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Business Plan for Frozen Beef Products


...Sausages, Salami, Meatballs & Kebabs
Premium Frozen Beef Products
Mr. Saif Rahman (Sfr)
Course Instructor

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Date of Submission:
April, 2010
School of Business
North South University
E$ecuti%e Summar&
'e O((ortunit&
'e Product
)ar*et Anal&sis
Mar3et Size
Mar3et 4+a/ers
Mar3et 4otentia+ 5 4enetration
Industr& Anal&sis
46ST Ana+/sis
+om(etition Anal&sis
"irect Com7etitors
Indirect Com7etitors
)ar*etin, )i$
4roduct 5 4ricin2
)ana,ement eam
)anufacturin, - Deli%er& Process
Financial Pro.ections
Ris3 Ana+/sis
E$(ansion Plan
The A2ro'9ased Industr/ in 9an2+adesh es7ecia++/ the frozen food sector
is current+/ en0o/in2 a +ucrati:e and e;7onentia+ 2ro<th <ith &8=
industr/ 2ro<th. Im7ro:ed catt+e -reedin2> 2ro<in2 consumer demand
due to im7ro:ement in +ifest/+e> standard of +i:in2 and increasin2
7urchasin2 7o<er has +ead to a hu2e 0um7 in sa+es in the recent /ears. In
addition> ta; e;c+usion and -an3 +oan interest and 7rinci7a+ amount
7a/ment e;em7tion for ne;t 8 /ears -/ the 2o:ernment 7o+ic/ ma3es it a
7ros7ecti:e mar3et and to in:est.
Amon2 its com7etitors> 4remium ?rozen 9eef 4roducts face +itt+e
com7etition in the +oca+ scenario. @oca+ direct com7etitors inc+ude on+/
Rich (86= mar3et share) <hi+e forei2n -rands are A+'*a-eer> "ou;>
*ha+ee0> Sran2osun and A/amas. Amon2 its indirect com7etitors> Afta-
and Saus+e/ are dominatin2 esta-+ished -rands in the mar3et <ith one
s7ecia+izin2 on+/ in chic3en and the +atter caterin2 on+/ fresh 7roducts.
Sur:e/ <ith mana2ers at different 7oint'of'sa+es (A2ora) a+so sho<ed
their 7reference to she+f +oca+ -rands and enthusiasm in 7romotin2 them
amon2 consumers.
4remium ?rozen 9eef 4roduct ran2e <i++ inc+ude Sausa2es> Meat-a++s>
Sa+ami and *e-a-s> the +atter a com7+ete+/ ne< introduction in the
mar3et -/ an/ +oca+ firm. It is 7ositionin2 as more for more, offerin2 a
:a+ue'added 7rice to its Aua+it/ conscious consumers. Its -usiness
inc+udes -oth 9&C and 9&9 customers <ho are <i++in2 to 7a/
com7arati:e+/ hi2her 7rice for more nutrition> assurance of ha+a+> taste
and Aua+it/. The mar3et sur:e/ sho<s that around 1$= <ant the current
7roducts in the mar3et to im7ro:e in Aua+it/ and taste. ?urthermore> to
create 7roduct and -rand a<areness and esta-+ish its -rand ima2e in the
minds of the consumers> 4remium <i++ inc+ude 7romotiona+ too+s +i3e
ne<s7a7ers> +eaf+ets> sam7+in2> ma2azines and -i++-oard <ith a tota+ cost
of T3. &.>$$>$$$ in the first /ear. The faci+it/ <i++ -e +ocated in
Busuf2an0> Cara/an2an0 costin2 T3.3$>$$>$$$. A+on2 the distri-ution
( D 4 a 2 e
channe+> se+ecti:e Chand7ur su77+iers <i++ recei:e ($= share <hi+e
distri-utors +i3e A2ora <i++ recei:e additiona+ ($= on 7rofit.
4remium <i++ reAuire an in:estment of T3. &$>$$$>$$$ <hich <i++ inc+ude
eAuit/ financin2 of .(= and de-t financin2 of 81=. 4a/-ac3 7eriod for
4remium in:estors <i++ -e 2012 /ears from the start of -usiness. A+so
9rea3e:en for sa+es <i++ amount to T3. 1234543617 in 2066 /ears. 6;it
7+an in case of <orse case scenario <i++ -e mer2er <ith a 7otentia+
com7etitor. En the otherhand> a -est case scenario <i++ a++o< further
e;7ansion of -usiness -/ 2oin2 for e;7ort after the fifth /ear of -usiness
after sufficient increase in retained earnin2s.
The further ha+a+ meat 7rocessin2 under A2ro'9ased industr/ of
9an2+adesh is recent+/ e;7eriencin2 a renaissance <ith d/namic and far'
si2hted entre7reneuria+ -usiness creations that ser:es a di:ersified ran2e
of meat 7roducts to its +oca+ consumers as <e++ as contri-utin2 to the
countr/Fs e;7ort earnin2s. Amon2 them are 7ou+tr/> shrim7 and catt+e.
A+thou2h> recent /ears ha:e 2i:en beef a +ot of -ad 7ress. Man/ ha:e
c+aimed that the consum7tion of red meat (es7ecia++/ -eef) endan2er
oneFs hea+th and +ead to heart diseases and o-esit/. 9ut this can -e said
a-out an/thin2 consumed in e;cess. Therefore it is no< im7ortant to
refocus on the nutritiona+ -enefits of -eef in our dai+/ diet and the :ita+
ro+e it 7+a/s in a <e++'-a+anced diet of chi+dren> /oun2 7eo7+e and those
in their midd+e'a2es and has ta22ed -eef as ta-oo. Ghat the/ need to
3no< is H9eef in our diet he+7s to nourish and fue+ our -od/ and is the
Cum-er Ene source of 4roteinI. Considered a natura+ mu+ti:itamin
-ecause of its e;ce++ent source of 7rotein and :itamin 9(& it 3ee7s us
ener2ized and su77orts man/ of our -od/Fs dai+/ functions -/ he+7in2
7roduce hormones and enz/mes.
4remium ?rozen 9eef 4roducts understands it consumersF hea+th
reAuirements and ser:es a ran2e of halal, tasty, healthy an safe frozen
-eef 7roducts that inc+udes sausa2e> sa+ami> meat-a++s> and a :ariet/ of
3e-a-s at a :a+ue'added 7rice. It a+so ta3es into account the need for eas/
& D 4 a 2 e
to 7re7are> hass+e'free Auic3 mea+s in our fast'7aced and time'constraint
+ife. A+so the demand for -rands +i3e Rich and Afta- sho<s consumer
7reference for +oca+ 7roducts o:er forei2n as there are consistent+/
a:ai+a-+e and a+so ha:e a nationa+ :a+ue.
In addition> fast food sho7s and restaurants ha:e a hi2h demand for these
frozen -eef 7roducts to cater the ne:er endin2 demand of their customers
for :arious -eef menu items +i3e nood+es> hotdo2s> sou7> sand<iches>
3e-a-s etc.
Ether factors +i3e im7ro:ed catt+e -reedin2> 2ro<in2 e;7ortin2
o77ortunities in Midd+e'6ast> South'6ast Asia and e:en 6uro7e in future>
e;tensi:e trainin2 7ro2rams for meat 7rocessin2 <or3ers -/ @6IC>
stricter 2o:ernment contro+ acts (&$$8) <i++ acce+erate the 2ro<in2
7ros7ects of further meat 7rocessin2 -usinesses.
