Chapter-1

Introduction

Page 1 of 48
1.1 Introduction
It is now widely accepted that intangible assets provide the most sustainable source of
competitive advantage Indeed, among the intangible assets (such as brands, logos,
trademarks, advertising jingles, slogans, patents, and copyrights) in an organization,
brand equity often accounts for a major portion of shareholder value. Therefore, how to
build brand equity, transmit brand value and gain brand loyalty has already been an
assurance to satisfy the demands of consumers better and capture market shares steadily.
Indeed, whatever brand equity, perceiving brand value or forming brand loyalty, is the
behavior of customers. The all decision-makings of enterprises to build strong brand, such
as brand positioning, brand name choice, brand hold strategy and brand developing
strategy, regard approval and preference of customers on brand as the goal, since brand
express cognition and feelings of customers on a product, and also express the meaning of
the product or service in customers mind. Besides brand advertising, multi-transmission
ways, such as first hand experience, word-of-mouth influence, telephone communication,
web page of companies make customers gain more brand information. If information
from different channels has collision, the image of enterprise and positioning of brand
will be confused in consumers mind. Consequently, it is a key that how to transmit brand
information effectively and reasonably which make it communicate to targeted customers
in proper time point.

1.2 Scope of the Study

This report has been prepared through extensive discussion with office employees and
with the customers. While preparing this report, I had a great opportunity to have an in
depth knowledge of all the marketing activities practiced by the Igloo Foods. It also
helped me to acquire a fast hand perspective of a leading local company in Bangladesh.

1.3 Objectives of the Study

Main Objective:
The main objective of research is to Analysis of Branding effects on consumer Buying
Behavior in Bangladesh.

To analyze the performance of igloo foods as a whole.

To analyze the IMS of Igloo
To suggest remedial measure for the development of marketing strategy of Igloo
To know about the different types of promotional program of Igloo in Bangladesh.

Page 2 of 48
1.4 Methodology of the Study

From my educational background I have learned different methodology in marketing

research process. So, in this study I had the opportunity to implicate my educational
knowledge in practical field. I have collected data from many sources. Such as:

1.4.1 Primary Sources

1. Personal Interview Face-to-face conversation and in depth interview with the

respective officers of the corporate head office
2. Survey- Customer survey based on appropriate questionnaire.
3. Personal observation Observing the procedure of different activities
followed by some of the department.
4. Practical work exposures on different areas of the department.
5. Informal conversation with the clients or customers.
6. Relevant documents related to the study as provided by the officers.

1.4.2 Secondary Sources

Annual report of Abdul Monem Company Ltd.

Internet was also used as a theoretical source of information.
Websites and Newsletters are also used as major sources.

Printed Materials: This study is mostly dependent on the printed materials which may
include the newspapers, magazines, journals, directories, annual reports, Annual Report
etc.

Internet: Internet was another major secondary source that we have used to collect
related information to conduct the study.

Newspapers: We have collected some information from the various dailies and business
articles.

Page 3 of 48
1.5 Limitations of the Study

To prepare a report on the achieved practical experience in a short duration (only three
months) is not an easy task. In preparing this report some problems and limitation have
encountered which are as follows:

The main constraint of the study was insufficiency of current information, relevant to
the study.

Due to time limitation many of the aspects could not be discussed in the present
report.

Information was not provided due to business secrecy

Large scale study was not possible due to constraints and restrictions imposed by the
organization.

Page 4 of 48
Chapter-2

Overview of the Organization

Page 5 of 48
2.1. Company Profile

Abdul Monem Limited (AML) is one of the leading diversified business conglomerates of
Bangladesh. Our fundamental promise is Touching Lives Building Capabilities!

The honorable Managing Director and Chairman Mr. Abdul Monem had established the
organization in the year 1956 and he still strongly and successfully runs it along with his
two eligible sons working as the Deputy Managing Directors (DMD) of the company, Mr.
A.S.M. Mainuddin Monem and Mr. A.S.M. Mohiuddin Monem. Since 1956 and onwards,
we have led others to follow. The core strength of our organization is rooted in our
capacity to gather the resources to complete infrastructure projects on a grand scale
( funded by Word Bank, ADB, JICA etc.) thus demonstrating our ability to bear the initial
risks associated with such projects and proving our sustainability throughout the long
development periods.

Over a successful period, AML has not just developed a wealth of experience in
infrastructure and development project arena in order to meet the international standards
of quality and services, it has also become the bottler of Coca Cola, the producer of
number one ice-cream brand Igloo, Igloo milk and dairy products, Igloo food items and
snacks, manufacturer of pharmaceuticals, maker of auto bricks, bitumen and other
selected construction materials. It also established AM Sugar Refinery Ltd., AM Rice
Bran Oil), Servic Engine BPO, AM Securities and Financial Services Ltd., etc. In 2015, it
was awarded to develop one of the first private economic zones of the country i.e. Abdul
Monem Economic Zone (AMEZ) in Daudkandi, Munshiganj on its land of 216 acres. All
these strategic units are established with a view to leveraging the strength of the parent
company as well as to contribute to the national economy with an intention of generating
employment opportunities for fellow citizens. Even though, AML began as a family
owned business, it has transformed into a multi disciplinary modern day business group
delivering value to our customers. As such, our priority has been to focus on building
capabilities to infuse strength and character in our people, our business partners,
associates and stakeholders resulting in robust and dynamic growth of the establishment.

Our 10,000+ talented and highly skilled workforces are the rock bottom of our strength
and long-term success. Hence, our policy requires that we take responsibility for ensuring

Page 6 of 48
their safety and security as well as safeguarding their health and welfare. We also take
great pride in contributing to the community and society as a whole through active
corporate social responsibility and engagement. Our ultimate focus therefore, is to use our
valuable resources in order to create value-added products and services, which would
contribute to the economic, social and environmental progress and prosperity of
Bangladesh. Altogether, we aim to lead by paradigm and to learn from everyday
experiences; we set our endeavors to high standards for our people at all levels and
consistently meet them.

Name of the Company/Group : Abdul Monem Ltd.

Year of inception of the Group
Form of Business of the Group
Type of Business of Group
Market
Customer pattern
Total Units of the Group
Location of the Group (Head
office)
: 1958
: Private Limited Company
: Manufacturing, Constructing, Trading, and
Service oriented
: Whole Bangladesh
: All classes of people especially middle
: 10
: Abdul Monem Ltd.
111 Bir Uttam CR Dutta Road, Sonargaon
Road, Dhaka.
E-mail: amlbd@bdcom.com
Web: www.amlbd.com

Page 7 of 48
2.2 Vision
Our Vision materializes our Roadmap. We are aimed at contributing to the economic,
social and environmental progress and prosperity of Bangladesh through optimum use of
our resources applied in constant development of our value-added products and services.

