Pak Thermokool Marketing Report
Essay by Engr FaheemAbid • October 28, 2015 • Business Plan • 2,381 Words (10 Pages) • 1,275 Views
Description
Keeping the summer season and load shedding in mind our company PAK is launching a thermodynamic cooler named as THERMO-KOOL. Our main aim is to help people preserve their food by the cool effect of our product when there is no refrigerator. Our product is made up of plastic, glass foam and glass. The water filled in the space provided in the pot evaporates and cools the pots and preserves food without using electricity.
It’s an innovative product and up till now no one has use the phenomenon of thermodynamics for such type of product but still ice box can be considered as one of its competitor. But due to its indifferent application, its innovative cooling system and variable sizes it has a major competitive edge over its competitor.
We will be following our Customer Driven Marketing Strategy and initially for the introduction period our segmenting variable would be Geographic, because in the introduction period our target market would be some urban areas and flood effected rural areas but later on the growth stage we would go for Market Development and will opt for Mass Marketing. For the distribution all three ways of distribution channels will be used.
In the introductory and growth phase it will be a Question mark in BCG matrix because it’s a new product and lack of public awareness; but its innovation will make it a star product very soon. For the first year PAK has target to sell 5,000 sets of Thermo-Kool and will be using 15% of the annual sale for advertising budget. In future the PAK has a plan to introduce a large size Thermo-cool bank for the fruit and vegetable markets and wholesalers.
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Trading name: | PAK – Thermo Kool |
Major Geographic, demographic, physographic Factors
Geographic | ||
World Region | Asia | |
Country | Pakistan | |
Cities | All cities, town and villages of Pakistan | |
Density | Urban, suburban and rural | |
Climate | Hot and dry |
Demographic | ||
Age | No age limit | |
Gender | Male, Female | |
Family size | 1-2, 3-4,5+ | |
Family Life Cycle | Every family member | |
Income | Rs 6000+ | |
Nationality | Pakistani |
Psychographic | ||
Social Class | Lower, middle & upper class | |
Life Style | Believers, achievers, strivers and survivors | |
Occasions | Regular occasion, picnics and tours | |
Benefits | Service, economy, convenience and availability | |
User Status | First time user ,Regular user | |
Loyalty Status | Medium | |
Readiness stage | Aware, interested | |
Attitude towards product | Positive |
THE MARKET
Market Segment [pic 8]
Thermo Kool is purely a consumer product, thus will serve the consumer market. The market it will serve is divided into three segments
- Consumers in rural areas.
- Workers, managers, owners of factories or organizations.
- Housewives, families and general people.
The basic product provided to all these segments will be same. However, thermo kool will be available in different sizes and price ranges to cater to the needs of all the segments.
- People in rural areas are badly affected by flood which is why to keep food fresh they need to adopt conventional ways of storing food. But the pots, filled with sand, in which they store food, are too heavy to be portable. To solve this problem, this cooler is designed. It will be provided to them at a very lower rate.
- Generally organizations have micro-wave oven to heat up the food but the problem arises when the workers bring lunch from home. Due to the weather conditions of Pakistan food gets stale, especially in summers, and does not remain eatable. To solve this issue, thermo kool is designed so that workers can bring fresh food from home and enjoy it. For this purpose, the product will be available in different sizes to meet their need.
- For household purposes and for enjoying fresh food at picnics, this is a useful product. The modern design will look pleasant in the kitchen and this product can serve as an alternative to pantry. Different sizes and price ranges will be available of the product, to serve the need of different households.
Distribution [pic 9]
For thermo kool to effectively cater to the three segments, efficient distribution channel is required. As a large proportion of PAK target market includes households, we will use stores located near commercial areas mostly. Also, stores near boat basin will be provided with the cooler as many businesses are located near Schon Circle. Boat basin is a center where many families come for breakfast, lunch or dinner which is why it will serve as a good distribution point.
In business, new product development (NPD) is the term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the NPD process: one involves the idea generation and product design the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share.
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