4remium ?rozen 9eef 4roducts 7+ans to introduce four 4remium
7roducts. The 7ortfo+io inc+udes 4remium ?rozen 9eef 4roducts Sausa2e>
4remium ?rozen 9eef 4roducts Meat-a++> 4remium ?rozen 9eef 4roducts
Sa+ami and 4remium ?rozen *e-a- (Shish> *athi and Shami).
Product Portfolio
"escri7tion In2redients
Cutrition 5
?resh> su7erior Aua+it/ 5
ha+a+ meat <i++ -e used
for 7rocessin2.
@o< cho+estero+
Internationa+ standard
7ac3a2in2# Re2u+ar size
'38$2 ((& 7ieces 7er
7ac3) and -rea3fast
size'&.$2 (8 7cJ7ac3).
9eef> de;trose> <hite
7e77er> smo3ed f+a:or>
7ermitted food
conditioner> sodium
nitrate> monosodium
2+utamane (GSM).
It doesnFt contain
-readcrum-s> fi++ers
or e;cess fat and
on+/ trace amount
of sodium sa+t
6/e'catchin2> air'ti2ht
5 h/2ienic 7ac3a2es.
3 D 4 a 2 e
8.= +ean 2round -eef
?at (8.8 2m>
cho+estero+ $.$6
2m> sodium $..3
2m> car-oh/drate
66.6 2m> dietar/
fi-er .... 2m
6;7ir/ 7eriodJShe+f
+ife# 8months
Contains no e22s or dair/
4rocessed in h/2ienic
and strict+/ su7er:ised
Catura++/ smo3ed
4re7aration time# &
9eef> <ater> modified
7otato starch> 7otassium
+actate> sa+t> s7ices>
sodium 7hos7hate> su2ar>
sodium nitrite> 2ar+ic>
de;trose> sodium
ascor-ate> smo3e f+a:or
Cho+estero+ $.$6
2m> sodium $..3
2m> car-oh/drate
66.6 2m> dietar/
fi-er .... 2m
Internationa+ standard
7ac3a2in2# 9rea3fast
size# &6 7c J&$$2m and
Re2u+ar size# (&7c J
Catura++/ smo3ed
Trimmed to $K ?at 6;7ir/ 4eriodJShe+f
+ife# 8 months
8.= +ean 2round -eef
4re7aration time# &
9eef> sa+t> :e2eta-+e
7rotein> s7ices
@o< cho+estero+ Ga+nut size meat -a++s
?resh and su7erior Aua+it/
meat <i++ -e used for
Internationa+ standard
7ac3a2in2# Re2u+ar
size# ($ 7cJ3$$2m
Contains no e22s or dair/
She+f @ife#8 months
9eef> sa+t> 3e-a- s7ices>
sodium nitrite> 2ar+ic>
de;trose> sodium
Cho+estero+ $.$6
2m> sodium 8.$m2>
car-oh/drate 66.6
2m> dietar/ fi-er &
2m> 4rotein &2
Internationa+ standard
7ac3a2in2# 9rea3fast
size# .7cJ3$$2m 5
Re2u+ar# 87cJ8.$2m
?resh and su7erior Aua+it/
meat <i++ -e used for
She+f @ife#8 months
Coo3 time# (. minutes
9eef> sa+t> 3e-a- s7ices>
sodium nitrite> 2ar+ic>
de;trose> sodium
Cho+estero+ $.$6
2m> sodium 8.$m2>
car-oh/drate 66.6
2m> dietar/ fi-er &
2m> Iron 8=>
4rotein &2
Internationa+ standard
7ac3a2in2# 9rea3fast
size# .7cJ3$$2m 5
Re2u+ar# 87cJ8.$2m
9eef cut into (Kinch thic3
She+f @ife#8 months
8 D 4 a 2 e
?resh and su7erior Aua+it/
meat <i++ -e used for
Coo3 time# ($ minutes
9eef> sa+t> 3e-a- s7ices>
sodium nitrite> 2ar+ic>
de;trose> sodium
ascor-ate> +emon 2rind>
Cho+estero+ $..$
2m> sodium 8.$m2>
car-oh/drate ...6
2m> dietar/ fi-er &
2m>Iron 8=>
4rotein 32
Internationa+ standard
7ac3a2in2# 9rea3fast
size# .7cJ3$$2m 5
Re2u+ar# 87cJ8.$2m
?resh and su7erior Aua+it/
meat <i++ -e used for
She+f @ife#8 months
9eef cut into (Kinch
In order to understand the mar3et of frozen -eef 7roducts> an e;tensi:e
mar3et research <as carried out. The se2mentation of the tar2et> mar3et
size> 2ro<th rate and 7rofita-i+it/ <ere then ana+/zed accordin2+/.
It is :ita+ to remem-er that a thorou2h mar3et> industr/ and com7etitor
research reAuires a com-ination of -oth 7rimar/ and secondar/ data. The
data co++ection methodo+o2/ is discussed -e+o<.
Primar& Data;
Sample !uestionnaire: In order to identif/ some 3e/ factors a-out the
consumer -eha:ior and mar3et direction> sam7+e Auestionnaires of (3
Auestions each (-oth o-0ecti:e and su-0ecti:e) <ere a+so used.
Sam7+e size and se+ection 7rocess# 3$'8$ res7ondents
<ere random+/ se+ected to fi++ u7 the Auestionnaire
"ocus #roup Discussion: Unstructured> free'f+o<in2 inter:ie<s <ith
2rou7s of 7eo7+e <ere ta3en in order to -etter understand their
attitude to<ards 7roduct t/7e and demand. The focus 2rou7s>
consistin2 of .'8 7eo7+e each> he+7ed to find out the criteria or
. D 4 a 2 e
7arameters that identified the needs of our consumers and ho< to
reach the
$ntervie%: 7ersona+ inter:ie<s <ere ta3en of com7etitors +i3e
Saus+e/> Afta- and others for c+earer understandin2 of mar3et trend>
2ro<th or +ucrati:eness and sustaina-i+it/. A+so for mar3et ana+/sis>
inter:ie<s <ith mana2ers and staff of A2ora> 4LS> Candan> Sho7no>
Meena 9azar <ere carried out.
Secondar& Data;
These inc+uded e;tensi:e research on#
Ce<s7a7ers for mar3et size> 2ro<th> 2o:ernment 7o+icies> +a-or
mar3et etc.
En+ine 0ourna+s and artic+es
A++ these co++ection of data <ere com7i+ed to2ether to ana+/ze the frozen
meat mar3et of 9an2+adesh and see ho< +ucrati:e it is for start u7
-usiness in this sector.
Three ma0or factors of the mar3et are discussed -e+o<.
)A"8E SI<E
#eo,ra('ic Se,mentation; The mar3et size for ?rozen 9eef 4roducts
<i++ initia++/ -e confined to on+/ "ha3a Cit/ (ca7ita+) of 9an2+adesh.
?irst for Geo2ra7hic Se2mentation> the cit/ can -e di:ided accordin2 to
its cit/ districts Mar3et sur:e/ sho<ed 3%= of the res7ondents +i:e near
Uttara fo++o<ed -/ &3= +i:in2 in Gu+shan and &$= in "hanmondi and
on+/ 3= from other areas +i3e Mir7ur (A77endi;). The hi2hest demand
for the 7roducts is e;7ected from Gu+shan> Uttara and "hanmondi re2ion>
<hi+e Mir7ur and Mohammed7ur areas are e;7ected to sho< the +o<est
demand due to the difference in income> taste and +ifest/+e.
