Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Essay Example

Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Essay Ferdush Rahman Associate Professor Department of marketing Begum Rokeya University,Rangpur. Subject: Prayer for accepting Assignment. Sir I would Like to inform you that I have been prepared this Assignment on marketing Research Proposal which you assigned me. I prepared this Assignment according your direction. I, therefore, pray and hope that you would be kind enough to accept my Assignment and oblige thereby. Your most obedient pupil Md. Raki Miah ID:0907005 4th Year 1st Semester Department of marketing Begum Rokeya University,Rangpur. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 5 In the beginning, I would like to express my gratitude to Almighty Allah for giving me opportunity to prepare this Marketing Research Proposal. Then, I thank my honorable course teacher Md. Ferdush Rahman to provide help and giving instructions to fulfill the term paper accurately. Our course teacher tries his best to make the course interesting. I am really grateful to our teacher for giving us the opportunity to match up the text knowledge with practical field. I also thank my senior brothers who provide me some important information to prepare my term paper. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd We will write a custom essay sample on Marketing Research Proposal on Spondhan Rice Bran Oil Ltd specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Marketing Research Proposal on Spondhan Rice Bran Oil Ltd specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Marketing Research Proposal on Spondhan Rice Bran Oil Ltd specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Page 6 S. L 01 02 03 04 05 06 07 08 09 10 Elements Executive summary Background Problem definition/objectives of the research Approach to the problem Research design Fieldwork/data collection Data analysis Reporting Cost and time Appendices Pages 08 09-10 11-13 14-16 17 18-23 24 25 26 27-29 Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 7 Executive Summary The proposed research aims to measure the Spondhan Rice bran Oil brand’s possibility to enter into the whole market in Bangladesh and to analyze the results in order to gather data to generate recommendations on the strategic marketing of the company. The research will survey a sample of 1,000 people in the Different Districts in Bangladesh different by age, income, location and personal preferences for edible Oils. The population will be selected randomly by a computer by using the grocery store loyalty programs members as reference. The extent of the research is wide enough to ensure that the survey will give us a framework for taking decision whether entering new market or not. A questionnaire will be administered to the selected sample by mail and the results will be collected and analyzed by mail and personnel. The criteria under which each question of the questionnaire has been conceived cover the main concerns for the company. For example, does the consumer perceive PepsiCo as provider of healthy drinks or not?. The research also highlights the main possible outcomes of the survey. For each type of result, the research has already identified a strategic direction the company should take. The research is extensive enough to provide a comprehensive understanding of the brand perception. The accuracy of the research is ensured by the size of the sample, the techniques applied, and the different features of the research – which covers both qualitative and quantitative aspects. The research might suffer typical problems of any research as related to personal bias of the surveyed population. Surveyed people in fact may have issues that can prevent them from answering accurately to the questionnaire and this possibility has been already addressed by designing the questionnaire in the easiest and less embarrassing possible way. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 8 Background Spondhan Rice bran Oil Ltd has established on 2010 in Rangpur. From the establishment, this company supplied Rice bran oil in Rangpur, Bogra, Dinajpur. Due to quality and innovative product of oil in our country, Spondhan clearly place a position in the minds of consumers. For reducing dependability on import of different edible oils and using bran of rice which may be waste or used as food of cow, Spondhan has initiative to produce Rice Bran Oil which is very healthy and pure, natural than other oils. Spondhan Rice Bran Oil Ltd has an ambition to become a market leader in the supply of Rice Bran oil. Rice Bran Oil is valueable to human body,both inside and out side. It eases dry skin and helps to keep the heart healthy. Major compitiors are Mastard Oil and Sayabin Oil;the advantage of Rice Bran Oil is that It has a shelf life of up to a year and low colestoral. There are many advantages that can be probed in the rearch. In Bangladesh,Spondhan supply the oil to higher class customers in Dhaka,Bogra,Rangpur. Spondhan is now considering the possibility of offering to the general customers that is all classes of customers at the same quality Rice bran Oil that It currently suppies to Higher class customers. The company has experience of the amrket segment in some districts of bangladeh. I have been approached to find out the possibility of market expansion of Spondhan Rice Bran Oil. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 9 Spondhan Rice bran Oil Ltd’s corporate mission is to be the leading domestic consumer products company with primary focus on convenient foods and oils. Due to growing demand from our customers, consumer advocacy organizations and heavy political pressure to add â€Å"healthier† Rice bran Oil products to our portfolio. If we seek to achieve our mission, we must consistently measure our brands perception of being healthy to target consumer markets. If we do not, we will fail to meet the growing demand from our customers for new innovative and healthy oil products. