Different Product Attributes of Igloo Nuggets and Juice

 Executive Summary

Abdul Monem Ltd is a well known company in Bangladesh. They are especially popular for their Igloo Ice-cream. Every people in our country know about Igloo. Though, it is a well known brand, so our organization wants to introduce two new products under this brand. Igloo Nuggets and Igloo Juice is the two new product of Igloo brand. Without knowing the market properly it is quite difficult to introduce new product. In this report we did a research on these two products to know, which factors are most important to consider introducing these products in Bangladeshi market. By doing primary research, we collect five important factors which has great influence over these products to help customer to make their purchase decision. Availability, Taste, Brand Image, Price, Packaging are the five important factors. By making tow different questioners on these products, based on these five important factors we did survey. According to our survey analysis we got Taste and Price is the most important factors for the customer to make their purchase decision. It is a special recommendation for Abdul Monem Ltd, if they want to introduce Igloo Nuggets and Igloo Ice-Cream they have to focus on these two factors to get the customer response successfully.

Background 

Mr. Abdul Monem is the founder of the Company and empowered CEO of the Group. A Civil   Engineer by profession Mr. Abdul Monem masterminded the whole Group and its expansion and diversification to this venture. His descendants Mr. A.S.M. Mainuddin Monem a Business Graduate from Harvard Business School, USA, and Mr. A.S.M. Mohiuddin Monem an Industrial Engineer from North Eastern University, USA are the key management people and responsible for the Finance, Administration and Operational activities of the Group. The General Managers are the Chief Operating Officers of the three facilities Chittagong Beverage Unit (Chittagong), Comilla Beverage Unit (Comilla) and Ice Cream & Milk Unit (Dhaka).

The Company is manufacturing and marketing Igloo ice cream, country’s leading ice cream brand. Igloo is the pioneer ice cream brand in Bangladesh and started its operation in 1964 in Chittagong.

Later, with the expansion of market a new factory was established in Shampur Industrial Area, in Dhaka to cater the market demand. Presently, Abdul Monem Limited used the state of the art-straight-line technology for manufacturing the ice cream. Actually, Abdul Monem Limited is the first in the South East Asia to introduce this technology. The facility is producing nearly 20,000 Liters of ice cream each day that is distributed throughout the country.

Mr. Abdul Monem

Chairperson & MD of AML

 Rationale of the study:

The organization I have selected for internship is very, much sound in modern technology and a great organization culture overall. There is a lot of scope in this aspect. Abdul Monem Limited is one of the big development organization in the country. We want to find out the Market research for two new product nuggets and juice under the brand name IGLOO.

 Objectives:

My objectives is to find out the how a new product can be marketed by an existing firm. For this reason I choose a firm like “Igloo” which have an existing product line, and will be introduced two product categories. My research would be based on a real and tangible good for consumer market. For the research purpose I talked with Igloo Company and their innovation or the introductions of a new product. Then I found that they are introducing two new products named Igloo Nuggets & Igloo Juicy. These two categories are available in Thailand market, and Igloo will be buying the formula from the F&N Company of Thailand. I will briefly describe these product necessary marketing tools which should be developed or give special attention to make our target customer highly satisfied. In my research paper I am trying to describe all the necessary steps according to my survey analysis.

The objective is to endow with valuable knowledge in real life situation and make a relation between theoretical learning and practical findings .The various concepts learnt through out the BBA curriculum from Principles of Marketing, Marketing Management, Brand Management, Consumer Behavior, Supply Chain Management, International Marketing, Marketing Research , Production Operation Management, management, Strategic Management; etc will be a great influence in the study.

Broad Objective:

The broad objective is to prepare a comprehensive report on my first hand knowledge that I expect to gain during my Internship with AML so that the reader can also gain vast knowledge regarding the organization.

 Specific Objective:

Out of many aspects of AML the report will contain our practical learning about Organization environment & Marketing research for new product which has made the organization a leader and analyze the basic strength of the company.

Methodology:

The report will be prepared based on primary information that will be availed through direct attachment with different function of the project as well as the secondary information. Tables, charts and statistical analysis are used to make the analyses clear and more understandable.

Sources of Data Collection:

Primary Data

• Our practical observation.
• Questionnaire development and Hypotheses.
• Through Interview: this can be attained through communication process, activities and opinions of concerned executives, employees working at AML projects

 Secondary Data

• Historical reports.
• Brochures and catalogues & E-Journals.
• Relevant research papers, magazines, news letters, periodicals etc will also be referred for this purpose.

Conceptual Framework of the Report:

• Collect Primary & Secondary Information of the report.
• Preparation of Proposal of the Report.
• Analyze possible sources to accomplish the report.
• Browsing the related websites.
• Survey through Data Source.
• Organize & Evaluate collected information.
• Prepare Final report.

Company Profile

Abdul Monem Limited (AML) first emerged as a building and construction house in 1958. Since its inception the company invested heavily in equipment, machine, plant, technology and staffing with qualified technical personnel and associates, to deliver the higher quality of work. AML successfully completed many prestigious construction projects of different agencies financed by the world Bank. Asian Development Bank and Japan Bank for International Cooperation. Presently, AML has evolved into one of the largest civil engineering and building construction houses in the country.

