Acknowledgement
We
think if any of us honestly reflects on who we are, how we got here, what we
think we might do well, and so forth, we discover a debt to others that spans
written history. Some person’s help can make our work easier. The credit goes
to the employees from Yellow (Beximco)
for which our term paper working became much easier and it was great chance for
us to work on this. First of all, we would like to thank our course instructor ................. for his guidance throughout the whole semester. Then we would like
to thank all the employees for providing us the information about Yellow (Beximco) that was required for
completion of this term paper.
1.
Table
of Content
Topic
|
Page
|
2.
Executive Summary
|
1
|
3.
Objectives
|
1-2
|
4.
Methodology
|
6
|
5.
Strength and weakness
|
7
|
6.
Strength and weakness of the product
|
7-8
|
7.
Factors influencing consumers buying pattern
|
8-12
|
8.
Buying decision process
|
12-13
|
9.
Marketing Mix
|
14-15
|
10.
promotion
|
15
|
11.
data analysis and interpretation
|
16-18
|
12.
recommendations
|
18
|
13.
Conclusion
|
19
|
Executive
Summery
The
main purpose of the project was to determine the market value or demand of
stylish clothing in Modern Trade of Bangladesh where Yellow (Beximco) is quite famous. Company sale do not reveal how
well the company is performing relative to competitors. To access the relative
performance, market share analysis is done. The company’s overall market demand
is its sales expressed as a percentage of total market sales. The company has
opened YELLOW outlets at Gulshan
Avenue, Bashundhara City and Dhanmondi in Dhaka. YELLOW received an overwhelming response from the consumers when
Beximco Textiles first opened an outlet in Bashundhra, company executives said.
"Because of their affordable price range and fashionable, high quality
garments, customers flocked to buy our products," said Beximco Textiles
chief executive officer and Beximco Group director Syed Naved Husain.
Beximco
plans to open more retail outlets in Sylhet and Chittagong and to eventually
take its exclusive YELLOW brand
worldwide.
Introduction:
Yellow
is one of the largest clothing stores in Bangladesh. The store is very popular
among the present and young generation for unique collection of designs,
specially panjabis and shirts for men and maintains the modern fashion trend.
The quality of its product is extremely good as it has been successful to keep
old customers always coming. The name YELLOW,
itself has now become a distinct clothing brand in Bangladesh and the credit
goes to its exclusive collection and comfortable products.
Objective of the study
Primary:
1.
We have tried to introduce the product
and the company from which it belongs.
2.
SWOT analysis of the brand from an image
perspective.
3.
Strengths and Weaknesses of the product
or service.
4.
Through SWOT analysis and creating a
Marketing Memo we tried to figure out the company side and the customer side.
Secondary:
1.
How the buying pattern is influenced of
consumers including cultural factor, social factor, personal factor,
psychological factor, buying decision process and defined the marketing mix.
2.
By doing above all the things we tried
to explain the company’s marketing activity, marketing implementation.
3.
Elaborating all the information tried to
clarify how the product is produced, what are the steps they follow to enhance
the production activity, how they handle their threats and opportunities and
interpreted the whole data we analyzed.
Methodology
of the Study:
·
Primary
Sources :
As
being a design driven brand that
celebrates creative and original thinking to highlight a lighthearted and
optimistic view of life through a superior quality product. They inspired by
their customers, Unconventional yet high-quality. Progressive yet tastefully
casual—yellow embraces harmony through conflict.
A
primary source is basically source material that is closest to the person,
information, time period, or idea that is being studied, such as surveys,
interviews, and observations. It is contrary to secondary sources, which
is information that has been passed through another person, medium, or
agent.
We
did the survey on yellow in the next following page. And we came into a result
after the survey.
·
Secondary
Sources :
Secondary
sources are like magazines, books, journals, internet or newspapers. Here
we use the internet especially as a method of the study .We uses some websites
for collecting information’s about yellow and also about the Beximco Company.
The websites are given in the end of the whole study.
Strengths
and weaknesses of the brand from an image perspective:
Strengths:
1) Branding - Personally I feel YELLOW has strong branding in the everyday basics, from casual to work wear etc.
2) Infrastructure - Allows for ease of distribution nationally all over Bangladesh.
3) Image- Consumer trust on brand in image perspective is already built.
1) Branding - Personally I feel YELLOW has strong branding in the everyday basics, from casual to work wear etc.