2.3 Mission
Our Mission defines our Roadmap. We excel to develop and deliver value added goods
and services to our esteemed customers, consistently outperform our peers, build
enduring relationship with our business associates and stakeholders, provide a dynamic
and challenging environment for our employees and aim to achieve incremental growth of
our business thereby having a positive economical and social impact on the community
and the nation.

2.3 People
Our people are our strength. Hence, our company prioritizes to nurture and provide
them with the opportunities to achieve their maximum competence. We also express our
preeminent desire to serve the needs of our valued customers, business partners and the
society in general by being responsible in creating and delivering our valuable products,
services and business practices.

2.4 Prosperity
Prosperity outlook is key to our success. Our company contributes immensely to the
prosperity of the people and the country. Therefore, we ensure to utilize advanced
technologies, skills and knowledge of a dedicated, well-trained and motivated workforce
in delivering high quality products and services to our esteemed customers.
Progress
We explore for progress. Our company believes in sustainable development by
investing in the future of our people, our business, our society and our nation as a whole.
Thus, we continuously explore ways to progress and elevate our practices, our standards
and our expectations.
We at Abdul Monem Limited put our philosophy and principles into our day-to-day
business practices.

Page 8 of 48
2.5 About Igloo
The Company is manufacturing and marketing Igloo ice cream, Countrys 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 Asia to introduce this technology. The facility is
producing nearly 20,000 liters of ice cream each day that is distributed throughout the
country.

Quality& Innovation:
Igloo delivers its commitment for quality for each product by maintaining Total Quality
Management (TQM). All the raw and packing materials are procured from the best
European sources. Strides Quality Control is done at every aspect of the manufacturing
process form procurement of materials, blending, material flow, ice cream making,
packaging, storing (at main warehouse), distributing and market shelving by the Quality
Control Department.

Distribution Network:
The distribution network is stretched all over the Country with long fleet of refrigerated
von. Firstly, the ice cream is stored in the central warehouse of the factory and from there
the ice creams are distributed through the haulage vehicle to the following operational
centers:
- Dhaka : Covers the Dhaka and adjacent sub-base markets.
- Chittagong : Covers the South & South East part of the country.
- Comilla : Covers the Eastern part of the country.
- Khulna : Covers the South and South West part of the country.
- Rajshahi : Covers the Northern part of the country.
Strictest cold chain is maintained during the distribution and selling of ice creams. The
retail shops are provided with the deep freezes to ensure proper storing of the products.

Page 9 of 48
 Trolley Operation
Igloo is operating through trolleys for extended reaches to its consumers. Trolleys are
operated to school, alleys, streets, parks etc. and play a rhythmic music to attract the
consumers. Trolleys are very colorful with Igloo umbrella and trolley puller wares
specific uniforms. Igloo is the first in introducing and operating these trolleys in
Bangladesh for any FMCG. Igloo is operating ninety five (95) trolleys.

IGLOO- The Great Taste

The marketing commitment of Igloo is based on the relationship with its consumer by not
only manufacturing the quality product but also delivering the product by maintaining the
same quality. To satiate the customer satisfaction Igloo is launching regularly new ice
creams and introducing new flavors. And this commitment has positioned Igloo as the
market leading brand by gaining the consumers trust.

MILK UNIT
Abdul Monem Limited (AML) initiated the marketing of fresh milk since 1990 along
with ice cream unit in Dhaka with a capacity of 5,000 Liters per day. The set-up was
based on the supply of fresh milk, in various milk pockets in different parts of the
Country. Later, with the increase in demand the unit went for a total BMRE in 1 996 and

Page 10 of 48
organized the milk collection procedure in Pabna by setting up milk collection and
chilling center. With this renovation the capacity increased to 1 5,000 liters per day. The
unit installs modern continuous HTST pasteurization machinery along with it for killing
the harmful micro-organisms and pathogens. This is to endure the Companys
commitment to ensure the quality of its products at all time.

In 1997 the milk unit introduced Ghee (edible butter oil) at the market naming (Igloo
Ghee). The product immediately gained consumers acceptance and popularity as the
Ghee is prepared from the fresh milk without using any preservatives or additives. The
Ghee is packed in the food grade plastic container with sealing to ensure the purity and
original taste.

In 1 999 the Company signed a packaging Contract with the Ballantyne Foods Pty.
Limited of Australia for marketing Igloo Butter at the market, The product is available
in two pack sizes 200gm and 1OQ gm.

2.6 Growth Opportunities

Igloo has been maintaining a very good and stable growth rate through out the passing
few years. It has established high level of reputation and good will, as well as has a very
strong capital back up. So if igloo wants to hold position along with achieving the success
ahead then the igloo should concentrate on offering much more specialized packages to
retain the current loyal customers and to grab the new customer segments from
competitors.

Here they can go for MARKET DEVELOPMENT, PRODUCT DEVELOPMENT and

DIVERSIFICATION. That is considering new segments with existing product. Secondly
Igloo follow product development that is considering new product with covered
segments. Thirdly, Igloo can focus on diversification, through which it can highlight new
product and offerings to the uncovered segments.

Page 11 of 48
 Existing Market New Market
Existing Product

Market Penetration Market Development

2.7
Marketing
New Product Product Development Diversification

Department
One of the major departments of Igloo is the marketing department. The marketing
department of Igloo play a vital role in fostering the continuous growth of Igloo in
Bangladesh. A head of marketing person is assigned to this department who looks after
the overall marketing operation of Igloo in Bangladesh. This department is basically
concerned about marketing the companys products, services and building a strong
corporate image. The marketing department of Igloo has two subdivisions: Sales, Brand.
This division are discussed below :

Head of Marketing

Manager Manager
Brand Sales

Assistant Manager Assistant Manager

Executive Executive

Figure: Structure of Marketing Department

2.8 Marketing Administration

This department formulates & executes various marketing strategies of igloo in
Bangladesh. This department also administers various marketing research activities on the

Page 12 of 48
existing and potential customers of igloo. Some such research activities are: mystery
shopping, critical incident surveys, customer suggestion surveys, etc. The results of these
surveys are integrated while formulating various marketing strategies. This department
also deals with the billing and invoicing of various marketing & advertising costs of igloo
in Bangladesh.

