Marketing Plan of Ffm

BTEC EDEXCEL HND DIPLOM IN BUSINESS (MANAGEMENT & HUMAN RESOURCES) OFFERD BY INTERNATIONAL COLLEGE OF BUSINESS AND TECHNOLOGY grocery storeing PLAN UNIT 4 grocerying PRINCIPLES ADHUHAM RASHEED BM 41 CITY CAMPUS SUBMITED TO MS. INOKA GUNARATHNE DATE OF SUBMISSION MARKETING PRINCIPLES Acknowledgement undivided It is an honor to thank Mr. Mohamed Waheed Managing Director of Felivaru Fisheries Comp whatsoever, whos encouragement, direction and support from the initial to the final level en qualifiedd to develop an belowstanding of the sure situation ab by the family and grocery store. Adhuham reticular activating systemheed BM/C/41/22 knave IMARKETING PRINCIPLES Executive Summary case-by-case Felivaru Fisheries Company (FFC), a angle exporting company located in Maldives, has been in business for 39 years exporting rear endned tuna for every everyplace the world. During the quantify the company has built strong image in two transnational grocery and domestic securitie s industry. However recently the company has been separated from the find company (MIFCO) and established as a impertinently company. With this change the company has diversified its harvest-tideion line by introducing fast intellectual nourishment items. For the future 40th Anniversary Felivaru is planning to launch a impertinent convergence to domestic market. Felivaru Lobster Bisque which is a soup of French base as the pilot program founders of the company was French. The soup has been modified to the taste of Maldives by replacing the skreigh with a bare-ass clandestine formula found by Felivaru researchers. Felivaru conceptualizes that this new output would maturation the market sh ar of the company and would be a HIT in domestic market. BM/C/41/22 summon II MARKETING PRINCIPLES 1 2 Contents singular Introduction . 1 2. 1 2. Vision .. 1 Mission 1 result 1 set . preserve seek 3 reticular activating system Ainu.. 4 Fertilizers 5 Place . Promotion.. 7 3 up-to-date market cook of Felivaru 1 3. 1 3. 2 3. 2. 1 3. 2. 2 3. 2. 3 3. 3 3. 4 4 5 grocery store overview .. 7 SWOT 5. 1 5. 2 5. 3 5. 4 5. 5 readiness .. 7 Weakness .. 7 Opportunities 8 Threats. Key issues and opportunities 8 Issues . 8 Opportunities. 8 Political and legal pointors .. frugal factors .. 9 Social and heathenish factors 9 expert factors .. 9 Porters five forces perplex .. 0 Competitor aspiration High .. 10 authority entrant (Threat of new entrance) measly . 10 Suppliers low .. 10 Buyers naughty . 10 rapscallion III 5. 5. 1 5. 5. 2 6PEST .. 9 6. 1 6. 2 6. 3 6. 4 7 Competitors digest .. 10 7. 1 7. 1. 1 7. 1. 2 7. 1. 3 7. 1. 4 BM/C/41/22 MARKETING PRINCIPLES 7. 1. 5 8 9 10 10. 1 10. 2 10. 3 10. 4 10. 5 10. 6 10. 7 10. 8 The treat to substitute superior .. 10 INDIVIDUALAssumptions. 10 accusive 10 Strategy . 11 outline description about outline .. 1 Target market 11 Positioning statement 11 stigmatization Strategy .. 11 Product Strategy .. 2 s et Strategy 12 dispersal Strategy . 12 promotional dodging . 12 Sponsorship . 2 Conclusion .. 13 References 14 accessory .. 15 10. 8. 1 11 12 13 FIGURES Figure 1 Product mix of felivaru . Figure 2 current dissemination roots in domestic market 6 Figure 3 International dis carriagenation network . 6 TABLES display board 1 impairment list of Felivaru and contest (MIFCO) . 3 Table 2 send away determine on pop out buying from Felivaru .. Table 3 Price list of Felivaru and competitor (ARI Maldives) 4 Table 4 monetary valuelist of Felivaru and competitor (THAI FISH, THILAND) 5 BM/C/41/22 pageboy IV MARKETING PRINCIPLES 2 Introduction INDIVIDUAL Felivaru Fisheries Maldives Ltd (FFM) was in the business of manufacturing and exporting throw out search ( look foring manufacturing) for the past 39 years in diametrical brand names. However the company, was re-branded as Felivaru Fisheries Maldives in June cc9 after separating from the M different company MIFCO.Science the n the company has diversified its occupation line by introducing fast food items, speci all toldy Ras Ainu merchandiseions. The speed of light% government owned company has the capacity of processing more than 40 mega heaps of give noticening and cooked frozen lions with the patron of a cannery which has the capacity of canning 30 oodles of raw search in 8 hours shift (operate in 3 shift daily) and a tip plant which could produce 40 Mega tons of meat daily. At present 7 vessels be been utilize to hive up search from all over the Maldives and been stored in fish storage undefended of storing total 650 tones (Felivaru, 2010). 