Customers buying behavior is influenced by cultural, social, personal and psychological factors. Cultural factors exert the broadest and deepest influence on what a customer is buying.
Culture is the fundamental determinant of persons want and behavior. Our target customer is middle income people. In this customer segment people are usually used to having ‘roti’ or ‘Parata’ for breakfast. But consumers are becoming more health conscious and somewhat multi-cultural (in a way consumer’s are trying to adopt other cultures and eating habits) these days and that is where our focus is to emerge our breakfast cereal product with the changing culture.
In addition to cultural factors, a consumer’s behavior is influenced by such social factors as reference groups, family, and social roles and statuses. In this context, reference groups are family, friends, neighbors and coworkers with whom the person interacts continuously and informally. The most important social factor for our product is the family of orientation (parents and siblings) from where initial consumer habit for breakfast usually develops. Family of procreation (spouse or children) plays a broad role for changing consumer behavior.
Occupation & economic circumstances are the major aspects that will have effect on our product. In urban area like Dhaka consumers are too busy working and commuting all day and making own breakfast can be time consuming and cereal product is a great solution for that, specially saving time every morning for working women
It can be a challenge to motivate people to start consuming cereal when they are very much used to traditional breakfast like roti or parata. We have to focus on changing consumer’s perception about cereal with attractive advertising and proving enough information that they need when making the buying decision, involving them in different learning processes about advantages and usefulness of having cereal as breakfast (by doing marketing campaigns and providing free samples to try out before they buy). Another effective way of marketing for psychological factor is making the product memorable to consumers in a way that consumers remember the good features of the product for long time and will help transforming the new consumer to regular long time consumer in the long run.
We are starting our business in small scale. It is a small entrepreneur venture. Presently we are facing one of the biggest global brands, Nestle.
They have started their business under a large budget. At first we will not go for direct distribution is such a big or we don’t have the direct production but in future we will expand our business like other business.
As mentioned before we would firstly be operating at a niche scale. Hence when we initially enter the market we would not be having any true competitors (in terms of providing the same product and service). However the closest competition we would be facing will nestle and other foreign company which is exist in our markets that are an already established brand name in the Bangladeshi market in terms of providing quality products.
i. SWOT Analysis:
* Pioneer Bangladeshi brand: though we have a strong competitor like nestle but their operation is negligible. We will purchase from China, packed in our package. We will import and distribute which will help to operate our product as a monopoly product in Bangladesh until new other competitor is coming.
* Cost benefit: Our product is comparatively cheap. We will import from China and our distribution will be outsourced. Our venture will involve minimum capital investment.
* Technology: Though we will import our product from the abroad. We will buy the dealership from our brands. At the first period of time we...