E-Business Marketing Plan

Course: Digital Marketing (MKT 330)

Section: 03

Semester: Spring 2022

Submitted to:

Mohammed Abdul Mumin Evan (MEv)

North South University

Submitted by:

Team Fantastic Five

Name Id

Walid Hossain Raj 1831149630

Safina Akter 1831067030

Sadia Nowrin 1821651630

A.K.M. Mahdi Islam 1822067630 

Tasnim Islam Moumita 1821431630

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 Letter of Transmittal

8th May 2022

Mohammed Abdul Mumin Evan

Course Instructor

North South University, Dhaka

Dear Sir,

We are submitting the report entitled "Rent-It" as the fulfillment of the Mkt330 course
requirement. The purpose of the report is to provide you with insights of how marketing
technologies, tools, and applications can be used to develop and implement e-marketing
strategies. It would be very difficult for us to make this report without your help sir. We are very
thankful to you sir for your support and direction.

Finally, we would like to show our gratitude for your help and support and kind consideration in
and out of the class.

Sincerely,

Team Fantastic Five

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 Table of Contents

Letter of Transmittal.....................................................................................................................2

Executive Summary.......................................................................................................................4

About Us.........................................................................................................................................5

Market Study.................................................................................................................................6

Situation Analysis......................................................................................................................7
SWOT Analysis......................................................................................................................7
PESTEL Analysis...................................................................................................................8
Objectives...................................................................................................................................9
Strategies..................................................................................................................................10
Tactics.......................................................................................................................................11
Action........................................................................................................................................11
Control......................................................................................................................................12
Service Details..............................................................................................................................12

Segments of Service.................................................................................................................12
Website and App service.........................................................................................................13
Limitation.....................................................................................................................................14

Conclusion....................................................................................................................................14

Reference......................................................................................................................................16

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 Executive Summary

Renting a product through a platform has not been developed in Bangladesh. People needs to
face many problems to rent any fixed assets. Again, the owner also fears to give the people their
valuable assets for rent because of many reasons like, the person can steal, or they can damage
the asset. Keeping that in mind we will launch our business called “Rent-It”. While researching
our market we have learnt many things which is involved with our business. We have performed
a SOSTAC Analysis to find out the future condition of our business. Moreover, on the situation
analysis part we have done SWOT and PESTLE analysis to find our strengths and weaknesses
on the external factors of business. We have defined our goal which is to satisfy our customers
and to make renting fixed assets easier. We will also keep both online and offline payment
process for customer benefit.

Our business may face some problems too. As the business is new in this country, we do not
know how people will react to this. But since we have done our research and by research, we
know that we have a scope in this business. Again, we started with only having secondary data.
We believe that through our service we can take off the barrier in renting a product for both
customers and owners.

We believe that our company can help the people who wants to rent a fixed asset, a suitable
platform to rent and thus help them save money and energy. Our tagline is “Rent products, save
money”. We believe that our company will build strong customer relationship and fulfill their
needs.

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 About Us

“Rent-It” is an e-commerce platform that creates a platform for a user to rent a fixed asset or
their desired items or the products they need. This is the only platform where people will get all
fixed assets under one website for rent.

 Our goal is to provide the customers with a user-friendly platform and to make renting
process as simple as it can be.
 We will be providing home delivery services also for premium users.
 We will not want anything on return as deposit for renting the products worth under TK
50,000.
 We will also provide 24/7 service for the customer who needs any information or any
questions to ask.

Our tagline is “Rent products, Save money”

Our Logo

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 Market Study

In Bangladesh, renting service has not been introduced fully. Renting products is available but, it
is not available under one platform and in online. Keeping this in mind, we are the first, who will
be providing renting services of all the moveable assets under one platform. At first, we have
researched about our target customer, and we found remarkable results which will help us in
learning about the market. Our target market will be urban middle class people who uses internet
and are aged 18-30 years old. So, while researching about the target group we found out that
there are 48 million people who belongs to middle class and total internet users are 120 million.
Again, according to tbsnews 30% of population are middle class and 38.9% people belo.ng to
urban population (knoema.com).

