4.

0 MARKET ANALYSIS AND STRATEGIES

A major part of market study and an important aspect of a marketing strategy is

market analysis. Business founders record their marketing strategy in writing in this proposal.
A particular market is taken into consideration during the process of market research.
Companies may recognise the prospects and risks of the specific sector with the help of the
findings shown.

4.1 Customers
The target market relates to a category of clients or customers with common
characteristics that the company aims to draw through the offering of their product.
There are many factors that an organisation decides on a particular target group. The
first reason is that providing a commodity that can meet the needs and desires of the
entire community is difficult and unrealistic for a corporation. The second explanation
is that, in terms of time, most companies have minimal resources. This constraint
suggests that the corporate sector must concentrate its activities on recruiting a core
group of clients.
In this project, the method of target market analysis was used to determine the
potential customers. An overview of the target market is an evaluation of how the
product or service blends into a given market and where clients can achieve the most
traction. Analyses of the consumer market help organisations build plans for
successful promotion and distribution techniques. The target market of a business is
their main consumer base or the demographics of clients most likely to order a
product or service.
There are several target customers for our new product which is MealEaze.
The first target customer is the travellers. Travellers often brought their own food
while travelling to other places. Sometimes, they travel for a great distance. While
travelling, their food and drink would definitely become cold and not fresh. This
could make the food less delicious. As for drinks, in order to retain the temperature of
the drink, certain people use the vacuum flask or can be also be known as thermos.
However, the temperature of the drinks would eventually drop at certain time. Thus,
MealEaze will solve their problems as MealEaze can be use as the portable heater. It
can heat up the cooled food and drinks thus makes the food more delicious to
consume.
 The next target customer is the youngsters. Youngsters nowadays love to do
outside activities such as picnic. Since picnic requires them to bring foods to the
venue held, it will be suitable for them to pack their foods and drinks using our
products. While travelling to the picnic venue, the food and drinks that they brought
would definitely become cold. Thus, will be using our product because they would
surely want their foods to be kept fresh and drinks to be kept hot for them to enjoy
with their friends.
The final target market that we found during the conduction of target market
analysis is the hikers. Since hiking is an activity in which the duration is long and
very exhausting, they would bring foods and drinks along with them and consume it
when they reach the destination. However, certain food and drink container are a little
heavy. This could affect their hiking activities. Thus, by using MealEaze, it can ease
them as our products is lightweight and consist of different sizes. It can also heat up
their food and drinks so that they can enjoy their food and drinks.

4.2 Competition and Competitive Edges

Competitors Product Strength and Weakness

Thermos Malaysia Strength
- Durable
Weakness
- Size of the container
is big
- Expensive

Tupperware Brands Strength

Malaysia - Price is reasonable
- Offer different sizes
of container
Weakness
- Cannot keep the food
stored hot
4.3 Marketing Strategy
4.3.1 Overall Marketing Strategy
I. Product
The definition of the product suggests that consumers only
prefer goods that provide the best quality, value and functionality,
therefore the company has to consistently develop the product. As a
result, some businesses often rely too hard on making higher-quality
goods and this impacts them when the consumer is searching for
another product. Often the better-quality option is costlier and the
product does not appeal to the consumer. Our business develops a
product focused on the customer's desires and wishes. The
improvements and upgrades are made on the basis of the client's
analysis and suggestions.
II. Selling
The concept that the customers will not purchase enough of the
product of the business unless the company undertakes a large-scale
sales and promotion effort. Typically, the business that follows this
idea concentrates more on benefit, but it still carries its own potential
losses. They concentrate on making sales transactions, instead of
establishing and developing relationships with consumers. They
believe that the stronger sales they have, the better company they are.
Our business also emphasizes on sales, but we still uphold our
customer relationships. Benefit is necessary, but customer loyalty is
also vital because the consumer can also help promote the product.
III. Marketing
A theory in which the achievement of company's objectives
depends on understanding the needs and expectations of potential
customers and providing better than rivals the desired satisfactions.
The idea is all about customer-centred context. The challenge is to find
the best products or services for clients. Our business ensures customer
satisfaction as we manufacture the product on the basis of customer
needs and desires. In our early phase of marketing, the target customer
will be the youngsters. This is due to many young people nowadays
likes to have outdoor activity with their friends and families and would
 definitely bring along their packed meal. Hikers would be our later
selling efforts as we need to improvise our products based on the
customer feedback from our early stages I order to satisfy the
specifications of the food and drinks container for hikers to bring along
during their activity.
4.3.2 Pricing
We used market-penetration pricing to assess the product prices. In order
to attract a large number of buyers and a high market share, the price is fixed
at a fair price.  The high volume of sales leads to dropping costs, enabling
companies to lower their prices even further. We have to start with a
reasonable price in order to obtain customers, and when the time is right, the
price will increase slowly so that profit will grow. Our initial price for 1 set of
EazeMeal Food and Drink Heating Container is shown in table 1.

