Contents
Letter of Transmittal ......................................................................................................................... 2
Executive Summary; ........................................................................................................................ 3
Company Profile: ............................................................................................................................. 4
Current market situation:................................................................................................................ 4
Assessment of 4Ps ........................................................................................................................ 5
Product ...................................................................................................................................... 5
Pricing ........................................................................................................................................ 7
Place .......................................................................................................................................... 7
Promotion .................................................................................................................................. 8
Competitive Review .................................................................................................................... 8
Objectives of Existing Product (Tasty Tibet - Frozen Momo):.................................................. 12
Issues of Existing Product: ......................................................................................................... 13
Objectives of New Product ......................................................................................................... 13
Issues of New Product: .............................................................................................................. 14
Marketing Strategy ........................................................................................................................ 14
Product Strategy: ....................................................................................................................... 14
Product line: ............................................................................................................................ 15
Brand Development Strategy: ............................................................................................. 15
Pricing Strategy .......................................................................................................................... 16
Coverage Strategy:................................................................................................................... 16
Conflict: ....................................................................................................................................... 16
Marketing Communication Strategy ......................................................................................... 17
Advertising: ................................................................................................................................. 17
Vehicle Promotion: ................................................................................................................ 17
Billboard: .................................................................................................................................. 17
Public Relations: ......................................................................................................................... 17
Sales Promotion: ......................................................................................................................... 18
Conclusion: ..................................................................................................................................... 22
References:..................................................................................................................................... 22
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Letter of Transmittal
10th, December 2023
Zakia Binte Jamal
Course instructor, MKT 201
School of Business and Entrepreneurship
Independent University, Bangladesh
Subject: Submission of Marketing Plan report of frozen item.
Dear Ma’am,
This is to inform you that we have completed the assignment that had been given to us for the
course MKT201 for the semester of Autumn 2023. For the report, we have chosen the company,
tasty Tibet.
We have chosen frozen chicken momo as an existing product and brought a new product into the
product line. While drafting this report, we followed the instructions that you gave us in class and
we have also applied relevant information that we have learned through our course. We have
defined our product, core competencies, strategies, and marketing mix. The contents provided in
this report are all our own though some information and references have been taken from various
sources to facilitate our report.
Therefore, we will be glad to clarify any discrepancy that may arise and we hope that this request
will merit your approval.
Finally, we would like to express our gratitude for your supportive thoughts and kind consideration
in and outside of the class.
Sincerely,
Team Thunderbolts.
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Executive Summary
Tasty Tibet Momo is a vibrant food service business that specializes in making and serving Tibetan
momos to a wide range of customers. Our dedication to maintaining classic flavors while
welcoming innovation has made us stand out as the top supplier of momos in the frozen food
industry. The segmentation is predicated on behavioral as well as geographic variables. It is more
likely that momos will be sold in both hot and cold regions. These days, we utilize demographic
segmentation to group people according to age and stage of life. The product line is made with a
broad audience in focus. Tasty Tibet produces mouthwatering momo by using only the best
ingredients and employing a highly skilled workforce.
The company is deliberately introducing a ground-breaking addition to its repertoire—colored
momo with lemon chicken—to accomplish this ambitious purpose. This innovative effort at
product diversification in the frozen goods industry not only responds to changing consumer
preferences but also tackles Bangladesh's climate-related issues. The main objective is to expand
the line's size and add new flavors in an attempt to draw in new customers and target markets that
haven't been served before.
Tasty Tibet aims to strengthen its brand identity and capture new markets by utilizing line
extension strategies and closely monitoring the fundamental aspects of consumer needs as well as
the finer points of product design, packaging, and quality control. This will help the company
maintain its position in the highly competitive market landscape of the region and beyond. We
intend to offer colored momo with lemon chicken in as many urban and semi-urban parts of
Bangladesh as we can. Public relations, sales promotion, and advertising will all be included in the
Tasty Tibet marketing communication mix.