2.9 Marketing Activities

Promotion
This part of the marketing department deals with all the promotional activities of igloo in
Bangladesh. Prime responsibilities of this department are: Maintaining strong public
relations with various media intermediaries, advertising the companys products, building
a strong corporate image of igloo in Bangladesh.
Public Relations
The promotion department organizes various environmental and social activities in order
to build a strong corporate image of igloo in the minds of customers as well as in the
media. Maintaining strong relationship with news media is another major duty of this
department.
Advertising
The promotion also coordinates all the advertising of igloo products within Bangladesh.
Some of the advertising tools that are frequently used by the company are as follows:

Abov
Abov
ee

Bel The
The
Bel
ow Line
Line
ow
The
The(AT
Lin(AT
LinL)
eeL)
(BT
(BT
LL))

Page 13 of 48
 Newspapers Advertising
Regular advertisements of various products of igloo are given in the countries most
renowned daily newspapers.
Billboards
Huge colourful billboards with igloo logo are found in various major areas of Dhaka and
Chittagong. These billboards emphasize on the needs of customers and shows igloos logo
as solution to their want.
Road Side umbrella
Medium sized multi colour umbrella focusing on various products of igloo are found on
the roadsides of various posh areas such as, Gulshan, Dhanmondi, Baridhara, Motijheel,
etc.
Broachers
Various colourful broachers featuring specific products of igloo are being displayed and
distributed to existing and potential customers.
Ducal and canopy
Various ducal and canopy are displayed and distributed for used in df
Packaging
Packaging comes after the producing the product. It is best job to make sure the quality of
the product. Packaging has a great impact on maintain product quality. Good packaging
also attracts the customers. Igloo package their products in attractive poly pack
sometimes from outsourced. They are the producer of plastic container of family pack.
Igloo always brings innovation in their packaging.

2.9.1 New Product Development

Men are not satisfied with the products what they previously consumed. The changes in
consumer tastes, income, habit, lifestyle, demand, social status, expectation, etc. and
changes in the technology &competition, companies must develop a steady stream of new
products and services. New product development means the development of the original
products, product improvement, product modification and new brands through the firms
own research and development.

Page 14 of 48
2.9.2 New Product Development Strategy
A firm can obtain new product in the following ways-
1. Through acquisition:
Buying a whole company
Buying a patent
Buying a license to produce some one else product
2. Through new product development:
By the companys own R & D
By the other research & development organization.
Steps in the new product development at Igloo
The new product development process for finding and growing new products consists of
eight major steps. The steps are given below-
1. Idea Generation
2. Idea Screening
3. Concept Development and testing
4. Marketing strategy
5. Business Analysis
6. Product Development
7. Market testing
8. Commercialization
Idea Generation
New product development in igloo starts with idea generation. The idea generation is a
systematic procedure. Company may find many ideas; top management selects the proper
idea by using new product development strategy.
New product idea comes from different sources. The sources are-
1. Internal sources:
Research laboratory
Top management
Marketing Experts
Production Department
2. External sources:
Customers
Competitors
Distributors
Suppliers
Free- lance investors, designers
Advertising Agencies

Page 15 of 48
Idea Screening
The first idea- reducing stage is called idea screening. The igloo wants to go ahead only
with the product ideas that will turn into profitable products. Company executives write
up new product idea on a standard form that can be reviewed by a new product
committee. The committee considers the product, the target market, the competition,
market size, product price, development time, manufacturing time and rate of return.
Even if the idea seems good the committee does idea screening by evaluating the idea
against a set of general criteria. The committee asks questions such as:

Is the product truly wanted by the consumer?

Is it good for our igloo?
Does it match with the igloos objective and strategy?
Do we have the people, skills and resources to make it success?
Does it deliver more value to customers than competing products?
Is it easy to advertise and distribute?
Thus the company can collect the most suitable and effective product idea.

Concept Development & Testing

An attractive idea must be developed into a product concept. Product concept is more
specific than the product idea. Product idea differs from product concept. A product idea
is an idea for a possible product that the company can see itself offering to the market. A
product concept is the idea that consumers will favor product that offer the most quality,
performance, and features and that the organization should therefore devote its energy to
making continuous product improvement. A product concept is a detailed version of the
idea stated in meaningful consumer terms.

Two things are related with product concepts. These are briefly described below-
1. Concept Development: Suppose igloo has got an idea of new toffee flavor, which is
more nutritious and tasty. An idea now we want to convert this idea into concept. In this
context some questions are, first who will consume the ice cream? Probable users are
Baby, child, Young man and adult person. Second what is the quality of the product? The
product is tasty, nutritious. Third when the product will be used? The product will be
used after break fast, after launch, with snack in the evening, and at night at the time of
going bed.

Page 16 of 48
 2. Concept testing: Testing new product concepts with a group of target
consumer to find out if the concepts have strong appeal. The concepts may be
presented to consumers symbolically or physically so that consumers can think
that the real product is before them.

Here in words the product concept may be presented tasty, nutritious toffee flavor for all
aged people, which is all times useable. The price of 1 Liter box is TK. 125.
Now Igloo can know the customers response about the product by asking some questions-
Is the usefulness of the product clear and believable to you?
Do you think the product will meet your need?
Do you think the price is reasonable?
Do you buy the product?
Who will use the product?
How many times do they use the product?
Analyzing the above answer the company will take decision about the new product
development.

Marketing Strategy Development

Marketing strategy development means designing an initial marketing strategy for a new
product based on the product concept.
The marketing strategy statement consists of three parts.
The first part describes the target market size, structure and manner.
The 2nd part describes the product market positioning.
The 3rd part describes the sales, market share, and profit for the first few years.

Market Testing
If the product passes functional and consumer tests, the next step is market testing.
Market testing gives the marketer experience with marketing the product before going to
the expense of full introduction. It lets the company test the product and its marketing
program-- positioning strategy, advertising, distribution, pricing, branding and packaging
and budget levels. Test marketing needs much cost and time. When management is
already confident about the new product, the company may do little or no test marketing.
Companies often do not test market they simply copies of successful competitors
products.

Page 17 of 48
When using test marketing, consumer product companies usually choose one of three
approaches-
1. Standard test markets.
2. Controlled test markets
3. Simulated test markets
1. Standard Test Markets:
Using standard test markets, the company finds a small number of representative test
cities, conducts a full marketing campaign in these cities, and uses store audits, consumer
and distribution surveys, and other measures to gauge product performance. The results
are often used to forecast national sales and profits discover potential product problems
and fine-tune the marketing program.

2. Controlled Test Markets

Several research firms keep controlled panels of stores that have agreed to carry new
products for a fee. The company with the new product specifies the number of stores and
geographical location it wants. The research firm delivers the product to the participating
stores and controls shelf location, amount of shelf space, displays and point of purchase
promotions and pricing according to specified plans. Sales results are tracked to
determine the impact of these factors on demand.

3. Simulated Test Marketing

Companies also can test new product in simulated shopping environment. The company
shows ads and promotion for a variety of products, including the new product being
tested to a sample of consumers. It gives consumers a small amount of money and
invites them to buy the products. The researchers note how many consumers buy the new
product and competing brands. This simulation provides a measure of the trial and the
commercials against competing commercials.