6 D 4 a 2 e
Demo,ra('ic Se,mentation; Random mar3et sur:e/ at the su7erstores
resu+ted in on+/ ($= fa++in2 -e+o< &$ /ears (Chi+drenJTeena2ers) <hi+e
ma0orit/ <ith 83= -e+on2ed to the a2e se2ment -et<een &$'3$ /ears.
9oth of these se2ments a+so sho<ed a stron2 tendenc/ to -eef 7reference
es7ecia++/ frozen -eef 7roducts <ith a dominatin2 %$= out of <hich &%
= -e+on2 to the a2e 2rou7 -e+o< 3$ /ears. Amon2 the (%= -e+on2in2 to
the a2e se2ment -et<een 3('8$ /ears> more than ha+f are direct
The &$$. "ha3a cit/ income distri-ution amon2 the househo+d has -een
used in the ta-+e -e+o<. It sho<s the num-er of househo+d <ith e;treme
hi2h income (U77er U77er C+ass)> moderate+/ hi2h income (@o<er
U77er C+ass) and hi2her midd+e income (,i2her Midd+e C+ass). In
addition> the 7o7u+ation in "ha3a Metro has a+so -een ca+cu+ated.
Accordin2 to the mar3et research> &%= of the res7ondents ha:e an
a:era2e month+/ income of T3. %.>$$$ and a-o:e and can -e c+assified as
the U77er U77er c+ass. Simi+ar+/> &3= -e+on2s to @o<er U77er c+ass
<ith an a:era2e income ran2e of T3. .$'%.>$$$ month+/ (A77endi;).
?urthermore> amon2 those -e+on2in2 to the U77er U77er c+ass> .$=
s7ends T3. ($$$ to 3$$$ month+/ on -eef <hi+e on+/ &$= s7end +ess than
T3. ($$$ and 3$= s7end more than T3. 3$$$. This means that around
(3..= are ardent and re2u+ar -eef consumers <ith &.= of the
res7ondents s7endin2 more than &3= of their tota+ e;7enditure of -eef on
frozen 7roducts <hi+e another &.= s7ends more than (J3 of their
e;7enditure of -eef on frozen 7roducts.
The @o<er U77er C+ass and U77er Midd+e C+ass to2ether contained 83=
of the res7ondents. Around (..8= s7end either ha+f or one'si;th of their
tota+ e;7enditure of -eef on frozen -eef. Ghi+e around &3= res7ondentsF
7ro7ortion of e;7enditure of frozen -eef to tota+ -eef s7endin2 ran2es
from .$'%$=. (A77endi;).
Ot'er Basis of Se,mentation; @ast+/> 7s/cho2ra7hic and -eha:iora+
tar2et mar3et has -een identified to narro< do<n the mar3et size and ta7
the rea+ consumers of the 7roduct.
% D 4 a 2 e
Mar3et research has a+so sho<n that 86.83= 7rofessiona+s and a-out
(3= of the house<i:es sho<ed hi2h 7reference for -eef 7roducts -ecause
of ur-anization> decreasin2 fami+/ size> the s7read of education and
em7+o/ment amon2 <omen> risin2 in standard of +i:in2> inf+uenced -/
chi+drenFs 7reference> <hich in turn +ead to a ma0or shift in food ha-its in
u77er'midd+e c+ass and a-o:e. Amon2 students a+most 1%= are -eef
consumers and therefore our ma0or tar2et se2ment. (A77endi;).
Mar3et research at 7oint'of'sa+es ha:e sho<n a <ee3+/ mar3et demand
for frozen -eef 7roducts of a-out &'3= of tota+ demand of su7erstore
7roducts due to the mar3et 7reference 7ercenta2es sho<n a-o:e. Ghi+e
demand for frozen -eef 7roducts in Aua+it/ and u7-eat fast food sho7s
and e+ite hote+s ha:e sho<n a <ee3+/ demand of T3. &$>$$$.
6stimated tota+ mar3et <orth is a-out T3. ..% crore (A77endi;)
Current+/ the ma0or 7+a/ers for frozen food 7roducts in the mar3et are
(+oca+ com7anies) "ic' Food (roducts =it' >2? mar*et s'are and
7roducts ran2in2 from chic3en> -eef and fish and forei2n -rands inc+ude
A+ *a-eer' the +eadin2 com7etitor in -eef 7roducts> "ou;> A/amas and
Sran2osun <ho most+/ s7ecia+ize in chic3en 7roducts and sometimes in
Indirect mar3et shareho+ders inc+ude Saus+e/Fs and Afta- ?ood 7roducts
<ho dominatin2 in 7ou+tr/ 7roducts.> the former s7ecia+izin2 in non'
frozen> fresh sausa2e 7roducts.
Accordin2 to the mar3et research> %$= sho<ed inc+ination to<ards
sausa2e frozen food 7roduct> <ith meat-a++s ho+din2 8$= of the share
and 33= for 3e-a-s and 3$= for sa+ami. Amon2 them> 8%= of the
sausa2e +o:ers> a++ of sa+ami> a-out 33= of meat-a++ +o:ers and a+most
8 D 4 a 2 e
3$= of the 3e-a- enthusiasts fa:ors -eef either <ith or o:er chic3en> fish
and sea food (A77endi;).
Ma0or ad:anta2e of the current mar3et scenario is +ac3 of 9eef *e-a-
7roducts -oth +oca+ and forei2n 7roduced. This minimizes com7etition
for 4remium ?rozen 9eef 4roducts to on+/ +oca+ 7roducers Rich> and
?orei2n im7orts +i3e A+'*a-eer.
The 7roduct +ine for 9eef *e-a- are com7+ete+/ ne< and unri:a+ed in
the +oca+ mar3et> therefore 7ro:idin2 it a hu2e o77ortunit/ to ca7ture
the unta77ed mar3et se2ment. ItFs on+/ ma0or com7etitor is A+'*a-eer>
<hich is im7orted> :er/ e;7ensi:e and is not a+<a/s a:ai+a-+e due to
7oor distri-ution channe+. A+so it suffers from constant 7rice
f+uctuations -ut as it 7+a/s a mono7o+/ ro+e in the mar3et> it en0o/s an
unfa+terin2 demand.
The de:e+o7ment of customerFs taste> hea+th a<areness and
e;7erimentin2 ne< 7roducts are 3e/ success indicators for 4remium
?rozen 9eef 4roducts
A+so 2o:ernment acts to ensure strict re2u+ations to maintain Aua+it/ of
meat and increased catt+e 7roduction offers the o77ortunit/ to e;7and
throu2h e;7ort to countries in the Midd+e'6ast> South Asia +i3e
Ma+a/sia> Indonesia and e:en to 6uro7e.
In addition> some or2anizations are co++a-oratin2 <ith meat 7roducin2
com7anies to 7ro:ide standard and Aua+it/ trainin2 to <or3ers and
therefore de:e+o7in2 their s3i++ and ensurin2 more Aua+it/ contro+.
Some of the 3e/ hi2h+i2hts of success are#
9an2+adesh current+/ has a 7o7u+ation 2ro<th rate of (.&1&= (&$$1
est.) and a +iterac/ rate of 8%.1= and increasin2 standard of +i:in2.