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Company Profile
Tasty Tibet Ltd. is a Bangladesh-Singapore joint venture company established in Dhaka in
November 2017. Currently, the company produces and sells a variety of Tibetan-based momos
through an ever-expanding network of own and franchise outlets in Dhaka. The company is led by
Sabbir Rahman Tanim, a young Bangladeshi entrepreneur with a huge love for exotic food. The
brand hopes to introduce its momos, other Tibetan ready-to-eat food, and packaged foods to
countries all over Asia soon. The tagline of Tasty Tibet is “It's momo time.”
Current market situation
The market for momo has become extremely competitive due to the abundance of local brands
that offer nearly identical flavors. Momos are a modern-day favorite that can be enjoyed at any
stage of life. Both behavioral and demographic segmentation are used. To account for individuals
of varying ages and life stages, the demographic segmentation component is employed.
Additionally, since people enjoy eating momos on a variety of occasions, this tendency is classified
as behavioral segmentation.
The product line is made to accommodate a broad spectrum of users. Children would most likely
enjoy chicken basic momo, for instance, since it's not spicy. Adults and grownups enjoy a variety
of flavors, including spicy ones. Most of the time, we employ unique marketing techniques.
Because every product has a unique flavor and taste, they should all be marketed differently. Just
as not every customer would purchase a single product, not every product would appeal to every
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customer. To reach the target customer base, a different marketing strategy is used for the extra
premium product line.
Other frozen momo brands sell momos with flavors similar to ours, but we differentiate our
products and image to gain a competitive edge. The best quality is ensured and packaging is used
to accomplish this long-term, Tasty Tibet is thought to be the greatest momo vendor in the area.
Assessment of 4Ps
A food company called Tasty Tibet makes and markets a range of frozen momo and kababs with
Tibetan influences. The following is an evaluation of the four Ps of marketing and the state of the
market for their frozen momo area.
Product
Tasty Tibet currently has 7 products in the momo category, all of which are frozen options. They
are –
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1. Chicken basic momo – The long-time
best seller momos come with the
authentic taste of Nepali chicken
2. Chicken chili momo - filled with
chicken and chili for species lover
3. Chicken cheese mushroom momo filled with chicken, cheese and
mushroom
4. Beef Momo - filled with juicy and
spicy meaty beef
5. Mixed vegetable momo - filled with
mixed vegetables for the vegetarians
and health-conscious
6. Lobster momo – a delicacy for the
seafood lover filled with fresh lobster
meat, secret herbs, and species
7. Cheese Spinach momo - filled with
cheese and spinach
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Pricing
If Tasty Tibet wants to take a healthy market share from its rivals, it must provide exceptionally
attractive incentives and prices.
For example, the prices of the 12pc pack and 24pc pack of all the mentioned variants are as follows:
Product name
12ps price
24ps price
1 Chicken basic
momo
285Tk
535 Tk
2 Chicken chili
momo
285 Tk
535 Tk
3. Chicken
cheese
mushroom
momo
360 Tk
715 Tk
4 Beef Momo
360 Tk
680 Tk
5 Mixed
vegetable momo
180 Tk
350 Tk
6 Lobster momo
395 Tk
700tk
7 Cheese
Spinach momo
240 Tk
475 Tk
(Source: Chaldal,Pandamart 2023)
Place
Tasty Tibet corporate office is located in Flat B8, House 47, Road 27, Block – A / Dhaka, Dhaka
1213, BD. Tasty Tibet distributes their products all over Dhaka through Facebook, chaldal.com,
pandamart, etc and also distribute to the frozen sections of super shop like unimart,shopno , Meena
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bazaar etc .They started delivering all over Chittagong through Shopno, Meenabazar, Khulshi
Mart, halisahar mart, and Chittagong club .
