio
Possible Reach
Cost
Component Newspaper
n 3 Day
(Number of 1 24,00,000apprx. Audience)
(taka) 02
TV
1week
46,57,920apprx.3
04
1 Circulation of Daily Prothom Alo 2 Price of the newspaper ads, for 24column-inch first/last page: (12000| 9600)*24*3 total- 8,64,000|691200 tk + design 25,000tk total- 8,89,000| 7,16,200tk. Last page of Prothom Alo is selected because to go to the entertainment page directly, you have to go through the last page. Last page is thus more effective on our target segment, Urban educated middle class women. 3 Number of households with TV(‘0000s)= 2485Rate of households having TV= 3.84% Total reach=2485* 3.84% = 95.424(‘0000s) Total population=12130 Population watching TV = 95.424*12130/2485= 465.792. (Bangladesh Statistical Yearbook 2006 page 57)
4 Price of Advertising: Making the Ad: 1,50,000 On NTV: 1 fixed before programms 2 during the mid break of the program 2 random On ATN: 1 fixed before programms 2 during the mid break of the program 2 random Total 9,37,500
iv
10,500*1- 10,500tk 12,000*2- 24,000tk 9,000*2- 18,000tk 12,000*1- 12,000tk 13,500*2- 27,000tk 10,500*2- 21,000tk 1,12,500tk
7,87,500tk
Appendix Structural
10
Renovation Total
years
41,85,432apprx1
21,00,00
1,12,43,352apprx.
0 37,53,70
0 Exposed target segment among total reach (1,12,43,352*1.3%2) = 1,46,164 Actual purchase maker3 6.15%4 which is 1,46,164*6.15%= 8,990 On average sales of 30,000taka gives total sales of 8,990*30000 = 26,97,00,000tk Sales Growth 26,97,00,000-16,00,00,000 = 10,97,00,000tk Return on Marketing Investment (10,97,00,000-37,53,700)/37,53,700 = 2822.45%
Miniature Display at Nondon Park Reach 365*100 = 36,500 Target Segment Reach= 36,500*1.3% = 474.5 Actual purchases 474.5*6.15% = 30 1 Statistical Yearbook 2001 Community Series Dhaka 2001, Statistical yearbook Bangladesh 2001 2 Target segment percentage for Bangladesh = target segment population/Bangladesh population as per 2001 census = 1580328/124355263 = 1.3%apprx. 3 People who will actually buy. 4 From Bangladesh Furniture Fair 50,000 people visited the fair, made purchase from Partex. Target reach 50000*1.3%=650. Actual Purchase was 40. Actual Purchase Maker Percentage 40/650=6.15%
iv
Appendix 10% Concession for Visitors at Nandon Sales = 30*30,000-30*3000*10%=8,91,000tk Cost : Miniature making = 15,000 Publicity =35,000 Total
= 50,000tk
No cost will incur for the placement, as it will be an agreement with Nondon. Return on Marketing Investment = (8,91,000-50,000)/50,000 = 1682%
Tri-faced Billboard Number of Bill- Board: 4 Position: Kolabagan at Mirpur Road, Gulshan Circle, in front of The Sheraton Hotel and at Sonargaon crossing. Time: During Ramadan Duration : 1 month Cost : per bill-board Rent (1500 per sq. feet, 10’*7’) Tax
1,05,000 50,000
Total
1,55,000tk
For 4 bill boards, the total cost : 1, 55,000*4 = 6, 20,000 Reach:
iv
Appendix 24, 00,000apprx.1 Target segment reach 24, 00,000*1.3% = 31,200 Actual purchases 31,200*6.15% = 1919 Sales 1,919*30,000= 5, 75, 70,000 tk Return on Marketing investment = (5, 75, 70,000-6, 20,000)/ 6, 20,000 = 9185.48% Warranty 0.5% furniture to repair
32,81,61,000*0.5% = 16,40,805
tk 500 tk repair cost per 40.000 tk furniture amounts to 16,40,805*500*40,000 = 20510
1 Commuters on the roads of DhakaForm Community Series, Dhaka 2006, page- 65,78, 100
iv
Appendix Appendix 15: Gift Box
Approximate Cost per Box: 350 tk
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