2. Vision To become the leading fish processing and distribution Company in Maldives, for both local and global markets, through maintaining high quality and achieving total customer satisfaction. (Felivaru, 2010) 2. 2 Mission We are connected to quality fish crossings, produced from sustainability caught fish, which willing enhance customer satisfaction, through our constant ISO- certified and HACCP complaint system. We are besides dedicated to becoming the close to take inable leading global provider of a variety of salutary fresh and frozen fish products. (Felivaru 2010) 3 Current market position of Felivaru 3. Product The products of Felivaru can be divided in to 3 antithetic product lines named as Ras Ainu, canned fish and fertilizers. The details of these lines are world project in a figure 1 on quest page as the product mix of Felivaru. BM/C/41/22 Page 1 MARKETING PRINCIPLES Figure 1 Product mix of felivaru Felivaru INDIVIDUAL Ras Ainu can Fish Fertilizers Thera fana Rihaakuru (fish banquet) Valhoo mas (Dried fish) Foni ma gulha Disku Roshi Mas mirus (chili paste) Foni kaaja Foni roshi Theluli banbnukeyo Kulhi uvaali Kulhi kaaja Athu jeheli Havaadhu (curry powder) Kukulhu (chicken) Mas (fish) Lonumirus (chilies)tuna steaks In oil In olive oil In sunbatheflower oil In spring pissing In sea peeing tu na fish chucks In oil In olive oil In sunflower oil In spring water In saltwater Fish meal BM/C/41/22 Page 2 MARKETING PRINCIPLES By analyzing the market contend of products in the Ras Ainu product line Rihaakuru, INDIVIDUAL Foni kaaja, Theluli Banbukeyo, Kulhi kaaja, Athu jeheli and Havaadhu can be considered as a Hit severally capturing more than 60% of market dish out becoming the attractors in the market.Although this both Thera fana and Foni ma gulha were just able to gain decent market share to be the market rival by obtaining a market share of 25% to 30% each time Disku, Roshi and Kulhi uvaali can be considered as a Flop unable(p) to secure more than 10%. Moving on to canned fish product line tuna fish steaks in brain can be considered as the King of European market gaining solid 39% market share. Simultaneously different steaks products also became market competitors by acquiring a market share of more than 19%. In domestic market tuna chucks in brain has ruled cou nting the number to a superb 60%.Other chunks products also have a market share of more than 30% except tuna chunks in olive oil, which besides could capture a market share of 7%. Felivaru is the one and exactly producer of fish meal in the domestic market. Due to the fact of its preemptive advantage they were able to gain a perfect ascorbic acid% in domestic market. However in international market Felivaru fish meal could only gain 16% of market share. 3. 2 Price Canned fish 3. 2. 1 For the products exciting in canned fish product line, in that location are numerous competitors competing in the market.Due to the fact of this scrimping pricing policy has been applied to the products in this product line. hold Canned Tuna clump in Oil 48can/ expression Canned Tuna clunk in Brine 48can/Case Canned Tuna request in spring water 48can/Case Canned Tuna hoard in olive Oil, 48can/Case Canned Tuna Chunks in sunflower oil 48can/Case Canned Tuna Steak in Spring water 24Can/Case Cann ed Tuna Steak in Olive Oil 24Can/Case Canned Tuna Steak in Oil 24Can/Case Canned Tuna Steak in Brine 24Can/Case Canned Tuna Steak in sun flower oil 24Can/Case Felivaru expense 817 756 864 912 888 435 456 423 393 444 Competitors harm 817 756 864 912 888 435 456 423 393 444Table 1 Price list of Felivaru and competitor (MIFCO) BM/C/41/22 Page 3 MARKETING PRINCIPLES Table 1 certifys the prices of Felivaru and MIFCO (the major competitor) in the market. Their re no such difference in the prices of products in canned fish product line. However it is companys policy to give discounts on bulk buyers. The discounted price is shown in table 2 below. NAME Canned Tuna Chunk in Oil 48can/Case Canned Tuna Chunk in Brine 48can/Case Canned Tuna Chunk in spring water 48can/Case Canned Tuna Chunk in olive Oil, 48can/Cs Case Canned Tuna Chunks in sunflower oil 48can/Case 100-249 cases 813. 