Essentially, his help, encouragement and availability to discuss ideas and questions were instrumental in the completion of this report. It was a remarkable experience for me to collaborate with a few of Akij Essentials Ltd.'s extraordinarily competent, active, inspiring and motivating officials.
Introduction
Rational of the Study
This report is a requirement for the completion of the Bachelor of Business Administration program at International International University. My course instructor has advised me to develop a comprehensive understanding of "Marketing Strategies of Akij Essentials Limited (AEL)" as I have recently completed an internship at Akij Essentials Limited (AEL) under the guidance of Tariqul Hossain Trishad, Senior Officer , Marketing.
Objective of the Report
By participating in a business apprenticeship program, undergraduates have the opportunity to learn about the actual environment of corporate departments. As a business economics student, my instructor, Muhammad Rehan Masoom, assigned me to participate in this study.
General Objective
I had the unique opportunity to observe all the marketing activities of this company, where I often provided customers with the usual benefits.
Specific Objective
Sources of information
Scope of the Study
Limitation of the report
Literature Review
As a result, the value proposition of the product will be strengthened, the sales of the product and the profit margin will increase. To develop and improve a product, companies need to be aware of the factors that consumers find essential and their thoughts and perceptions of product variables prior to purchase.
Chapter – 2
Company Overview
Company Background Parent Company Overview - Akij Resources Limited (ARL)
Mission
Vision
Core Values
Core competencies
Organogram of Akij Essentials Ltd
Overview: Akij Essentials Limited (AEL)
Our principles
Products of Akij Essentials Ltd
Rice
Flour
Others
Industry Overview: An Overview of the FMCG Industry
Millions of people are employed in the manufacturing, distribution, retail and marketing stages of the fast-moving consumer goods (FMCG) supply chain. Many other industries, including packaging, advertising, logistics and transportation, are inextricably linked to the fast-growing consumer goods market. Companies in the fast-moving consumer goods (FMCG) sector must constantly innovate and adopt new technologies to maintain their market share.
Increasing urbanization, migration and disposable money are all contributing to a booming fast moving consumer goods (FMCG) market. Increased consumer spending and confidence in the economy is typically reflected in the fast-moving consumer goods (FMCG) industry.
FMCG Product Categories
When things improve in an industry, it's a good sign for the economy as a whole.
Internship experience
Job Responsibilities and Duties
Job Responsibilities
Responsible for the special sales campaign for Eid is coordinated with the marketing team. To provide the customer with the necessary paperwork in accordance with their customer number and name. Companies these days are leveraging the benefits of digital marketing by channeling their promotional efforts through online platforms.
To get in touch with the people they wanted to reach through their marketing campaign and the various social media, I used these methods. Market Research Assisted with the market research project regarding products offered by competitors and prepared reports.
Observation
The traditional digital marketing approach consists of quick marketing methods that make target consumers aware of businesses and encourage their growth. This results in more work pressure and stress for the people who are already there. Because there is no training session for apprentices, they have difficulty starting from the beginning.
The director's approval is required for any and all business decisions, whether they relate to marketing or another department. The concerned department can start its respective operation only after receiving the director's blessing.
Chapter - 4
Marketing Strategies of Akij Essentials ltd
Marketing Strategy of Akij Essentials ltd
Market Segmentation
Geographic Segmentation – The term “geographic segmentation” refers to the process of dividing a market into multiple geographic units. Geographic segmentation is a method used to divide a market into separate subsets based on demographic characteristics such as location. Demographic Segmentation - The process of dividing a market into distinct submarkets according to characteristics such as age, stage of life, gender, income, occupation, generation, and religion is referred to as demographic segmentation.
Behavioral Segmentation - Behavioral segmentation refers to the process of breaking a market into segments based on the consumers' knowledge, attitudes, use or reactions to a product. Benefit Segmentation – The process of dividing a market into distinct segments based on the many benefits customers expect a product to provide them is known as benefit segmentation.
