Developing an Efficient Methodology
for Business Expansion of Horlicks in
Bangladesh in the Upcoming Years
The report on
Developing an Efficient Methodology for Business
Expansion of Horlicks in Bangladesh in the Upcoming Years
Course Name: Managerial Communication (C501)
Prepared for
Dr. Rezwanul Huque Khan
Professor, Institute of Business Administration
University of Dhaka
Prepared By
Pertha Protim Dutta (301-37-005),
Quazi Azizul Hassan (301-37-027)
& Md. Fahim Hara (301-37-024)
Institute of Business Administration
University of Dhaka
Date of Submission: March 25, 2023
March 25, 2023
Dr. Rezwanul Huque Khan
Professor
Institute of Business Institution
University of Dhaka, Bangladesh.
Dear Sir,
Subject: Letter of Transmittal
We, the undersigned are submitting herewith our analytical report entitled “Developing an
efficient methodology for business expansion of Horlicks in Bangladesh in the upcoming
years”. We hope that the enclosed report, prepared in accordance with your guidelines, would
fulfil the requirements for its acceptance as per the curriculum of the course C501: Managerial
Communication.
The prime objective of our study is finding some innovative ways to analyze the market behavior
of Horlicks, one of the leading brands in the health food drink category in Bangladesh and thus
developing an effective approach to expand its market in Bangladesh in near future. Our study will
focus on recent market analysis for Horlicks in Bangladesh, market behavior of similar and
alternatives available in Bangladesh at present as well as the grey products (imported products of
Horlicks itself). Optimizing the existing strategies for product-market expansion and our field
survey, we would like to develop our own methodology for increasing market share of our chosen
product.
If we succeed in proliferating the market of Horlicks through our research methodology, both the
availability of the product to the market and return of investment from this will rise. It will
definitely be a win -win situation for both investors and consumers.
We just hope that our report would meet your approval as well as the course requirement.
Sincerely yours,
Name: Pertha Protim Dutta
Section: A
ID: 301-37-005
2. Name: Quazi Azizul Hassan
Section: A
ID: 301-37-027
3. Name: Md. Fahim Hara
Section: A
ID: 301-37-023
Table of Contents
Page
Executive Summary ........................................................................................................................ v
1.0
Introduction: Setting the Context ......................................................................................... 1
1.1
The Background: Horlicks Business in Bangladesh, in Retrospect........................................ 1
1.2
Proposed Solution: Encapsulating the Innovating Approach ................................................. 3
1.3
Scope of the work: Ranging from Objective to Final Outcome .............................................. 4
1.4
Limitations and Remedial Actions: Overcoming All Odds ..................................................... 5
2.0
Literature Review: Highlighting Existing Theories ............................................................. 6
3.0
Scope of Work: Defining the Jurisdiction ........................................................................... 9
4.0
Methodology: Developing the Strategy ............................................................................. 10
4.1
Understanding the Potential: Analyzing the Market Size ..................................................... 10
4.2
Socio-economic Factors: Understanding the Malnutrition Scenario ................................... 11
4.3
Target Market: Identifying Ideal Customer Pool .................................................................. 13
4.4
Competitive Advantage: Leveraging Existing Distribution Channels to Stay Ahead ........ 14
4.5
Building Buzz: Creating a Comprehensive Go-to-Market Strategy .................................... 14
4.6
Design for Impact: Launching Comprehensive Campaign in Phases .................................. 15
4.6.1
Phase 1: Aggressive Market Penetration ........................................................................ 15
4.6.2
Phase 2: School Campaign ............................................................................................... 17
4.6.3
Phase 3: App Development............................................................................................... 18
4.6.4
Phase 4: Reality Show ....................................................................................................... 20
4.7
Benchmarking the Source of Estimation: Comparing to Industry Standards .................... 21
4.8
Visualization of the timelines: Tracking and measuring phase wise success....................... 22
5.0
Activity Schedule: Chronologizing the Implementation Plan ........................................... 24
5.1
Implementation process: Guiding Horlicks Business with the Innovation .......................... 24
5.2
Implementation schedule: Making the success....................................................................... 25
6.0
6.1
7.0
Cost-Benefit Analysis: Assessing Financial Viability ....................................................... 27
The Interpretation: Enlightening the Punch Points .............................................................. 28
Recommendations: Paving the Way for Future ................................................................. 30
References ..................................................................................................................................... 31
List of Tables
Page
Table 4.8: Gantt Chart for the phase wise execution plan ............................................................ 23
Table 6.1: Cost-benefit scenario using proposed methodology .................................................... 27
List of Figures
Page
Figure 1.1: Product diversification of Horlicks based on nutrition requirement .......................................... 2
Figure 1.2: Adopted key initiatives for business growth in 2020-21 ............................................................ 3
Figure 4.1: Market Size of malted milk drinks ........................................................................................... 10
Figure 4.2: GHI Index of Asia Pacific ........................................................................................................ 12
Figure 4.3: Classification of malnutrition types.......................................................................................... 12
Figure 4.4: Statistics of vitamin & mineral deficiencies in Bangladeshi children ...................................... 12
Figure 4.5: Energy contribution from rice in daily diet .............................................................................. 13
Figure 4.6: Campaign plan for expansion drive .......................................................................................... 15
Figure 5.1: Zone wise diversified marketing strategy for Horlicks ............................................................ 24
Figure 5.2: Activity schedule for Horlicks business expansion .................................................................. 26
Executive Summary
Horlicks has been one of the leading brands in the health food drink category in Bangladesh since
its launch. In the year 2020, the business of this product was taken over by Unilever from GSK
Plc. But recent survey results find that current market share of the product is about 52%. Apart
from Horlicks Complan, Milo, Ovaltine, Maltova and even the grey products (imported from
India) are available in market. Consequently, this market nowadays has become very challenging
and competitive for business decision makers. This report points at establishing a strategic plan to
aggrandize the growth of Horlicks in the upcoming fiscal year.