Year of inception of the Group                            : 1958

Form of Business of the Group                            : Private Limited Company

Type of Business of Group                        : Manufacturing, Constructing, Trading

                                                                     And Service oriented

Market                                                        : Whole Bangladesh

Customer Pattern                                       : All Classes of People especially

  Middle

Total Units of the Group                                     : 10

Location of the Group (Head Office)          : Abdul Monem Ltd.

                                                                     Monem Business District

                                                                    111, Bir Uttam CR Dutta Road

                                                                    Sonargaon Road, Dhaka.

                                                                    Web: www.amlbd.com

                                      Monem Business Districts (CHO)

Vision

Optimum use of valuable resources including human to create value-added products and services aimed at contributing to the economic, social and environmental progress and prosperity of Bangladesh.

 Mission

Provide value added products and services by creating a successful partnership among the people, technology and practices.

Pledge is to establish an absolute sense of inclusion of our employees with our organization and building lasting relationships with our customers, business associates and stakeholders by exceeding their expectations and gaining lifelong trust through exceptional performance.

Excel in all our work, constantly challenging to perform better and engaging in teamwork with the aim to achieve incremental growth of our business thereby having a positive impact on the community and the nation in economical and social development.

 Chronology/History  (Order in which Abdul Monem business units were established)

 Some major units of AML:

   CONSTRUCTION UNIT

Constructions of Large Civil Engineering Projects with Electro Mechanical works: Roads & Highways, Bridges, High rise Buildings, Airports, Hydraulic Structures, Oil & Gas Pipelines, Tunnels, Power Plants, Sub-Stations, Transmission Lines, Jetty and River Protection Works.

  BEVERAGE UNIT

AML is the authorized bottler for Coca-Cola, Fanta and Sprite in Bangladesh. AML started its bottling operation by acquiring the plant of K.Rahman & Co. in 1982. Since then AML has progressed in leaps and bounds in its endeavor to make Bangladesh a Coca-Cola ‘Red’ country.

  IGLOO ICE-CREAM & MILK UNIT

The only ISO 9001:2000 & HACCP certified ice cream company in Bangladesh.

  IGLOO SUGAR

Sugar is a 100% natural simple carbohydrate. Carbohydrates an important part of any balance diet. Sugar is a very popular substance to the people all over the world. We are using huge quantity of sugar in our daily life. Consumers are using sugar loose or hand made local packet from the market place for making various home made food purpose. A big quantity sugar uses in Tea making purpose. We are also using sugar through sweets, beverage, biscuits, medicine, etc. In Bangladesh we are producing sugar.

AML is the brand owner of IGLOO Ice Cream, the country’s most preferred ice cream brand. Today, Igloo is synonymous to ice cream in Bangladesh. Igloo offers the widest choice of ice cream to its discerning consumers, more than any other competitor in the market.  Igloo is considering as market leader of the ice cream industry in Bangladesh.

Now I am going to discuss about two new product nuggets and juice, how these two new item can satisfy our Bangladeshi consumer through their different product attributes under the brand name IGLOO.

IGLOO Nuggets

Problem Definition ( Nuggets )

The objective of the research is to influence Bangladeshi people on purchasing and the factor which can make people satisfy. To identify the possible factors at first we went through an Exploratory (Qualitative) marketing research so that we can get clear understanding about our objective of the research. Here the two types of problems are:

1. Core Problem: How we will satisfy Bangladeshi customer by developing different product attributes?
2. Marketing Research Problems: What are the most important factors that may have significant influence on customers for purchasing nuggets?

Approach to the Problem

 Theoretical Foundation Development: We have conducted an exploratory research to identify the influencing factors of selecting nuggets. Based on our research we have found some important factors. They are:

• Availability
• Taste
• Brand Image
• Consumer Perceived Price
• Packaging

We have selected a sample size of 60 respondents for data collection and we have used relevant analysis technique for analyzing the data and finally we data will be interpreted according to the findings.

Analytical Model Development:

In our research we have used Mathematical model such as Multiple Regression Equation was used to identify the components known as dependent and independent variables. To see their impact on one another and to observe the relationship among them the following Regression Equation have been used:

Dependent Variable                               Independent Variables  

Y (Customer satisfaction) =         x₁ (Availability) + x₂ (Taste) + x₃ (Brand Image) + x₄                                               

                                                                                   (Price) + x₅ (Packaging)

 Relative construction of the study

• Availability

1. All products and services are subject to availability and may be withdrawn at any time. If we do not supply the goods for any reason then that product or service are not available for consumption. So simply availability means how easily consumer can get that product or service.
2.  Taste

1. The ability to judge if something is good or bad in things like art, fashion, and social behavior etc.
2. Brand Image

1. The impression in the consumers’ mind of a brand’s total personality (real and imaginary qualities and shortcomings). Brand image is developed over time through advertising campaigns with a consistent theme, and is authenticated through the consumers’ direct experience.
2. Consumer Perceived Price

The worth that a product or service has in the mind of the consumer. The consumer’s perceived value of a good or service affects the price that he or she is willing to pay for it.