The G"4 at current 7rice is US M 81.$8 mi++ion ("S6 In:estorFs
1 D 4 a 2 e
Thou2h -ein2 a de:e+o7in2 countr/> it is current+/ e;7eriencin2 an
increase in its de:e+o7ment in s3i++ and 3no<+ed2e. 4eo7+e are
2radua++/ shiftin2 to more conscious -u/in2 ha-its (es7ecia++/ for
food) due to e;7osure to the 2+o-a+ trends and recent e:ents from the
food court fiasco.
?rozen foods is the second +ar2est e;7ort sector of the econom/ <ith
a recent average aual gr!"t# rate !$ %&' (9an2+adesh 9oard of
In:estment) <ith some com7anies +i3e Afta- and Rich en0o/in2 an
un-e+ie:a-+e ($$= 2ro<th in sa+es in most /ears (Com7etitor
inter:ie<). The massi:e natura+ resources a:ai+a-+e in 9an2+adesh
ma3e this sector 7articu+ar+/ 7romisin2 for in:estors +oo3in2 to
su77+/ in internationa+ as <e++ as in domestic mar3ets.
This 7ro:ides a +ucrati:e o77ortunit/ to understand and ca7ture the
2ro<in2 demand for Aua+it/ contro++ed and hea+th/ food 7roducts and
ser:e this e;7andin2 niche mar3et.
A+so fo++o<in2 a 7eriod of stron2 in:estment in techno+o2/> 7rocesses
and re2u+ation the frozen foods sector has f+ourished and earned itse+f
an e;ce++ent re7utation <ith tradin2 7artners.
Also e&emption from payin' interest an proportion of principal
amount for the ne&t ( years for ban) loans for A'ro*Base inustry
an ta& holiays ma)e it lucrative+
Continuin2 in:estment in techno+o2/> mar3etin2 and Aua+it/ remain
at the forefront of the industriesN strate2/ to meet the cha++en2es of
internationa+ trade in 7rice> Aua+it/> time and ser:ice.
Cases of 9ird ?+u in our countr/ <i++ act as a stren2th for the
com7an/ as consumers of chic3en <i++ shift to -eef 7roducts due to
hea+th issues.
The 46ST ana+/sis <i++ 7resent a c+earer 7icture of the industr/ for frozen
-eef 7roducts.
($ D 4 a 2 e
9an2+adesh had o:er the 7ast fe< /ears ha:e e;7erienced its fair share of
7o+itica+ unrest and economic do<nturn. 9ut recent /ears ha:e sho<n the
2o:ernmentFs ea2erness to de:e+o7 its industria+ manufacturin2 sector
and encoura2e ne< in:estments -oth +oca+ and forei2n -oth on +ar2e and
sma++ sca+e. A+on2 <ith the RMG sector> the Go:ernment has de:e+o7ed
initiati:es of Aua+it/ assurance for frozen foods in co'o7eration <ith
e;7orters. This has initiated an increase in e;7orts of frozen foods +i3e
shrim7 and meat. Acts or Erdinances to ensure Aua+it/ contro+ ha:e
he+7ed de:e+o7 this industr/ to -e more com7etiti:e and 7otentia+ -oth at
home and a-road.
6conomic factors +i3e the +e:e+ of dis7osa-+e income> -u/erNs confidence
to s7end on +u;ur/ 2oods are some crucia+ :aria-+e re+ated to this 3ind of
-usiness es7ecia++/ as 4remium ?rozen 9eef 4roducts are 7ro:idin2 a
:a+ue'added 7rice. As discussed a-o:e the G"4 2ro<th rate is a re+ia-+e
indicator that the countr/ is e;7eriencin2 a -oomin2 2ro<th com7ared to
most <estern countries. This in turn is attractin2 forei2n in:estments and
7romotin2 ne< com7anies to enter the mar3et more easi+/ as <e++ as
ensurin2 their +on2 term sustaina-i+it/. A:ai+a-i+it/ of ca7ita+>
de:e+o7ment of the 9an3in2 s/stem as <e++ as the financia+ institutions
and the ease of +oan 7ro:isions are im7ortant factors attractin2 sma++
entre7reneurs to the mar3et -as3et.
The Asian frozen food mar3et> es7ecia++/ 9an2+adesh is e;7eriencin2 an
increased demand for ha+a+ frozen meat 7roducts. ?our factors
inf+uencin2 the current consum7tion shift are#
Increase in dis7osa-+e income that +ed to the increase in consumersF
food e;7enditure.
Increase in a<areness of frozen foodFs time sa:in2 -enefits.
Increase in the use of refri2eration amon2 househo+ds.
(( D 4 a 2 e
Gro<th in the Gestern st/+e fast food industr/ that encoura2es the
7urchasin2 of frozen
Chi++ed food <ith the same taste. (,a+a+ ?ood Mar3et)
Increase in num-er of <or3in2 7arents (-oth father and mother)
therefore need for hass+e free> eas/ to 7re7are mea+s or snac3s.
Gro<in2 trend for e;7erimentin2 <ith different foods and tr/in2 out
fusion reci7es that are nutritious> tast/ and es7ecia++/ a77ea+in2 to
Mar3etin2 7ro2rams to educate and inform consumers a-out the
ad:anta2es of chi++ed and frozen foods
4romotiona+ acti:ities> es7ecia++/ media ad:ertisin2 and
demonstrations are effecti:e in communicatin2 the :a+ue of chi++ed
and frozen 7roducts> i.e. as <e++ as fresh food> if not -etter> more
h/2ienic> and tast/. Studies sho< that sa+es of chi++ed and frozen
foods are more 7romotion' res7onsi:e than those of other 7roducts.
Accordin2 to mar3et research ma0orit/ <ith 63= 7refers +eaf+ets and
-anners for 7romotion <hi+e 6$= associate <ith ne<s7a7er <hi+e
another most +ucrati:e medium of ad:ertisement to -ui+d a<areness
is throu2h <ord of mouth <ith 33= res7ondent 7reference
(A77endi;). Consumers 7refer trans7arent 7ac3a2in2 for read/'to'
ser:e mea+s> so the/ can see the contents.
In:estment in the frozen food sector <ith ne< techno+o2/ and eAui7ment
has :ast 7otentia+ for 2ro<th <ith incredi-+e o77ortunities in 9an2+adesh
itse+f as <e++ as e;7ortin2 in Midd+e 6ast> 6U> Corth America and the far
eastern countries. 9ecause of 2+o-a+ization the +atest techno+o2ies are
-ecomin2 a:ai+a-+e due to chea7er 7rices and Aua+it/ maintenance <hich
has made the 7roduction 7rocedure eas/> enhanced the 7roducti:it/ and
stream+ined 2reat Aua+it/. 6ase of chea7er -ut Aua+it/ im7orts of Chinese
machineries a+so he+7 to reduce in:est costs and therefore ena-+e to
7roduce at +o<er costs and so there-/ reducin2 7rice -ut ensurin2 Aua+it/
(& D 4 a 2 e
contro+. Assem-+/ +ine automated 7roduction 7rocess a+so induce mass
7roduction> minimize human errors and tam7erin2 <ith food Aua+it/ and
maintains uniformit/ in taste> su7eriorit/ and in2redients. Im7ro:ement
in the co+d'chain> i.e.> -etter eAui7ment> 7ro7er food hand+in2 7ractices>
adeAuate trans7ortation> and stora2e ha:e encoura2ed hi2her out7ut and
minimized incidences of s7oi+a2e. ?eed mea+s 7+ants and 7rocessin2 unit
for :a+ue'added 7roducts are at 7resent the -uzz <ords in 9an2+adeshi
frozen meat industr/. 6Aui:a+ent+/> <or3ers are a+so recei:in2 trainin2
for s3i++ de:e+o7ment in o7eratin2 these ad:anced techno+o2ies therefore
com7+ementin2 each others 2ro<th simu+taneous+/.