2.10 Marketing Mix Analysis

A market is a group existing and potential buyers or users of a product or service. The
vital element of every marketing system is the marketing mix. The tools of marketing
under the marketing mix are-
Product
Price
Place (Distribution) and
Promotion

Page 18 of 48
 Product
A product is anything offered for sale for the purpose of satisfying a want or need on both
sides of exchange process. Product includes physical objects, services, persons, places,
organization and ideas. Here the products of Igloo are mainly stick item, cup, cone,
premium, cake, family pack, mango milk, chocolate milk, etc. Most of The raw materials
are from foreign countries except sugar. The machines and technologies of all products
are from abroad. The quality of all products is very high.

Stick Item Cup Cone Premium Family Pack Milk

CHOCOBAR VANILLA - CUP CORNELLI Fruit n Nut STRAWBERRY Butter

MINI CHOC STRAWBERRY Pista Passion MANGO Ghee

SHELL & CORE PISTA KULFI CLASSIC Mango Melody VANILLA Mango
HUMPTY
LOLLY - LEMON DUMPTY PREMIUM Straw. Sparkle STRAWBERRY Chocolate
- SINGLE
ORANGE SUNDAE Choco Cheers CHOCOLATE
FRUTZ- Caramel MANGO
ORANGE MANGO MAGIC Combo FRESH
- SNOW/FOOT
ST.BERRY BALL DIET VANILLA
- MIXED
FRUIT RIPPLE

DUDH MALAI VANILLA MIX

HEART
SWEET Price
Pricing is
SANDWICH more vital factors among 4ps. price are the change value of a product or
CLOWN
service always expressed in terms of due customer consumer. Every company must
EGO
conscious in setting price based on market segment. Igloo produces their ice cream to
MEGA
meet the local demand. There are a number of pricing methods in the market. For
MACHO
setting price they consider cost Table:
and competitors
Product Itemsprice and always try to reach the
products to the customers in affordable price.

Distribution & Sales Aspects

Distribution channel is a set of interdependent organizations involved in the process
of marketing product or service available for the customer. There are different types
of channel of distribution. As Igloo produces consumer products, and they have to
distribute their product to the whole country from one production plan. So they have a
number of sales forces to distribute their product. They also distribute their products
through dealers. Igloo distribute their product in the following ways-

Page 19 of 48
 1. Producer Retailers customer
2. Producer Dealers Retailers Customer

Medium of transportation: Own carrier.

Promotional Activities
Promotion is the most vital factor for accelerating the total operation of the company.
It is mostly effective for consumer goods, because there are a number of brands of
consumer goods for the same products and huge competition exists in the market .So
companies success mostly depends on promotional activities. There are a number of
promotional tools like advertising personal selling, sales promotion and public
relation. For promoting product Igloo follows the following media:

a) TV b) Radio c) Newspaper d) Magazine e) Billboard

f) Ducal g) Posturing h) Canopy i) Umbrella

Organize the X Mas party at Seraton at 25th December 2010

Igloo Ice cream festival at Sheraton Unlimited ice cream at Tk.300
Celebrating bangla New year in New Style
Participation at Dhaka University Marketing Department Graduation
Ceremony
Participation at WCHK Expo 2010 at Shilpokola
Going to participate at IMC Campaign of Igloo Dudh Malai With East West
University

2.11 Marketing Strategy of Igloo

Market Segmentation

Segmentation helps a company for determining realistic and obtainable marketing

objectives for profit. This segmentation sorts out the customers different needs. Thus,
market segmentation tries to satisfy customer resulting in profit.
They segment the market basis of age, class, and income.

Targeting strategy
The targeting strategy of Igloo is to cover both local consumers and national customer.

Page 20 of 48
They give extra attention to the customer of premium category.

Positioning Strategy
By adopting different positioning strategies Igloo is trying to make position in the market.
They are discussed bellow:-

Functional Level Strategy: Igloos focus is on efficiency, quality, innovation, and

customer responsiveness. This enables Igloo to earn competitive advantage over the
competitors.

Business Level Strategy: Igloo applies differentiation strategy as their business level
strategy.

Corporate Level Strategy: Igloo follows related diversification as their corporate level
strategy. It enables them to keep the cost low and earn better expertise.

2.12 Media Planning

Media is separated in three divisions. Igloo at first consult with their agency and
according to their plan they advertise in different media. Every issue of regarding
advertisement is depending on the marketing department of Igloo.

Table: Media Planning

Page 21 of 48
 Outdoor Division: The message content, purposes of billboards are same as the print
and broadcasting Advertising. Flyers are the handouts that contain the broad-spectrum
of let the people know what the Advertising is all about.
Print Media: In print media the Advertising strategy is identical as it is in outdoor
and broadcasting media- to convey the same message to the target group. Igloos
advertising campaign differs according to the type of print media. Generally Igloo
launches Advertising to the most popular and leading print media vehicles.

Broadcasting Media: In choosing broadcasting media vehicle the strategy of this

division is to search for the highest rated media by the audience and then launch the
Advertising accordingly. Igloo prioritize electronic media as follows-

Page 22 of 48
Chapter-3

Literature Review

Page 23 of 48
3.0 Literature Review

3.1 Introduction to Consumer Behavior

Consumer behaviour has been always of great interest to marketers. The knowledge of
consumer behavior helps the marketer to understand how consumers think, feel and select
from alternatives like products, brands and the like and how the consumers are influenced
by their environment, the reference groups, family, and salespersons and so on. A
consumers buying behavior is influenced by cultural, social, personal and psychological
factors. Most of these factors are uncontrollable and beyond the hands of marketers but
they have to be considered while trying to understand the complex behavior of the
consumers. Consumer is the study of the processes involved when individuals or groups
select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy
needs and desires (Solomon 1995, 7). In the marketing context, the term consumer
refers not only to the act of purchase itself, but also to patterns of aggregate buying which
include pre-purchase and post-purchase activities. Pre-purchase activity might consist of
the growing awareness of a need or want, and a search for and evaluation of information
about the products and brands that might satisfy it. Post-purchase activities include the
evaluation of the purchased item in use and the reduction of any anxiety which
accompanies the purchase of expensive and infrequently-bought items. Each of these has
implications for purchase and repurchase and they are amenable in differing degrees to
marketer influence (Foxall 1987). Engel, et al. (1986, 5) define consumer behaviour as
those acts of individuals directly involved in obtaining, using, and disposing of
economic goods and services, including the decision processes that precede and
determine these acts. Simple observation provides limited insight into the complex
nature of consumer choice and researchers have increasingly sought the more
sophisticated concepts and methods of investigation provided by behavioural sciences in
order to understand, predict, and possibly control consumer behaviour more effectively.
Psychology, social psychology, and sociology are the disciplines most widely employed
in this endeavour which has become a substantial academic industry in its own right. This
article presents a review of the literature, in the field of consumer buying behaviour. The
first section, describes, the importance of various factors including lifestyle and its impact
on the consumer buying behavior. The second section describes the dominant, positivistic
consumer perspectives. The third section, presents a methodological and analytical
overview of the traditional perspectives. The remainder of this section is devoted to

Page 24 of 48
presenting the highlights of the debate between the recent non-positivist perspectives and
the traditional positivist-based approaches. This discussion surrounds the issues of
fundamental assumptions and techniques of analysis of various alternative modes of
enquiry. The main purpose of this article is to identify different streams of thought that
could help and guide for future consumer researchers.