2) Infrastructure - Allows for ease of distribution nationally all over Bangladesh.
3) Image- Consumer trust on brand in image perspective is already built.
4) Quality- Consumers trusts the products with their
quality.
Weaknesses:
1) Marketing: A strong brand it may be, but marketing is not as strong in Pakistan.
Weaknesses:
1) Marketing: A strong brand it may be, but marketing is not as strong in Pakistan.
2) Variations: Nothing much to buy for women but men
and only focused on casual wear but not at all on party wear and etc.
Strengths
and Weaknesses of the products of YELLOW:
For understanding the service of yellow we use
the marketing memo .It helps to identifying the strengths and weaknesses of the
products of yellow.
Following
chart will show the strengths and weaknesses of Yellow.
Consumer’s
behavior
The factors affecting consumer’s
behavior:
To identify the buying behavior of a customer is
very difficult subject. A customer buying behavior is influenced by cultural,
social, personal and psychological factors. The factors affecting the customer
behavior are as follows with a diagram:
Cultural Factor: Culture, subculture and social classes are
particularly important in buying behavior.
o Culture:
Culture is most fundamental determination of a person’s wants and behavior. The
important characteristics of culture are it’s learned, it is shared through
social institutions, and it changes with the time.
o Subculture: Each culture consists of smaller subculture that provides more specific identification and socialization for the member. Subculture includes nationalities, region, and geographical region.
o Social Class: Virtually all-human societies exhibit social stratification.
o Subculture: Each culture consists of smaller subculture that provides more specific identification and socialization for the member. Subculture includes nationalities, region, and geographical region.
o Social Class: Virtually all-human societies exhibit social stratification.
Each culture has social class, which are
follows.
- Social
Factors:
In additional to cultural factors Customer’s behaviors influence by such social factor like following:
o Reference group: A person’s reference groups consist of all the groups that have a direct and indirect influence on the person’s attitudes.
o Family: Family members constitute the most influential primary reference group. Family choices influence in buyer’s mind.
o Roles & Status: The person’s position in each group can be defined in items of role statuses.
- Personal factors:
Byers decision also influence personal characteristic.
o Age & Life cycle Stage: Buyer’s decision differs on their age and stage in life cycle. Their choice is related of them.
o Occupation: Customers buy product consist their occupation.
o Economic circumstance: Product choice is greatly affected by ones economic circumstance.
o Life Style: Lifestyle means the pattern of living. It also influences to buyers what he should be bought?
o Personality & Self confidence: By personality means distinguishing psychological characteristics, self-confidence. A person must buy a product with consistence his Personality and self-confidence.
- Psychological Factors:
o
Motivation: A motive is a need that is sufficiently pressing to drive
the person to act. Psychologists have developed theories of motivating.
o
A
motive is a need that has a sufficient level of intensity.
o
Creating
a tension state that drives the person to act.
o
Satisfying
the need reduces the felt tension.
o Perception: Perception is the process
by which an individual selects organizes information input to create a
meaningful picture of the world.
o Learning: It involves change in an individual’s behavior arising from experience.
o Learning: It involves change in an individual’s behavior arising from experience.
o Beliefs and Attitudes: Through doing
and learning people acquire beliefs and attitudes.
Buyer’s
choice also influence by followings
Buying decision process:
Need Recognition
From Internal
Stimuli:
o
Hunger
o
Thirst
o
Fear
From External
Stimuli:
o
Neighbor’s Purchases
o
Advertisements
o
Window Shopping
o
Newspapers & Magazines
Information
Search
From Personal Sources:
o
Family
o
Friends
o
Neighbors
o
Acquaintances
From
Commercial Sources:
o
Advertisements
o
Dealers
o
Salespersons
o
Packaging
o
Displays
Evaluation of Alternatives
Successive Sets in Consumer
Decision-Making:
o
Total Set
o
Awareness Set
o
Consideration Set
o
Choice Set
o
Buying Decision
Purchase Decision
Interfering Factors:
o
Attitudes of Others: Opposing and intense opinions of family members, close
friends and acquaintances
o
Unanticipated situational factors: Changes in income, job transfer, loss of employment,
change of priority e.g. sudden payment of educational fees etc
Post purchase
Behavior
o
Post purchase
satisfaction-disappointed, satisfied, delight
o
Post purchase action-exit
option, voice option.
o
Post purchase use and
disposal-throw it away or resale.