In our research, we found out that people need many products on emergency purpose which is
expensive. So we thought that there should be a platform where people can rent the assets they
need for emergency purpose. It will save money and save the energy of finding the product. Our
research also revealed that many people cannot buy assets that are rich in price, and it also
revealed that people does not buy a rich product just for one time. They tend to buy products
which they can use for many times. So, by our businesspeople can rent fixed assets and they do
not need to worry about the money as its for rent and it will be less comparing with the price
which will be paid for buying it fully.

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 Situation Analysis

Situation analysis helps to inspect the internal and external factors that can affect a company. In
order for us to start a new venture, we are trying to analyze the internal and external factors with
the help of SWOT and PESTEL analysis.

SWOT Analysis
Strength

 First E-commerce platform in Bangladesh to provide rental service

 Very useful when someone wants to rent something important immediately
 Platform to choose various types of products
 Wider reach as an online based platform

Weakness

 Not popular
 Limited market size
 A new business model so might lack experience
 Lack of capital initially

Opportunities

 No direct competitor
 Increasing number of internet users
 Improved internet availability and speed in Bangladesh
 People are more familiar with E-Commerce platforms

Threats

 Security issues
 E-commerce platform idea can be copied

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 PESTEL Analysis

Political: Bangladesh government aims to create digital Bangladesh. This is a great opportunity
for us to introduce our platform. With proper support from the government, we can grow our
platform and provide our services throughout the country. Not following government policies
while starting our platform can become a problem for our platform’s future.

Economical: As a developing country, with an increasing economy, there are a lot of

opportunity for us to capture. The e-commerce market is linked with the economic sector of our
country. During the Covid-19 pandemic, the economy of our country took a small hit. Such
problems in the future can affect our platform badly.

Social: The people of our country are very trendy when it comes to technology and products.
They want to be equipped with the latest products to keep up with the trend. Our platform will
provide them with all kinds of products that they can take from us to keep up with their trend.
We need to keep our line of products up to date to keep our customers happy as they take
products from us.

Technological: The advancement of technology in Bangladesh is very visible. Our platform is

online based so it heavily relies on technology and internet. Nowadays everyone has access to
internet and smartphone. People are more familiar with e-commerce platforms. As our platform
is relying on the internet and technology, any disruption in that sector might cost us.

Environmental: As this is an internet-based platform, environmental factors don’t affect us

much.

Legal: We will operate our platform keeping in mind all the legal policies that is needed to run
an e-commerce platform. Failing to follow legal policies of our country might result in financial
losses.

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 Objectives

Rent-Its goal is to connect middle class people who have needs products for emergency need or
save money. It is a rental service who give rents their products for a limited or set of time such as
few days or weeks. We must follow SMART objective guidelines and goal-

Specific: "Rent-It" is a rental service where people can rent various products mainly expensive
products which they cannot buy always. Through rent-it they can rent there desired product
easily and return it after usage. "Rent-It" focus on it's goals; it focus on the middle and lower-
middle class. The target customer groups are 18-40 years. Mainly the customers could be job
holders, students etc. "Rent-It" will always give rent products to customers so that they always
find their desired product available in our stock.

Measurable: With some specific criteria we can measure our progess. Without a measurable
goal, our objectives cannot achieve. Our goal is to reach each of those customers whom are badly
need in rental products. We will increase monthly users by 2000 on our app by creating targeted
social media campaign.

Achievable: Set an attainable goal that accelerates to achieve goals. We can achieve our goal
since there is a huge consumer demand of rental products in the market.

Realistic: Realistic because we are focusing on a customer’s need which is very demanding.
Grow the numbers of monthly users by 2000 by creating targeted social media campaigns.

Time bound: We set a time range to attain our goal. We will grow the numbers of monthly users
on our app by 2000 within August of 2022.