3.2 Consumer Personality Factors

There are two factors mainly influencing the consumers for decision making: Risk
aversion and innovativeness. Risk aversion is a measure of how much consumers need to
be certain and sure of what they are purchasing (Donthu and Gilliland, 1996).Highly risk
adverse consumers need to be very certain about what they are buying. Whereas less risk
adverse consumers can tolerate some risk and uncertainty in their purchases. The second
variable, innovativeness, is a global measure which captures the degree to which
consumers are willing to take chances and experiment with new ways of doing things
(Donthu and Gilliand, 1996).The shopping motivation literature is abound with various
measures of individual characteristics (e.g., innovative, venturesome, cosmopolitan,
variety seeking), therefore, innovativeness and risk aversion were included in this study to
capture several of these traits. Measures by Donthu and Gilliland (1996) were used to
measure innovativeness and risk aversion.

Consumer Perception Factors

Perception is a mental process, whereby an individual selects data or information from the
environment, organizes it and then draws significance or meaning from it.

Perceived Fit
Perceived fit is an attitudinal measure of how appropriate a certain channel of distribution
is for a specific product .Morrison and Roberts (1998) found that consumers perception
of the fit between a service/product and a channel is very influential in determining
whether they will consider using that channel for a specific service. In fact, perceived fit
was found to be more important than consumers preferences for the distribution method
or service.

Page 25 of 48
Quality
It is our aim to provide the best product for the consumer and we believe that if the
products have quality the consumer will pay the price, says Amal Pramanic, regional
business director. Oral-B

Packaging
Packaging establishes a direct link with the consumers at the point of purchase as it can
very well change the perceptions they have for a particular brand. A product has to draw
the attention of the consumers through an outstanding packaging design. Earlier
packaging was considered only a container to put a product in, but today, research in to
the right packaging is beginning at the product development stage itself. Packaging
innovation has been at the heart of Daburs attempt to rap with the urban consumers. It
spends large sums annually on packaging research. -We have been laying emphasis on
aesthetics, shelf appeal and convenience for consumer says Deepak Manchandra,
manager packaging development.

Promotion
The greatest challenge faced by companies today is holding and increasing their market
share and value. This is always a strenuous exercise and one of the tools for the same is
marketing. There is no specific game rule available for using these marketing tools .The
reason is: each promotional tool has its own characteristics.

Familiarity with A Channel

Consumers familiarity with a channel is a measure of the general experience they have
with purchasing products through specific channels (i.e.. catalog, internet, and bricks-and-
mortar retailer). Through frequent use consumers should become accustomed to using the
channel which reduces their apprehension and anxiety in purchasing products through the
channel.

Page 26 of 48
3.3 What is a BRAND?
Brand recognition and other reactions are created by the use of the product or service and
through the influence of advertising, design, and media commentary. A brand is a
symbolic embodiment of all the information connected to the product and serves to create
associations and expectations around it. A brand often includes a logo, fonts, color
schemes, symbols, and sound, which may be developed to represent implicit values,
ideas, and even personality.

3.4 Branding Concepts

Marketers engaged in branding seek to develop or align the expectations behind the brand
experience, creating the impression that a brand associated with a product or service has
certain qualities or characteristics that make it special or unique. A brand image may be
developed by attributing a "personality" to or associating an "image" with a product or
service, whereby the personality or image is "branded" into the consciousness of
consumers.

3.5 Brand Management

A brand is therefore one of the most valuable elements in an advertising theme. The art of
creating and maintaining a brand is called brand management. A brand which is widely
known in the marketplace acquires brand recognition. When brand recognition builds up
to a point where a brand enjoys a critical mass of positive sentiment in the marketplace, it
is said to have achieved brand franchise. One goal in brand recognition is the
identification of a brand without the name of the company present. For example, Disney
has been successful at branding with their particular script font (originally created for
Walt Disney's "signature" logo) which it used in the logo for go.com. "DNA" refers to the
unique attributes, essence, purpose, or profile of a brand and, therefore, a company. The
term is borrowed from the biological DNA, the molecular "blueprint" or genetic profile of
an organism which determines its unique characteristics.

3.6 Brand Equity and Brand Name

Brand equity measures the total value of the brand to the brand owner, and reflects the
extent of brand franchise. The term brand name is often used interchangeably with
"brand", although it is more correctly used to specifically denote written or spoken

Page 27 of 48
linguistic elements of a brand. In this context a "brand name" constitutes a type of
trademark, if the brand name exclusively identifies the brand owner as the commercial
source of products or services. A brand owner may seek to protect proprietary rights in
relation to a brand name through trademark registration.

3.7 Brand Energy

Brand energy is a concept that links together the ideas that the brand is experiential; that it
is not just about the experiences of customers/potential customers but all stakeholders;
and that businesses are essentially more about creating value through creating meaningful
experiences than generating profit. Economic value comes from businesses transactions
between people whether they be customers, employees, suppliers or other stakeholders.
For such value to be created people first have to have positive associations with the
business and/or its products and services and be energised to behave positively towards
them hence brand energy. It has been defined as "The energy that flows throughout the
system that links businesses and all their stakeholders and which is manifested in the way
these stakeholders think, feel and behave towards the business and its products or
services." Attitude branding is the choice to represent a feeling, which is not necessarily
connected with the product or consumption of the product at all. Marketing labeled as
attitude branding includes that of Nike, Starbucks, The Body Shop, Safeway, and Apple
Inc.

"A great brand raises the bar -- it adds a greater sense of purpose to the experience,
whether it's the challenge to do your best in sports and fitness, or the affirmation that the
cup of coffee you're drinking really matters." - Howard Schultz (CEO, Starbucks Corp.)
The act of associating a product or service with a brand has become part of pop culture.
Most products have some kind of brand identity, from common table salt to designer
clothes. In non-commercial contexts, the marketing of entities which supply ideas or
promises rather than product and services (e.g. political parties or religious organizations)
may also be known as "branding".

