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Establishing mid premium brand in lower middle income economy: Context Bangladesh

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Establishing mid premium brand in lower middle income economy: Context Bangladesh

  1. 1. Second International Conference on Business Research, 2016
  2. 2. Rifat bin Salam Establishing brand in mid premium segment in lower middle income economy: Bangladesh context by Rifat Bin Salam Consumer Insight Professional
  3. 3. Rifat bin Salam THE CONTEXT OF THIS RESEARCH Over the past few years, Bangladesh posted steady growth in GDP Youth demography Growing Urban Population Growing middle class Huge in flow of remittance
  4. 4. Rifat bin Salam GROWING MIDDLE CLASS SEGMENT Evolving middle class group is catalyzing the development. SEC A SEC B SEC C SEC D SEC E 2% 5% 14% 20% 59% 1991 4% 7% 26% 31% 32% 2011 5% 10% 35% 35% 15% 2021 (expected) Source: BBS and Bangladesh Bank
  5. 5. Rifat bin Salam CONSUMER OPTIMISM CATALYZING BUYING MORE Rise of middle and affluent class from 7% to 17% by 2025 Brand in the front is a leading factor when purchasing followed by Price & Quality With the increasing purchasing power; consumers trust on brands, marketers job is to create and sustain the loyalty and trust. Source: BCG report Oct’15
  6. 6. Rifat bin Salam
  7. 7. Rifat bin Salam THEREFORE, THE HYPOTHES Upgradation of the economic stature of the country makes consumers shift from mass products to mid-premium products/brands.
  8. 8. Rifat bin Salam CENTRAL QUESTION – How to build mid- premium brand for lower middle economy like Bangladesh?
  9. 9. Rifat bin Salam Economic Pyramid Brand Pyramid Need Pyramid Culture of necessities Culture of Abundance Market for the mass level products/brands Market for the premium products/brands Affluent Affinity Esteem Middle income Meet need Social Lower Middle Different Safety Lower Awareness Basic THE FRAMEWORK
  10. 10. BRAND: A product which has clear purpose and positive perception in consumer mind MID-PREMIUM: Not mass not premium but affordable for the growing middle class. LOWER MIDDLE INCOME ECONOMY: GNI (gross national income) more than 1,000 USD
  11. 11. Rifat bin Salam KEY LERANINGS
  12. 12. Rifat bin Salam MID-PREMIUM MEANS SOMETHING TANGIBLE TO BANGLADESHI HOUSEHOLD “If I pay more for a detergent it must clean faster than what I get from my current brand. ” Tangible benefits of product or services will be the gateway to touch middle and affluent class. Need for Visible differentiation
  13. 13. Rifat bin Salam MASS BRANDS WOULD BE TAKING UPWARD SHIFT “Why not trying something else, when I have other options. ” Willingness to buy better and expansion of brand and category will force mass brands to take an upward shift.
  14. 14. Rifat bin Salam MID-PREMIUM BRANDS NEED TO TOUCH ESTEEM OF GROWING MIDDLE CLASS “I feel like someone is there for me to recognize my efforts for doing all chores. ” Touching aspiration is key.  Sense of superiority
  15. 15. Rifat bin Salam MORE VARITY WITHIN THE BRANDS MEANS VIBRANT IMAGERY “This ice-cream brand is like an old man it has very limited variety ” Moving up & down within the brands will be increasing to see enhanced value.
  16. 16. Rifat bin Salam MARKETING GIMMICK WILL BE CHALLENGED “TVCs do talk about anything and everything but it doesn’t happen that way. ” Access to multimodal media will increase consumers to check and validate before taking final buying decision.
  17. 17. Rifat bin Salam > Only milk candies contain fresh milk! > Amla & coconut are only available in shampoo bottle, not in the tree itself! > Free talk time, data, SMS & bundle offer are the world’s biggest surprises! > Fairness cream has the magic of replacing few layers of your skin while sleeping! > Celebrities, butterflies, football, rose petals very often step out of the LCD television! > You will find rose petals in washing powder, beauty soap and in body lotion! > Lemon is everywhere ..soap, soft drinks, detergent, candies and so on! TYPES OF MKT GIMMICK WE SEE NOW-A-DAYS.. As if…
  18. 18. Rifat bin Salam Economic Pyramid Brand Pyramid Need Pyramid Culture of necessities Culture of Abundance Market for the mass level products/brands Market for the premium products/brands Affluent Affinity Esteem Social Middle income Lower Middle Meet need Different Safety Lower Awareness Basic CONNECTING THE DOTS More DI Increasing consumption Brands in a context when consumers have more economic freedom and continuously moving up  Needs for change in marketing strategy Social – Extrinsic value base Esteem is intrinsic value dependent
  19. 19. Thank you! 19

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