Promotion
Tasty Tibet markets its frozen momo to a variety of fast-food-loving demographics in our society,
such as adults, teenagers, and students. Tasty Tibet employs a variety of marketing strategies to
spread the word about their products to consumers, including radio, magazine, billboard,
distribution at grocery stores, and television and leaflet advertisements. Sales will rise as a result.
Lately, its advertisements have been making the rounds on social media platforms like Facebook,
Instagram, and YouTube.In addition to these marketing tactics, word-of-mouth marketing has
helped them establish themselves as a well-known momo brand in Dhaka, Bangladesh.
Customers who are happy with Tasty Tibet tell others about it, increasing the company's pool of
future clients.
Discounts and combo offers are also often provided to attract new customers.
Competitive Review
A competitive evaluation involves a thorough analysis of your industry's competitors and the
competitive landscape. The usual contents with momos are a combination of veggies, spices, and
meat (such as chicken, lamb, or buffalo). Momos are commonly steamed or fried, with the dough
consisting of flour and water. A dipping sauce, including components like vinegar, soy sauce, and
red chili is typically served alongside them. There are already some products in the market for this
category. There are many direct competitors in the market such as;
1. Jhatpot.
2. Paragon.
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3. Motka Cha and Momo.
4. Wow Momo.
5. Snakar.
6. Delifrost.
There are also some indirect competitors such as;
1. Sausage.
2. Nuggets.
3. Chicken samosa.
4. Chicken roll.
Company names Kazi Farms, CP, Gloden Harvest.
Every product has its distinct qualities, which are chosen based on the consumers' tastes and
financial situation. Although the market is filled with products, it is essential to evaluate direct
rivals to succeed. A quick study of the direct rivals is provided in the table below.
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Brand
Jhatpot
Description
1. Easily available at
supermarkets such as
Shwapno, Agora,
Menna Bazar and
more.
Size
Price
Picture
Description
250g
180tk
Only provides
frozen chicken
momos.
250g
290tk
Only provides
frozen chicken
momos.
2. Online shops such as
Panda Mart, Chaldal,
etc.
Paragon
1. Easily available at
supermarkets such as
Shwapno, Agora, Menna
Bazar and more.
2. Online shops such as
Panda mart, Chaldal, etc.
Wow
Momo
Available at their shop.
Chicken 190 to
momo
210tk
Also provide frozen
momo.
Chicken 210 to
cheese
230tk
momo
ctc
Snakart
Available at Big Basket.
300g
257tk
Provide frozen
chicken momo, veg
momo etc
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Motka
Cha and
Momo
Available at Chef Cart.
12pcs
230tk
Provide chicken
momo
Delifrost
Available at some super
market.
16pcs
220tk
Provide chicken
momo
Sales
10%
Tasty Tibet
9%
Paragon
Jhotpot
23%
58%
Wow Momo
With 58% of the frozen momo market, Tasty Tibet is the largest market share holder. Yet, because
of strong demand, tasty tea is today more readily available. First-hand data is used to create this
information. Many superstores, including Agora, Menna Bazar, Shwapno, and Unimart, were
contacted to get the data. The four brands have each been given a rough market share percentage.
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Objectives of Existing Product (Tasty Tibet - Frozen Momo)
● Marketing tactics should be in line with the targeted placement of the product in the market.
● Create the groundwork for a thorough marketing strategy that spans the whole life cycle of the
product.
● Make good use of various distribution channels to fulfill sales objectives and
replenish reseller inventory.
● Inform the intended consumer base of the special qualities and advantages of the product.
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Issues of Existing Product
● Miscalculated the market's true size and potential.
● The product's design elements don't adhere to customer requirements or
preferences.
● Misaligned product positioning with consumer expectations or needs is known
as incorrect positioning.
● Released the goods during a bad period.
● Packaging functionality or design is not in line with what is convenient for the
consumer.
● Inadequate or inefficient advertising and marketing initiatives.
● Influence of senior executives who support particular concepts even in the
face of subpar
marketing research results.