For the most part, consumers are unaware of the true cost of production for the products they buy. Instead, they simply have an internal feeling for how much certain products are worth to them. Thus, in order to obtain a higher price for their products, producers may pursue marketing strategies to create a higher perceived value for their products.

• Packaging

Processes (such as cleaning, drying, preserving) and materials (such as glass, metal, paper or paperboard,  plastic) employed to contain, handle, protect, and/or transport an article. Role of packaging is broadening and may include functions such as to attract attention, assist in promotion, provide machine identification (barcodes, etc.), impart essential or additional information, and help in utilization.

 Research Design

This project aims to understand how consumers evaluate and which factors they consider to purchase nuggets. The project mainly uses quantitative tools with help from qualitative information. For quantitative results, the research design involves both Exploratory and Descriptive Research using survey method. More specifically the research design was conclusive research. The survey conducted with convenient sample.

 Data Preparation

The data, which is collected for the purpose of study, is divided into 2 bases:

è Primary Source: The primary data comprises information survey of “How we will satisfy Bangladeshi consumer by developing different product attributes.”

è Secondary Source: The secondary data was collected from internet and different article. When an investigator uses data that have been previously collected by someone else, then the data is known as secondary data. We collected most of our secondary data from internet and website and also from other relative researches.

a)       Sampling Techniques

The sampling requirements were also considered. We used convenient sampling technique as we had time limitation to do the project. The data sample was EastWestUniversity students. Unsatisfactory responses were assigned missing values or even questionnaires discarded depending on the degree of inadequacy of the responses. In this survey we were discarded some of the questionnaires due to contradictory answers. To understand the factors or the specific components or the exploratory research has been conducted with 10 respondents. Thus a structured questionnaire has been used to elicit the specific information. The sample size used for the project is 60 respondents. But we did the survey on 70 respondents and this 10 extra discarded because of missing and contradictory answers.

b)  Questionnaire Development and Pretesting

A questionnaire was designed to collect data from respondents. We have selected structured question in scale format. There were no comparative questions; all questions were non-comparative five point Likert Scale balanced question. Very simple words have been used in the questionnaire to help the respondents understand the questions easily. The questionnaires were prepared based on all the six variables of research. There are five independent variables and one dependent variable and we developed the whole questionnaire to identify how these independent variables influence the dependent variable. Moreover, under each independent variable we prepared some items to measure the reliability of the variables. There were some demographic questions in the questionnaire to understand the types and backgrounds of the respondents. There was a filtering question in the beginning of the questionnaire to help us to seek the respondents who have heard about nuggets.

 We also carried out an Exploratory Research before preparing the final questionnaire. The Exploratory Research was conducted to get the independent variables, that is, the factors of the research. The exploratory research question was an open ended question asking about what are the factors the respondent consider while purchasing nuggets.

Before doing the field work and the survey we did presetting to find and fix mistakes in the questionnaire, if any. Ten people were randomly selected by convenient sampling and the questionnaire was also checked by course instructor.

c)       Scale transformation

In simple language, a five point Likert scale has been used to measure the attitude of customers towards the various factors that influence their satisfaction. We have used structured and balanced questions to gather data from respondents.

d)      Statistical techniques

The data collected through the survey has been analyzed using Microsoft Excel 2007 and SPSS 10. To measure the consistency of the variables, variable reliability test was done. We have not measured the correlation between two individual variables that’s why we have not used Cross tabulation in interpreting the correlation among different constructs. Mean and regression analysis was done to find out the influence of independent variables on the dependent variable to get the idea that which are the factors that play significant role on purchasing nuggets.

 Research Questions and Hypothesis Development:

• Research questions regarding specific components:

1. Does Igloo available in every retail store?
2. Does Igloo taste’s good?
3. Does Igloo have good brand image?
4. Does price is a significant factor on purchasing Igloo?
5. Does Igloo have attractive packaging?

• Hypotheses:

1. Yes, Igloo is available in every retail store.
2. Yes, Igloo- A world of great taste.
3. We agree that igloo has a good brand image.
4. Moderate pricing policy has significant influence on customer to purchase Igloo.
5. Igloo has good packaging which can attract their customer well.

Research Methodology

The study began with searching secondary data to get an insight about the factors or specific components of the study. We did not get very specific recommended factors from the secondary data. That’s why we conducted exploratory research to find out the influencing factors for purchasing nuggets, we have conducted exploratory research on 10 respondents. After finding most 5 importance factors we go for conclusive research by designing a questionnaire on these factors. The study conducted will be a conclusive (causal) statistical study; we will come to the decision which is precise and rational. The study is conclusive because after doing the study the researcher will come to a conclusion regarding the position of the factors and factors responsible for purchasing nuggets as well as strengths of factors in the minds of respondents of different groups. The study is statistical because throughout the study all the similar samples are selected and group together.