Apart from giving a fundamental concept of business expansion the intuitive review of relevant
literatures and Scholarly articles also suggests that adaptive and situational methodology is
required for business growth for FMCG products. For being a fast moving and nutrition food
product, Horlicks needs chronological and piecewise market expansion strategy.
While the arena of this study is focused on growth of the particular brand Horlicks instead of the
whole category based on the suggested proposal, there might be impact of this project on other
brands of the same category, but overall business benefit is to be analyzed to determine the net
benefit of the company.
The innovative approach explained throughout the analytical literature involves studying current
market size of existing Horlicks variants along with competitive HFDs, overall scenario of
nutrition requirement in Bangladesh, demand pattern of consumers etc. and finding the correlation
of these variables. These data are used to develop the adaptive methodology which is a
combination of required marketing strategy, need for change in quality and product diversification
and social campaigning. The probable approaches effective marketing and advertising has been
depicted for Horlicks business in context of current demand pattern and supply chain portfolio.
A schedule of work plan follows the strategy to describe how to implement in context of
Bangladesh through a Gantt chart. Details breakdown of investment required in each phase of the
project is shown to make the study more convincing and optimistic. The return of investment has
been estimated in the financial analysis section and compared with yearly cost of implementation
of the methodology of business expansion
Finally, an optimistic concluding remark has been presented including useful recommendation for
the decision makers for future expansion of Horlick business. Thus, the report becomes a
significant material in innovative research approach for business expansion of any FMCG product.
v
1.0
Introduction: Setting the Context
Horlicks is a sweet malted milk hot drink powder developed by founders James and William
Horlick. It was first sold as "Horlick's Infant and Invalids Food", soon adding "aged and travelers"
to their label. In the early 20th century, it was sold as a powdered meal replacement drink mix. In
Britain, Horlicks is commonly consumed as a drink near bedtime, and is marketed as an evening
drink; in contrast, it has been marketed as a breakfast drink in Indian subcontinent.
1.1
The Background: Horlicks Business in Bangladesh, in Retrospect
Horlicks, the best brand award winner in 2014 and still a very popular health food drink (HFD),
was manufactured and marketed in Bangladesh by the world-famous pharmaceutical company
GlaxoSmithKline (GSK). Later on, Global FMCG giant Unilever, GSK intended to buy
Bangladesh’s consumer healthcare segment in 2018, and in December of that year, the two
companies came to an agreement on acquisitions. As a result of this acquisition, Unilever was able
to take a strong position in the Health Food and Drinks (HFD) market worth Rs 410 crore.
Since this acquisition Unilever has taken several business strategies to expand the market of
Horlicks in the country. First attempt was in nutrition analysis of the product. The management
conducted a scientific study on diversified requirement of nutrition among consumers.
Emphasizing this diversity, Unilever launched several variants of Horlicks based on gender and
age of customers. The product variants and corresponding consumer benefits are depicted in figure
1.1.
Apart from this market diversification, management has also launched Horlicks in different
packing sizes of which the most prominent of the packs are the Standard Horlicks Jar 500g and
the Standard Horlicks Sachet 18g.
Key initiatives taken by Unilever for the growth of Horlicks in the year 2020-21 are summarized
in figure 3.2.
Having taken the aforementioned techniques, current market share of Horlicks in HFD sector is
15%. Though it is a good sign of progress, this expansion is retarded by many socio-economic
factors and the parallel strategies of the competitors. The following brands usually give Horlicks
a fight for its money:
1
•
Complan
•
Milo
•
Ovaltine
•
Grey products (imported products of Horlicks itself)
•
Dano/Marks/Diploma/Fresh (usually, Horlicks is bench-marked with these products in
order to drive the SKUs in a structured yet competitive manner)
Figure 1.1: Product diversification of Horlicks based on nutrition requirement
2
Figure 1.2: Adopted key initiatives for business growth in 2020-21
1.2
Proposed Solution: Encapsulating the Innovating Approach
Ansoff (1957) brought about a revolutionary idea in the study market expansion introducing the
“The Ansoff Matrix”. The tool is very familiar to almost anyone who has done a business strategy
or marketing strategy course in the last 60 years. Over the course of time many supporting models
have been developed as part of kaizen. Provided that currently only 15% of Bangladesh’s
consumers are consuming Horlicks (in any format) annually, the objective of the stated research
work involves the integration of relevant models to fit this business.
This compatibility can be obtained if Horlicks Jar is driven depth to the consumption in the alreadyconsuming consumers and Horlicks sachet amongst non-existing users and existing users alike.
But choosing appropriate expansion strategy depends on product demand, competitor’s counter
strategies, market condition itself etc. These paves the way for intensive market study, practical
data and above all a coherent dynamic market model for the product.
3
This model shows an innovative and comprehensive Go-to-Market Strategy collaborating the
following phases:
•
Aggressive market penetration
•
Market research
•
Distribution network optimization
•
Innovative pricing strategy
•
More intensive product variation
•
Social campaigning
•
Event management programs on food awareness
•
Promotions in digital network
The coherent and adaptive marketing and production-based model described throughout the report
creates an all-out business growth opportunity for Horlicks which is going to thrive the decision
makers to adopt in the upcoming years.
1.3
Scope of the work: Ranging from Objective to Final Outcome
The research work starts with the objective to increase the market share of Horlicks with a view to
reaching it to all corners of Bangladesh. Lots of published journals, newsletters, books related with
market expansion have been studied to gather relevant knowledge. The history and current growth
of HFD products in Bangladesh have been observed in an extensive way to have a clear picture of
this industry.
Intensive market survey has been carried out involving the wholesalers and retail shops both in
towns and in villages. A zone wise comparison has been made among the area where Horlicks is
popular to where it is less acceptable to find the hidden factors. Apart from this, people of all walks
of life irrespective of solvency, gender, taste etc. have been studied to gather information about
their preferences.
