Bangladesh has a rapidly growing consumer market and due to a large population base, the demand for food products is always on the rise. The market and the product range have evolved significantly over the last decade and many companies have entered the food business which was otherwise not into this level of diversification in the past.
Golden Harvest sees a lot of potential in the growth of the food market. The rational consumer is inclined toward having a good product at the right price. As the price is determined by the market, the right thing to do is to have a good product made available for the consumers to take the right decision. Now, what is right for the consumer could only be defined by what s/he values for the money spent. If we focus on the core elements of product marketing, the focus should first be on the product, which has to be good as this is what would drive the business at all times. Packaging plays a vital factor as that has to attract the consumer at the shelf shouting “Buy Me” and not the other brands. If the product is coming from a reputed and trusted manufacturer, it is expected that the average consumer would be eager to buy that brand more than the other available brands.
Putting all the chips together, Golden Harvest has given the best efforts to launch a range of products in the Food market to get a sizable share of the pie. The DITF 2014 gives them the right launch pad to showcase their products and create awareness for the consumers. Initially, there would be two product categories with 9 product variants which will be extended to 10 product categories encompassing more than 60 product variants and about a 100 different pack sizes. Based on the leadership position in the Frozen Food market, the company feels confident that the new product range would make the same impact in the market. The company has always strived to offer the best of products under the banner of “Golden Harvest” so that the brand gets established for the “Good Quality” product trust and confidence among the consumers.
This will be a new beginning for the food market and the company hopes to curve a niche for themselves with a strong market share facilitated with product line and consumer base that is already there for the frozen food products. As they bring in each new product category into the market, the consumers would have a better choice for those products and they would have a better quality product backed by the brand equity.