All the similar responses are taken together as one and their percentages are calculated by using various statistical tools to reach a final conclusion. Thus, this, conclusive (causal) statistical study is the best study for this purpose as it provides the necessary information which is utilize to arrive at a concrete decision. The study primarily uses quantitative tools with qualitative information. For quantitative results, the research design involves descriptive research by using survey method. The sample size used for the project is 60 respondents.

 Data Analysis

• Demographic Factors

While interviewing respondents, who were students of a private university (EASTWESTUNIVERSITY) , where 58% respondent are male and 42% respondent are female.

Age Group

Since we have chosen respondents from a private university mostly, all respondents were of age 20 to 30 years.

Occupation

We have conducted our survey using convenience sample from the university, so most of our respondents were students (97%) and rest of (3%) respondent are job holder.

Personal income

Because of most of the respondent are student, so about 63% student earn less than 10,000/- or no income in a month. About 19% respondent earn 10,000 – 25,000/- , 2% earn 25,000- 40,000/- and rest of them earn more than 40,000/- in a month.

Family income

Our 97% respondents are private university students who are quite solvent, so as to afford tuition fees. Hence, most of their family income is above Tk. 40,000.

 Reliability Testing:

Customer Satisfaction (Dependent Variable):

Reliability Coefficients

 From the above table we can see that the Cronbach’s Alpha is .8230 which is > .5 that means there is a good internal consistency among all the items relating to customer satisfaction and there is no such item, by deleting which can increase the value of Cronbach’s alpha. So, it proves that there is a good internal consistency among the items of customer satisfaction. Therefore items scales of the individual variables are seemed to be perfect to future regression analysis.

Availability

Reliability Coefficients

 From the above table we can see that the Cronbach’s Alpha is .7954 which is > .5 that means there is a good internal consistency among all the items relating to availability  and there is no such item, by deleting which can increase the value of Cronbach’s alpha. So, it proves that there is a good internal consistency among the items of availability. Therefore items scales of the individual variables are seemed to be perfect to future regression analysis.

Taste

Reliability Coefficients

 From the above table we can see that the Cronbach’s Alpha is .7362 which is > .5 that means there is a good internal consistency among all the items relating to taste and there is no such item, by deleting which can increase the value of Cronbach’s alpha. So, it proves that there is a good internal consistency among the items of taste. Therefore items scales of the individual variables are seemed to be perfect to future regression analysis.

Brand Image

Reliability Coefficients

 From the above table we can see that the Cronbach’s Alpha is .8337 which is > .5 that means there is a good internal consistency among all the items relating to brand image and there is no such item, by deleting which can increase the value of Cronbach’s alpha. So, it proves that there is a good internal consistency among the items of brand image. Therefore items scales of the individual variables are seemed to be perfect to future regression analysis.

 Consumer perceived price

Reliability Coefficients

 From the above table we can see that the Cronbach’s Alpha is .6534 which is > .5 that means there is a good internal consistency among all the items relating to consumer perceived price and there is no such item, by deleting which can increase the value of Cronbach’s alpha. So, it proves that there is a good internal consistency among the items of price. Therefore items scales of the individual variables are seemed to be perfect to future regression analysis.

Packaging

Reliability Coefficients

 From the above table we can see that the Cronbach’s Alpha is .6787 which is > .5 that means there is a good internal consistency among all the items relating to packaging and there is no such item, by deleting which can increase the value of Cronbach’s alpha. So, it proves that there is a good internal consistency among the items of packaging. Therefore items scales of the individual variables are seemed to be perfect to future regression analysis.

 Analysais Techniques

Once the reliability analysis was done, we calculated the mean value of dependent variables and independent variables. Finally, we completed the analysis part through regression analysis.

a)     Regression Analysis:

Model Summary

From the regression analysis, we have found that the Value of R Square is (.529) .That means, independent variables (AVAILABILITY, TASTE, BRAND IMAGE, PRICE, PACKAGING) has 52.9% impact over the dependent variable (Customer Satisfaction).

Coefficients

Dependent Variable: DECISION

b)     Hypothesis Testing:

In this section our hypothesis based on the five factors that influence the customers’ in purchase nuggets.

1. H₁:  Availability can be a significant factor to influence their purchase decision.

    H₀:  Availability can not be a significant factor to influence their purchase decision.

The observed table shows that Availability has a Positive influence (b=.114) regarding purchasing of a nuggets. And we can see that P value (.285) is higher than alpha value (.05) so, H₁ is rejected and Ho, null hypothesis is accepted. That is, Availability has no significant influence on customer to purchase nuggets.

2. H₁:  Taste can be a significant factor to influence their purchase decision.

    H₀:  Taste can not be a significant factor to influence their purchase decision.

The observed table shows that Taste has a Positive influence (b=.451) regarding purchasing of a nuggets. And we can see that P value (.004) is lower than alpha value (.05) so, H₁ is accepted and Ho, null hypothesis is rejected. That is, Taste has  significant influence on customer to purchase nuggets.

 3. H₁:  Brand Image can be a significant factor to influence their purchase decision.

    H₀:  Brand Image can not be a significant factor to influence their purchase decision.