Based on the information and knowledge gathers the methodology of business growth for Horlicks
has been developed. At the closing sections a comparative scenario of business growth rate has
been forecasted in upcoming year 2023-24 using the proposed approach.
4
1.4
Limitations and Remedial Actions: Overcoming All Odds
Development of the innovative strategy and its simulation was not a piece of cake because it required a
handsome amount of both information regarding product quality and market behavior. Due to the
constraints of resources and time limitations the task became a bit difficult. Apart from these, it is was not
possible to collect all data directly from every corner of the country.
However, almost all problems were solved by taking the following proactive measures:
•
The concepts of statistical inference, normal distribution and central limit theorem were
implemented to estimate market data from all corners of Bangladesh. The estimated parameters
were used to simulate business market penetration and business growth.
•
Information related to the nutrition value, product quality, existing marketing strategy etc. were
highly internal and not available to market. In fact, it required the approval of top management to
avail the information. A persuasive message was sent to the authority through proper channel to
get a temporary access of the aforementioned information. After successive persuasions and
adoption of effective communication skills the required information were availed.
5
2.0
Literature Review: Highlighting Existing Theories
The literature review begins with a short background of the connection of market expansion and
market share with business expansion. Market expansion is a growth strategy that aims to make a
product or service available in new markets when existing ones get saturated. It starts with
analyzing existing and future channels of distribution and concludes with adopting measures to
increase reach and sales in the markets of interest.
On the other hand, Market share is used to give an idea of how large, powerful or important a
business is within its particular sector. A company that maintains its share over time is growing its
revenues in line with its competitors. But an increase shows a speedier, market-leading, boost in
revenue. A business can be expanded if proper market growth strategies can be selected analyzing
existing market share of that product.
The Ansoff Matrix is a fundamental framework taught by business schools worldwide for strategic
planning. It portrays business growth options as a 2x2 matrix with axes being products existing and new; and markets - existing and new. By market, Ansoff meant the product’s
mission, i.e., “the job which the product is intended to perform” (Ansoff, 1957 p.113). Combining
the
2x2
axes
creates
four
potential
strategies.
These
are
summarized
below,
together with additional interpretation.
•
Market penetration: It is the least risky, in relative terms. It is the concept of increasing
sales of existing products into an existing market. When employing a market penetration
strategy, management seeks to sell more of its existing products into markets that they’re
familiar with and where they have existing relationships (Peterdy,2022).
•
Market Development: It Focuses on selling existing products into new markets. Peterdy
(2022) has said in this regard “A market development strategy is the next least risky
because it does not require significant investment in R&D or product development. Rather,
it allows a management team to leverage existing products and take them to a different
market.”
6
•
Product Development: It Focuses on introducing new products to an existing market. A
business that firmly has the ears of a particular market or target audience may look to
expand its share of wallet from that customer base (Peterdy,2022).
•
Diversification: It is the concept of entering a new market with altogether new products.
In relative terms, a diversification strategy is generally the highest risk endeavor; after all,
both product development and market development are required (Peterdy,2022).
However, Dawes (2018) has found two logical inconsistencies embedded in the Ansoff matrix.
The model cannot define if we either accept or reject the hypothesis that new products can be
incrementally new. Thus, the decision making is not such straightforward.
During business expansion one must think of the nature of the product and its consumption pattern
along with the current market share. Increasing market share without prior knowledge of product
pattern might cost a business person. Buzzell et al. (1975) have showed regarding this problem the
Return of Interest (ROI), which directly determine market profitability is not linearly dependent
of market share always. A plot of profit vs market share for concentrated and fragmented and
frequently used vs infrequently used products showed different behaviors.
Kim and Mauborgne (2005) conceptualize a “blue ocean” strategy framework for creation of
demand in an untapped market. They visualize it as an alternative strategy to market share growth.
On the other hand, Prahalad (2005) with other scholars like Hammond (2002) and Lieberthal
(2005) has developed a “bottom of the pyramid (BOP) marketing framework” as a means of
expanding low income markets. In the context of developing countries, a BOP framework is more
relevant than a “blue ocean strategy “framework. It puts strong emphasis on the creation of
consumption capacity among the poor (Bang & Joshi,2008).
However, BOP market expansion strategy has own limitations as well. “Like a “blue ocean
strategy” framework, it does not adequately address a very important consumer behavior related
issue of how to bring an unwilling customer into the market”- according to Bang & Joshi (2008).
Bang & Joshi (2008) instead propose a conceptualize a market expansion strategy in such a way
that a generic framework can be developed. The authors claim their methodology to be useful for
7
the expansion of markets of any type, including the bottom of the pyramid markets in developing
countries.
Aspara et al. (2010) highlighted some strategic procedures for corporate management needed to
be considered for business expansion of single business firms. But the concepts may be extended
to multi-dimensional corporate body like Unilever which has to deal with other products as well.
As the world has entered to the 4th industrial revolution era, market concept has become more
complex and diversified than ever before. Marketing strategies in digital platform is now playing
a pivotal role in business expansion. Lee et al. (2021) proposed some determinants of market
penetration and competitive advantage in online grocery retailing, inclusion of which is very
helpful to discover new dimensions in setting up the strategies for market expansion in this VUCA
world.
Having a clear concept regarding consumer behavior of Horlicks in Bangladesh is a pre-requite to
develop a new strategy for its expansion. Kumar & Singh (2019) depicted the key factors to
emphasize consumer behavior of Horlicks in India, which more or less applicable in our context
due to demographic and socio-economic resemblance.
History of HFD sector in Bangladesh, the market behavior of FMCG (fast moving consumer
goods) and business strategies of GSK and Unilever has also been analyzed during preparation of
the report.
In a nutshell, the review of literatures related to this research proposal defines a market expansion
strategy as a strategy of increasing primary demand for a product category by converting noncustomers into customers of an industry and/ or by increasing the usage rate of industry’s existing
customers. It also reveals that focus on increasing the usage rate is especially relevant in case of
products with high penetration levels but low per capita consumption.