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 10 Problem Definition or Statement Given that Spondhan Rice Bran Oil Ltd wants to expand its current market to the all over the country and sales volume, Spondhan Rice Bran Oil Ltd must identify possible new target customers or possible new strategies to increase the revenue coming from current sources. While generating this revenue, costs need to be allocated at an optimal level as well. Spondhan Rice Bran Oil Ltd has the potential to differentiate itself in many ways and go in many different directions, so understanding the key target markets will be very important as well as establishing a clear vision as to which direction the company should head to in the future. Spondhan has to find out ways for defining marketing process, defining marketing strategy, understanding marketing environment, selecting pricing strategy, taking marketing communication strategy. As Spondhan Rice bran Oil Ltd wants to reach all classes of customers in Bangladesh, so it has to formulate a market expansion strategy which directs how to appeal to the target customers. For preparing this strategy, this research will be conducted. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 11 Objectives of the research The overall objectives is to examine attitudes to the use of Rice Bran Oil of the all classes of customers in Bangldesh. 1. To examine how Oil s are used in domestic setting. 2. To identify attitudes to Spondhan Rice Bran Oil and Competing brands. 3. To determine promotional platforms that can be used to launch Spondhan Rice Bran Oil in the Whole country. We have detaied further areas beneath each objectives: 1. To examine how Oil s are used in domestic setting: This objective would seek to follow the Oil from arrival in the home until it is consumed or discuposed of in same other way. It will find how many households keep Rice bran Oil in the home and what kinds of Rice Bran Oil are usully kept. it will look at what Rice bran Oil is currently used and perhaps most importantly,it will ttempt to identify what should constitute the target audience. . To identify attitudes to Spondhan Rice Bran Oil and Competing brands: This objective would seek how consumers perceive Spodhan Rice bran Oil. It would seek to go beyond the practical uses. it will need to introduce the product and discover which groups pf people are most likely to make use of the highquality Rice Bran Oil. This should give indications of the quantities they are likely to buy amd whether thay would be prepared to pay mpre for Spondhan. It will Find what other kinds of Rice bran Oil housholders are aware of. It will look at both spontaneous and prompted awareness. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 12 3. To determine promotional platforms that can be used to launch Spondhan Rice Bran Oil in the Whole country: This objective is far more exploratory and will help to discover what appeals to the most promising segments for the brand. here I ant to find out promotional tools oto be used for informing, remaindering, persuading customers. How to reach to customers that will be determines in this objecctive. The proposed reseach will have three atages. the first stsge will be to inspect ezisting souces to uncover usage figures and any usefull infoemation. he second atage will invole qualitatiove reseach to provide in-depth information on Rice Bran Oil usage in the home,attitudes to Oil and the possibilies for the use of Rice Bran Oil’ this will help to design the questionnaire to be used in the third stage. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 13 Approach to problem As our problem is to is to increase market share, I have take some steps to capture more market. Currently Spondhan supply only three districts in Bangladesh. After launching their product in the market, it is noticeable to that demand will increase day by day. The upward movement of demand of their product indicates that there is possibility to capture more market in future. Hereby, I present an analytical model which indicates the next 4 year sales of Spondhan Rice Bran Oil. 7 6 5 4 3 2 1 0 1st Year 2nd Year 3rd Year 4th Year First 4 month Next 4 Month Last 4 Month Figure: Forecasting of sales for the next 4 year. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 14 Next 1st year our estimated sales will be 3. 5 billion from first 4 month of this year. But next 2nd year our estimated sales will be 4 billion from last 4 month of this year which indicate that about 0. billion sales increase within two year. Next 3rd year our estimated sales will be 4. 4 billion from first 4 month of this year. But next 4th year our estimated sales will be 6 billion from last 4 month of this year which indicate that about 1. 6 billon sales increase within two year. As our estimated sales will be 6 billion within next 4 year, so Spondhan Rice bra n Oil Ltd has to enter into new markets. Dinajpur 1st year entering 4 year enter th Kurigram Market of Spondhan Lalmonirhat 2nd year entering Nilfamari 3rd year entering Figure: Diagram of Spondhan’s new markets. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 15 Our proposed entering path to new markets is show in the above diagram. First year Spondhan should entering into Dinajpur District. Next Lalmonirhat, Lilfamari, kurigram district respectively. Since, Spondhan has limited capital, so it should expand market with small coverage considering their capability and strengths. If they are success in entering the above market, then it should select new market to entrance. After analyzing the macro and micro environment, Spondhan can make a companywide strategic planning for the next four year. As environment is very changing, consumer’s taste, preference, behavior, buying pattern are changing rapidly. For sustain in the market with competitors Spondhan Should carefully monitoring environment time to time. For increasing sales Spondhan might understanding and capturing customer value. Selecting appropriate pricing strategy for new markets is very important in this regards. As Spondhan Rice bran Oil is edible oil, so the consumers of this product stay in the remote areas of selected markets. For reaching to the consumers, Spondhan should managing marketing channels; delivery customers value at right time. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 16 Research Design A research design is the specification of methods and procedures for acquiring the information needed to solve problems. Designs may be identified as exploratory, descriptive and causal. I have used exploratory research for marketing research of market expansion of Spondhan Rice bran Oil Ltd which is based on nature because exploratory research is used to gain ideas and insight to define the problem and suggest hypotheses. It is particularly helpful in breaking broad, vague problem statements into smaller, more precise problem statements. I have also design this research in statistical method because the method usually implied a â€Å"survey† is referred to. These techniques are used to analyzing the data collected by interviewing. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 17 Data collection methods I have collected two main sources of data primary and secondary. Primary Research Primary research is conducted from scratch. It is original and collected to solve the problem in hand. There are many was to conduct primary research. I consider some of them: ? ? ? ? Interviews Telephone Interviews Face-to-face Interviews The Internet Secondary Research Our search of secondary sources will be carried out to refine the objectives and provide lines of enquiry for the next stages. Specifically, the desk research phase will gather information on national usage of Rice Bran Oil over the last five years. This trend data should give a useful indication about the status of the marketplace. At this point, we must also generate a list of brand names about uncover any pertinent information on competing brands that may be useful in the next stages of the research. The desk research will attempt to establish the following: 1. How many households keep Rice Bran Oil in the home? 2. What kinds of Rice bran Oil are usually kept? 3. What is Rice bran Oil currently used for? 4. What prices are charged? Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 18 5. What bottle size is used? 6. What promotions are currently used? 7. Who should be the target market? Procedure of Desk Research The search will begin internally with Spondhan; we should ask that you to allow us to consult personnel who may have access to records. We would brief them on the requirements of the research and we would expect to hold three meeting for this purpose. The sales team mentioned in the brief may be part of this. We would expect access to: internal reports on current marketplace; information on distributors; information of retailers; correspondence with customers; regional buying patterns; any complaints. These will all be indicative of the likely demand of current marketplace and will indicate strengths and weakness that will help in segmentation. An external search will also take place. We will obtain and analyze existing market assessment. Secondary research, also known as desk research, already exists since it has been collected for other purposes. Secondary (or desk) research uses data that has been collected for other objectives than your own i. e. it already exists. I consider some of them: ? ? ? ? ? ? ? magazines on Rice bran oil Web sites Informal contacts Business libraries Professional institutes and organizations Previously gathered marketing research Public records Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 19 Qualitative Research Given the exploratory nature of some aspects of the objectives, we will provide you with detailed qualitative information. Focused research will be used to explore and understand the attitudes of potential customers towards the new brand and subsequent quantitative research will be used to measure how widespread these attitudes are. The qualitative phase will probe the following: 1. How and where Rice Bran Oil is stored in the home? 2. The kinds of Rice Bran oil that are usually kept? 3. Rice bran oil of which households are aware? 4. What Rice bran oil is currently used for? 5. Which groups of people is most likely making use of this high-quality Rice bran oil? 6. The quantities they are likely to buy? 7. Whether they would be prepared to pay more for Spondhan? Population and Sampling We propose four groups with the following profiles: Group 1 North ABC1 Group 2 North C2DE Group 3 East C2DE Group 4 West BC1 Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 20 These will include: 1. Light users and heavy users. 2. Mix of middle class and higher class. 3. Health conscious and health un-conscious consumers. Procedure of Qualitative Research: We will need to introduce the product and because we have the opportunity to do so, we intend to describe, and then show, the product along with likely competitors. One issue here is that of packaging, which could be an important variable. The skilled moderator will ensure that this does not become a distraction. Quantitative Research: We propose to carry out a telephone study using a questionnaire. This has been chosen as a cost-effective way of contacting relevant responders. Personal interviewing would go out-side your budget. We have not proposed a postal study or online approach because we fell that the telephone gives us the opportunity to select people accurately and swiftly. This gives an assurance of achieving the desired number and type of respondents. Population and sampling: We have made the decision to carry out 200 interviews in households of different size. This will give a spread of responses and the opportunity to identify interesting differences. It will be with the person mainly responsible for the household shopping. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 21 We have set interlocking quotas as follows: Household size 1 2 3 4+ Total Male 25 25 25 25 100 Female 25 25 25 25 100 Total sample 50 50 50 50 200 Procedure of Quantitative Research: The questionnaire will be developed and sent to Spondhan Rice bran Oil Ltd for approval. The questionnaire will prove the following: . How and where Rice Bran Oil is stored in the home? 2. The kinds of Rice Bran oil that are usually kept? 3. Rice bran oil of which households are aware? 4. What Rice bran oil is currently used for? 5. What size of packet they want to buy? 6. What is the amount of customers currently used Rice bran oil? 7. Which pricing strategy is most appropriate for all cl asses of consumers? 8. What are the distribution costs? 9. How many time consumers want to purchase oil in a month? 