The observed table shows that Brand Image has a negative influence (b= -.127) regarding purchasing of a nuggets. And we can see that P value (.428) is higher than alpha value (.05) so, H₁ is rejected and Ho, null hypothesis is accepted. That is, Brand Image has no significant influence on customer to purchase nuggets.

4. H₁:  Price can be a significant factor to influence their purchase decision.

    H₀:  Price can not be a significant factor to influence their purchase decision.

The observed table shows that Price has a Positive influence (b=.297) regarding purchasing of a nuggets. And we can see that P value (.017) is lower than alpha value (.05) so, H₁ is accepted and Ho, null hypothesis is rejected. That is, Price has significant influence on customer to purchase nuggets.

5. H₁:  Packaging is a significant factor to influence their purchase decision.

    H₀:  Packaging is not a significant factor to influence their purchase decision.

The observed table shows that Packaging has a positive influence (b= .175) regarding purchasing of nuggets. And we can see that P value (.143) is higher than alpha value (.05) so, H₁ is rejected and Ho, null hypothesis is accepted. That is, Packaging has no significant influence on customer to purchase nuggets.

Discussion:

In our research, which is on “How to satisfy Bangladeshi consumer by developing different product attributes of IGLOO Nuggets”, we have tried to find out the factors that influence customers to select nuggets. We found five influencing factors (Availability, Taste, Brand image, Price and Packaging) by conducting an Exploratory Research.

These five factors were tested by conducting a Regression Analysis. The result indicates that out of the five factors, two factors have significant influence on customers while selecting nuggets. The two factors are Taste and Price. The other three factors, which are Availability, Brand Image and Packaging, do not show significant influence. So based on our findings we can say that while purchasing nuggets, customers give more importance to Taste and Price while they give less importance to Availability and Brand Image. Though null hypothesis regarding Packaging was rejected but from the data value and regression chart it has also a great influence to purchase nuggets (P value- .143).

 Limitations

• As we have selected the convenience sample for conducting our research despite the arguments against it, we think we may have overlooked some potential respondents who might have provided more accurate answer.
• The R² (.529) value is low which suggests that there are other factors than the ones considered which also influence customers while people purchasing nuggets in Bangladesh. Further study should include other factors besides the ones we considered here. Moreover, among the five factors only two factors has been accepted.  So further research should be conducted to identify other factors that also influence customer to purchase nuggets.

Conclusion

A nugget is a fairly modern concept in Bangladesh. My objectives is to find out the how a new product can be marketed by an existing firm. For this reason I choose a firm like “Igloo” which have an existing product line, and will be introduced a new product category. My research would be based on a real and tangible good for consumer market. For the research purpose I talked with Igloo Company and their innovation or the introductions of a new product. Then I found that they are introducing a new product named Igloo Nuggets. This product is available in Thailand market, and Igloo will be buying the formula from the F&N Company of Thailand. I will briefly describe this product necessary marketing research which should be developed or give special attention to make our target customer highly satisfied. In my research paper I am trying to describe all the necessary steps according to my survey analysis.

According to our market research we select a five independent to measure customer satisfaction about purchasing nuggets. Report says taste and price has a significant influence to purchase nuggets. Though other three factors are rejected but among them packaging has grater influence to purchase nuggets.

 Recommendation

One of the objectives of our study was to help people to know the significant factors that influence them in purchasing nuggets. Hence from our study, we can recommend the following:

• Taste of nuggets is very important to the customers. Hence, nuggets should be actively trying to enhance their taste through modification and different ingredients.
• Consumer perceived price is the next important factor in our study. Customers are becoming increasingly busy and want to carry ready food item like nuggets. Though our country is not so economically strong so they always concern regarding any purchase. So price of nuggets can effectively influence over their purchase decision.
• Another great impact of this study is packaging. Attractive and healthy packaging is always preferable to the customer for their safety.

IGLOO Juice

Problem Definition ( Juice )

The objective of the research is to influence Bangladeshi people on purchasing and the factor which can make people satisfy. To identify the possible factors at first we went through an Exploratory (Qualitative) marketing research so that we can get clear understanding about our objective of the research. Here the two types of problems are:

4        Core Problem: How we will satisfy Bangladeshi consumer by developing different product attributes?

5        Marketing Research Problems: What are the most important factors that may have significant influence on customers for purchasing juice?

Approach to the Problem

Theoretical Foundation Development: We have conducted an exploratory research to identify the influencing factors of selecting juice. Based on our research we have found some important factors. They are:

• Availability
• Taste
• Brand Image
• Consumer Perceived Price
• Packaging

We have selected a sample size of 60 respondents for data collection and we have used relevant analysis technique for analyzing the data and finally we data will be interpreted according to the findings.

Analytical Model Development:

In our research we have used Mathematical model such as Multiple Regression Equation was used to identify the components known as dependent and independent variables. To see their impact on one another and to observe the relationship among them the following Regression Equation have been used:

Dependent Variable                               Independent Variables  

Y (Customer satisfaction) =         x₁ (Availability) + x₂ (Taste) + x₃ (Brand Image) + x₄                                              

                                                                                   (Price) + x₅ (Packaging)

Relative construction of the study

• Availability

1. 15.               
2. All products and services are subject to availability and may be withdrawn at any time. If we do not supply the goods for any reason then that product or service are not available for consumption. So simply availability means how easily consumer can get that product or service.