8
3.0
Scope of Work: Defining the Jurisdiction
The scope of this material is focused on growth of the particular brand Horlicks instead of the
whole category based on the suggested proposal. There might be impact of this project on other
brands of the same category, but overall business benefit is to be analyzed to determine the net
benefit of the company.
It is to be noted that positive or negative growth of the brand in channels other than proposed ones
is out of scope of this project. The project success criteria can be verified by measuring the growth
impact on proposed channels only. Other uncontrollable like global impact of recession, forex,
increase in logistic cost, fuel cost increase can have significant impact on the profitability of the
brand. But this project focuses on only volume growth and ultimately revenue growth. Net or gross
profit of the sales is not within the scope of this project.
Also, any kind of unforeseen scenario which can hamper implementation of the strategies
suggested in the project has to be handled by the company and all associated cost is to be
considered outside of this project’s cost.
9
4.0
Methodology: Developing the Strategy
Horlicks is a popular brand of malted milk drink that has been present in the Bangladeshi market
for several decades. However, in recent years, the market for malted milk drinks has become
increasingly competitive, with several new players entering the market. To remain competitive
and continue to grow in Bangladesh, Horlicks needs to develop a business expansion strategy
campaign that is tailored to the needs and preferences of the Bangladeshi consumer.
4.1 Understanding the Potential: Analyzing the Market Size
According to a report published by ResearchAndMarkets.com in January 2023, the malted milk
drink market in Bangladesh was valued at BDT 423 crore and is expected to reach BDT 694 crore
by 2027 (ResearchAndMarkets.com., 2023, Bangladesh Malted Milk Drinks Market: Industry Trends,
Share, Size, Growth, Opportunity, and Forecast 2020-2027), growing at a CAGR of 6.5% during the
forecast period of 2020-2027. According to a Nielsen report published in 2022, Horlicks is the
leading brand in the malted milk drinks category in Bangladesh with a market share of around
51.8%. The brand that has been trusted by generations of consumers worldwide for its ability to
provide essential nutrients for a healthy life. The brand is well-known for its range of health drinks,
including Horlicks Original, Horlicks Lite, Horlicks Protein+, and Horlicks Growth+.
Market Size
693.63
423.36
Current
Potential
Crore BDT
Figure 4.1: Market Size of malted milk drinks
10
However, the Bangladeshi market for malted milk drinks is becoming highly competitive, with
several players competing for market share. The market is dominated by three major brands:
Horlicks, Milo, and Ovaltine. However, in recent years, several new players have entered the
market, including local brands and international brands such as Complan and Nestle Nido.
The market is driven by several factors, including consumer preferences, marketing and
advertising, and pricing. Bangladeshi consumers tend to prefer sweet and milky beverages, which
makes malted milk drinks an attractive option. However, pricing is a major factor in consumer
decision-making, with many consumers opting for lower-priced alternatives to Horlicks.
Bangladesh is a rapidly growing market with a population of over 160 million people, making it
the eighth most populous country in the world. The country has made significant strides in
economic development, with a growing middle class and an expanding consumer market. The
health and wellness market in Bangladesh is also on the rise, with an increasing number of
consumers seeking products that promote a healthy lifestyle.
Though Horlicks is a well-known brand in the nutrition and wellness category, which has been in
the market for over 100 years and is popular among both children and adults in different parts of
the world, including India and the UK. However, Horlicks is yet to reach its full potential in the
Bangladesh market. This report focuses on the business expansion strategy and methodology that
Horlicks can adopt to establish a strong presence in Bangladesh. The report also provides a
campaign design that can help Horlicks to connect with the target audience and build a strong
brand image.
4.2 Socio-economic Factors: Understanding the Malnutrition Scenario
Before developing a business expansion strategy, it is important to understand the market.
Bangladesh is a developing country whose economy has been growing at an average rate of 6%
per year for the last decade. Despite the economic growth, malnutrition is still a significant
problem in the country, with an estimated 41% of children under the age of five suffering from
stunted growth.
According to global hunger index, Bangladesh is on 75th rank having 20.4 GHI (Global Hunger
Index, 2020) which falls under serious category.
11
Figure 4.2: GHI Index of Asia Pacific
Though it has been decreasing by last 20 years and is projected to continue decreasing. If we dig
down to the core the malnutrition can be further classified in 31% stunting, 36% underweight and
52% Anemia (State of Food Security and Nutrition in Bangladesh, 2019).
Figure 4.3: Classification of malnutrition types
In terms of vitamin and minerals deficiency, the percentage becomes as per below:
Figure 4.4: Statistics of vitamin & mineral deficiencies in Bangladeshi children
12
One of the main reasons of these is the dependency of rice on daily diet. As a result, people
specially, the children have low fiber intake resulting in deficiencies (UNICEF, 2019. National
Micronutrients Survey 2011-2012).
Figure 4.5: Energy contribution from rice in daily diet
4.3 Target Market: Identifying Ideal Customer Pool
The first step in developing a marketing strategy is to identify the target market. Based on the
above discussion it is clear that Horlicks' target market in Bangladesh consists of children,
teenagers, and adults who are health-conscious and looking for a nutritional supplement.
Additionally, the brand can target parents, who are the primary decision-makers for their
children's health, as well as young adults who are interested in fitness and health.
Having a strong depot, distributor, and redistribution system can provide several leverage points
to promote the Horlicks brand in Bangladesh. Here are a few keyways in which a strong
distribution system can help promote the brand.
13
4.4 Competitive Advantage: Leveraging Existing Distribution Channels to Stay
Ahead
The existing strong distribution system ensures that Horlicks is readily available in the market,
making it easier for consumers to purchase the product. This can help increase brand visibility
and encourage trial among new consumers.
Distributors can help promote Horlicks through various marketing activities such as in-store
promotions, product displays, and advertisements. This can help improve brand visibility and
create brand awareness among consumers.