20/751. 49/860. 37/910. 19/885. 1/250-499 cases 809. 21/747. 80/856. 70/908. 89/883/11/500-999 cases 808. 22/ 744. 12/854. 10/905. 67/880. 78/- INDIVIDUAL 1000&cases 797. 25/736. 75/852. 60/903. 98/878. 18/- Table 2 discount price on bulk buying from Felivaru 3. 2. 2 of competitors. NAME Felivaru price Competitors price Ras Ainu To the products in the Ras Ainu product line before long prices are been charged quite high due to lack Thera fana Rihaakuru (fish paste) Valhoo mas( semi dried fish) Foni ma gulha Disku Roshi Mas mirus (chili paste) Foni kaaja Foni roshi Theluli banbnukeyo Kulhi uvaali Kulhi kaaja Athu jeheli Kukulhu (chicken) Mas (fish) Lonumirus (chilies) 0 GRM 400 GRM kg 75 GRM 5 PCS/PKT 10 PCS/PKT 82 GRM 180 GRM one hundred twenty GRM 75 GRM 200 GRM 200 GRM 220 GRM 115 GRM 115 GRM 115 GRM 10. 50/250/127. 50/14/9/6/22. 50/17/12. 50/14. 82/21. 50/25/23/23. 50/23. 50/23. 50/- 9/250/120/15/9/5/20/15/12/13. 50/21. 50/23. 50/22/23/23/23/- Table 3 Price list of Felivaru and competitor (ARI Maldives) Table 3 shows that just about of the prices of Felivaru product are grater then com petitors. However as mentioned early in 3. 1 Felivaru is the market leader. The movement for this is competitors do non have BM/C/41/22 Page 4 MARKETING PRINCIPLES enough drudgery capacity to hand over.However when MIFCO comes to the market on second quarter with their masses occupation capacity the supply would be increased forcing Felivaru to reduce the price in order to remain as a market leader INDIVIDUAL 3. 2. 3 Fertilizers A different pricing policy named perceptivity pricing strategy is been castoff on fertilizers. In 2010 the prices has been set relatively low in order to attract new customers and gain more market share. The minute this goal was achieved the price has been increased in different phases. NAME Fishmeal 25? KG/BAG Felivaru price 250 Competitors price 280Table 4 pricelist of Felivaru and competitor (THAI FISH, THILAND) 3. 3 Place At the present only tuna chunks products and fertilizers are being exported. The main markets for those products are there in A sia and Europe while all other product excluding chucks product are been sold in domestic market. Currently in international market products are been lendable on selective areas according to demand. Though this in domestic market, Felivaru products can be purchased from al nigh each and every retailer outlet good consumer residence. in that locationfore it can be concluded that intensive dispersion is being employ in domestic market.In domestic market three distribution routs are being used as distribution network which has been shown next page in figure 2 BM/C/41/22 Page 5 Figure 2 current distribution roots in domestic market MARKETING PRINCIPLES INDIVIDUAL familiarity OWN SHOP (FELIVARU MAS FIHAARA) COMPANY (FELIVARU) COMPANY (FELIVARU) WHOLESAILERS (STO) RETAILERS Concumer RETAILERS CONCUMERS CONCUMERS However a different distribution network is been used to distribute products to international market which is been shown below in figure 3 Figure 3 International Distributio n networkCOMPANY (FELIVARU) AGENTS WHOLESAILERS RETAILERS CONCUMERS Distribution network used both by Felivaru and MIFCO (Major competitors) is almost same. BM/C/41/22 Page 6 MARKETING PRINCIPLES 3. 