Brand Image
The impression in the consumers’ mind of a brand’s total personality (real and imaginary qualities and shortcomings). Brand image is developed over time through advertising campaigns with a consistent theme, and is authenticated through the consumers’ direct experience.

Consumer Perceived Price
The worth that a product or service has in the mind of the consumer. The consumer’s perceived value of a good or service affects the price that he or she is willing to pay for it.
For the most part, consumers are unaware of the true cost of production for the products they buy. Instead, they simply have an internal feeling for how much certain products are worth to them. Thus, in order to obtain a higher price for their products, producers may pursue marketing strategies to create a higher perceived value for their products.

Packaging
Processes (such as cleaning, drying, preserving) and materials (such as glass, metal, paper or paperboard, plastic) employed to contain, handle, protect, and/or transport an article. Role of packaging is broadening and may include functions such as to attract attention, assist in promotion, provide machine identification (barcodes, etc.), impart essential or additional information, and help in utilization.

 Research Design

This project aims to understand how consumers evaluate and which factors they consider to purchase juice. The project mainly uses quantitative tools with help from qualitative information. For quantitative results, the research design involves both Exploratory and Descriptive Research using survey method. More specifically the research design was conclusive research. The survey conducted with convenient sample.

Data Preparation

The data, which is collected for the purpose of study, is divided into 2 bases:

Primary Source: The primary data comprises information survey of

“How to satisfy Bangladeshi consumer by developing different product attributes of IGLOO Juice.”

è Secondary Source: The secondary data was collected from internet and different article. When an investigator uses data that have been previously collected by someone else, then the data is known as secondary data. We collected most of our secondary data from internet and website and also from other relative researches.

a)       Sampling Techniques

The sampling requirements were also considered. We used convenient sampling technique as we had time limitation to do the project. The data sample was EastWestUniversity students. Unsatisfactory responses were assigned missing values or even questionnaires discarded depending on the degree of inadequacy of the responses. In this survey we were discarded some of the questionnaires due to contradictory answers. To understand the factors or the specific components or the exploratory research has been conducted with 10 respondents. Thus a structured questionnaire has been used to elicit the specific information. The sample size used for the project is 60 respondents. But we did the survey on 70 respondents and this 10 extra discarded because of missing and contradictory answers.

 b)  Questionnaire Development and Pretesting

A questionnaire was designed to collect data from respondents. We have selected structured question in scale format. There were no comparative questions; all questions were non-comparative five point Likert Scale balanced question. Very simple words have been used in the questionnaire to help the respondents understand the questions easily. The questionnaires were prepared based on all the six variables of research. There are five independent variables and one dependent variable and we developed the whole questionnaire to identify how these independent variables influence the dependent variable. Moreover, under each independent variable we prepared some items to measure the reliability of the variables. There were some demographic questions in the questionnaire to understand the types and backgrounds of the respondents. There was a filtering question in the beginning of the questionnaire to help us to seek the respondents who have heard about Juice.

We also carried out an Exploratory Research before preparing the final questionnaire. The Exploratory Research was conducted to get the independent variables, that is, the factors of the research. The exploratory research question was an open ended question asking about what are the factors the respondent consider while purchasing juice.

Before doing the field work and the survey we did presetting to find and fix mistakes in the questionnaire, if any. Ten people were randomly selected by convenient sampling and the questionnaire was also checked by course instructor.

c)       Scale transformation

In simple language, a five point Likert scale has been used to measure the attitude of customers towards the various factors that influence the selection decision. We have used structured and balanced questions to gather data from respondents.

d)      Statistical techniques

The data collected through the survey has been analyzed using Microsoft Excel 2007 and SPSS 10. To measure the consistency of the variables, variable reliability test was done. We have not measured the correlation between two individual variables that’s why we have not used Cross tabulation in interpreting the correlation among different constructs. Mean and regression analysis was done to find out the influence of independent variables on the dependent variable to get the idea that which are the factors that play significant role on purchasing Juice.

Research questions and Hypothesis Development

Research questions regarding specific components:

1. Does Igloo available in every retail store?
2. Does Igloo taste’s good?
3. Does Igloo have good brand image?
4. Does price is a significant factor on purchasing Igloo?
5. Does Igloo have attractive packaging?

Hypotheses:

1. Yes, Igloo is available in every retail store.
2. Yes, Igloo- A world of great taste.
3. We agree that igloo has a good brand image.
4. Moderate pricing policy has significant influence on customer to purchase Igloo.
5. Igloo has good packaging which can attract their customer well.