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 Strategies

Segmentation: We will segment our customers to provide good services. So, we have selected 4
different types of segmentation strategy. Our segmentation strategy includes geographic,
demographic, psychographic and benefit segmentation

Geographic segmentation: In the beginning we will provide our services in urban areas of our
country like divisions and some districts.

Demographic segmentation: We will target the people who are 18-40 years. People are from
job holders and students’ occupation.

Psychographic segmentation: We will focus on consumer's behavior and lifestyle to see that if
they are trustable or not.

Benefit segmentation: It will be saving cost, usable and convenient for consumers who are
using our service.

Targeting: Our business plan is unique for Bangladesh. Maybe we are the first one to introduce
rental service. So, we target people who live in urban areas mostly in major city areas. We are
targeting people who have some idea about using digital platform, app services and digital
payment. We will target the young generation most. Young generation peoples like students, new
job holders who need rental products.

Positioning: To positioning our service, we will create a desired image of a company and divide
the market into different segments. The segmentation is done by geographic, demographic,
psychographic and benefit segmentations.

We are first in Bangladesh who are came up with a solution of rented product which products are
expensive and also needs in emergency. We are positioning our service based on user category.
We will depend our service on our customer’s lifestyle. We will make our services for middle
class people's like students, job holders lifestyle. Those who need use some expensive products
but cannot afford those; we will arrange our services for them. Through our mobile app,
consumer can get instant auto reply about our services and then they can do further inquiries.

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 Tactics

We plan to use some marketing tactics, which are essentially planned acts that steer the
promotion of our service toward the desired goal. The strategy section should also specify the
market groups we want to target with our approach.

Building up our brand: We are a rental company that provides a platform for our customers to
rent the products they want when they need them. Students and employees may be among our
target customers. We will explain how our service differs from that of our competitors. We will
create a sense of urgency among our target customers, making them feel compelled to use our
services.

Social Media Marketing: We will use social media to promote our service because we are an e-
commerce company. As a result of social media marketing, we will be able to communicate with
our current customers and reach out to new ones. Contrary to conventional thinking, we can
obtain success by posting spontaneously.

Retargeting customers: We will make every effort to keep our customers by providing
exceptional service. To keep our consumers, we will deploy retargeting methods. We will keep
our services in front of potential clients after leaving our website, convincing them to revisit our
offer when they need it.

Action

We are a rental company that will provide new services to its consumers. Then there is the
question of what we are doing with our platform and how our customers may obtain the help
they need. We will provide customer service 24/7 hours. Anyone can rent any movable object at
any time. For example, if a person's laptop is broken, but they need to take an online exam, they
may easily go to our website and borrow a laptop for the duration of the exam. It will save
money as well as time. Since we will be using an app and a website, we will be able to reach
individuals of all ages across Bangladesh. Our targeted consumers are between the ages of 18

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and 40. When emergencies, people will rent products from our platform rather than buying the
product

Control

Our service will be beneficial to our targeted clients in their time of need. Our service saves you
both money and time. We will face numerous challenges. Some dishonest people may steal the
product. However, this will not be a problem because the user account would be verified using a
national ID card. So, if the rented asset is stolen, we can file a police report and track down the
culprit. We shall be always there for our customers. We offer competitive rates and may reply to
service requests the same day.

Service Details

Rent-It is a platform where people can post their movable assets (e.g., Laptop, Camera, office
equipment, Clothing, and many other movable assets). After posting, people who need those
assets for emergency purposes or any occasion can rent them by contacting the person who will
give them rent. In our country, many people do not have some expensive assets. That is why they
sometimes do not get the product they need in times of emergency. That is why we came up with
an idea where people can rent their movable assets, and people who need them can rent them. In
this way, people can get the products whenever they need them, and they do not need to spend
much money on renting. Giving this experience to the customers will give the rental service
industry an advantage. Rent- It is a platform where people can rent a product and save money.
We both have a website and app system so that customers can quickly access our service from
anywhere from any point.