Mar3et research at :arious 7oint'of'sa+es in "ha3a 2a:e a c+ear
understandin2 of the different com7etin2 7roducts in the mar3et> their
7ac3a2in2 and 7ricin2. The ta-+e -e+o< sho<s its summar/.
+om(etitor Name @uantit&A,B PieceCPac PriceA*0B
&.$ ($ (($
38$ (& (8$
*ha+ee0 38$ (& (83
A+'*a-eer 8$$ ($ &&$
"ou; 38$ (& (.%
A/amas &.$ 8 (($
Sran2osun 38$ ($ (3$
($$ (& 1$
&$$ &6 (.$
?orei2n A/amas ($$ ($ 1$
Meat 9a++s
@oca+ Rich 3$$ ($ (%$
A+'*a-eer 3$$ 8 3$$
Sran2osan 3$$ 8 (%$
A/amas 3$$ ($ (%$
*e-a- ?orei2n A+'*a-eer 8.$ 6 3&$
Inter:ie<s <ith the mana2ers and staffs of different su7erstores sho<ed
that different 7oint'of'sa+es 7romotes different -rands> -ut the/ a++ 7refer
(3 D 4 a 2 e
to encoura2e and she+f +oca+ -rands (Rich and Afta-) most+/ due to man/
ad:anta2es. These inc+ude more fami+iar and c+ose re+ationshi7 <ith their
dea+ersJdistri-utors of the 7roducts> consistent su77+/ of the 7roducts> and
easierJAuic3 to res7ond to the chan2es in mar3et demand. This ma3es
in:entor/ mana2ement more cost'effecti:e and efficient.
There are se:era+ direct com7etitors in the frozen -eef mar3et as
re7resented -/ the ta-+e a-o:e. ,o<e:er> our 3e/ com7etitors are Rich
(+oca+) and A+'*a-eer (forei2n).
Rich A2ro Industries @td. is a su-sidiar/ com7an/ of ,ar:est Rich
Grou7> a 7ioneer in te;ti+e and a2ro industr/ in 9an2+adesh. NRichN is the
mar3et +eader in 9an2+adesh for further 7rocessed meat 7roducts <hich
dominates 86= of the mar3et share.
NRichN 7roduct 7ortfo+io has o:er (&$ t/7es of further 7rocessed 5 :a+ue
added 7roduct ran2e in Chic3en> 9eef> ?ish> Mutton 5 Tu-e ice. The/ are
cate2orized into Co+d meatsJcuts> Smo3ed 5 Gourmet S7ecia+ties>
Sausa2es> 9ur2ers and 9readin2 +ine Cu22ets> and *ie:s. Their 7roduct
ran2e cate2ories are -een distri-uted to a++ . Star hote+s> Internationa+
restaurants> Chain Stores to the Corner sho7s in their o<n f+eet of co+d
refer truc3s.
?rom the consumer sur:e/ it <as found that 83= of the consumers
7referred Rich (33= on+/ Rich a+one). Its dominance <as more e:ident
u7on as3in2 A2oraO the/ said that Rich is the hi2hest se++in2 frozen -eef
from their stores.
A+'*a-eerFs o-session <ith Aua+it/ in 7rocurement> manufacturin2 and
distri-ution of ?rozen ?oods has he+7ed esta-+ish them as a +eader in the
Midd+e 6ast ?rozen ?ood Industr/. The A+'*a-eer caterin2 ran2e
inc+udes meat> 7ou+tr/> seafood> :e2etarian 7roducts> and read/'to'eat
(8 D 4 a 2 e
7roducts. A+ *a-eer has -een in the -usiness for Mutton> Chic3en and
9eef for o:er three decades no<.
9rand 7reference for A+'*a-eer <as found to -e 8%=> <hich is the
second hi2hest> des7ite its much hi2her 7rice (around (.%. times more)
than Rich of simi+ar 7ac3a2in2. A2ora confirmed its 7reference throu2h
informin2 us that itFs the second most se++in2 frozen -eef from their
stores after Rich. A+'*a-eer is our on+/ com7etitor in terms of frozen
-eef *e-a-.
A&amas3 Dou$3 and Sran,osun
The/ are some of our forei2n direct com7etitors -ut the/ do not 7ose
much of a threat to us -ecause of their ne2+i2i-+e -rand 7reference and
mar3et share. Accordin2 to our sur:e/> a++ of them com-ined too3 u7
on+/ 6= of the -rand 7reference. ,o<e:er> des7ite -ein2 forei2n> their
7ricin2 are 7rett/ com7etiti:e and simi+ar to +oca+ 7roducers +i3e Rich.
This cou+d -e the on+/ 7otentia+ threat to us.
There are fe< indirect com7etitors of our frozen -eef 7roducts. The/ are
main+/ the +oca+ 7roducers Afta- and Saus+e/. Afta/ se++ on+/ frozen
chic3en 7roducts of more or +ess same cate2ories +i3e sausa2e> meat-a++>
and sa+ami. 9ut their -rand 7reference <as found to -e si2nificant+/ hi2h
amon2 the consumers <ith 3$=. So if Afta- enters the mar3et <ith -eef>
this cou+d 7ose a nota-+e threat.
Ghereas Sausle& do se++ -eef -ut the/ are not 7ac3a2ed in the <a/ other
-rands are. The/ offer their 7roducts fresh and not frozen at their
7ersona+ out+ets and a+so at the +oca+ su7erstores in a se7arate counter. So
customers can actua++/ -u/ the amount accordin2 to their needs.
Considerin2 this scenario> Premium frozen -eef 7roducts <i++ -e
7ro:idin2 su7erior Aua+it/ and taste than that of Rich at a hi2her 7rice.
This <ou+d 7ut us into a com7etiti:e ad:anta2e -ecause> 8%= of the
consumers considered Aua+it/ taste as an im7ortant feature of frozen -eef
7roducts and on+/ &$= <ent for 7rice. 6:en thou2h -rand 7reference for
Rich <as found to -e 83=> 1$= <anted an im7ro:ement on Aua+it/ taste
(. D 4 a 2 e
(A77endi;). A+so> the forei2n -rand A+'*a-eer <as found to -e second
most 7referred after Rich des7ite its much hi2her 7rice (A77endi;).. A++
of these facts and fi2ures indicate that <e ha:e an immense 7otentia+ to
2ra- a 2ood mar3et share from the first /ear.
)A"8EIN# )ID
P"ODU+ - P"I+IN#
A successfu+ -usiness strate2/ reAuires considerin2 se:era+ dimensions to
esta-+ish its com7etiti:e ad:anta2e. The ma0or success factor is hea:i+/
de7endent on its 7roduct and 7ricin2.