Page 28 of 48
Brand Awareness
According to Rossiter and Prey (1987), brand awareness precedes all other steps in the
buying process. A brand attitude cannot be performed, unless a consumer is aware of the
brand. In memory theory, brand awareness is positioned as a vital first step in building the
bundle of associations which are attached to the brand in memory (Stokes, 1985).

FAMILY INFLUENCE
A family exerts a complex influence on the behaviors of its members. Prior family
influence research has focused on intergenerational rather than intergenerational influence
in consumer generationalisation. As has been compellingly demonstrated, parents
influence children. Yet, consumption domains clearly exist where sibling efforts may also
be exerted.

SHOPPING MOTIVES
Shopping motives are defined as consumers wants and needs as they relate to outlets at
which to shop. Two groups of motives, functional and nonfunctional, have been proposed
by Sheth (1983). Functional motives are associated with time, place, and possession
needs and refer to rational aspects of channel choice. Whereas non-functional motives
related to social and emotional reasons for patronage. The functional motives included:
convenience, price comparison, merchandise assortment. The nonfunctional motives
entail: recreation.

3.8 THE TRADITIONAL PERSPECTIVES ON CONSUMER RESEARCH

This section outlines the perspectives that emerged during the traditional-positivist era in
consumer research. Thus, a brief discussion on the early models of buyer behaviour,
proposed by economists is presented, followed by a discussion on each of the traditional
perspectives in consumer research that emerged thereafter. These are the behavioural,
cognitive, trait, motivational, attitudinal, and situational viewpoints. Overall, the objective
of this section is to outline the features and the central arguments of each of these
perspectives. While a detailed analytical review of the paradigms is presented in section
two, at this stage it is worth noting, that the traditional perspectives while diverse with
respect to the many aspects of consumer behaviour they investigate, are fundamentally
similar in terms of their philosophical and methodological bases for undertaking the

Page 29 of 48
examination of consumer issues. That is, they are built on the common foundations of
rationalism and share allegiance to the principles of a single traditional, positivist-based
approach to consumer research.

3.9 THE RATIONAL PERSPECTIVE

The economists were the first to dominate model building, in the area of buying
behaviour. The early economic view considered consumer behavior in terms of a single
act of purchase itself, and post-purchase reactions. Economic theory holds that purchasing
decisions are the result of largely rational and conscious economic calculations. Thus,
the individual buyer seeks to spend his income on those goods that will deliver the most
utility (satisfaction) according to his tastes and relative prices. The antecedents of this
view can be traced back to Adam Smith (1776). Alfred Marshall (1890) consolidated the
classical and neoclassical traditions in economics, into a refined theoretical framework
which came to be known as the theory of marginal utility. His theoretical work aimed to
simplify assumptions and thereby examine the effects of changes in single variables (e.g.,
price) holding all other variables constant. While economic models such as the
Marshallian theory of marginal-utility are useful to the extent that they provide
behavioural hypotheses (e.g., the lower the price of a product the higher the sales), the
validity of these hypotheses does not rest on whether all individuals act as calculating
machines in making their purchasing decisions. For example, Eva Muller (1954) reported
a study where only one-fourth of the consumers in her sample bought with any substantial
degree of deliberation. The Marshallian model ignores the fundamental question of how
product and brand preferences are formed. Several studies have identified the impacts of
price differentials on consumers brand preferences; changes in product cues on demand
variations; changes in price on demand sensitivity; and scarcity on consumer choice
behaviour amongst many others (Lewis et al. 1995).

3.10 THE BEHAVIOURAL PERSPECTIVE

As mentioned above, in contrast to the economic view which underscores the importance
of internal mental processes in consumer decision making, the behavioural perspective
emphasizes the role of external environmental factors in the process of learning, which it
is argued causes behaviour. Thus, the behaviourists approach the consumer, as a black
box and thereby assume that consumer behaviour is a conditioned response to external

Page 30 of 48
events. The behavioural perspective therefore focuses on external environmental cues
(such as advertising) that stimulate consumer response through learning. The strategic
emphasis, of the behavioural modification theories, for example, are to devise a set of
expanded behaviour modification techniques (e.g., respondent conditioning; operant
conditioning; vicarious learning etc.) that can be used to influence, modify, and control
consumer behaviour (Peter and Nord 1982). While a number of researchers have
proposed models to study learning principles e.g., Thorndike (1911); Watson and Rayner
(1920), this view is represented by two major approaches to learning: classical
conditioning and instrumental learning. Classical conditioning occurs when a stimulus
that elicits a response is paired with another stimulus that initially does not elicit a
response on its own. Over time, this second stimulus causes a similar response because it
is associated with the first stimulus. The theory of classical conditioning is rooted in
Pavlovs research on digestion in animals. Pavlov induced classically conditioned
learning by pairing a neutral stimulus (a bell) with a stimulus known to cause a salivation
response in dogs (dried meat powder). The powder was an unconditioned stimulus (UCS)
because it was naturally capable of causing the response. Over time, the bell became a
conditioned stimulus (CS) resulting in a conditioned response (CR). Thus, conditioned
effects are more likely to occur after the conditioned and unconditioned stimuli have been
paired a number of times. The basic form of classical conditioning demonstrated by
Pavlov primarily applies to responses controlled by the autonomic (e.g., salivation) and
nervous (e.g., eyeblink) systems. That is, it focuses on visual and olfactory cues that
induce hunger or thirst. When these cues are consistently paired with conditioned stimuli,
such as brand names, consumers may learn to be hungry or thirsty, when later exposed to
brand cues. Classical conditioning can have similar effects for more complex reactions.
Even a credit card becomes a conditioned cue that triggers greater spending, especially
since it is a stimulus that is presented only in situations where consumers are spending
money. People learn that they can make larger purchases when using credit cards, and
they also have been found to leave larger tips than they do when using cash (Feinberg
1986).

Page 31 of 48
3.11 CONSUMER DECISION MAKING MODELS
The three major comprehensive models for consumer decision making were proposed
by Nicosia 1966; Engel et al. 1968; and Howard and Sheth 1969. These attempt to trace
the psychological state of individual consumers from the point at which they become
aware of the possibility of satisfying a material need by purchasing and consuming a
product to their final evaluation of the consequences of having done so. Engel et al.,
(1986) suggest that high involvement with a product results in an extended problem
solving process which starts with problem recognition, followed by an information
search, alternative evaluation, purchase, and post purchase activities. This process is aided
by an active information processing sequence involving exposure, attention,
comprehension, yielding/acceptance, and retention. The choice determined by the
outcome of the information process-aided decision sequence may have satisfying or
dissonant outcomes: Festinger (1957) first introduced the theory of cognitive dissonance
for the consumer, which influence future purchasing. Engel and Blackwell (1982) also
point out that environmental influences may affect the decision sequence acting on the
consumers motivation and intention, and that unpredictable factors (such as non-
availability of the desired brand or insufficient funds) may result in modification of the
actual choice made by a consumer. This model assumes that observed consumer
behaviour is preceded by intrapersonal psychological states and events (attitudeintention-
purchase sequence). Moreover, the model depicts these psychological events as outputs of
the processing of information, taking for granted that consumers seek and use information
as part of their rational problem solving and decision making processes.