10. How many consumers are informed about Spondhan Rice Bran Oil? Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 22 Sampling Here in marketing research of market expansion of Spondhan Rice bran Oil Ltd, I have to use simple random sampling because it is the easiest probability sampling method to understand. It will serve as a vehicle for introducing some of the more complicated ideas involved in drawing inferences from sample. Selected consumers who are using Spondhan Rice bran Oil as a sample type and also select 80 populations as my sample size. Fieldwork For accomplishing the research process on market expansion strategy of Spondhan Rice bran Oil Ltd, I always try my best effort to collect the information accurately. I have done my field work in Lalmonirhat Dinajpur city as Spondhan Rice bran Oil Ltd want to enter into there. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 23 Data Analysis and Interpretation The method of analysis that we opted for are MULTI DIMENSIONAL SCALING (MDS) and CONJOINT ANALYSIS. The reason is because Spondhan Rice bran Oil Ltd is a new company so these methods can assist us in understanding what perceptions the customers have about the products and which is the main driver that is determining the purchase decisions. It’s important to determine how Spondhan Rice Bran Oil is perceived as compared to its competition. How do people view the brand in terms of its offering, price and quality? The most important problem here is of positioning its offerings in an interpretable multi dimensional space, for which Multi dimensional scaling is used. Today in different places like schools, restaurants, movie theatres etc. Another research technique that we would use is the conjoint analysis where we would administer this technique to a smaller sample size of 20 to 30 people. In analysis of demand for Rice bran Oil of Spondhan Rice bran Oil Ltd, I have figured out those highest consumers whose class or group is middle and Higher. In addition, highest 40% consumers are post-graduate who aware about health, 27. 5% are graduate who want to maintain a sound body. Among the consumers 86. 25% are higher class and 13. 75% are middle class. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 24 Reporting Following the qualitative section of the research, an interim presentation-report will be submitted. This will be followed by a meeting with Spondhan Rice Bran Oil Ltd to discuss the stage of the research. An outline Power point presentation will be created. Once this has been approved, there will be a formal presentation of all finding along with conclusions drawn. Three copies of a report summarizing the finding on all phases of the research will then be submitted . three sets of tabulations will also be provided. It is our normal practice to provide transcripts of the interviews, but these can be provided at extra cost, available on request. Reporting Requirements 1. PowerPoint presentation is required. 2. Physical presentations are also required. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 25 Cost and time The table below indicates our suggested timeframe for the project. This meets the deadlines set out in the brief. When this is underway, we will send weekly progress reports in the form of e-mails at 12 noon every Friday. This allows us to summarize the week’s work and gives us the opportunities of the weekend to put into place any modifications you might suggest. Please note that there are overlapping periods; these have been carefully studied to ensure that your deadlines are prospected. Timing is tight, so if we are to conduct the research to match the deadlines you provided, we would require sign-off within the next two weeks. Our timetable can be applied to the new requirements. Week 1-4 4-6 7 8 9 10 11-12 12-13 14 16 19 activity Desk research Qualitative fieldwork Qualitative/desk research report available Questionnaire development Pilot (n=15) Pilot debriefing Quantitative stage(n=200) Coding and data preparation analysis Presentation Final report available Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 26 Appendices Appendix 1: Time Requirements Sample Process Location framed: Three districts of Bangladesh; Time needs for the sampling process: a) Time necessary to perform the selection of the population and the sample: 1 week; b) Time necessary to send the questionnaire and allocated time for response: 1 month; c) Time necessary to select participants, send RSVPs and schedule the focus groups: 1 Month. Whereas task b) obviously follows task a), tasks b) and c) can be performed simultaneously. Appendix 2: Sample Questionnaire PART A) Question 1 Is this the first time that you purchase Rice Bran oil? ? YES ? NO Question 2 If yes, how many times you have purchased? ? ONCE ? TWICE ? THREE TIMES ? FOUR TIMES ? FIVE TIMES ? OVER FIVE TIMES Question 3 If this is not your first visit in the area, when was your last visit? YEAR ________ MONTH ________ Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 27 Question 4 How long you purchase Rice Bran oil till last transaction? ? 3 days before ? 2-5 days before ? 6-10 days before ? More days before Question 5 From where did you purchase? Super market ? Grocery market ? Beside stores Question 6 How did you hear about Rice bran oil before you purchase? ? BROCHURE ? RECOMMENDATION ? WORD OF MOUTH ? TOURIST INFORMATION CENTER ? TRAVEL EXHIBITION ? NEWSPAPER or MAGAZINE ? FRIENDS or RELATIVES (PART B) Question 7 Do you have any problems finding information about Rice Bran oil ? YES (Specify) ________________________________________________ ? NO Question 8 Did you experience any problems when purchasing and using Rice Bran oil? ? YES (Specify) _________________________________________________ ? NO Question 9 Did you satisfy with our product? ? YES, EXCELLENT ? YES, GOOD ? REASONABLY ? NOT REALLY Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 28 ? DO NOT KNOW Question 10 Do you plan to purchase regularly? ? YES ? NO ? DO NOT KNOW Question 11 Gender ? FEMALE ? MALE Question 12 Which age category do you fall in? ? UNDER 20 ? 20 – 24 ? 25 – 29 ? 30 – 39 ? 40 – 49 ? 