4remium ?rozen 9eef 4roducts is 7ositionin2 as more for more, offerin2
a :a+ue'added 7rice to its Aua+it/ conscious consumers. Its -usiness
inc+udes -oth 9&C and 9&9 customers <ho are <i++in2 to 7a/
com7arati:e+/ hi2her 7rice for more nutrition> assurance of ha+a+> taste
and Aua+it/. The mar3et sur:e/ sho<s that around 1$= <ant the current
7roducts in the mar3et to im7ro:e in Aua+it/ and taste (A77endi;). A+so
mana2ers in 7oint'of'sa+es (A2ora> "esai> 4LS) a2reed that most
consumers no< a da/s are <i++in2 to 7a/ more for Aua+it/ 7roducts and
therefore -ands +i3e A+'*a-eer are in hu2e demand. 9ut the su7er stores
fai+ to she+f these 7roducts at a++ times due to +ac3 of su77+/ for im7ort
discre7ancies and therefore are ea2er+/ +oo3in2 for +oca+ su-stitutes.
Most hote+s> fast food sho7s and u7to<n restaurants are stri:in2 to
com7ete in this cutthroat mar3et -/ 7ro:idin2 menus that sometimes 7ut
the taste'-uds to test.
Ta-+e -e+o< sho<s the 7roducts ran2e and 7ricin2 structure of 4remium
?rozen 9eef 4roducts.
Premium Product3 Pac*a,in, - Pricin,
Product &(e @uantit&
"etail PriceA*0B
Faddin, 10?G
S7ic/ Sausa2e
&.$ 8 ((8 (3$
38$ (& (8. (6$
4e77er/ Sa+ami &$$ &6 (.. (%$
(6 D 4 a 2 e
($$ (& ($$ (($
?ier/ Meat 9a++s 3$$ ($ (%3 (1$
Ara-ian "e+i2ht
'*athi *e-a-
3$$ . ($$ (($
8.$ 8 (63 (8$
Ara-ian "e+i2ht
'Shami *e-a-
3$$ . ($$ (($
8.$ 8 (63 (8$
Ara-ian "e+i2ht
'Shish *e-a-
3$$ . ($$ (($
8.$ 8 (63 (8$
The second most :ita+ dimension of success and sustaina-i+it/ in a
com7etiti:e mar3et is a -usinessFs 7romotiona+ strate2/ as itFs the so+e
medium to reach the customers and ma3e them a<are of the 7roduct>
en2ra:e the -rand ima2e on their minds and 7osition itse+f in the mar3et.
4remium ?rozen 9eef 4roducts ha:e identified the fo++o<in2 too+s for
7romotion and their costin2.
Name Placement FreHuenc&
+ostC 7
mont's A*0B
+ost A*0B
4rothom A+o
?ront 4a2e P
9ottom 7art 6I ;
3da/s a <ee3.
Saturda/ and
The "ai+/ Star
?ront 4a2e P
9ottom 7art 6I ;
3da/s a <ee3.
Saturda/ and
Qana3anta ?ront 4a2e P
9ottom 7art 6I ;
&da/s a <ee3.
(% D 4 a 2 e
3>$$>$$$ units
3 ta3a 7er +eaf+et
)a,azines 9ac3 Co:er Gee3+/ 13503000
Sam(lin, At 7oint'of Sa+es>
Uni:ersities> ?airs
Gu+shan ( 73703000
Ee/ Site 7000
Source: ,eia,i& -t+
The 7romotiona+ costin2 initia++/ <i++ -e hi2h in order to intense+/
7romote 4remiumFs 9rand ima2e in the minds of the consumers and
create a<areness. Com7etitor inter:ie< sho<ed that the most effecti:e
too+ is sam7+in2 and +eaf+ets and therefore consists of a ma0or 7art of the
tota+ costin2. A+so> as it is a niche 7roduct so on+/ se+ecti:e ne<s7a7ers
and ma2azines <i++ -e used for ad:ertisement.
The tota+ 7romotiona+ costin2 <i++ decrease in the fo++o<in2 /ears> as
4remium <i++ 2radua++/ esta-+ish its -rand and ima2e and <i++ continue
further 7romotion to create a sustaina-+e a<areness amon2 its consumers.
The chosen form of o<nershi7 for the -usiness is 4artnershi7 <ith si;
mem-ers> each <ith eAua+ contri-ution to ca7ita+. The terms and
conditions for the 4artnershi7 A2reement are discussed in the
In 9an2+adesh> 4artnershi7 form of -usiness is most +ucrati:e and eas/ to
esta-+ish due to minima+ 2o:ernmenta+ re2u+ations> f+e;i-i+it/ in terms
and conditions and e;em7tion from cor7orate ta;ation.
4rocedure for 4artnershi7 9usiness set'u7 in the countr/ are as fo++o<s#
Re2istration of 4artnershi7 on Stam7 4a7er for .
(8 D 4 a 2 e
ReAuirement of Trade @icense from Cit/ Cor7oration -ased on
+ocation of -usiness.
Certification from 9STI as ?ood Manufacturin2 -usiness <i++ not -e
reAuired as 4remium <i++ not -e e;7ortin2 to forei2n countries as /et.
The 9usiness or2ano2ram sho<s a summar/ of the hierarch/ structure
and the different de7artments in:o+:ed.
The resumes (A77endi;) sho< the Aua+ifications of the administrati:e or
mana2ement team in:o+:ed.
4remium ?rozen 9eef @td <i++ -e endo<ed <ith a state of the art
infrastructure. The com7an/ <i++ inc+ude a modern and ad:anced
<arehousin2 faci+it/> inc+udin2 dee7 freezers> etc. <hich are as 7er +atest
techno+o2/. This <i++ ena-+e 4remium to store a++ the food 7roducts in
fresh conditions and in -u+3> there-/ faci+itatin2 time+/ de+i:er/ at a++
times. An e;ce++ent net<or3 of su77+ier> trans7orters and distri-utor <i++
ena-+es it to function <e++ and meet the s7ecific reAuirements of
(1 D 4 a 2 e
consumers. The tota+ cost of faci+it/ set u7 <i++ -e T3.8$>$$>$$$
After much assessment a-out the +ocation of the faci+it/> it <as conc+uded
that the most con:enient> feasi-+e and cost'effecti:e choice <i++ -e in
Busuf2an0 in Ru72an0> Cara/n2an0. The reasons are#
The cost of lan in that re2ion is com7arati:e+/ the +o<est and
therefore is at 7resent a +ucrati:e 7+ace for settin2 u7 factories. Rich
(competitor presence) itse+f is 7resent in Cara/an2an0. @and
measurin2 & -i2ha <i++ cost T3.3>$$>$$$ (A77endi;).
The +ocation is a+so nearer to the suppliers an resources> <hich are
most+/ +ocated in Chand7ur and its nei2h-orin2 re2ion> therefore
a++o<in2 eas/ su77+/ routes to and from the source to the factor/.
Cara/an2an0 is a+so at c+ose 7ro;imit/ to the capital .mar)et/, and so
ensurin2 faster> +ess cost+/ (trans7ort) and easier de+i:er/ to the 7oint'
of'sa+es and other customers.
0heaper -ut more s)ille labor for further meat 7rocessin2 are
a:ai+a-+e due to the 7resence of Rich. (A77endi;).