Distributors also play a crucial role in ensuring that consumers have a positive experience with
Horlicks. This includes ensuring that the product is well-stocked, has a long shelf life, and is
delivered on time. A positive consumer experience can lead to repeat purchases and brand loyalty.
To have direct access to market insights and consumer feedback, which can be invaluable in
developing new product offerings or improving existing ones. This feedback can help identify
consumer preferences, market trends, and potential opportunities for growth.
A strong redistribution system can help ensure that promotional activities are effectively
channeled to the end consumer. This can include targeted promotions for specific consumer
segments, such as parents or athletes, or promoting Horlicks as a meal replacement or health
supplement.
4.5 Building Buzz: Creating a Comprehensive Go-to-Market Strategy
A market visit campaign to be initiated as first proposal of the whole expansion system where all
the company management team from each function will be visiting each alternate month and get
the feedback from the market to improve customer experience from each of the department. The
efficacy of this campaign will be the diversify thinking of each function will ultimately bring out
new opportunities. This Campaign will be called “Cholo Bazar Day” and will be 100% internal
campaign.
14
4.6 Design for Impact: Launching Comprehensive Campaign in Phases
Now moving forward with the original plan, the expansion plan consists of four phases. But before
moving towards the details, figure 4.6 would like to illustrate the major parts in a visual frame.
Aggressive
Market
Penetration
School
Campaign
Phase
1
Phase
2
Phase
3
Phase
4
App
Development
Reality Show
Figure 4.6: Campaign plan for expansion drive
4.6.1 Phase 1: Aggressive Market Penetration
Aggressive market penetration refers to a business strategy aimed at gaining a significant market
share in a highly competitive industry. This approach is typically pursued by businesses that want
to quickly expand their market share or establish themselves as a dominant player in a particular
market. The details planning for the same is discussed below.
4.6.1.1 Market Research:
Conduct market research to understand the target audience, competition, and market trends.
Identify the gaps and opportunities in the market and develop a strategic plan for aggressive
market penetration. This phase will require investment in market research firms and resources to
conduct surveys, focus groups, and secondary research. The cost can range from BDT 4,250,000
to BDT 8,500,000 for expanding the distribution network and improve its visibility in the market.
This will help the brand reach a wider audience and increase its customer base.
15
4.6.1.2 Distribution Network:
Strengthen the distribution network by partnering with local distributors, retailers, and
supermarkets. Provide them with training and support on Horlicks' products and brand values. To
strengthen the distribution network, Horlicks will need to invest in training and supporting local
distributors, retailers, and supermarkets. The cost can range from BDT 8,500,000 to BDT
21,250,000, depending on the number of partners and the level of support required.
4.6.1.3 Pricing Strategy:
Develop a competitive pricing strategy that offers value for money to customers while
maintaining the brand's premium positioning. Offer promotions and discounts to incentivize
customers to try Horlicks' products. Developing a competitive pricing strategy will require
investment in research and analysis of market prices and competition. The cost can range from
BDT 2,125,000 to BDT 4,250,000.
4.6.1.4 Product Innovation:
Launch new products that cater to the local market's preferences and tastes, such as Horlicks'
flavored variants, fortified with local ingredients. Launching new products will require
investment in research and development, production, and marketing. The cost can range from
BDT 42,500,000 to BDT 85,000,000, depending on the scope of innovation.
4.6.1.5 Above-the-Line Marketing:
Launch a mass media advertising campaign that includes TV, radio, and print ads to reach a wide
audience and increase brand awareness. Launching a mass media advertising campaign will
require investment in advertising agencies, media buying, and production. The cost can range
from BDT 42,500,000 to BDT 85,000,000.
Total capex for Phase 1 can range from BDT 99,875,000 to BDT 204,000,000. Assuming a
conservative estimate of a 5% increase in market share, Horlicks can potentially generate an
additional BDT 175,000,000 in revenue. A conservative estimate of a 5% increase in market share
is used, which is based on industry benchmarks and the performance of similar brands in the
market.
16
4.6.2 Phase 2: School Campaign
Most of the target customer batch is covered in the educational institutes. Some specific campaign
is proposed below for the capturing the same.
4.6.2.1 Campaign Planning:
Develop a comprehensive school campaign that promotes Horlicks' products' benefits for
children's health and wellbeing. Identify the target schools, activities, and resources required for
the campaign. Developing a comprehensive school campaign will require investment in campaign
planning and management resources, such as project managers and event planners. The cost can
range from BDT 4,250,000 to BDT 8,500,000.
4.6.2.2 School Partnerships:
Partner with schools and educational institutions to launch the campaign. Develop relationships
with teachers, parents, and students to create a positive brand image. Partnering with schools and
educational institutions will require investment in relationship building and resources such as
school liaison officers. The cost can range from BDT 4,250,000 to BDT 8,500,000, depending on
the number of schools involved.
4.6.2.3 Event Planning:
Organize events in schools, such as health and nutrition workshops, fun games, and contests, to
engage with children and promote Horlicks' products. Organizing events in schools will require
investment in event planning and management resources, such as event coordinators and supplies.
The cost can range from 8,500,000 to BDT 21,250,000, depending on the number of events and
their scale.
4.6.2.4 Product Sampling:
Offer free product samples to children during the events and encourage them to try the products.
This can increase their awareness of Horlicks' products and their benefits and create a positive
brand experience. Offering free product samples will require investment in product supplies and
17
logistics. The cost can range from BDT 4,250,000 to BDT 8,500,000, depending on the number of
samples and the locations.
4.6.2.5 Digital Campaign:
Launch a digital campaign, such as social media ads, videos, and online quizzes, to reach a wider
audience and promote the campaign message. The digital campaign can also encourage children
and parents to share their experiences with Horlicks' products and participate in the campaign
activities. Launching a digital campaign will require investment in digital marketing resources,
such as social media managers and content creators. The cost can range from BDT 8,500,000 to
BDT 21,250,000, depending on the scale of the campaign.