Define the Marketing Mix
- Product
- Price
- Place (distribution)
- Promotion
Product
o
The
product is the physical product or service offered to the consumer. In the case
of physical products, it also refers to any services or conveniences that are
part of the offering.
o
Product
decisions include aspects such as function, appearance, packaging, service,
warranty, etc.
Price
o
Pricing
decisions should take into account profit margins and the probable pricing
response of competitors. Pricing includes not only the list price, but also
discounts, financing, and other options such as leasing.
Place
o
Place
(or placement) decisions are those associated with channels of distribution
that serve as the means for getting the product to the target customers. The
distribution system performs transactional, logistical, and facilitating
functions.
o
Distribution
decisions include market coverage, channel member selection, logistics, and
levels of service.
Promotion
o
Promotion
decisions are those related to communicating and selling to potential
consumers. Since these costs can be large in proportion to the product price, a
break-even analysis should be performed when making promotion decisions. It is
useful to know the value of a customer in order to determine whether additional
customers are worth the cost of acquiring them.
o
Promotion
decisions involve advertising, public relations, media types, etc.
A Summary Table of the Marketing
Product
|
Price
|
Place
|
Promotion
|
Functionality
Appearance
Quality
Packaging
Brand
Warranty
Service/Support
|
List
price
Discounts
Allowances
Financing
Leasing
options
|
Channel
members
Channel
motivation
Market
coverage
Locations
Logistics
Service
levels
|
Advertising
Personal
selling
Public
relations
Message
Media
Budget
|
Data Analysis and Interpretation
Particulars
|
Strongly
agree
|
Agree
|
Neutral
|
Disagree
|
Strongly
disagree
|
1.
Fabrics of Yellow are good.
|
60%
|
15%
|
15%
|
10%
|
0%
|
2.
Yellows fabric is comparatively batter then other brands in the market.
|
20%
|
10%
|
40%
|
20%
|
10%
|
3.
Yellow should extend its brand and introduce new product.
|
20%
|
20%
|
30%
|
20%
|
10%
|
4.
You are satisfied with the finishing, swing style & also packaging of Yellow.
|
5%
|
10%
|
35%
|
20%
|
30%
|
5.
The Price of Yellow products are reasonable.
|
40%
|
10%
|
30%
|
10%
|
10%
|
6.
All lines of products are available in every showroom of Yellow.
|
0%
|
10%
|
30%
|
40%
|
20%
|
7.
You purchase Yellow products for keeping upgraded styles.
|
60%
|
10%
|
20%
|
5%
|
5%
|
8.
The Promotional activities of Yellow are satisfactory ((TV advertisement,
Newspaper advertisement, Billboard etc.)
|
20%
|
35%
|
15%
|
30%
|
0%
|
9.
Comparing with other brands in the market, Yellow can be considered better.
|
30%
|
30%
|
20%
|
10%
|
10%
|
Interpretation:
From the sarvay the statistics analyses we got a clear idea of Yellows present
condition. First of all Yellow has the better brand value then the other and
they have been keeping their position from so long with comparatively others
competitor. All of their products are available in every showroom. But their
promotional activities are not good enough like others have.
Recommendations:
Yellow is producing the high quality product. They launched this brand by producing
finest fabric with their visionary approaches. Such acceptance has made the
brand a market leader within a very short time. In our way of thinking the
recommendations for this company are:
01. Increase
their branches. They have so many customers in the market. But there are no enough
showrooms in every location. So they have to increase their branches.
02. Promotional
activities. They also have less promotional activities. Their path is only
BILLBOARD. We think they have to look for other activity like NEWS PAPER, Web
site and etc.
03. Marketing:
A strong brand it may be, but marketing is not as strong in Pakistan. They have
to increase or follow good marketing policy not to lose market outside the
country as well as Bangladesh.
Conclusion
o With
the help this marketing mix analysis we can say that, the company may a
achieved a strong level of customer preference. Although there is a tough fight
with its major competitors but Company’s quality of products played a vital
role to create this position in such situation. By preparing this term paper we
learn about how companies can analysis
marketing mix and we think this work will help us in our future when we are in
professional life. We believe that this analysis will help us to know about the
Beximco group and how they achieve
their objective.
Now if you want to download full Assignment, in PDF File, please click on Download baton bellow .
Download
Thank you
Now if you want to download full Assignment, in PDF File, please click on Download baton bellow .
Download
Thank you
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ReplyDeleteI think your information really helpful for reader.Thank you and continue your writing.