@eadin2 o7erations mana2ement ha:e 7ro:ed that 3e/ to an efficient>
time and cost sa:in2 manufacturin2 7rocess +ies in the faci+it/ +a/out and
the 7roduction 7rocess. ,ence> 4remium -e+ie:es in creatin2 a value
chain <ith interre+ated series of 7rocesses to 7roduce its different
7roducts a+on2 different 7roduction +ines. Rarious +a/out desi2ns <ere
formu+ated and the -est in terms of :a+ue creation ha:e -een se+ected due
to its feasi-i+it/> efficienc/ and cost'effecti:eness usin2 com7etitor
faci+it/ ana+/sis and com7uterized heuristics. (A77endi;)
&$ D 4 a 2 e
The faci+it/ <i++ incor7orate some of the most modern semi'automated
machiner/ conformin2 to internationa+ standards for h/2iene and safet/>
such as Sausa2e @in3in2 machine (to automate the 7ortionin2 and
han2in2 7rocess at hi2h s7eed)> 4ee+er machine> S+icer machine (hi2h
s7eed)> Meat 9a++ ma3er> Sa+ami Cutter> Mi;er> 9atter> Grinder and
Racuum 4ac3a2in2 Machine im7orted from China. The costin2 of these
eAui7ments <ere fi;ed <ith different se++ers and distri-utors on+ine In
addition to the semi automated 7roduction +ine for meat 7rocessin2> the
7roduction house <i++ ho+d state of the art stora2e freezers> one <ith '.

C for ra< materia+ and in2redient stora2e> second <ith '(.
to '&&
C for
short term stora2e of finished 7roducts and a-o:e '8$
C for +on2 term
stora2e. The accumu+ated cost for a++ of the a-o:e mentioned eAui7ment
<i++ -e around T3.( crore. (A77endi;)
Gith the -oom in the meat 7rocessin2 industr/> 2o:ernment is current+/
encoura2in2 its de:e+o7ment throu2h :arious further meat 7rocessin2
7ro2rams. Er2anizations +i3e @6IC are a+so contri-utin2 to <or3er s3i++
de:e+o7ment -/ 7ro:idin2 courses and technica+ 3no<'ho<. This in turn
are encoura2in2 more 7eo7+e to shift to the meat 7rocessin2 industr/ that
ensures 0o- securit/> hi2her sa+ar/> hea+th and safet/ in addition to other
frin2e -enefits +i3e 7aid +ea:e> -onuses etc. @a-or and Mana2ement
Sa+ar/ cost <i++ -e around T3. (>8$>$$$ and <i++ 2ro< steadi+/
?ood 7roducts or 7rocessed food 7roducts reAuire hi2h Aua+it/ standards
in 7ac3a2in2> 7reser:ation> trans7ortation> etc. Understandin2 the fact>
due attention to food 7rocurement> 7rocessin2> 7ac3a2in2> hand+in2 and
7reser:ation <i++ -e 7aid. 6:er/ effort <i++ -e made to maintain h/2ienic
am-iance> ri2ht from the -e2innin2 to the end of the food 7ac3a2in2
7rocess.The Aua+it/ contro+ team of 4remium (Er2ano2ram ?i2. ) <i++
chec3 e:er/ 7roduct +ine -efore and after 7rocessin2.
&( D 4 a 2 e
4remium ?rozen 9eef 4roduct @td. <i++ -e reAuired to issue trademar3
under the com7an/ <hich <i++ cost T3. 3$$$ (A77endi;). In addition
there <i++ -e no need :arious certifications under 9STI (A77endi;).
Su((lier +'ain )ana,ement
9ein2 a Mus+im oriented countr/> consumers 7refer +oca++/ 7rocessed
meat 7roducts or im7orts from Midd+e'6ast to ensure itFs ha+a+ for
consum7tion. Therefore 4remium ?rozen 9eef 4roducts <i++ source its
su77+ies of ra< -eef materia+s +oca++/ throu2h contract farmers <i++ <ho
<i++ recei:e ($= share of 7rofit as <e++ as recei:e constant su7er:ision
for Aua+it/ contro+ and mana2in2 standard. In 7ara++e+> or2anizations +i3e
@6IC <i++ he+7 them <ith technica+ 3no<'ho<> <hi+e 2o:ernment
su77ort (9an2+adesh Institute of ?armin2) and :arious CGE across the
countries can he+7 them <ith financia+ su77ort and catt+e -reedin2
3no<+ed2e. ,ence> the choice of these su77+iers <i++ -e se+ecti:e>
focusin2 es7ecia++/ on +oca+ rura+ <omen (di:orced or sin2+e earner) <ho
recei:e s7ecia+ aid from these de:e+o7ment or2anizations for catt+e
-reedin2 and 7ou+tr/ farmin2 to encoura2e Gomen 6m7o<erment. This
in turn <i++ he+7 these <omen -oth financia++/ <ith a consistent source of
income as <e++ as he+7 maintain a more sustaina-+e> committed and
7ro2ressi:e re+ationshi7 -et<een the su77+iers and 4remium.
The su77+iers <i++ -e concentrated from Chand7ur as the/ 7roduce the
-est and Aua+it/ meat in the countr/. 4remium ?rozen 9eef <i++ a+so ha:e
a ?ood ins7ector <ho <i++ chec3 the Aua+it/ of the meat su77+ied -/
:isitin2 these +oca+ su77+iers from time to time as <e++ as at the
7roduction 7oint. It <i++ therefore 2uarantee consistent Aua+it/ and +o/a+
chain of su77+iers.
&& D 4 a 2 e
($= ($=
Frozen Beef
The reAuired meat 7ieces (chun3s) <i++ -e de+i:ered to the faci+it/ -ase
on a da/'to'da/ -asis -/ the su77+iers ensure freshness and reduce
trans7ort costs to each different su77+iers. Su77+iers <i++ in addition en0o/
additiona+ -enefit of se++in2 the rest of the 7ortions of the catt+e to the
+oca+ mar3et at mar3u7s.
Deli%er& Process )ana,ement
After 7roduction and 7ac3a2in2> the ne;t most :ita+ ste7 is creatin2 and
maintainin2 a Aua+it/ > efficient and sustaina-+e de+i:er/ s/stem from the
7roduction faci+it/ <arehouse freezer (short term# '(. to '&&
C and +on2
term# a-o:e '8$
C) in Cara/an2an0 to the :arious 7oint'of'sa+es (A2ora>
Candan etc) and restaurants> hote+s and fast food sho7s around "ha3a
Cit/. As each of these su7erstores is <e++ eAui77ed <ith their o<n
Stora2e ?reezer ($ to '($
C) there <i++ -e no need for settin2 u7
additiona+ <arehouses in the cit/. The estimated cost of the freezer truc3s
<i++ -e T3. (.>$$>$$$. (A77endi;).
Gee3+/ de+i:eries <i++ -e made to the :arious stores and food
sho7sJrestaurants dotted around the cit/ accordin2 to their indi:idua+
order 7+acements> :ia 4remium ?rozen 9eef 4roductsF o<n t<o Trans7ort
?reezers ( '(.
to '&
C). This <i++ 2uarantee that 4remiumFs 7roducts
<i++ a+<a/s -e a:ai+a-+e at different out+ets of the su7erstores throu2hout
the /ear un+i3e most im7orted 7roducts +i3e A+'*a-eer> "ou; etc. This
consistenc/ in the se+f de+i:er/ 7rocess a+so <or3s as an encoura2ement
for su7erstores as the/ are re+ie:ed from one> fai+in2 to ser:e their
customer needs and t<o> from ha:in2 to ta3e the hass+e themse+:es to
-rin2 the 7roduct from the 7roducerJdistri-utor to their she+f (as in the
case of Afta- and other im7orted 7roducts ( Com7etitor inter:ie<).