 Research Methodology

The study began with searching secondary data to get an insight about the factors or specific components of the study. We did not get very specific recommended factors from the secondary data. That’s why we conducted exploratory research to find out the influencing factors for purchasing juice, we have conducted exploratory research on 10 respondents. After finding most 5 importance factors we go for conclusive research by designing a questionnaire on these factors. The study conducted will be a conclusive (causal) statistical study; we will come to the decision which is precise and rational. The study is conclusive because after doing the study the researcher will come to a conclusion regarding the position of the factors and factors responsible for purchasing juice as well as strengths of factors in the minds of respondents of different groups. The study is statistical because throughout the study all the similar samples are selected and group together.

All the similar responses are taken together as one and their percentages are calculated by using various statistical tools to reach a final conclusion. Thus, this, conclusive (causal) statistical study is the best study for this purpose as it provides the necessary information which is utilize to arrive at a concrete decision. The study primarily uses quantitative tools with qualitative information. For quantitative results, the research design involves descriptive research by using survey method. The sample size used for the project is 60 respondents

 Data Analysis

Demographic Factors

While interviewing respondents, who were students of a private university (EASTWESTUNIVERSITY) , where 58% respondent are male and 42% respondent are female.

Age Group

Since we have chosen respondents from a private university mostly, all respondents were of age 20 to 30 years.

Occupation

We have conducted our survey using convenience sample from the university, so most of our respondents were students (97%) and rest of (3%) respondent are job holder.

Personal income

Because of most of the respondent are student, so about 63% student earn less than 10,000/- or no income in a month. About 19% respondent earn 10,000 – 25,000/- , 2% earn 25,000- 40,000/- and rest of them earn more than 40,000/- in a month.

Family income

Our 97% respondents are private university students who are quite solvent, so as to afford tuition fees. Hence, most of their family income is above Tk. 40,000.

Reliability Testing:

Customer Satisfaction (Dependent Variable):

Reliability Coefficients

 From the above table we can see that the Cronbach’s Alpha is .8230 which is > .5 that means there is a good internal consistency among all the items relating to customer satisfaction and there is no such item, by deleting which can increase the value of Cronbach’s alpha. So, it proves that there is a good internal consistency among the items of customer satisfaction. Therefore items scales of the individual variables are seemed to be perfect to future regression analysis.

Availability

Reliability Coefficients

 From the above table we can see that the Cronbach’s Alpha is .7954 which is > .5 that means there is a good internal consistency among all the items relating to availability and there is no such item, by deleting which can increase the value of Cronbach’s alpha. So, it proves that there is a good internal consistency among the items of availability. Therefore items scales of the individual variables are seemed to be perfect to future regression analysis.

Taste

Reliability Coefficients

 From the above table we can see that the Cronbach’s Alpha is .7362 which is > .5 that means there is a good internal consistency among all the items relating to taste and there is no such item, by deleting which can increase the value of Cronbach’s alpha. So, it proves that there is a good internal consistency among the items of taste. Therefore items scales of the individual variables are seemed to be perfect to future regression analysis.

Brand Image

Reliability Coefficients

 From the above table we can see that the Cronbach’s Alpha is .8337 which is > .5 that means there is a good internal consistency among all the items relating to brand image and there is no such item, by deleting which can increase the value of Cronbach’s alpha. So, it proves that there is a good internal consistency among the items of brand image. Therefore items scales of the individual variables are seemed to be perfect to future regression analysis.

Consumer perceived price

Reliability Coefficients

 From the above table we can see that the Cronbach’s Alpha is .6534 which is > .5 that means there is a good internal consistency among all the items relating to consumer perceived price and there is no such item, by deleting which can increase the value of Cronbach’s alpha. So, it proves that there is a good internal consistency among the items of price. Therefore items scales of the individual variables are seemed to be perfect to future regression analysis.

 Packaging

Reliability Coefficients

 From the above table we can see that the Cronbach’s Alpha is .6787 which is > .5 that means there is a good internal consistency among all the items relating to packaging and there is no such item, by deleting which can increase the value of Cronbach’s alpha. So, it proves that there is a good internal consistency among the items of packaging. Therefore items scales of the individual variables are seemed to be perfect to future regression analysis.

Analysais Techniques

Once the reliability analysis was done, we calculated the mean value of dependent variables and independent variables. Finally, we completed the analysis part through regression analysis.

a)     Regression Analysis:

Model Summary

From the regression analysis, we have found that the Value of R Square is (.529) .That means, independent variables (AVAILABILITY, TASTE, BRAND IMAGE, PRICE, PACKAGING) has 52.9% impact over the dependent variable (Customer Satisfaction).

Coefficients

A Dependent Variable: DECISION

 b)     Hypothesis Testing:

In this section our hypothesis based on the five factors that influence the customers’ in purchase juice.

1. H₁:  Availability can be a significant factor to influence their purchase decision.

    H₀:  Availability can not be a significant factor to influence their purchase decision.

The observed table shows that Availability has a Positive influence (b=.114) regarding purchasing of a juice. And we can see that P value (.285) is higher than alpha value (.05) so, H₁ is rejected and Ho, null hypothesis is accepted. That is, Availability has no significant influence on customer to purchase juice.

2. H₁:  Taste can be a significant factor to influence their purchase decision.

    H₀:  Taste can not be a significant factor to influence their purchase decision.