Advantages and Disadvantages of Demographic Segmentation
Psychographic Segmentation - In the field of market research, "psychographic segmentation" refers to the practice of dividing customers into distinct groups according to socioeconomic status, lifestyle, or psychological characteristics. Customers and customers' habits can be measured through psychographic segmentation by looking at their hobbies, pastimes and other interests. The market is divided by Akij Essentials into segments depending on the consumers' professions and their generations. The market that Akij Essentials hopes to serve consists primarily of housewives and other individuals who purchase food commodities primarily for their own families.
Target Market
Companies can tailor their marketing messages to the specific requirements of their target groups using differentiated marketing. Micromarketing - Micromarketing is the technique of adapting products and marketing campaigns to the demands and preferences of specific individuals as well as local customer segments. They have a range of items tailored to cater to the different sub-groups of the market.
Brands can use their advertising dollars more strategically with the help of differentiated marketing. Brand Loyalty - Differentiated advertising has been shown to increase brand loyalty and customer retention.
Positioning
Build a customer base - By inviting companies to talk more directly to target markets, differentiated marketing allows for efficient building of a customer base. It refers to the position of your company's product or service within the market. Product price - Price of the product Linking your product to a competitive price is a reliable method of differentiating your company.
Emphasize the features and benefits of your product as specially equipped to meet the specific needs of your customer base by focusing on how it was uniquely equipped. Competitive Positioning – This tactic involves making a direct comparison between your product and that of your competitors to show how your offering is better or different from your competitors' offerings.
4P of Akij Essentials limited
And image is the outward manifestation of being who we want to be, doing what we want to do and having what we want to have in our lives. This tactic is particularly effective in the luxury sector, where factors such as high quality, limited availability and well-known brand ambassadors all play a role in influencing consumers' purchasing decisions. They offer better quality products because they use good raw materials and modern machinery to manufacture the product.
According to Kotler (2018), the marketing mix consists of four different components: the product, the price, the place and the promotion. The following is a description of each of the 4Ps that make up Akij Essentials Limited's marketing mix:.
Product
RICE
Price
According to Kotler (2018), the prices of a product within a given product range can have a significant impact on the entire marketing strategy, as well as on sales and demand for the product. Over the course of a year, food and household goods prices have never been able to stay consistent with each other. Their pricing decisions are largely informed by the prices offered by their competitors, the costs incurred by their suppliers, and the prices of raw materials, in addition to the quality, quantity, and bottle size of the product.
When setting prices, both profit margins and the likely reactions of one's competitors in terms of prices must be considered.
Place
In pricing, Akij Essentials Limited uses a number of different pricing strategies, including cost and value based pricing. It is difficult to provide a comprehensive explanation of product mix without first addressing placement and distribution concerns. The distribution and placement of the product must take place in an area that is suitable for both the company's current customers and potential new customers that the company may acquire.
To maximize their return on investment and to ensure that the distribution process runs as smoothly as possible, Akij Essentials Limited invests a large amount of money in this component. They are making their product available in the market and conducting their sales operations in Dhaka at present.
South
Promotion
And brand managers are the managers of all brand officers and are entitled to operate all brands of Akij Essentials Limited. Moreover, they are still in the process of establishment and have not yet started to promote their goods heavily. On the occasion of various festivals, AEL distributes gifts to its existing customers and retail companies who buy in bulk from Akij Essentials Ltd.
But they still come up with something new almost every month, so they try to advertise it in Aki's house first, and if they get a good response, they start selling it to other consumers. They set up various shops inside Aki's home and advertise their products by providing offers such as price cuts and discounts for multiple purchases.
SWOT Analysis of Akij Essentials ltd
Strengths
Their management is pleasant and they have the most skilled employees working at the administrative level.
Weaknesses
Opportunities
Threats
Porters Five Forces Theory
Competition from other firms has reduced the market share of Akij Essentials ltd and raised the bar for new entrants. With less money spent on marketing, Akij Essentials ltd will be able to produce and sell higher quality food items at lower prices. More specialized spaces for the grocery and essential industries have been created by Akij Essentials Ltd.
Threat of substitution – the profitability of businesses in the grocery sector tends to decrease if new services or goods are introduced into the market. Threat of new entrants or new entry - The high degree of capitalization found in the grocery industry creates barriers for new entrants, who face the threat of entering the market for the first time.
Findings
Chapter - 5
Recommendation and Conclusions
Recommendations
Conclusions