50+ Question 13 What is your marital status? ? MARRIED ? SINGLE ? WIDOWED ? DIVORCED/SEPERATED ? OTHER Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 29 Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Essay Example Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Essay Ferdush Rahman Associate Professor Department of marketing Begum Rokeya University,Rangpur. Subject: Prayer for accepting Assignment. Sir I would Like to inform you that I have been prepared this Assignment on marketing Research Proposal which you assigned me. I prepared this Assignment according your direction. I, therefore, pray and hope that you would be kind enough to accept my Assignment and oblige thereby. Your most obedient pupil Md. Raki Miah ID:0907005 4th Year 1st Semester Department of marketing Begum Rokeya University,Rangpur. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 5 In the beginning, I would like to express my gratitude to Almighty Allah for giving me opportunity to prepare this Marketing Research Proposal. Then, I thank my honorable course teacher Md. Ferdush Rahman to provide help and giving instructions to fulfill the term paper accurately. Our course teacher tries his best to make the course interesting. I am really grateful to our teacher for giving us the opportunity to match up the text knowledge with practical field. I also thank my senior brothers who provide me some important information to prepare my term paper. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd We will write a custom essay sample on Marketing Research Proposal on Spondhan Rice Bran Oil Ltd specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Marketing Research Proposal on Spondhan Rice Bran Oil Ltd specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Marketing Research Proposal on Spondhan Rice Bran Oil Ltd specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Page 6 S. L 01 02 03 04 05 06 07 08 09 10 Elements Executive summary Background Problem definition/objectives of the research Approach to the problem Research design Fieldwork/data collection Data analysis Reporting Cost and time Appendices Pages 08 09-10 11-13 14-16 17 18-23 24 25 26 27-29 Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 7 Executive Summary The proposed research aims to measure the Spondhan Rice bran Oil brand’s possibility to enter into the whole market in Bangladesh and to analyze the results in order to gather data to generate recommendations on the strategic marketing of the company. The research will survey a sample of 1,000 people in the Different Districts in Bangladesh different by age, income, location and personal preferences for edible Oils. The population will be selected randomly by a computer by using the grocery store loyalty programs members as reference. The extent of the research is wide enough to ensure that the survey will give us a framework for taking decision whether entering new market or not. A questionnaire will be administered to the selected sample by mail and the results will be collected and analyzed by mail and personnel. The criteria under which each question of the questionnaire has been conceived cover the main concerns for the company. For example, does the consumer perceive PepsiCo as provider of healthy drinks or not?. The research also highlights the main possible outcomes of the survey. For each type of result, the research has already identified a strategic direction the company should take. The research is extensive enough to provide a comprehensive understanding of the brand perception. The accuracy of the research is ensured by the size of the sample, the techniques applied, and the different features of the research – which covers both qualitative and quantitative aspects. The research might suffer typical problems of any research as related to personal bias of the surveyed population. Surveyed people in fact may have issues that can prevent them from answering accurately to the questionnaire and this possibility has been already addressed by designing the questionnaire in the easiest and less embarrassing possible way. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 8 Background Spondhan Rice bran Oil Ltd has established on 2010 in Rangpur. From the establishment, this company supplied Rice bran oil in Rangpur, Bogra, Dinajpur. Due to quality and innovative product of oil in our country, Spondhan clearly place a position in the minds of consumers. For reducing dependability on import of different edible oils and using bran of rice which may be waste or used as food of cow, Spondhan has initiative to produce Rice Bran Oil which is very healthy and pure, natural than other oils. Spondhan Rice Bran Oil Ltd has an ambition to become a market leader in the supply of Rice Bran oil. Rice Bran Oil is valueable to human body,both inside and out side. It eases dry skin and helps to keep the heart healthy. Major compitiors are Mastard Oil and Sayabin Oil;the advantage of Rice Bran Oil is that It has a shelf life of up to a year and low colestoral. There are many advantages that can be probed in the rearch. In Bangladesh,Spondhan supply the oil to higher class customers in Dhaka,Bogra,Rangpur. Spondhan is now considering the possibility of offering to the general customers that is all classes of customers at the same quality Rice bran Oil that It currently suppies to Higher class customers. The company has experience of the amrket segment in some districts of bangladeh. I have been approached to find out the possibility of market expansion of Spondhan Rice Bran Oil. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 9 Spondhan Rice bran Oil Ltd’s corporate mission is to be the leading domestic consumer products company with primary focus on convenient foods and oils. Due to growing demand from our customers, consumer advocacy organizations and heavy political pressure to add â€Å"healthier† Rice bran Oil products to our portfolio. If we seek to achieve our mission, we must consistently measure our brands perception of being healthy to target consumer markets. If we do not, we will fail to meet the growing demand from our customers for new innovative and healthy oil products. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 10 Problem Definition or Statement Given that Spondhan Rice Bran Oil Ltd wants to expand its current market to the all over the country and sales volume, Spondhan Rice Bran Oil Ltd must identify possible new target customers or possible new strategies to increase the revenue coming from current sources. While generating this revenue, costs need to be allocated at an optimal level as well. Spondhan Rice Bran Oil Ltd has the potential to differentiate itself in many ways and go in many different directions, so understanding the key target markets will be very important as well as establishing a clear vision as to which direction the company should head to in the future. Spondhan has to find out ways for defining marketing process, defining marketing strategy, understanding marketing environment, selecting pricing strategy, taking marketing communication strategy. As Spondhan Rice bran Oil Ltd wants to reach all classes of customers in Bangladesh, so it has to formulate a market expansion strategy which directs how to appeal to the target customers. For preparing this strategy, this research will be conducted. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 11 Objectives of the research The overall objectives is to examine attitudes to the use of Rice Bran Oil of the all classes of customers in Bangldesh. 1. To examine how Oil s are used in domestic setting. 2. To identify attitudes to Spondhan Rice Bran Oil and Competing brands. 3. To determine promotional platforms that can be used to launch Spondhan Rice Bran Oil in the Whole country. We have detaied further areas beneath each objectives: 1. To examine how Oil s are used in domestic setting: This objective would seek to follow the Oil from arrival in the home until it is consumed or discuposed of in same other way. It will find how many households keep Rice bran Oil in the home and what kinds of Rice Bran Oil are usully kept. it will look at what Rice bran Oil is currently used and perhaps most importantly,it will ttempt to identify what should constitute the target audience. . To identify attitudes to Spondhan Rice Bran Oil and Competing brands: This objective would seek how consumers perceive Spodhan Rice bran Oil. It would seek to go beyond the practical uses. it will need to introduce the product and discover which groups pf people are most likely to make use of the highquality Rice Bran Oil. This should give indications of the quantities they are likely to buy amd whether thay would be prepared to pay mpre for Spondhan. It will Find what other kinds of Rice bran Oil housholders are aware of. It will look at both spontaneous and prompted awareness. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 12 3. To determine promotional platforms that can be used to launch Spondhan Rice Bran Oil in the Whole country: This objective is far more exploratory and will help to discover what appeals to the most promising segments for the brand. here I ant to find out promotional tools oto be used for informing, remaindering, persuading customers. How to reach to customers that will be determines in this objecctive. The proposed reseach will have three atages. the first stsge will be to inspect ezisting souces to uncover usage figures and any usefull infoemation. he second atage will invole qualitatiove reseach to provide in-depth information on Rice Bran Oil usage in the home,attitudes to Oil and the possibilies for the use of Rice Bran Oil’ this will help to design the questionnaire to be used in the third stage. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 13 Approach to problem As our problem is to is to increase market share, I have take some steps to capture more market. Currently Spondhan supply only three districts in Bangladesh. After launching their product in the market, it is noticeable to that demand will increase day by day. The upward movement of demand of their product indicates that there is possibility to capture more market in future. Hereby, I present an analytical model which indicates the next 4 year sales of Spondhan Rice Bran Oil. 7 6 5 4 3 2 1 0 1st Year 2nd Year 3rd Year 4th Year First 4 month Next 4 Month Last 4 Month Figure: Forecasting of sales for the next 4 year. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 14 Next 1st year our estimated sales will be 3. 5 billion from first 4 month of this year. But next 2nd year our estimated sales will be 4 billion from last 4 month of this year which indicate that about 0. billion sales increase within two year. Next 3rd year our estimated sales will be 4. 4 billion from first 4 month of this year. But next 4th year our estimated sales will be 6 billion from last 4 month of this year which indicate that about 1. 6 billon sales increase within two year. As our estimated sales will be 6 billion within next 4 year, so Spondhan Rice bra n Oil Ltd has to enter into new markets. Dinajpur 1st year entering 4 year enter th Kurigram Market of Spondhan Lalmonirhat 2nd year entering Nilfamari 3rd year entering Figure: Diagram of Spondhan’s new markets. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 15 Our proposed entering path to new markets is show in the above diagram. First year Spondhan should entering into Dinajpur District. Next Lalmonirhat, Lilfamari, kurigram district respectively. Since, Spondhan has limited capital, so it should expand market with small coverage considering their capability and strengths. If they are success in entering the above market, then it should select new market to entrance. After analyzing the macro and micro environment, Spondhan can make a companywide strategic planning for the next four year. As environment is very changing, consumer’s taste, preference, behavior, buying pattern are changing rapidly. For sustain in the market with competitors Spondhan Should carefully monitoring environment time to time. For increasing sales Spondhan might understanding and capturing customer value. Selecting appropriate pricing strategy for new markets is very important in this regards. As Spondhan Rice bran Oil is edible oil, so the consumers of this product stay in the remote areas of selected markets. For reaching to the consumers, Spondhan should managing marketing channels; delivery customers value at right time. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 16 Research Design A research design is the specification of methods and procedures for acquiring the information needed to solve problems. Designs may be identified as exploratory, descriptive and causal. I have used exploratory research for marketing research of market expansion of Spondhan Rice bran Oil Ltd which is based on nature because exploratory research is used to gain ideas and insight to define the problem and suggest hypotheses. It is particularly helpful in breaking broad, vague problem statements into smaller, more precise problem statements. I have also design this research in statistical method because the method usually implied a â€Å"survey† is referred to. These techniques are used to analyzing the data collected by interviewing. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 17 Data collection methods I have collected two main sources of data primary and secondary. Primary Research Primary research is conducted from scratch. It is original and collected to solve the problem in hand. There are many was to conduct primary research. I consider some of them: ? ? ? ? Interviews Telephone Interviews Face-to-face Interviews The Internet Secondary Research Our search of secondary sources will be carried out to refine the objectives and provide lines of enquiry for the next stages. Specifically, the desk research phase will gather information on national usage of Rice Bran Oil over the last five years. This trend data should give a useful indication about the status of the marketplace. At this point, we must also generate a list of brand names about uncover any pertinent information on competing brands that may be useful in the next stages of the research. The desk research will attempt to establish the following: 1. How many households keep Rice Bran Oil in the home? 2. What kinds of Rice bran Oil are usually kept? 3. What is Rice bran Oil currently used for? 4. What prices are charged? Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 18 5. What bottle size is used? 6. What promotions are currently used? 7. Who should be the target market? Procedure of Desk Research The search will begin internally with Spondhan; we should ask that you to allow us to consult personnel who may have access to records. We would brief them on the requirements of the research and we would expect to hold three meeting for this purpose. The sales team mentioned in the brief may be part of this. We would expect access to: internal reports on current marketplace; information on distributors; information of retailers; correspondence with customers; regional buying patterns; any complaints. These will all be indicative of the likely demand of current marketplace and will indicate strengths and weakness that will help in segmentation. An external search will also take place. We will obtain and analyze existing market assessment. Secondary research, also known as desk research, already exists since it has been collected for other purposes. Secondary (or desk) research uses data that has been collected for other objectives than your own i. e. it already exists. I consider some of them: ? ? ? ? ? ? ? magazines on Rice bran oil Web sites Informal contacts Business libraries Professional institutes and organizations Previously gathered marketing research Public records Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 19 Qualitative Research Given the exploratory nature of some aspects of the objectives, we will provide you with detailed qualitative information. Focused research will be used to explore and understand the attitudes of potential customers towards the new brand and subsequent quantitative research will be used to measure how widespread these attitudes are. The qualitative phase will probe the following: 1. How and where Rice Bran Oil is stored in the home? 2. The kinds of Rice Bran oil that are usually kept? 3. Rice bran oil of which households are aware? 4. What Rice bran oil is currently used for? 5. Which groups of people is most likely making use of this high-quality Rice bran oil? 6. The quantities they are likely to buy? 7. Whether they would be prepared to pay more for Spondhan? Population and Sampling We propose four groups with the following profiles: Group 1 North ABC1 Group 2 North C2DE Group 3 East C2DE Group 4 West BC1 Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 20 These will include: 1. Light users and heavy users. 2. Mix of middle class and higher class. 3. Health conscious and health un-conscious consumers. Procedure of Qualitative Research: We will need to introduce the product and because we have the opportunity to do so, we intend to describe, and then show, the product along with likely competitors. One issue here is that of packaging, which could be an important variable. The skilled moderator will ensure that this does not become a distraction. Quantitative Research: We propose to carry out a telephone study using a questionnaire. This has been chosen as a cost-effective way of contacting relevant responders. Personal interviewing would go out-side your budget. We have not proposed a postal study or online approach because we fell that the telephone gives us the opportunity to select people accurately and swiftly. This gives an assurance of achieving the desired number and type of respondents. Population and sampling: We have made the decision to carry out 200 interviews in households of different size. This will give a spread of responses and the opportunity to identify interesting differences. It will be with the person mainly responsible for the household shopping. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 21 We have set interlocking quotas as follows: Household size 1 2 3 4+ Total Male 25 25 25 25 100 Female 25 25 25 25 100 Total sample 50 50 50 50 200 Procedure of Quantitative Research: The questionnaire will be developed and sent to Spondhan Rice bran Oil Ltd for approval. The questionnaire will prove the following: . How and where Rice Bran Oil is stored in the home? 2. The kinds of Rice Bran oil that are usually kept? 3. Rice bran oil of which households are aware? 4. What Rice bran oil is currently used for? 5. What size of packet they want to buy? 6. What is the amount of customers currently used Rice bran oil? 7. Which pricing strategy is most appropriate for all cl asses of consumers? 8. What are the distribution costs? 9. How many time consumers want to purchase oil in a month? 