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Re Branding Strategy of Econo Ball Pen
Re Branding Strategy of Econo Ball Pen
(AIUB)
Submitted to,
Submitted by,
Econo ball pen was one of the popular brand of Bangladesh. From 1980 to 2000 it was top
leading ball pen brand. But after 2000 the popularity of this brand become declining. Now this is
a dead brand. The mother company of Econo ball pen is GQ manufactures Industries Ltd. The
main business of this company was producing and sells various ball pens. The main specialty of
this company was price of their ball pen was very cheap. Econo ball pen was main brand of this
company. Econo ball pen was very popular because of cheap rate & smoothness. That’s why
they developed their business & became popular very rapidly. The main target customer of
Econo ball was student & various employees.
The main business form of this company was manufacture business. The main strategy of their
business was producing various colorful cheap rated ball pens. They sold their ball pen by
retailer. They had also share in capital market. Their organization structure was not so good but
they had a small organization. They also faced some problem when Econo ball pen was in peak
time. The main problem was poor distribution channel, lack of monitory, various problems in
Econo ball pen.
Table of Contents
Page
1.2 Objectives
Company Overview…………..…………………………………………………………. 5
List of business
portfolio……………………………………………………………………………………… 6
Competitors ………………………………………………………………………………….. 8
Methodology…………………………………………………………….......... ……………. 9
Literature Review………………………………………………………………................ 10
Practice of marketing concept………………………………………………………………….12
Strategy………………………………………………………………………………………...14
Financial situation……………………………………………………………………………15
Recommendation……………………………………………………………………………16
Conclusion…………………………………………………………………………………17
Appendix………………………………………….……………….
…………………………….20
ABSTRACT OF THE REPORT
Econo ball pen was one of the leading ball brand in Bangladesh. This ball pen was introduced in
Bangladesh since 1988. Within some year of launching it became one of the leading ball pen
brand in the country. It became popular because of its cheap price rate and availability. The
mother company of Econo ball pen was GQ manufactures industries Ltd.The Company set the
price effectively. As a result Econo ball pen was very popular specially to the student. But after
2000 the popularity of this brand become declining. Now this is a dead brand.
1.2 Objectives
To find out the strategies need to implement for achieving its long term goal.
Company overview
Econo ball pen was one of the popular brand of Bangladesh. From 1980 to 2000 it was top
leading ball pen brand. But after 2000 the popularity of this brand become declining. Now this is
a dead brand. The mother company of Econo ball pen is GQ manufactures Ltd. The main
business of this company was producing and sells various ball pens. The main specialty of this
company was price of their ball pen was very cheap. Econo ball pen was main brand of this
company. The main business form of this company was manufacture business. The main strategy
of their business was producing various colorful cheap rated ball pens. They sold their ball pen
by retailer. They had also share in capital market. Their organization structure was not so good
but they had a small organization. The Head office of This Company situated in 331/2 Tajuddin
Ahmed Swaroni Bara Moghbazar, Dhaka, Bangladesh. The number of employee of this
company is more than 1000.
Mission
To deliver innovative, user friendly and better-quality products at best value to the customers,
keeping in mind the prosperity of the company and its stakeholders.
Vision
To establish Econo as a national brand, known for its values, assertiveness and the acumen to
adapt to the ever-changing environment.
List of business portfolio of the organization
Product
Line
GQ manufactures Industries Ltd is the mother company of Econo ball pen. Econo ball pen was
one of the popular brand of Bangladesh. From 1980 to 2000 it was top leading ball pen brand of
Bangladesh. But after 2000 the popularity of this brand become declining. Now this is a dead
brand. The main business of this company was producing and sells various ball pens. The main
specialty of this company was price of their ball pen was very cheap. Econo ball pen was main
brand of this company. The price of Econo ball pen was 3 tk. The size of this ball pen was very
thin. There is no variety among the design of the pen.
The main competitor of Econo ball pen is Cello, Montex, Linc pen, Metador etc.
Source of Data: We have taken interview of officer working in GQ Manufactures Ltd. Primary
data of this report was collected from the interview.
Survey instruments: We have taken help from our textbook to understand the theory base term.
We have also searched information from company website and other websites
Literature Review
4p’s
Different types of pen: We should change the design of Econo Ball pen. Different design of pen
must be introduced. Gripper must be used for softness.
Reasonable price: Price of Econo ball pen must be reasonable. We must maintain cheap price.
Rural area: Rural area is our main target place and rural customer is our main target customer.
Because maximum people of Bangladesh are lives in Rural area and rural consumer are very
price sensible.
Communication strategy: We should maintain proper communication strategy for rebranding this
product.
SWOT analysis for Econo ball pen
Internal analysis
1. Strength:
• Good reputation among customers
• Cost advantage
• Natural resources
2. Weakness
• Technology
• Manpower
• Reputation
• Capital
• Management system
EXTERNAL ANALYSIS
3. Opportunities
• Brand
• Price
4. Threats
• Shifts in customer choice away from the firms product
• Competitors
• New regulation
Practice of marketing concept for REVIVAL OF PRODUCT/BRAND
Econo ball pen is died brand. We should start proper marketing promotion for rebranding this
product. There is lots of competitor of Econo ball pen now in market. We should take proper
marketing step for rebranding this product.
Factor behind the Decline of Brand
Advertising Strategy
Entering Foreign Brand
Failure to used modern technology
Unworthy Planner
We should start proper advertisement for rebranding this product. Without proper
advertisement customer will not be aware about this product. Proper steps from
government are also necessary, because govt. should take proper step for not entering
foreign ball pen brand in Bangladeshi market. Shape of Econo ball pen must be changed.