Segments of Service

In Bangladesh, Rent-It is the first company with this type of initiative. Since people do not have
everything, we will have the first mover’s advantage again. When emergencies, people will rent
products from our platform rather than buying the product, which will be expensive. For

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example, if someone’s laptop is damaged but needs to give an online exam, they can quickly go
to our site and rent a laptop for the exam time.

This service will save both money and time. It will give the middle and lower-middle-class
people a cost-saving and budget-friendly service. Our apps and websites will give the users a
premium account service for the first month. It includes ad-free service, priority to the premium
users, free reminders of new products, a fast home delivery option, a verified icon, etc. We will
also give promo codes and discounts to our primary and premium users. Anyone can rent
products by using our website and apps. Customers can see the products from the website and
apps and choose from the available products whatever they need. Renting products is usually a
complicated process, but we will ensure people can get the products whenever they need them,
and they do not need to spend much money on renting.

Website and App service

People may go to the "Rent It" website and pick from a list of items, after which they can rent
whatever, they require online. They may also book the thing they wish to rent in advance on the
apps and website. Furthermore, consumers will have access to an app that will allow them to
view a list of items and moveable assets and information about interested persons who want to
rent their things. This app also offers a premium service available 24 hours a day, seven days a
week. Our website will also assist consumers in obtaining a quick, secure, emergency, and cost-
effective solution. All these features are user-friendly and easy to access. Overall, it's a little
software with all the essential features we can provide. Rent-it users will have to open an account
on our website by verifying their national ID card for security reasons.

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 Limitation

We had to face several limitations in our rental product business. There are many security issues
present with this business. Firstly, people may accidentally damage the product, and by fearing
this, they can be discouraged from renting their product. Secondly, some dishonest people may
steal the product. But this would not be an issue as we will verify the user account with the help
of a national ID card. So, if anyone steals the rented asset, we can file a police report and find the
thief. In Bangladesh, Rent-it is the first company with this type of initiative. Since people do not
have everything, we will have the first mover’s advantage again. So, most of our decisions
related to our business are based on secondary data. We have collected data from the public
through various surveys and tried to identify their problems and needs. We knew we faced some
limitations in starting our business. However, we believe that the information we have gathered
from people and our decisions will yield the expected results in the future. However, we trust
that we will be able to overcome these obstacles and give new service to the people of our
country through our service.

Conclusion

In Bangladesh, Rent-It is the first company with this type of initiative. Since people do not have
everything, we will have the first mover’s advantage again. Rent-its goal is to connect middle
class people who have needs products for emergency need or save money. It is a rental service
who give rents their products for a limited or set of time such as few days or weeks. Our service
saves you both money and time. We will face numerous challenges. Some dishonest people may
steal the product. However, this will not be a problem because the user account would be verified
using a national ID card. We are first in Bangladesh who are came up with a solution of rented
product which products are expensive and needs in emergency. We are positioning our service
based on user category. We will depend our service on our customer’s lifestyle. Bangladesh
government aims to create digital Bangladesh. This is a great opportunity for us to introduce our

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platform. With proper support from the government, we can grow our platform and provide our
services throughout the country. Renting products is usually a complicated process, but we will
ensure people can get the products whenever they need them, and they do not need to spend
much money on renting. Giving this experience to the customers will give the rental service
industry an advantage.

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 Reference

Bangladesh Urban population, 1960–2021 - knoema.com. (2022, April 28). Knoema.

https://knoema.com/atlas/Bangladesh/Urban-population#:%7E:text=Bangladesh%20%2D
%20Urban%20population%20as%20a%20share%20of%20total%20population&text=In
%202021%2C%20urban%20population%20for,average%20annual%20rate%20of
%203.25%25.

Billah, M. (2020, October 4). Who are the middle class in Bangladesh? The Business Standard.
https://www.tbsnews.net/feature/panorama/who-are-middle-class-bangladesh-141073

Hasan, M. (2022, February 8). Mobile, internet users grow in 2021. The Daily Star.
https://www.thedailystar.net/business/telecom/news/mobile-internet-users-grow-2021-
2957756

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