Marketing Plan of Conion Rice Cooker

Executive Summary

Conion rice cooker is a newly launched rice cooker brand which is introduced in the market in 9th August 2017. This rice cooker is made in China. Best Electronics Limited is the distributor of these rice cookers. This particular model of rice cooker (Conion BE 183A2BS) has a price of BDT 2,104 but in Best Electronics you can buy it at BDT 954 (discounted price) promotional price.

The capacity of the Conion BE 183A2BS rice cooker is 1.8 Liters, and a power of 700 watt is being consumed by this rice cooker. This particular model of rice cooker has a very attractive Silvery-metal colored body with designs engraved on it. Its feature also includes Automatic Temperature Control System, Non-Stick Coating Inner Pot and Sealed Pressure Structure. Best Electronics is providing 1 year replacement warranty and 6 months of service warranty.

About Conion

At Conion, we believe that delight lies in upgrading your home beyond one’s imagination. We use the latest R&D techniques to ensure advanced and intuitive technology in our products that complement your changing lifestyle needs. With unparalleled exclusive advancements like AQT A+ Technology, EyeCare, Magic Air Technology, 3D Aqua Wash, Dyna+Fresh Technology, Ultra High Speed (UHS) Technology, Conion is strongly dedicated towards continuously developing innovative technologies to provide you the best and modern solution for your home appliances and electrical needs.

Welcome to our world of continuous improvement.

Our Mission is to produce the best quality products and supply them in best price to the market.

Our Vision is to be the leading home appliance distributor brand of Bangladesh.

Our Goal is to serve to each and every category people of Bangladesh through our products at least price. We are here to make people’s daily life simpler and easier.

Market description

A target market simply defines the consumers or groups most likely to purchase a particular product or service. Various consumer characteristics are used to define a target market, including demographics and psychographics, type and frequency of use, product benefits and geographic location.

So for this particular product we have decided to target three customer bases after some extensive market research.

Gender

Age Relationship Status

Female

26 to 40 Married

Female

19 to 25 Single

Male 20 to 26 Single

Product Review

In electronic commerce, product reviews are used on shopping sites to give customers an opportunity to rate and comment on products they have purchased, right on the product page. Other consumers can read these when making a purchase decision.

Here we will highlight the usage review of our particular product: Conion Rice Cooker BE 183A2BS.This rice cooker is way cheaper than other competitive products in the market but it does a really great job in terms of cooking some items like, rice, khichdi, meat items, etc.

It has the feature of turning off automatically after a certain time when the food is cooked. And all these things you are getting in a budget price.

For the ease of taking the buying decision, customers can also visit their website to see the

Review of the customers. Some of them are given below.

Competitive review

When it comes to a competition, Vision from Pran RFL launched another product with the same specification. Although both Conion and Vision’s Rice cooker does not vary a lot in terms of quality but the in term of price Conion rice cooker are cheaper. Although Conion is giving the same features but they are doing it at a much affordable price and with a one year warranty.

SWOT Analysis

Strength

• The build quality and the look of this rice cookers are premium. You can feel the weight of a quality product at your first sight. In this price point it is hard to find a product like this in the market.
• It’s not just a rice cooker, you can cook meet, pudding, khichdi, brownies, cakes, etc.
• This cooker consumes only 700 Watt of electricity which is really low in terms of other competitor brands of the market.

Weakness

• Since the cooker just introduced in the market, so it has really low popularity in compare of other brands. So it will be a challenge to sale the product initially
• It cannot be used without electricity. So in case of load shedding, consumer will not be able to cook.

Opportunities

• Conion is offering the most affordable price for the customers of rice cookers. So it can hit the highest selling product category once it is promoted to the target customers.
• The company is also providing a 6 months free service warranty and 1 year of product replacement warranty. So it will be a strong advantage for the buyers.
• Since Bestelectronics are the distributor of this products, they can assure 24 hours delivery in any corner of our country.

Threats

• Increase number of competitors are always a threat but since we are offering the best and affordable price it also can turn into a strength because customers can now compare directly with all the other brands in the market.
• The biggest threat is that over use of this product can increase the electricity bill but still it will be lower than the other brands because it is the most power efficient cooker.