4 Promotion INDIVIDUAL At the moment Felivaru use advertising as the primary method of promotion. However sales promotion are also been constitute to attract consumers. The main mean of advertising soon used is television advertisement. In domestic market the advertisement are currently aired from four different TV station (TVM, VTV, Dhi TV, and Raaje TV) for at least(prenominal) 6 times a day. also Felivaru is the main sponsors of TVM news program which is on air for 5 times a day and a show which is considered as a hit. 4 Market overview Except Disku, Roshi, and Kulhi uvaali all other product mix is the likely to provide opportunities, however those products Disku, Roshi and Kulhi uvaali has already considered as flops. Therefore its better to stop the production of those products and concentrate on new product to replace it. 5 SWOT 5. 1 5. 2 Strength 44 years of experience in producing and exporting canned fish (Felivaru, 2010). Heavily known in domestic market.The quality of the product match EU standard and many other international standards. animated plant can be used for production of fast food items in export quality. Enjoys salvage trade inside EU zone. There is a massive brand loyalty for our canned fish (Tuna chunks) in domestic market. The one and only manufacture of Fish meal in domestic market. Weakness Huge competition with competitors in both international and domestic market. Recently separated from the mother company MIFCO and has been formed as a new company, due to the fact the company has not further been well structured.Felivaru has little or no experience at all in international market for selling fast food. Existing 7 vessels are not enough to collect fish from atolls of Maldives. BM/C/41/22 Page 7 MARKETING PRINCIPLES l ine. 5. 3 Opportunities The supply network of oil and water often gets delay, causing a catch in production INDIVIDUAL The 8 countries of SAARC nation are press release to establish a free trade ring in amidst SAARC. Felivaru has an advantage of dominating the market of canned fish in this free trade ring. Printing the labels in their same factory instead of out sourcing it to local printing presses.Increase the number of fish collecting vessel, which could lead an increase in supply of raw-fish, 5. 4 5. 5 Threats The number of fish caught all over the Maldives has been dropping over the past years science 2007 ( divert refer appendix 2) The price of Diesel continues to abide, which had a direct takings on the price of rawfish (please refer appendix 3) The price of Euro () continues to depreciate against Maldivian money science 2008, reducing the revenue generated in (RF) rufiyaa (please refer appendix 4) player product in the name of Felivaru Key issues and opportuni ties Issues . 5. 1 Needs to go under a restructuring program to find a solution of not being well structured The companys existing 7 vessels are not enough to collect fish from atolls of Maldives which is spread over 90,000 Square Km. Therefore either more vessels re needed collect fish or could bullied some collection stations in fewer areas with a storage facility and the existing vessels can be used to transport the collected fish from station to factory in Felivaru. 5. 5. 2 Opportunities Legal action can be taken against sellers who sells duck product in their out let under both international fair play and new copy right law established early this year. Also awareness program through necessary mean could be done to consumer how to BM/C/41/22 Page 8 MARKETING PRINCIPLES identify the fake product. This way could stop the selling and buying of fake products in the name of Felivaru. INDIVIDUAL Could find new suppliers without depending on one. 6 6. 1 PESTPolitical and legal fa ctors shit increase on the Percentage of GST trade lobster meat is prohibited (Visahq, 2012) Foreign vessels doing fishing in Maldives is banned under EPA Fishing law number 87/5 Article 5 (A) (EPA, 2011) Catching pregnant lobsters and young lobsters ( less than 25 CM) banned (EPA 2011) Frequent changes in Government Only pole and line fishing can be used to catch fish outside the reef of island Economic factors The economy is dependent on tourism All most all the products consume in Maldives are been imported from other countries . 2 6. 3 6. 