“Nutrimix” Project of Child-In-Need Institute
“Nutrimix” is a low-cost nutrition supplement developed by CINI to help reduce the problem of malnutrition. CINI plans to convert the NUTRIMIX arm to a for-profit social business venture to make it more sustainable. Objective: Develop a business plan for the for-profit business including exploring marketing opportunities for the newly formed business product.
The project looks at achieving the objective by first studying the various aspects of the current business model, analysing the various issues, making competitor analysis based on product, price, promotion & place and then proposing the business plan for the “Nutrimix” project. The below mentioned issues would constitute the primary areas we plan to look at but can also be extended as the project progresses based on the relevance of the issues towards the achievement of the goal. 1) Primary research: Questionnaire, Focus Group Discussions a) Questionnaire for SHG’s Women:
* What is their motivation for getting involved with the current product? * Is it money or social service?
* What is the current way of selling to customers?
* Are customers happy?
* What do customers generally ask for?
* Are customers generally satisfied with the product?
* How many product sales per month? And Expected earnings for increased efforts? * How much time they can devote?
b) Focus Group Discussion:
The current customers and the SHG’s people can be initially approached for Focus Group Discussions. Based on the target segment of customers identified for the product, this can be extended to those customers as well. Discussion would be in Bengali and there would be one moderator (most probably from CINI). The discussion can be about the perception about the product, price, promotion, packaging, marketing, perception of the product etc.
2) Customer -->
The customers’ current satisfaction levels would be measured by a questionnaire and then the focus group discussions would be used to study in depth the people’s opinion about the various primary issues in the launch of the product. Based on the outcomes, the customers would be made into various segments. We plan to apply different types of segmentation like psychological segmentation, behavioural segmentation, and demographic segmentation based on the data obtained. “The objective is to form the customer segments, and then design the strategy specific to that particular segment in each of the other areas “. Deliverables: Customer current perception, profiling, segmenting/targeting/ positioning. 3) Marketing --> Advertisement budget, advertising strategy(core values, brand positioning) Based on the customer segments which are estimated in the 1st part, the market size for each of the consumer segments would be estimated. Once this is done, the price that is acceptable to the various consumer segments would be decided after conducting the necessary the primary research work. The marketing strategy to be designed for the product would then be planned after knowing about the reasons: a) Who buys the product?
b) Who uses the product?
c) What is the profile (demographics, lifestyle etc.)?
d) What are the buying habits?
Based on all these factors, the marketing strategy would be designed by properly positioning the product and then taking care of the customer’s perception. The project would also attempt to suggest the packaging (with respect to quality and the cost) and the optimal package sizes for maximum penetration of the product. Exploring the impact of adding various flavours to the product can be an area of improvement. Deliverables: Market size estimation, Positioning, Product packaging, Pricing, Sizes, variants, flavours etc. 4) Operations --> production capacity, manufacturing...
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