Page 32 of 48
Chapter-4
Analysis and Findings

Page 33 of 48
4.1 Demographic analysis

Among 74 respondents, female respondents are more than male respondents.

Here it is shown the, among 74 respondents, most of the respondents are falling in the age
group of 20-30. And in the second position 30-40 age group are participating. 12-20 age
group are also participating in this study.

In this study, in case of occupation businessperson, students and other (housewife, service
holder etc) options are taken. Among them others option are participating more than
businessperson and students.

Page 34 of 48
 From where respondents buy

40
35
30
25
20
15
10
5
0
Nearby Sight Shopping Not
shop seeing Mall sure

In above figure, shopping options for consumer goods are given. Here it is found out that,
among several options, customers prefer nearby shops for buying consumer goods.
Among all respondents, some are not sure about their shopping places. They are buying
on the basis of their convenient and instant situation.

Sources where respondents are known about the product

30

25

20

15

10

5
0 0
0
TV ad Billboard Newspaper Online ad Professional Friend Family member
ad ad link

The question was, how customers are known about Igloo Foods Ltd. From respondents
view point TV ad is the main source and they also mentioned that, they were known from
their friend circle. On the other hand, none of the respondents know from online ad or
professional link.

Page 35 of 48
4.2: Brand equity analysis

4.2.1 Brand salience

Achieving the right identity means creating brand salience with customers. Brand
Salience measures awareness of the brand. It is the first step for building brand equity
according to Kellers brand equity model. In this study, for measuring brand Salience of
Igloo Foods Ltd three variables are taken: customers satisfaction, recall the logo,
remembering the slogan.

Satisfied with the product

25%
Satisfied

Dissatisfied

75%

In case of Satisfaction with the product, among 74 respondents, 75% respondents are
satisfied. On the other hand 25% respondents are dissatisfied. So, it can be said that,
consumer has a greater satisfaction.

In case of remembering the logo, respondents can remember the logo of Igloo is: 64% and
36% respondents cannot remember the logo of Igloo among all respondents. So, by this, it
is given that, in case of brand recall Igloo performance is in the better position.

Page 36 of 48
And lastly, in case of remembering the slogan, again it is shown that, 92% respondents
can recall the slogan of Igloo whereas, only 8% respondents cannot recall the slogan of
Igloo. So, Igloos slogan is very much familiar to the customers.

4.2.2 Brand Performance

Brand Performance describes how well the product or service meets customers more
functional needs. Among some variables, few variables are taken to measure the brand
performance of Igloo consumer goods. It is very important part for building brand equity.
By enhancing product performance level, a company can attract its customers and
providing more value.

Quality Builds confidence of customers

20
18.9

15
13.5

10 Series1

0
Female Male

Here it is shown that, among 74 respondents 18.9% female argue that Igloos product
quality can build confidence of customers which influences their purchase decision.
Whereas, 13.5% male respondents think the same as it is mentioned before.

Page 37 of 48
 30

25

20
Meet future needs
15

10

0
Female Male

By the above chart, it is clear that, to meet future customer needs, Igloo can serve female
customer more than male customer according to respondents. So, in case of brand
performance, female can be served better than male.

50
45
43.2
40
35
30
25 Feel Comfortable

20
15 16.2

10
5
0
Female Male

In case of product comfortable, according to respondents, Igloo products are more

comfortable to female (43.2%) than male (16.2%).

4.2.3 Brand Imagery

Brand Imagery depends on the extrinsic properties of the product, including the ways in
which the brand attempts to meet customers psychological or social needs. It is more
intangible aspects of the brand, and customers can from imagery association directly from
their own experience or indirectly through advertising or by some other source of
information. For measuring brand Imagery of Igloo Foods Ltd, following variables are
taken for analyzing the imagery association:

Page 38 of 48
 Regards as a respectable Brand

37.8
40
35
30 21.6
25
Customers 20 Female
15 Male
10
5
0

Company

According to customers, Igloo regards a more respectable brand to female than male.
This Imagery association can build strong brand equity leads to high market share and
attract more customers. No negative feeling about the brand itself carries a wide
responsibility.
Environment Friendly

35%
Female
Male
65%

Among 74 respondents, 65% male respondents argue that, Igloo products are
environment friendly. And this company makes friendly products for customers. On the
other hand, only 35% female respondents think that Igloo products are environment
friendly. This percentage is less.

4.2.4 Brand Judgment

This is the customers personal opinions about evaluations of the brand, which customers
form by putting together all the different brand performance and imagery associations.
There are four types of judgment: judgment about quality, judgment about credibility,
consideration and superiority.

Brand judgment has a great impact on building Brand equity. For this, following analysis
are given for measuring brand equity of Igloo Foods Ltd.:

Page 39 of 48
 Poor design

24.3
25
18.9
20

15
customers
10 Series1

0
Female Male

By this study, it is found that, Igloo products are poorly designed according to female
consumers (24.3%) than male consumers (18.9%). By comparing them, it is mentioned
that, the product design of Igloo is more up to the mark to male than female.

Provides Value to customer

46%
Male
54% Female

According to study, among all respondents, 54% female respondents think that Igloo
provides value to them by enhancing customers information. On the other hand, only
46% male respondents think that Igloo provides value to them by enhancing customer
information. Here Igloo is lagging behind in terms of male value.

Page 40 of 48
4.2.5 Brand Feelings

Brand feelings are customers emotional response and reactions to the brand. These
feelings can be mild or intense and can be positive or negative. In this study, by analyzing
following variables of brand feelings brand equity of Igloo Foods Ltd. is measuring.

Reasonable price to customer

30 27 27
25
20

15 Series1

10
5

0
Male Female

In above figure, it is shown that, the price of Igloo is reasonable to both male and female.
So there is scope for the company to use it positively and profitably.

Positive attitudes toward the product

41%
Male
59% Female

Among 74 respondents 59% female respondents show positive attitudes towards the
product of Igloo. On the other side, 41% male respondents show their positive attitudes
towards the products. This positive feeling towards the company leads to high brand
equity.