4 Social and Cultural factors Growing number of people who believe womens should not go for work People dont like to work in labor industries Most of the people are educated and more than 95% of people know how to read and write. legal age of people like western food and their life style Technological factors There is not much growth or change in the industry Internet is becoming popular BM/C/41/22 Page 9 MARKETING PRINCIPLES 7 Competitors Analysis 7. 1 Porters five forces model 7. 1. 1 Competitor Rivalry High INDIVIDUALExisting companies in the canned fish industry is facing competition from both domestic and international brands which lead to increase promotional salute. 7. 1. 2 Potential entrant (Threat of new entrance) low The threat of new entrant is low as huge investment is needed to set up a fish canning factory and run it. 7. 1. 3 Suppliers low Bargaining power of Suppliers will be low as there are many suppliers in the market who could supply the water and oil used in the production. Also there are thousands of fishing vessels in the country. 7. 1. 4 Buyers highThe bargaining power of suppliers would be high as there are many substitutes available in the market. 7. 1. 5 The treat to substitute high There are substitutes from other companies like MIFCO which has little or no difference. 8 Assumptions Felivaru expects to increase the collection of fish from the new boats or fish collecting statio n which would increase the production by 10% to 20%. With the help of this increase in production it is judge to increase the export of chunks by 15%. The prices of oil and water used in canned fish production are expected to be same however the price of fish is expected to raise 4% during the year. Objective The purpose of this market plane is to launch Felivaru Lobster Bisque to Maldivian Market on the 40 Anniversary (7th November). BM/C/41/22 Page 10 MARKETING PRINCIPLES 10 Strategy 10. 1 Brief description about strategy INDIVIDUAL Lobster bisque is a creamy and imperturbable soup of French Origin. It contains Milk, Lobster, Wheat, and Clam. The product is designed in such a way that it only requires to be heated in high temperature for 3 minutes in microwave oven (time very on temperature and also can be heated in a normal cooking store). 0. 2 Target market The target market of Felivaru Lobster Bisque can be section to 4 main different segments Sea food lovers People who live a busy life People who bids western life style Age between 15 to 45 However more than 95% of the population who fits to the above criteria lives in male. Therefore it could be concluded that the target market for the product is male. 10. 3 Positioning statement Similar to all other Felivaru products the slogan would be GENUIN MALDIVES.Felivaru lobster bisque is the one and only fast food gunk in the market and also the first product make from lobster in Maldives. Therefore the product will be marketed in such a way to get the loyalty of lobster lovers and soup lovers. Also a funny formula has been used to replace the wine in the soap scheming it a way as a Halal product. 10. 4 Branding Strategy The brand name for this product is Felivaru Lobster Bisque. As the Bisque is made by Felivaru from lobster the name Felivaru Lobster Bisque gives a simple and easy understanding of what the product is to its customers.The reason behind choosing an English name is almost all people i n the target market would understand English and also by ever-changing the name of the product Felivaru do not want bring any difference to the dish name converting it in to Dhivehi. Correspondingly France is a ontogeny market in Maldivian BM/C/41/22 Page 11 MARKETING PRINCIPLES 10. 5 Product Strategy tourism industry and the English name would attract them to this French origin soup and would help them to identify the product. INDIVIDUALFelivaru Lobster Bisque is a sweet and creamy soup of French origin re-designed by replacing the whine in it with a unique and secret formula to make the product Halal certified to 100% Moslem society of Maldives. The main advantage of Felivaru Lobster Bisque is its easiness and fastness in preparing. well(p) a 3 minute heating in microwave and the bisque is ready to eat. The bisque is packed in a plastic cup which is 9 pass on long and has a diameter of 6 inch. The plastic cup is cover with a paper label which gives information about the bisque .In order to make it easy to distribute 24 cups are been packed in a box as a case. 10. 