An entrepreneur who
starts business have a chance to choose niche product. Market analysis needs to
produce niche product. Generally developing country is major resource to do
target niche market. There are some south Asian countries. These are India, Sri Lanka including Bangladesh & so on. If I have a targeted country to
research niche product, it is better to complete this content. Since,
Bangladesh is 3rd world developing country and depends on local
market especially in food production. Thus, food industry related niche product
will be more prefer for entrepreneurs especially in developing countries. But
here have some problems to identify niche product. So first of all, need to
know what is a niche product?
Niche product is such
product which is targeted or designed to fill a specific need for a demographic
area and its market is small but profitable. In Bangladesh, food related niche
product would be better. In this sense, I have chosen “White chief’’ as a niche
product. This niche product which name potato white chief is a crucial fact when,
I am identifying for niche product in the Bangladesh. To identify “White
chief’’ in Bangladesh as niche product, there are some reason.
I.
Its target market is ‘Chandpur’ district
in Bangladesh which focus a specific demographic area,
II.
In Bangladesh potato white chief market
is so slight,
III.
Remove lack of tasty chiefs,
IV.
Become more efficient and profitable
V.
Unique product
This white chief niche product
is produced by “Chandpur Food” and its niche product name is ‘Potato
White chief’. This firm has a short description. It is not
renowned food firm but carry on successful actions. “Chandpur Food” is founded in
2013. This firm first had produced white chief which is made with ghee.
Now Chandpur Food is producing a large variety of chiefs to capture potato
chief market in Bangladesh. Though this firm was an intention only to capture
Chandpur potato chief market, but now it has changed their market policy and
going to introduce Capital city Dhaka.
What is the difference
between general chief and white chief? To understand white chief it is crucial
fact. White chief means potato white chief which is produced by Chandpur Food,
it fries directly with ghee and then packing where general or as usual potato
chief after frying with oil & then it is manufactured by a producer with
colourful pack.
Quality
and price are two mutual fact for a niche product. Because price is considered
by product quality. Base on quality “potato white chief” is the best
potato chief than existing local potato chiefs in Bangladesh. It is very tasty
and it fries with ghee. It is crisp when someone it is eating. But its packing
is very low quality. There is nothing any colourful pack to attract customer.
Just very simple pack which is generally or as a usual colourless pack. Each
potato white chief size is little more than existing band potato product. Price is twenty taka means (25 cents)
which is slightly
more than existing brand potato in Bangladesh. It is noted that Bombay potato
chief is twelve taka and Pran potato crackers is ten taka and both of them are
main the competitor for Potato white chief. Price would be perfect when it is
counted by quality. Though white chief has no customer feedback to count; is
this price perfect or not. But every marketer sets product price under the
considering product quality and costing which is expensed to producing that
product.
After selecting niche product need to find out who
are the real customers to purchase this product. Since, “Potato white chief’’ in
Bangladesh is a niche product of Chandpur district. So, the main customers of
this chief are people of Chandpur district who regular purchase or take
existing brand chief. If we find based on age who are real customers to
purchase white chief then it is clear that 13 to 30 age people would be
consider to purchase this product.
There is a challenge for niche product which is
determined by ‘competitors’. Since research product is potato chief related. So
existing brand like Bombay food, Pran potato crackers, and so on those company
which already produce as usual potato chief; would be consider as competitors. Also,
local lower quality chief producer may compete against white chief.
How niche products is
marketed? It
is another crucial question about niche product. Someone has an advantage if he
is a producer of a niche product. Since niche product is a unique product in the
market, there is an opportunity to attract a large customer. If we have a
quality niche product and have done homework with market strategy then we are
running with success. There is nothing need to take campaign, which is
expensive, traditional or modern advertise campaigns. Foremost of all, you have
to measure your ability to expense on marketing. Then you will need which is the
best way to do marketing about your niche product. You may use digital marketing
using Search engine, social media marketing, online marketing and creating a YouTube
channel or you can promote yourself as an expert for your niche product.
In the area of niche markets, all experts suggest
that self-development for niche product is a way to do marketing. Because it is
easy to do for niche producer like customer handling, giving information to the
customer about niche product, customer engagement etc.
Chandpur Food has no any good marketing
policy for “Potato white chief”. They use a traditional marketing policy
to promote their white chiefs. They apply agent to do their marketing,
especially to shoppers. But it is not the effective marketing way to increase
sell their niche chief product. The customer really doesn’t know how is tasty
to consume or about white chief quality. The authority expects when this chief
is hanging in retail store or shop place, then customer would be attracted to purchase
this product.
Our research niche product for “Potato
white chief” have an opportunity to do marketing. ‘Chandpur Food’ firm
can do marketing using internet. Since our customer age ‘Between’ 13 to 30. We
can use online marketing channel like YouTube channel or Facebook page because
a large number of people of Bangladesh are engaging in online, especially
social media like ‘Facebook’ & ‘You tube’ channel where 1 billion users are
available. ‘Chandpur Food’ can create a 'Page on Facebook' and can do paid
marketing on Facebook. Facebook or Video marketing in YouTube is a most of
effective and targeted marketing way to expense little amount. This marketing
can do target a specific country or any place around the world. For example –
Chandpur district in Bangladesh may be a targeted area. When campaign would be
set by anyone on Facebook then a several time various people would see a
sponsored page about white chief especially who have interest to the chiefs. In
this way, Chandpur can increase their fan page like and can increase their
sale. Besides, twitter is another social media marketing platform where is to increase followers.
At the end of topic, have some recommendation
about ‘Potato white chief’ which is a niche product at Chandpur
district in Bangladesh. These are under the below-
o Since it is a niche product;
so need to do marketing in a proper way so that increase customer attraction to
the product.
o ‘Potato white chief’ have no any
good packing; to compete with competitors need to change their common package.
o ‘Potato white chief’ have sixty days expire date
where another chief have long term expire date so it is obstacle to increase
sale. It is recommended that expire date should be long term like at least 6
months.
o Manufacturing or machineries
don’t apply to produce potato white chief, but it may create a doubt in customer's
mind.