Total capex for Phase 2 can range from BDT 29,750,000 to BDT 68,000,000. Total invest will be
BDT 20,000,000 to launch a school campaign aimed at educating children and their parents about
the benefits of Horlicks. By creating brand awareness among the younger generation, Horlicks can
expect to see an increase in demand for its products. Assuming a 2% increase in market share,
Horlicks can potentially generate an additional BDT 100,000,000 in revenue. The estimation is
based on the assumption that launching a school campaign will help create brand awareness among
the younger generation, which will result in an increase in demand for Horlicks products. A
conservative estimate of a 2% increase in market share is used, which is based on the impact of
similar campaigns run by other brands.
4.6.3 Phase 3: App Development
Keeping pace with the existing technology and attracting the ultra-health-conscious customer base
is the main challenge in the market expansion program. Here, developing a digital platform will
have significant impact. The strategy for the same is discussed below:
18
4.6.3.1 App Design:
Develop a mobile app that provides parents with personalized nutrition and health advice for their
children. The app can include features such as meal plans, fitness tips, and health trackers.
Developing a mobile app will require investment in app design and development resources, such
as app developers and designers. The cost can range from BDT 21,250,000 to BDT 42,500,000,
depending on the app's complexity and features.
4.6.3.2 User Acquisition:
Launch a digital marketing campaign to acquire users for the app. This can include social media
ads, search engine optimization, and influencer marketing. Launching a digital marketing
campaign to acquire users will require investment in digital marketing resources, such as social
media managers and paid advertising. The cost can range from BDT 4,250,000 to BDT 8,500,000,
depending on the scale of the campaign.
4.6.3.3 Content Creation:
Develop engaging and informative content for the app, such as blogs, videos, and infographics.
The content can educate parents about Horlicks' products and their benefits and promote healthy
habits for children. Developing engaging and informative content for the app will require
investment in content creation resources, such as writers and video producers. The cost can range
from BDT 8,500,000 to BDT 21,250,000, depending on the amount and quality of content.
4.6.3.4 In-App Promotions:
Offering promotions and discounts on Horlicks' products to app users will require investment in
product supplies and logistics. The cost can range from BDT 4,250,000 to BDT 8,500,000,
depending on the scale of promotions.
Total capex for Phase 3 can range from BDT 38,250,000 to BDT 80,000,000. Horlicks will invest
BDT 15,000,000 to develop an app that offers nutritional advice and engages with customers. By
providing value-added services, Horlicks can improve customer retention and loyalty. Assuming
a 1% increase in market share, Horlicks can potentially generate an additional BDT 50,000,000 in
19
revenue. the estimation is based on the assumption that developing an app that offers nutritional
advice and engages with customers will help improve customer retention and loyalty, which will
result in increased revenue. A conservative estimate of a 1% increase in market share is used,
which is based on industry benchmarks and the performance of similar apps in the market.
4.6.4 Phase 4: Reality Show
Through a reality show we can easily communicate with the another fanbase and potential
customer pool from the television viewers. The details have been discussed below.
4.6.4.1 Show Concept:
Develop a reality show that promotes Horlicks' products and its mission to support children's health
and wellbeing in a fun and interactive way. The cost can range from BDT 8,500,000 to BDT
17,000,000, depending on the amount and quality of content.
4.6.4.2 Show Format:
Create a show format that involves physical and mental challenges, mentors, rewards, and
elimination. The show can test the contestants' knowledge of nutrition and health and promote
healthy habits. The cost can range from BDT 4,250,000 to BDT 8,500,000, depending on the
amount and quality of content.
4.6.4.3 Contestant Selection:
Select contestants through an audition process that tests their physical and mental fitness and their
knowledge of nutrition and health. The contestants can be children between the ages of 8 and 12.
The cost can range from BDT 8,500,000 to BDT 21,250,000, depending on the amount and quality
of content.
20
4.6.4.4 Show Production:
Produce the show, including filming, editing, and post-production. The show can be broadcast on
TV or online platforms. The cost can range from BDT 42,500,000 to BDT 85,000,000, depending
on the amount and quality of content.
4.6.4.5 Promotions:
Launch a digital marketing campaign to promote the show. The cost can range from BDT
4,250,000 to BDT 8,500,000, depending on the amount and quality of content.
Total capex for Phase 4 can range from BDT 59,500,000 to BDT 119,000,000.
Horlicks will invest BDT 59,500,000 to produce a reality show that promotes its products and
mission. By creating an engaging and interactive show, Horlicks can increase brand awareness and
generate interest among the target audience. Assuming a 3% increase in market share, Horlicks
can potentially generate an additional BDT 150,000,000 in revenue. the estimation assumes that
producing a reality show that promotes Horlicks products and mission will create brand awareness
and generate interest among the target audience. A conservative estimate of a 3% increase in
market share is used, which is based on the impact of similar marketing activities run by other
brands.
4.7 Benchmarking the Source of Estimation: Comparing to Industry Standards
Overall, these estimations are based on industry benchmarks, previous performance data, and
assumptions made by considering the impact of each marketing activity on the brand's overall
performance. Please note that the actual market acquisition may vary to some extent based on
several factors such as competition, consumer behavior, and overall market trends.
Some general industry benchmarks and data points that are commonly used in market analysis and
estimation. Market research firms such as Nielsen, Kantar, and Euromonitor provide industry
benchmarks and insights on consumer behavior, market trends, and competitor analysis. These
benchmarks can be used to compare a brand's performance with that of its competitors and identify
areas for improvement. Historical sales and revenue data of the brand and its competitors can
provide insights into the brand's performance in the market and identify areas for growth.
21
In some cases assumptions are made based on the impact of similar marketing activities run by
other brands in the market. These assumptions are usually based on industry trends and the
performance of similar campaigns, apps, and shows in the market.
It is important to note that these sources are general and may not be directly applicable to the
specific market and industry in Bangladesh. The actual market acquisition may vary based on
various factors such as competition, consumer behavior, and overall market trends in Bangladesh.