Modern shape and modern technology must be introduced. We should take long term
marketing plan for rebranding this product.
STRATEGIES FOR IMPLEMENTATION
1. Advertising strategies: Proper advertising program must be start for rebranding this product.
We should do TVC add, Billboard add and also use brand ambassador for proper advertisement.
2. Change the shape of the pen: Shape of Econo ball pen must be changed. Shape of econo ball
pen is very old and new shape must be introduced.
3. Have to strength B2B business: We should maintain strong B2B business structure.
4. Must maintain strong supply chain: Must maintain strong supply chain for maintain strong
business.
STP analysis of Econo Ball Pen:
Segmentation: We will do three types of segmentation strategy.
Geographic segmentation: City, country, state this are under geography segmentation.
Company rebranding their product, that’s why our main geographic segmentation will be rural
area. First we segment our business in this country by six main divisions. Then form these six
main divisions we segment the main city and rural area in which Students are large in number.
Our main segment area will be in rural and Thana area.
Target customer:
People of rural area and student are our main target customer. Because they are very much price
sensitive.
Positioning:
Financial situation of Econo ball pen is not strong now. They have huge revenue and gross profit
before 2000. But after 2000 this company is in loss and gross revenue and gross profit become
decline. In 2000, GQ Ball Pen Industries has a total turnover of Tk 30 crore whereas in 2001, its
earning reduced to Tk 27.27crore. GQ sold ball pen worth Tk 27 crore in 2002, Tk 25 crore in
2003 and it dropped to Tk 22 crore in 2004.
Financial Position
Particular 2002 2003 2004
Sales 50Crore 45 Crore 40Crore
Gross
Revenue 48Crore 42 Crore 35 Crore
Net Income 27Crore 25 Crore 22Crore
Recommendations
Econo ball pen was one of the leading ball pen brand in Bangladesh. But lack of proper
maintenance and promotion it is now a die brand. We should take proper step to rebranding this
ball pen. If we can do proper rebranding then we can make this brand again one of the leading
ball pen brand of the country.
Conclusion
If we can do proper rebranding for econo ball pen then we can make this ball pen again number
1 ball pen brand for this country. If we can make this then people of Bangladesh and Bangladesh
will be benefited. Because foreign brand is so much popular in Bangladesh now. If we can make
Econo ball pen popular then popularity of foreign brand will be decreased.
Limitations
This paper suffered from a number of limitations. Some are stated below:
As a novice it was difficult for us to analyze the total rebranding plan. In case of Trend
and Time series analysis interpretation based on five years data of the company’s early
stage of operation may not reflects true picture of the future and it was very difficult to
collect
Websites:
o Hossain Akbar,’ Local companies are struggling’, Recent Market of Ball pen,
http://www.google.com,2007(accessed 28July 2011).
o Mahzabin Anika,’Popularity of foreign pen is increasing’. Analysis of Local ball pen
industry. http://www.google.com(accessed 28 July 2011)
Books:
o Kotler Philip, Marketing management(12th edition),McGraw Hill,2009-2010
o Hill W.L Charles, International Business(7th edition),McGraw Hill,2010-2011
Newspapers:
o Rahman Latifur,’Local ball pen industries is dwindling fast’, The daily star,17th
February.2008.P.5.
o Alam Mahabubul,’the local companies are facing hardship to exist’, The Independent,
18th June. 2007, P.4.
Appendix
Case study analysis
Econo ball pen was one of the popular brand of Bangladesh. From 1980 to 2000 it was top
leading ball pen brand. But after 2000 the popularity of this brand become declining. Now this is
a dead brand. The mother company of Econo ball pen is GQ Ball Pen Industries Ltd. The main
business of this company was producing and sells various ball pens. The main specialty of this
company was price of their ball pen was very cheap. Econo ball pen was main brand of this
company. Econo ball pen was very popular because of cheap rate & smoothness. That’s why
they developed their business & became popular very rapidly. The main target customer of
Econo ball was student & various employees.
The main business form of this company was manufacture business. The main strategy of their
business was producing various colorful cheap rated ball pens. They sold their ball pen by
retailer. They had also share in capital market. Their organization structure was not so good but
they had a small organization. They also faced some problem when Econo ball pen was in peak
time. The main problem was poor distribution channel, lack of monitory, various problems in
Econo ball pen.
Questionnaire
Dear Customer,
We are the student of B.B.A, American International University-Bangladesh. And for the
fulfillment of our Global Trade course requirement, we are going to undertake a study on
“Impact of rebranding strategy of Econo ball pen among the target customers”. Your co-
operation in this regard will be highly appreciated and we are assuring you that the information
you provide us with will be used for academic purpose only.
a) Yes b) No
Q 2: If yes, then from which of the following sources have you got information about it?
a) Yes b) No
a) Yes b) No
Q 12: Please rate (1st, 2nd, 3rd, 4th, 5th and 6th position) the following pen company according
to their service, quality that you look into a pen (where 1st to 6th position refers to the
highest to lowest rank in your perception).
Q 14: How do you perceive Econo’s price on the basis of its service, quality and engine
factors compare to the other existing car available in Bangladesh market?
Q 15: Do you have any complain about ‘Econo’ that you want it to be improved?
________________________________________________________________________
Q 16: Do you have any other comment/feedback/suggestion about ‘Econo ’? We are highly
looking forward for it.
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