6 Pricing Strategy The price of Felivaru lobster bisque is set on per cup basis. Factors such as taxation, cost marketing and cost of production will be considered during the pricing of the product. The total price of a single cup of lobster bisque is MRF 20/- adding only 2% of profit margin as the pricing strategy set by Felivaru for the product is penetration pricing. This is due to the fact that the product is a totally new harming of product for Maldivian market.Due to the fact of law pricing strategy at the present Felivaru do not provide any discount, however when the market share is gained and price of product increases discount will be tending(p) to bulk buyers. 10. 7 Distribution Strategy The distribution strategy for Felivaru lobster bisque would be selective as the product is the one and only product of its kind in the market. The product would be placed in the areas where middle and high class people live. The distribution rout would be same as other Felivaru products discussed in 2. 3 shown in figure 2. 10. 8 Promotional strategy 10. . 1 Sponsorship The sponsorship one of the most popular shows among youth fathom of Maldives a song competition aired on TVM. It is expected to cost MRF 75000 to 100000. During the show of 1 hour 15 minutes is allocated to Felivaru as a main sponsor for BM/C/41/22 Page 12 MARKETING PRINCIPLES bisque voice of Maldives advertising the product. Also the name of the show would be rebranded to Felivaru lobster INDIVIDUAL 11 Conclusion During the 39 years in the market Felivaru has gained experience in production of products that suits the mouth of Maldivians.It is expected that Felivaru Lobster Bisque in the future goanna be a major product that generates a huge proportion of profit. Also with this experience Felivaru Plans to launch different flavors of bisque to the market. BM/C/41/22 Page 13 MARKETING PRINCIPLES 12 References INDI VIDUAL PA, 2011, Law of fishing in Maldives online uncommitted at http//www. epa. gov. mv/images/stories/laws%20and%20Regulations/2011/Fisheries%20%20 Law%20. pdf EPA, 2011, Protected Marine life online Available at http//www. epa. gov. mv/images/stories/laws%20and%20Regulations/2011/Protected%20Mar ine%20Life. df Felivaru, 2010, Capacity and Infrastructure, online Available at http//www. felivaru. com/? page_id=35 Felivaru, 2010, Felivaru, online Available at http//www. felivaru. com/? page_id=14 Visahq, 2012, Maldives Customs, online Available at http//maldives. visahq. com/customs/ BM/C/41/22 Page 14 MARKETING PRINCIPLES 13 Appendix Appendix 1 (detail of products on Ras Ainu product line) Thera fana INDIVIDUAL Thera fana is a traditional sweet short eat, made for the special occasions. The product is made from rice flour, sugar, and adding twist to decorate.The rice flour is mixed with sugar and colour adding hot water in to it. After mixing it is separated in to very small po rtion and each turned in to a circular shape by using hand. After finishing this product will be sun dried to make it crunch. Rihaakuru (Fish paste) Rihaakuru is obtained through following a simple but timeconsuming procedure. The extract is the result of hours of cooking of tuna in water (rain water most preferable) and salt (to taste), while carefully removing the scum (filleyo) that keeps forming.Once the tuna pieces are cooked and ready to eat or store, they will be removed from the water, as well as the bones, heads and fish guts. The pieces of Tuna, so cooked, get eventually processed into Maldives fish. The remaining fish-soup is left with Bondi(balls of tuna scrap scraped off the bones), and is kept boiling in low fire until most water evaporates. The resulting concentrated fish soup becomes a thick paste which is known in Dhivehi as Rihaakuru. The colour of the paste varies from light browned (the lighter the quality is high) to dark brown.