10. How many consumers are informed about Spondhan Rice Bran Oil? Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 22 Sampling Here in marketing research of market expansion of Spondhan Rice bran Oil Ltd, I have to use simple random sampling because it is the easiest probability sampling method to understand. It will serve as a vehicle for introducing some of the more complicated ideas involved in drawing inferences from sample. Selected consumers who are using Spondhan Rice bran Oil as a sample type and also select 80 populations as my sample size. Fieldwork For accomplishing the research process on market expansion strategy of Spondhan Rice bran Oil Ltd, I always try my best effort to collect the information accurately. I have done my field work in Lalmonirhat Dinajpur city as Spondhan Rice bran Oil Ltd want to enter into there. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 23 Data Analysis and Interpretation The method of analysis that we opted for are MULTI DIMENSIONAL SCALING (MDS) and CONJOINT ANALYSIS. The reason is because Spondhan Rice bran Oil Ltd is a new company so these methods can assist us in understanding what perceptions the customers have about the products and which is the main driver that is determining the purchase decisions. It’s important to determine how Spondhan Rice Bran Oil is perceived as compared to its competition. How do people view the brand in terms of its offering, price and quality? The most important problem here is of positioning its offerings in an interpretable multi dimensional space, for which Multi dimensional scaling is used. Today in different places like schools, restaurants, movie theatres etc. Another research technique that we would use is the conjoint analysis where we would administer this technique to a smaller sample size of 20 to 30 people. In analysis of demand for Rice bran Oil of Spondhan Rice bran Oil Ltd, I have figured out those highest consumers whose class or group is middle and Higher. In addition, highest 40% consumers are post-graduate who aware about health, 27. 5% are graduate who want to maintain a sound body. Among the consumers 86. 25% are higher class and 13. 75% are middle class. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 24 Reporting Following the qualitative section of the research, an interim presentation-report will be submitted. This will be followed by a meeting with Spondhan Rice Bran Oil Ltd to discuss the stage of the research. An outline Power point presentation will be created. Once this has been approved, there will be a formal presentation of all finding along with conclusions drawn. Three copies of a report summarizing the finding on all phases of the research will then be submitted . three sets of tabulations will also be provided. It is our normal practice to provide transcripts of the interviews, but these can be provided at extra cost, available on request. Reporting Requirements 1. PowerPoint presentation is required. 2. Physical presentations are also required. Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 25 Cost and time The table below indicates our suggested timeframe for the project. This meets the deadlines set out in the brief. When this is underway, we will send weekly progress reports in the form of e-mails at 12 noon every Friday. This allows us to summarize the week’s work and gives us the opportunities of the weekend to put into place any modifications you might suggest. Please note that there are overlapping periods; these have been carefully studied to ensure that your deadlines are prospected. Timing is tight, so if we are to conduct the research to match the deadlines you provided, we would require sign-off within the next two weeks. Our timetable can be applied to the new requirements. Week 1-4 4-6 7 8 9 10 11-12 12-13 14 16 19 activity Desk research Qualitative fieldwork Qualitative/desk research report available Questionnaire development Pilot (n=15) Pilot debriefing Quantitative stage(n=200) Coding and data preparation analysis Presentation Final report available Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 26 Appendices Appendix 1: Time Requirements Sample Process Location framed: Three districts of Bangladesh; Time needs for the sampling process: a) Time necessary to perform the selection of the population and the sample: 1 week; b) Time necessary to send the questionnaire and allocated time for response: 1 month; c) Time necessary to select participants, send RSVPs and schedule the focus groups: 1 Month. Whereas task b) obviously follows task a), tasks b) and c) can be performed simultaneously. Appendix 2: Sample Questionnaire PART A) Question 1 Is this the first time that you purchase Rice Bran oil? ? YES ? NO Question 2 If yes, how many times you have purchased? ? ONCE ? TWICE ? THREE TIMES ? FOUR TIMES ? FIVE TIMES ? OVER FIVE TIMES Question 3 If this is not your first visit in the area, when was your last visit? YEAR ________ MONTH ________ Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 27 Question 4 How long you purchase Rice Bran oil till last transaction? ? 3 days before ? 2-5 days before ? 6-10 days before ? More days before Question 5 From where did you purchase? Super market ? Grocery market ? Beside stores Question 6 How did you hear about Rice bran oil before you purchase? ? BROCHURE ? RECOMMENDATION ? WORD OF MOUTH ? TOURIST INFORMATION CENTER ? TRAVEL EXHIBITION ? NEWSPAPER or MAGAZINE ? FRIENDS or RELATIVES (PART B) Question 7 Do you have any problems finding information about Rice Bran oil ? YES (Specify) ________________________________________________ ? NO Question 8 Did you experience any problems when purchasing and using Rice Bran oil? ? YES (Specify) _________________________________________________ ? NO Question 9 Did you satisfy with our product? ? YES, EXCELLENT ? YES, GOOD ? REASONABLY ? NOT REALLY Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 28 ? DO NOT KNOW Question 10 Do you plan to purchase regularly? ? YES ? NO ? DO NOT KNOW Question 11 Gender ? FEMALE ? MALE Question 12 Which age category do you fall in? ? UNDER 20 ? 20 – 24 ? 25 – 29 ? 30 – 39 ? 40 – 49 ? 50+ Question 13 What is your marital status? ? MARRIED ? SINGLE ? WIDOWED ? DIVORCED/SEPERATED ? OTHER Marketing Research Proposal on Spondhan Rice Bran Oil Ltd Page 29