The observed table shows that Taste has a Positive influence (b=.451) regarding purchasing of a juice. And we can see that P value (.003) is lower than alpha value (.05) so, H₁ is accepted and Ho, null hypothesis is rejected. That is, Taste has significant influence on customer to purchase juice.

3. H₁:  Brand Image can be a significant factor to influence their purchase decision.

    H₀:  Brand Image can not be a significant factor to influence their purchase decision.

The observed table shows that Brand Image has a negative influence (b= -.127) regarding purchasing of a juice. And we can see that P value (.428) is higher than alpha value (.05) so, H₁ is rejected and Ho, null hypothesis is accepted. That is, Brand Image has no significant influence on customer to purchase juice.

4. H₁:  Price can be a significant factor to influence their purchase decision.

    H₀:  Price can not be a significant factor to influence their purchase decision.

The observed table shows that Price has a Positive influence (b=.297) regarding purchasing of a juice. And we can see that P value (.015) is lower than alpha value (.05) so, H₁ is accepted and Ho, null hypothesis is rejected. That is, Price has significant influence on customer to purchase a juice.

5. H₁:  Packaging is a significant factor to influence their purchase decision.

    H₀:  Packaging is not a significant factor to influence their purchase decision.

The observed table shows that Packaging has a positive influence (b= .175) regarding purchasing of juice. And we can see that P value (.143) is higher than alpha value (.05) so, H₁ is rejected and Ho, null hypothesis is accepted. That is, Packaging has no significant influence on customer to purchase a juice.

Discussion:

In our research, which is on “How to satisfy Bangladeshi consumer by developing different product attributes of IGLOO Juice”, we have tried to find out the factors that influence customers to select juice. We found five influencing factors (Availability, Taste, Brand image, Price and Packaging) by conducting an Exploratory Research.

These five factors were tested by conducting a Regression Analysis. The result indicates that out of the five factors, two factors have significant influence on customers while selecting juice. The two factors are Taste and Price. The other three factors, which are Availability, Brand Image and Packaging do not show significant influence. So based on our findings we can say that while purchasing juice, customers give more importance to Taste and Price while they give less importance to Availability and Brand Image. Though null hypothesis regarding Packaging was rejected but from the data value and regression chart it has also a great influence to purchase juice (P value- .143).

Limitations

• As we have selected the convenience sample for conducting our research despite the arguments against it, we think we may have overlooked some potential respondents who might have provided more accurate answer.
• The R² (.529) value is low which suggests that there are other factors than the ones considered which also influence customers while people purchasing juice in Bangladesh. Further study should include other factors besides the ones we considered here. Moreover, among the five factors only two factors has been accepted.  So further research should be conducted to identify other factors that also influence customer to purchase juice.

 Conclusion

Juice is a fairly modern concept in Bangladesh. My objectives is to find out the how a new product can be marketed by an existing firm. For this reason I choose a firm like “Igloo” which have an existing product line, and will be introduced a new product category. My research would be based on a real and tangible good for consumer market. For the research purpose I talked with Igloo Company and their innovation or the introductions of a new product. Then I found that they are introducing a new product named Igloo Juice. This category are available in Thailand market, and Igloo will be buying the formula from the F&N Company of Thailand. I will briefly describe this product necessary marketing research which should be developed or give special attention to make our target customer highly satisfied. In my research paper I am trying to describe all the necessary steps according to my survey analysis.

According to our market research we select a five independent to measure customer satisfaction about purchasing juice. Report says taste and price has a significant influence to purchase juice. Though other three factors are rejected but among them packaging has grater influence to purchase juice.

 Recommendation

One of the objectives of our study was to help people to know the significant factors that influence them in purchasing juice. Hence from our study, we can recommend the following:

• Taste of juice is very important to the customers. Hence, juice should be actively trying to enhance their taste through modification and different ingredients.
• Consumer perceived price is the next important factor in our study. Customers are becoming increasingly busy and want to carry ready food item like juice. Though our country is not so economically strong so they always concern regarding any purchase. So price of juice can effectively influence over their purchase decision.
• Another great impact of this study is packaging. Attractive and healthy packaging is always preferable to the customer for their safety.

Reference

1. Malhotra and Dash,  2011-2012, “Marketing Research”, 6^th Edition, Prentice-Hall, New Delhi.
2. A Research report on “Consumer evaluation of beautification products: Effects of Extrinsic cues”    by Dr. Md.Humayun Kabir Chowdhury.
3. A Research report on “The effects of country design, country of assembly, and country of parts on consumers quality perceptions and purchase” by Dr. Md.Humayun Kabir Chowdhury.
4. A Research report on “Generalization of perceived quality measures: An Evaluation” By Dr. Md.Humayun Kabir Chowdhury.
5. A Research report on “Impact of cultural dynamics in global market place: A study on mango juice in Bangladesh” By Mahmud Zubayer.
6. PDF files and reports from internet.
7. Some Links:

• http://www.amlbd.com.
• http://www.google.com.
• http://www.businessdictionary.com/definition/
• http://www.asiamarketresearch.com.htm