Therefore, it is important to conduct a thorough market analysis and research before making any
investment decisions.
4.8 Visualization of the timelines: Tracking and measuring phase wise success
The success of proposed methodology depends on the proper and efficient execution plan. In this
case, all the four phases will be executed in parallel so that the project benefit can be observed in
the shortest possible span of time. An optimistic approach based on 1-year time frame is depicted
in table 4.8, which can be adopted for expansion of similar FMCG product.
The proceeding chapters use the developed methodology to analyze market characteristics for
Horlicks business. Together the developed theory and practical information gathered from field
survey a pragmatic assessment will be carried out regarding the probable solutions for optimum
expansion of Horlicks business.
22
Table 4.8: Gantt Chart for the phase wise execution plan
Apr-23
TASK
DAYS
1
8
S
S
May-23
15 22 29 6
S
S
S
S
13 20 27
S
S
S
Jun-23
3
S
10 17 24
S
S
S
Jul-23
1
8
S
S
Aug-23
15 22 29
S
S
S
5
S
Sep-23
12 19 26 2
S
S
S
S
Phase 1: AM
Penetration
Market
Research:
62
Distribution
Network:
93
Pricing
Strategy:
93
Product
Innovation:
62
Above-theLine
Marketing:
92
Phase 2: School
Campaign
Campaign
Planning:
62
School
Partnerships:
62
Event
Planning:
93
Product
Sampling:
123
Digital
Campaign:
31
Phase 3: App
Development
App Design:
51
User
Acquisition:
91
Content
Creation:
91
In-App
Promotions:
151
Phase 4: Reality
Show
Show
Concept:
51
Show Format:
91
Contestant
Selection:
91
Show
Production:
121
Promotions:
211
23
9
S
Oct-23
16 23 30
S
S
S
7
S
14 21 28
S
S
S
Nov-23
4
S
Dec-23
11 18 25
S
S
S
2
9
S
S
Jan-24
16 23 30 6
S
S
S
S
13 20 27
S
S
S
Feb-24
3
S
10 17 24
S
S
S
Mar-24
2
9
S
S
16 23
S
S
30
S
5.0
Activity Schedule: Chronologizing the Implementation Plan
A 1-year marketing strategy has been proposed for business growth of Horlicks using the
developed integrated approach.
5.1
Implementation process: Guiding Horlicks Business with the Innovation
The solutions derived are discussed likewise:
•
•
Focusing with the sachet packs/low price-point packs in Rural Bangladesh
Focusing with the larger packs/high price-point packs in Urban Bangladesh
Zone-wise marketing plans are illustrated in figure 5.1
Figure 5.1: Zone wise diversified marketing strategy for Horlicks
This will be ensured by doing the following under aggressive market penetration and school
campaign:
•
•
•
•
Differentiated activity for traders in relevant sachet packs in Rural Bangladesh.
Differentiated activity for traders in relevant large packs in Urban Bangladesh.
Doing consumer sampling or activation to touch the rural consumers in Rural
Bangladesh where we have targeted the traders.
Going door-to-door & in schools after school leaves to touch the urban consumers in
Rural Bangladesh where we have targeted the traders.
For this, the following activities have been suggested:
• 10% Trade Promotion on 18g packs in 165K rural outlets.
• 8% Trade Promotion on 500g pack in 115K urban outlets.
• Display of Horlicks Jars in 20K outlets.
24
• Sampling to around 1million households (and 4 million consumers assuming an
average family size of 4).
For the reality show (where we intend to test the show contestants' knowledge of nutrition and
health and promote healthy habits), the cost can range from BDT 4,250,000 to BDT 8,500,000,
depending on the amount and quality of content. Here, the idea is to also increase brand salience
and awareness amongst the contestants as well as their families and friends. As a result of this, we
are not assuming a direct uplift in sales. This can be considered as incremental investment which
will yield to the additional sales that we have calculated already basis the display program and
trade promotions.
In terms of e-RTM, we will launch a digital marketing campaign to acquire users for the app. This
can include social media ads, search engine optimization, and influencer marketing. Launching a
digital marketing campaign to acquire users will require investment in digital marketing resources,
such as social media managers and paid advertising. The cost can range from BDT 4,250,000 to
BDT 8,500,000, depending on the scale of the campaign. Currently, B2B sales contribute to about
5% of overall company business for Horlicks. We intend to drive 1.5 times the volume and make
it 7.5%. With this incremental 2.5% of e-RTM sales, we intend to cover up the total cost behind
the running & operations of the app. Currently around, 20 crores of revenue is generated via B2B
sales and we aim to take this to 30 crores with the help of this app.
5.2
Implementation schedule: Making the success
The Schedule for implementing the proposal in context of Horlicks business has been designed
keeping the following things in mind:
a. First, it must be ensured that the consumers are contacted via sampling and enough
demand is generated at consumer end before we load stocks in trade. Hence, the activity
of sampling will come before everything else.
b. Display will be ensured in subsequent months so as to make sure that the consumers,
when they go out in trade, can see the products “visibly” in the trade shelves.
25
c. 18G offer will be given every two months in a quarter and this three-month cycle will be
initiated from the (N+1) th month for first month will go in educating and making the
consumers aware of the product and its functional benefits.
d. 500G offer will be given every month in a quarter to ensure enough stocks are loaded in
trade and the demand generation is followed by secondary sales followed by off-take
from the shelves of Horlicks product.
Figure 5.2 paves the way to a 1-year project schedule for making the plan successful
JAN
FEB
MAR
18G OFFER
Y
Y
500G OFFER
Y
DISPLAY
Y
SAMPLING
Y
APR
MAY
JUN
Y
Y
JUL
Y
Y
Y
AUG
SEP
Y
Y
OCT
Y
Y
Y
Y
Y
Y
Y
Figure 5.2: Activity schedule for Horlicks business expansion
26
NOV
DEC
Y
Y
Y
Y
Y
Y
Y
Y
6.0
Cost-Benefit Analysis: Assessing Financial Viability
Table 6.1 details the cost and the benefit analysis resulting from these activities.