Objectives of New Product (Frozen Colored Momo With Lemon Chicken)
● The target market's tastes and demographics should be precisely defined and
understood.
● For the new product, develop an appealing value proposition.
● For efficient market penetration, plan your sales strategies and techniques.
● A target market share % should be your goal.
● For the first few years after the product launch, set profit targets.
● For the new variation, decide on a suitable pricing plan.
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● Create a strategy and set up efficient channels of distribution to deliver the
product.
● Set aside a specific amount of money for marketing throughout the first year.
● Establish long-term growth objectives and sales targets.
● Establish clear financial goals for the product.
Issues of New Product
● For the new product, expect slow early sales growth.
● Reduced profit margins are anticipated as a result of high promotion and
distribution costs for sales.
Marketing Strategy
Product Strategy
Introduction of new product
We are expanding the product line to include chicken with lemon and color. Currently, our momo
product line comprises just one item: colored momo with lemon chicken. For those who enjoy
consuming a variety of momos, this is also for you. The taste, texture, and packaging have all
changed. Gaining as much market share as we can when we join the frozen goods sector is our
goal. Momos lovers will be delighted to sample our new items as well.
This product's new edition is an expansion of the Frozen Momo variation. The color was initially
changed by reformulating it. Considering the oppressive humidity in Bangladesh, this new
consistency would be ideal for new generation momo. We are going to add lemon to the chicken,
which is the second modification. Lemon's soothing and soothing effects could help reduce the
acidity of fast food. Thus, this product will not only have a fresh taste from momo, but it will also
reduce acidity. Our goal is to deliver the best possible service to ensure that every moment is
valued.
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Product Level: Our products have two levels. There are:
•
Core level product
•
Actual level product
A core-level product is a simple solution that examines the fundamental issue, in this case, the
need for momo-colored momo with lemon chicken. The actual level product is made up of
numerous components, including features of the products and services, their design, brand name,
packaging, and quality level. Since this company is well-established and currently holds the
majority of the market, these elements must be properly controlled; otherwise, our market share
may decline.
Product line
The new product, as earlier said, will fall under the frozen momo category, which now only offers
one product: colored momo with lemon chicken. The primary goal is to target new markets and
client groups that we haven't yet reached by expanding the product line and adding additional
flavors. The momo market has gotten more specialized, so to gain new clients and consumer equity,
we must create new tastes and goods that are similar to this.
Brand Development Strategy
Tasty Tibet has decided to pursue Line Extension as one of the four Brand Development Strategies,
introducing their new flavor, colored momo with lemon chicken. This is because momo, which
falls under the frozen products section, is the same product category as it's been beforehand. In the
same way, colored momo with a lemon chicken flavor will be introduced under the Tasty Tibet
brand. As a result, line extension is the brand development strategy being used with the new
product creation.
Price
Our new version product will be reasonably priced so that our clients can purchase it with
ease.Consumers can purchase it easily and use it whenever they need it. In order to ensure that our
customers are happy with the new edition product pricing, we have given it a lot of thought.We
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have determined that the price of our new momo will be 295tk for a 12-piece pack and 545tk for
a 24-piece pack.
Pricing Strategy
The product line pricing strategy, in which a company sets various price points for a range of
related products within a product line, is the pricing strategy that will be applied to this product.It
considers the price differential between products in the line, the features that customers find most
appealing, and the prices of competitors.This strategy offers a range of products at varying price
points in an effort to maximise overall revenue and attract different market segments.The new
lemon chicken coloured momo is an extension of our current line; however, it has a new variation
and a new price that is more in line with what it is now.Distribution strategy.
Tasty Tibet corporate office is located in Flat B8, House 47, Road 27, Block – A / Dhaka, Dhaka
1213, BD. Tasty Tibet distributes their products all over Dhaka through Facebook, chaldal.com,
pandamart, etc, and also distribute to the frozen sections of super shop like unimart, shopno, Meena
bazaar, etc. They started delivering all over Chittagong through Shopno, Mina Bazar, Khushi Mart,
halisahar mart, and Chittagong Club.