Objectives

• Increase sales – To maximize the profit the company have to increase the sales of our product
• Build brand awareness – The company have to build the brand awareness to let people know that this brand exists
• Grow market share – To dominate and control the market with our product we have to introduce new model of rice cookers with more and better features
• Launch new products - To sustain in the market we need to launch new product with new features and designs along or with the competitive brands
• Enhance customer relationships – Need to push out relationship with the customers by keeping in touch with them even after selling the product , it can be done by providing them promotion codes or discounts on their products
• Increase profit – A company cannot sustain in the market without a profit, so it needs to increase their sells volume and get involved into promotional activity only after calculating the profit limit

Issue

• Competition - People in Bangladesh are gradually switching their lifestyle to an automated system. So they have started using many electronic products to make their life easier and simpler. Focusing on these things many companies started to improvise their product chains with more and more electronic home appliances. One of them is Rice Cooker. In our Bangladesh market we can see lots of rice cooker brand has started to establish, such as Vision, Philips, Comet, Pride, etc. So to survive this rough competition Conion should focus more on its price and promotional activities.
• Achievability – It is the realism about achievability must temper the development of a marketing plan. The amount of money a business owner puts into a marketing budget will define the scope of a marketing plan, as well as the number of marketing pieces and communication channels employed to distribute those marketing pieces. Environmental factors impact the overall effectiveness of marketing efforts. The state of the economy, as well as competitor businesses and the strength of competitor brands all influence the achievability of a marketing plan. A business owner cannot expect marketing to make his businesses dominant in tightly contested markets, where mere parity or even second place marks a massive achievement.

Marketing strategy

Product Strategy:

Not only Conion tends to keep their price low but they also focuses on keeping their product quality high and thus it makes them the perfect contender in this market. They use Aluminum for their inner-bowl which is cheaper than stainless steel and also is a very good thermal conductor. They use a good quality plastic material instead of metal for the cooker’s body which makes them light-weighted and inexpensive yet durable for long use. BE 183A2BS has a thin stainless steel outer, wrapping its plastic body, with beautiful designs engraved in it which makes it more attractive. In short Conion is providing a long-lasting product with at a very affordable price.

Price Strategy:

Conion provides a high-quality specialty advertising product customized to its clients’ needs. The value of this product and service is reflected in its premium price. Conion should be sensitive to the price elasticity of its product and overall consumer demand.

Distribution Strategy:

Conion uses indirect marketing to distribute their product. Since its product is compact, lightweight, and nonperishable it can ship to multiple country with proper packing. Best Electronics is the direct distributor or retailer of Conion rice cookers. Best electronics is offering very flexible ways to buy their product, i.e., either you can use their online store or you can go to their showroom which is situated in most part of the city.

Marketing communication strategy:

To discover the potential consumers, promotion should be used to build the product awareness to customers to gain brand reputation, the simplest way is advertising. Advertising is a quick and intensive way to appeal to customers. As Rice cooker is necessary for life, the advertising could show a family sitting together and sharing the rice during dinner; it could display the warm relationship and expose a positive attitude. And Best Electronics is taking those measurable steps to make sure Conion BE 183A2BS is well known to the market by launching promotional campaigns. Not only are they launching promotional campaigns but they also have a discount going on, which makes this Conion rice cooker by far the lowest priced rice cooker in the market right now. Despite the fact Best Electronics has many stores all over Bangladesh, they also have online site, so that customers can buy the product directly from them.

ATL – Above the Line Marketing

This is mass media promotion which is not targeted a particular audience but to reach all category. Such as a TVC which is broadcasted in Television to reach the maximum audience.

Also, billboards, radio, posters there are all example of ATL marketing.

BTL – Below the line Marketing

This is a strategy of one to one or personal communication. It can a booth in front of a company or school where we can find our target customers. It is highly depend on extensive target marketing. Also, organizing an event to promote and communicate with the target customers to promote the product is an example of BTL Marketing.

TTL – Through the line Marketing

This strategy integrate BTL and ALT marketing. Also, known as social media promotion. This revolutionary change has arrived in recent years when internet got our daily need. This strategy is more like content marketing where a graphic content is made to promote through social media to communicate with the target audience.

Conclusion

Rice cooker are consumer product, which can be used for long time, so after a period of increase in product demand, it will surely experience a declining. So in this situation, manager should change the strategy to attract new users to the demands of older users for replacing new rice cooker. As for technology, it could turn threats to opportunities; Conion should keep the update of the product, when the demand for product starts to fall. Besides, excellent customer service is the best way to remain the existing customers and appeal potential customers. Therefore, to continuously achieve success and remain it should focus on the aspects mentioned above.