Table 6.1: Cost-benefit scenario using proposed methodology
Cost Calculation [Full Year]
TPR
TP/Unit
Per unit
Cost
Outlet No.
Total Cost
(BDT)
Total Cost
[in lacs]
10% on 18g in 165K
outlets
13.8
1.4
165,000
227062.00
2.27
8% on 500g in 115K
outlets
392.5
31.4
115,000
3611184.00
36.11
300.0
20,000
6000000.00
60.00
13.8
1,000,000
13761333.00
137.61
23599579.00
236.00
Display in 20K outlets
Sampling cost
13.8
Total cost
Benefit Calculation [Full Year]
TPR
Outlet No.
Extra
sales
Margin
Profit
ROI
18g
165,000
27,247,440
37%
10,081,553
31%
500g
115,000
63,195,720
33%
20,854,588
Display [to attract
shoppers]
20,000
Sampling [to induce
consumers]
1,000,000
Total benefit
90,443,160
30,936,140
For the cost calculation; on the first one, the cost has been calculated by multiplying the per unit
cost by 10% (amount of the TPR) and then multiplying that by the number of outlets in which we
will be doing the aggressive penetration with sachet.
On the second one, the cost has been calculated by multiplying the per unit cost by 8% (amount of
the TPR which is standard to beat the competition in the market) and then multiplying that by the
number of outlets in which we will be doing the aggressive penetration with Jar.
27
On the third one, the display cost has simply been calculated by multiplying the cost of one outlet
display (BDT 300) with 20,000 (the number of high value-contributing FCMP outlets where we
will target with display).
The last one is simply the sampling cost which is equivalent to the cost of giving away free samples
to 1 million families (assuming that 1 family has on an average 4 members – this would mean that
we are touching 4 million people with the samples). These families are the ones that our team shall
be contacting via door-to-door or after-school parents contacting.
For the benefit calculation, it has been assumed that 1 dozen sachets will be placed in 165K outlets
which will yield to a profit of BDT 10,081,553 in a year (given that the margin of this product is
37%). For jar, the same calculation has been done but instead of a dozen lines, it has been assumed
that 70% outlets will be purchasing at least 2 Jars in a year and that would yield to a profit of BDT
20,854,588. Display and sampling to school-going guardians have been taken as the investment
needed to drive the shoppers and consumers to trade and for these 2 aspects, direct benefits have
not been calculated. This has yielded to a total benefit of BDT 3.09 crores over an incremental cost
of BDT 2.36 crores, which gives us an ROI of 31%.
We have not included the incremental benefits from the app or the reality show here since we are
considering these as investments. This would give us dividends in the long run and hence, we are
not incorporating any additional costs/benefits from these two segments.
6.1
The Interpretation: Enlightening the Punch Points
The main punch points are that the sampling and display will lead to consumers and shoppers
flocking the trade with demand for the products and the off-take of our products will happen. And
at the same time, the penetration of trade with relevant SKUs in proper channel (such as sachet in
Rural and Jar in Urban) will ensure that when the shoppers go to trade to ask for the products, they
will be able to access those products. For the traders, it will be a win-win since he will see a clear
pace in the off-take of the products and that would lead him to reload his trade shelf as soon as the
products have been sold off. Also, it will be very important that the field team (execution team) is
completely aligned with these plans and have their manpower trained well enough to be able to
28
place the products in the right number of outlets. For this, each of the distribution houses would
need to have training sessions conducted within their morning meetings to refresh the benefits of
the nutritional products that Horlicks is.
On the other hand, all the school campaign, digital app and reality show will boost the marketing
impact in enhancing brand image and cement the place as the most trusted brand in the children as
well as the guardian’s mind. This will give the additional boosting of traditional marketing plant
that existed with or without this project.
The digital app itself will increase the digital sells through the very own U-shop as it will directly
link with the customers from app to the company opening up opportunities to trade directly at a
far discounted price as distribution margin is totally eliminated here. It will untimely encourage
the customers to go for ordering from the very own online shop of the company and boost the
already available web sells channel.
All these initiatives are expected to increase the brand growth from traditional 8% target to
projected 12%. This will cause an additional 4% growth in the market which will help the projected
growth of this year from BDT 237 crore (Current market BDT 220 crore) to increase to BDT 247
crore with BDT 10 crore contribution from this project. Along with the growth entirely enhanced
brand image and additionally new market pool will be also the achievement of this project.
29
7.0
Recommendations: Paving the Way for Future
In order for the business to grow sustainably, a 360-degree approach needs to be taken. This would
involve effective marketing of the products and its nutritional benefits & constant reminding to the
target market about the product benefits. On the sales end, effective penetration as per the shared
plan in the designated number of outlets with trained salesmen who would have to believe in the
proposition of Horlicks in order to place it in the right channels. Also, effective marketing to the
doctors regarding the importance of Horlicks consumption amongst patients of all ages would be
key to the successful expansion of this brand.
In case there are any political unrest or geographical complexities, a robust plan should be there to
serve the markets via selling to traders via app (B2B) and to serve the wholesalers of the country
with proper pricing and compliance check. Hence, at the heart of succeeding in the business in
2023, the following should be pivotal:
✓ Proper distribution in the 280K outlets (urban and rural combined)
✓ Display effectively ensured in 20K top-value FCMP (full cream milk powder) outlets.
✓ Marketing campaigns rolled out as described in the course of this report.
✓ Reality show and App roll-out implementation.
✓ Targeting B2B sales (1.5 times current sales) in 2023.
✓ Contingency plan involving wholesale in case there is any political unrest/unforeseen
emergencies arising in the country.
✓ Effective & consistent communication of the functional benefits of Horlicks to the target
market throughout the year, more so during the pre-winter period.
30
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