Coverage Strategy
We plan to implement a comprehensive distribution strategy to increase our market presence,
utilizing the benefits of our long-term relationships with reliable wholesalers and retailers. Our
primary goal is to ensure that everyone in Bangladesh's urban and semi-urban areas has access to
Colorful Lemon Chicken Momo. This isn't just a sales push; it's a well-thought-out strategy to cast
a brighter light on our distinct flavor, hoping to improve how people perceive our brand and carve
out a more significant place for ourselves in the market.
Conflict
Because Tasty Tibet and retail intermediaries have different opinions about market saturation and
which way is better for sales—direct or indirect—they are in direct conflict over vertical channels.
This conflict results from a mismatch between goals and plans, underscoring the necessity of
finding a solution to guarantee efficient allocation and shared success. Harmonizing the
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relationship between Tasty Tibet and its retail partners requires striking a balance between these
divergent viewpoints.
Marketing Communication Strategy
Advertising, sales promotion, public relations (PR), billboards, and vehicle promotion will all be
a part of Tasty Tibet's marketing communication mix approach. Brands in the modern world need
to adapt to new marketing communication landscapes due to shifting consumer behavior, shifting
marketing strategies, and advancements in communication technologies. Our choice for abovethe-line promotion is persuasive advertising; for below-the-line promotion, it is sales promotions,
public relations, vehicle promotion, and billboard activity.
Advertising
The key goal of this will be appealing advertising, as our main goal is to draw in and convince
clients. This will guide the creation of both television commercials (TVC) and online video ads
(OVC). With the OVC, which will air on social media platforms like Facebook, Instagram,
YouTube, and others where ads can be targeted directly, our target market will be introduced to
our newest offering; but, the TVC will allow us to reach a larger audience.
Vehicle Promotion
By using vehicle promotion, we can get customers to buy our goods.
Billboard
Billboards will be used for advertising in urban areas. This will raise demand for our goods and
enhance consumer awareness of it.
Public Relations
A business is more than just its dealers, suppliers, and consumers. It also needs to appeal to a
sizable portion of the interested population. Any group that has an interest in a company's product,
whether real or potential, is considered the public. Product promotion is done through PR. In order
to make its products look more authentic and credible to customers, Tasty Tibet will employ PR
techniques including sponsorship, fresh narratives, features, events, and so on.
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Sales Promotion
We can offer a variety of sales promotion activities as a means of rewarding our clients. Here are
our current sales promotions:
• Free gifts: Giving out free items, including tickets to concerts, amusement parks, or tourist
attractions, may entice customers to buy more ice cream.
• Buy one, get one free: Customers frequently find buy-one-get-one-free promotions to be alluring.
Customers who buy one packet of colored momo with lemon chicken will receive a second, same
sized packet of momo with lemon chicken completely free of charge.
• Price discounts: When intermediaries like wholesalers and retailers buy in bulk, they might
receive discounts on prices.
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Conclusion
Tasty Tibet is a renowned brand. It presents a wide variety of products, including recently
introduced items like colored momo with lemon chicken. Through its active participation in food
festivals, community activities, and charitable endeavors, the brand was able to forge stronger
connections and gain support from the local community. With our new product, Colored Momo
with Lemon Chicken, we now intend to expand our product line. To increase the popularity and
reach of Tasty Tibet Momo, explore branching out into new markets, adding more products to the
lineup, or forming partnerships with other food companies. We can guarantee a higher quantity of
customers in this method.
References
1. Facebook. (n.d.). Retrieved from https://www.facebook.com/search/top?q=tasty%20tibet
2. Linkedin Corporation. (n.d.). Retrieved from https://www.linkedin.com/company/tastytibet/about/
3.Philip Kotler, G. A. (n.d.). Principles of Marketing 13th Edition. Pearson.
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