Raw Material Cost (RM)

Ceramic 40
Alkaline Battery 6
Glass Lid 6
LED 14
Heating Plate 28
Plastic Material 2
Total 96
Table 1: Price for 1 set of EazeMeal Food and Drink Heating Container

The profit for 1 set of EazeMeal Food and Drink Heating Container is 30%.
Thus, the price of 1 set of EazeMeal Food and Drink Heating Container can be
calculated as:

Price of 1 set=( Total raw material × profit percentage ) +total raw material

Price of 1 set=( RM 96 × 0.30 ) + RM 96

Price of 1 set=RM 124.80

4.3.3 Sales Tactics

Any move that the company take to bring their sales plan into action is a
sales tactic. That is how they convey their message to customers. Creating
business brochures or a website, for example, and creating leads are types of
tactics used. Whereas the aim is clarified by strategy, tactics demonstrate the
method an organization use to move forward. In our company, we use several
 sale tactics. The first tactics is by asking a referral. Some of our most effective
and important leads may be driven by word of mouth referrals. That's because
a reference we already know and trust from others helps break down hurdles
and warm up the conversation. In reality, the most effective method people get
news from family and friends is by word of mouth. The second tactics is by
keeping in touch with our past customers. Past customers are now committed,
trustworthy clients. We'll be able to draw on our current relationship with a
little effort and convince them to buy from us again. We can also use the
customer feedback as our sale tactics. By reviewing the feedback from our
customers, we can identify our product’s weakness and improvise it to satisfy
the customer’s expectations towards our products.
4.3.4 Service and Warranty Policy
Our company is dedicated to providing the products it offers with the
highest degree of service. We will also provide courteous, timely and efficient
service to clients that exceeds customer standards and matches the best in the
business. We offer warranty for 2 years upon purchasing our products
however, our product does not apply to products damaged from abuse, misuse,
or improper maintenance or damage that is attributable to acts of nature. Thus,
during the warranty duration, any faulty on the products will be sent to us for
inspection. If the products are factory defect, we will repair or replace with
new units. The cost for repairing and replacing our product will be covered by
us during the warranty period. We also offer to extend the warranty period
upon customer request. However, customer will have to pay for the extension
of warranty period once.
4.3.5 Advertising and Promotion
Our company will utilize the online platform as our main advertising and
promotion as it is the most efficient way to grab the customer’s attention. We
will sell our product through online application such as Lazada and Shopee
since many people nowadays tend to shop online rather than go to the physical
store. We will also use social media such as Facebook and Instagram to
advertise our product.

4.3.6 Distribution
 There are several distribution methods that we will apply on our product.
The first distribution method is direct through the customer. As we focus on
online platform to sell our product, we will deliver the product directly to the
customer through courier services. The next method of distribution is indirect
to customer. In this method, we will sell our product through retailer and
wholesaler.