Page 41 of 48
4.3 SWOT Analysis
SWOT analysis enables an organization to have a comprehensive insight about its current
position in the industry compared to the competitors. It provides the organization a scope
to strategically improve its position in the market. Here, the internal strengths and
weaknesses of Igloo as well as the external opportunities and threats are discussed:

4.3.1. Strength
Innovative Products
Igloo always tries to bring innovation in their product line. One example is Igloo fruitz
gachpaka.
Brand Image
Right price, Right weight, convenience in shopping
Standardized & guaranteed quality
-Freshness, hygieneallows to have right nutrition
Best value for money
Guarantee of the reliability from genuine sources
Caring, trustworthy in all process from supplying
Improvised Customer care & friendly environment
Treat Customer like a Family
Joyful shopping under one roof

Experienced Senior Management

The senior management of the Igloo is responsible for promoting the highest level of
business ethics and integrity. Their aim is to create and foster a culture throughout the
company that emphasizes and demonstrates the importance of maintaining high business
ethics and close relationship with customers.
Distinct operating procedure
Igloo is known countrywide for its distinct operating procedure. The companys
managing for Value strategy better satisfy customers needs and also keeps the firm
profitable.
Efficient Administration
Igloo has an efficient administration. The work is done in a timely and systematic manner
for which the efficient administration is responsible. There is close relationship between

Page 42 of 48
the employees and management though the chain of command is maintained strictly.
Overall, there is a good balance between the administration and the employees.
Distinct schedule
Everyone in Igloo from the appraiser to the top management has to work to the same
schedule toward a different aspect of the same goal, interfacing simultaneously at all level
over quite a long period of time.

4.3.2. Weakness
Training
There is a lack of specific training for specific jobs. As a result, the employee has to learn
things from the job by doing it pract- Lack of consistency in the
marketing communication
Lack of right communications to the target customers
Lack of diversity in the category management
o E.g. Cosmetics, baby Items
Poor management of AIP system & AIP customers properly
Lack of modernization in the store decoration
Shortage of promotional & activation campaign
Way of plan gram & product merchandising
Lack of brand building/awareness building activities
Lack of Proximity (availability of the serviceicily.
4.3.3. Opportunity
Expectancy by the customers are increasing
Urbanization/ modernization is flourishing/increasing
Per capita income is increasing
Consciousness about the quality is increasing day by day
Real opportunity to penetrate into the various professional e.g. : corporate,
schools, Doctors, Bankers etc
Target groups could be captured, if right strategy is being taken

Page 43 of 48
4.3.4. Threats
Competition is always a major threat for any organization. Igloo always pose a
threat for others by coming up with new product line, innovative technology,
quality services, etc. thus the level of competition rises and create threat for Igloo.
Satisfying consumer insight
More Competitions are coming with market based offer
Managing the GP/Right product mix
Negotiation with the suppliers
Developing the foothold into potential parts of Bangladesh
Synchronizing with short and long term objectives (instant result and brand
building)
Winning attitude or mind set..

Page 44 of 48
Chapter-5

Recommendations & Conclusion

Page 45 of 48
5.1 Recommendations

Since there are many competitors in the consumer goods Industry. Company should
follow the better policy to survive in the market. It is very difficult to give
recommendations, which ensure certain success. Yet we would like to offer the following
suggestions for companys success.

As Igloo Foods Ltd. is very conscious about the quality of their product, so we
would suggest that the quality of the ice-cream should be maintained strictly
because quality is the key to success in the competitive world.
Retailers should have been made well-wisher of the company by giving various
promotional incentives so that they induce the consumer to by this product.
Marketing department should be made stronger to find out various devices for
increasing sale.
To make the product widely familiar and to make the product name long lasting in
the mind of the consumers advertising activities should be intensified.
For ensuring total quality management (TQM), proper selection and recruitment
system should be followed and training and development of the employees is
essential.

Page 46 of 48
5.2 Conclusion

There are two factors mainly influencing the consumers for decision making: Risk
aversion and innovativeness. Risk aversion is a measure of how much consumers need to
be certain and sure of what they are purchasing (Donthu and Gilliland, 1996).Highly risk
adverse consumers need to be very certain about what they are buying. Whereas less risk
adverse consumers can tolerate some risk and uncertainty in their purchases. The second
variable, innovativeness, is a global measure which captures the degree to which
consumers are willing to take chances and experiment with new ways of doing things
(Donthu and Gilliand, 1996).The shopping motivation literature is abound with various
measures of individual characteristics (e.g., innovative, venturesome, cosmopolitan,
variety seeking), therefore, innovativeness and risk aversion were included in this study to
capture several of these traits. Measures by Donthu and Gilliland (1996) were used to
measure innovativeness and risk aversion.
A brand is therefore one of the most valuable elements in an advertising theme. The art of
creating and maintaining a brand is called brand management. A brand which is widely
known in the marketplace acquires brand recognition. When brand recognition builds up
to a point where a brand enjoys a critical mass of positive sentiment in the marketplace, it
is said to have achieved brand franchise. One goal in brand recognition is the
identification of a brand without the name of the company present. For example, Disney
has been successful at branding with their particular script font (originally created for
Walt Disney's "signature" logo) which it used in the logo for go.com. "DNA" refers to the
unique attributes, essence, purpose, or profile of a brand and, therefore, a company. The
term is borrowed from the biological DNA, the molecular "blueprint" or genetic profile of
an organism which determines its unique characteristics.
After conducting this report successfully I found that Igloo Foods Ltd. is able to create a
significant position to our economy and try to boost up the economy of Bangladesh. In
conclusion I can strongly predict that Igloo Foods Ltd contains a great future ahead of it,
this product is really enclose optimum quality and want to deliver quality also towards its
consumers. I think its a matter of time that Igloo Foods Ltd will become the number one
choice of the consumers of Bangladesh.

Page 47 of 48
References

Books & Articles

1. Aaker, D.A. and Keller, K.L. (1990), Consumer evaluations of brand

extensions, Journal of Marketing, Vol. 54 No. 1, pp. 27-41.
2. Annual Report of Abdul Monem ltd
3. Cowel, Donald W. (1988). The Marketing of Services, Heinemann Professional
Publishing Ltd. Oxford.
4. equity, Journal of Marketing, Vol. 57, January, pp. 1-22.
5. Fishbein, M. and Ajzen, I. (1975), Belief, Attitude, Intention, and Behavior: An
Introduction to Theory and Research, Addison-Wesley, Reading, MA.
6. Keller, K.L. (1993), Conceptualizing, measuring and managing customer-based
brand
7. Kotler Philip (2005) Principles of Marketing, 11th Edition, Prentice-Holl of India
8. Malhotra K. Naresh Marketing Research An applied Orientation, 5th Edition
Prentice-Holl of India

Web-Sites:
www.amlbd.com
www.dhakachamber.com
www.commerce.gov
www.tradecorp.com
www.wikipedia.org
www.marketing.com
www.marketingpower.com
www.igloofoods.com.

Page 48 of 48