In addition the/ <i++ recei:e a ($= share of 7rofit> i.e. the retai+ 7rice of
the 7roducts <i++ ha:e a ($= mar3'u7 on 4remiumFs <ho+esa+e 7rice
therefore a+so 7ro:idin2 them an incenti:e to she+:e the 7roducts and a+so
encoura2e its sa+es. (A77endi;)
Time+/ de+i:er/ and Aua+it/ 7roducts> com-ined <ith customer
contentment are the 2oa+s 4remium <i++ stri:e for.
&3 D 4 a 2 e
To ensure smooth o7erations of Mar3etin2 and "istri-ution Channe+ in
the cit/> a head office <i++ -e +ocated in 6s3aton Garden measurin2
&.$$sA ft <hich <i++ cost T3. &$>$$$ as rent. (A77endi;).
Sales( Ge ha:e ca+cu+ated the mar3et :a+ue of frozen food <hich is T3.
.%>&$$>$$$ in a /ear> <here our on+/ domestic com7etitor in frozen -eef
RIC, has 8%= of the mar3et share. Ge are assumin2 to 2ra- .$= of the
mar3et <hen <e <i++ enter. Ghich means our (
/ears se++s forecast is
(.%>&$$>$$$S$..) T T3. &8>6$$>$$$
CO)S( ?rom our com7etitor sur:e/ <e came to 3no< that cost of 2oods
so+d is around 6$= of the se++in2 7rice.
Distribut!rs Margi( Eur distri-utors (e.2. A2ora) usua++/ 7ut ($=
mar2in on su77+iers 7rices. So if our 7roduct 7rice is T3. ($$ to
consumers then distri-utors mar2in <ou+d -e T3. 1.( for that 7roduct.
Ot#er !*eratig E+*eses( The/ are usua++/ 6= of the se++in2 7rice. (for
our com7etitor) -ut <e ha:e assumed it to -e around 8= for us.
Ta+( As <e are in the a2ro'-ased industr/> for the first . /ears <e <i++
ha:e a ta; ,o+ida/. So <e do not need to 2i:e ta; for the first . /ears.
,terest e+*eses( ?or a2ro'-ased industr/ 9an2+adesh 9an3 has a
scheme <here 99 <i++ fund 81= of our in:estment at $= interest rate
and no re7a/ment for 8 /ears. (A77endi;)
Pro:forma Income Statement
Bear ( Bear &
L( L& L3 L8 L( L& L3 L8
Sales %(.$$$
%8(8(&. %6163$. %1881(6 8&883.$ 8.1.$(8 81(%3&% 1&.(%&6
A:B +osts of
,oods sold
88.$8%. 86(%%83 8%1$1.$ 81%$6($ .(.%$$8 .3.$316 ...($36
&16%&.$ 3$%8.&& 3(13166 33(3%8$ 3838$$. 3.6613( 3%$$61(
&8 D 4 a 2 e
&$3(38$ &$66&18 &($&.6% (%%%(16 (8(6&36 (8.6%8$ (818%63
EBI 86&3.. 13.1($.
($(&&&8 ($1(8$$ (.36.8. (6&(%%$ (8$(1&8 (8$(1&8
a$ and
$ $ $ $ $ $ $ $
Net Income 86&3.. 13.1($.
($(&&&8 ($1(8$$ (.36.8. (6&(%%$ (8$(1&8 (8$(1&8
Pro:forma Income Statement
Bear 3 Bear 8
L( L& L3 L8 L( L& L3 L8
11.86(6 ($33&$6
EBI .%.1&$
.1%.(%$ 6(11&31 683(%($ 66%&811 61&3(33 %(8&%.$ %8.&($3
3183886 8(3&8&6 8&8%8$% 8888.11 86(.8&& 8%88.$$ 8168$61
(8.(316 (8183&6 (18%$(6 &$(38$& &$6.8(& &(&$(88 &(%66$&
EBI &$333$
&(3&$.( &&38.$$ &38$%1( &83.(18 &.816($ &6683(& &%1(866
a$ and
$ $ $ $ $ $ $ $
Net Income &$333$
&(3&$.( &&38.$$ &38$%1( &83.(18 &.816($ &6683(& &%1(866
Ge are 7+annin2 to increase our a++ t/7e of fi;ed assets as <e++ as current
assets -ut neither -/ eAuit/ nor de-t financin2 -ut from our retained
earnin2s. As <e ha:e to -u/ ne< assets so <e ha:e cash outf+o< from
our retained earnin2s for financin2 these ne< assets. As <e do not ha:e
an/ de-t or ta; o-+i2ation so our cash for financin2 acti:ities is zero
throu2hout the 8 /ears.
Pro:forma +as' Flo= Statement
Bear 3 Bear 8
L( L& L3 L8 L( L& L3 L8
+as' flo=s from
o(eratin, acti%ities;
&&(1&66 &3($&$6 &8$8..6 &.$&888 &.88(33 &613.$( &8$&8&$ &1(6&38
+as' flo=s from
in%estment acti%ities;
+as' flo=s from
financin, acti%ities;
$ $ $ $ $ $ $ $
&. D 4 a 2 e
E IN +AS9;
(8$8(.$ (81.$1$ (18188$ &$8%3&1 &$.(63& &(.6111 &&663(8 &3%1%3%
Pro:forma +as' Flo= Statement
Bear ( Bear &
L( L& L3 L8 L( L& L3 L8
+as' flo=s from
o(eratin, acti%ities;
(&.688$ ((61(6( (&3188& (3(&3.8 (%.($$1 (8&181% (1($1&8 (11.8(3
+as' flo=s from
in%estment acti%ities;
$ $ $ $ 3$1.6&.
+as' flo=s from
financin, acti%ities;
$ $ $ $ $ $ $ $
E IN +AS9;
(&.688$ ((61(6( (&3188& (3(&3.8 (88(88% (.(1138 (6$(36. (68.8.$
-a.( Ge are 7+annin2 to -ui+d our factor/ at Busuf2an0 in Cara/an2an0.
There 7rice of cor7orate area is T3. .$>$$$ 7er shotansho. Ge are
7+annin2 to -u/ & acre at (.$$$$S6$) T3. 3>$$$>$$$. Tru/0( Ge ha:e met a dea+er <ho su77+ies frid2e truc3s. The/
to+d us that 7rice of a frid2e truc3 is T3. (>.$$>$$$
Fa/t!r1( Ge ha:e come to 3no< that a factor/ esta-+ishment cost is T3.
8>$$$>$$$ <ithout eAui7ments.
Ma/#ieries( Ge are 7+annin2 to -u/ machines for our 7roduction <orth
around T3. ($>$$$>$$$. 4rices of <hich <e ha:e co++ected from internet
and attached in the A77endi;.
,vestmet( Ge are in:estin2 a++ of the 7re:ious Auarters retained earnin2
in the ne;t Auarter for a++o<in2 the continuous 2ro<th of our com7an/.
Pro:forma Balance S'eet
Bear ( Bear & Bear 3 Bear 8
+urrent Asset 38%&$%$ 311&88( 8.1(8(3 .&8$.8.
Net Fi$ed Asset (%(88.$
In%estmentA from retained
8$318(( .(61$6% .((%6&. 8(8.(88
otal Asset &8%$$38
+urrent Lia/ilities %1881(.6 1(8&6..8 ($.6$$. (&(88$6
&6 D 4 a 2 e
Lon, erm Loan 18$$$$$ 18$$$$$ 18$$$$$ 18$$$$$
O=ners EHuit& ($&$$$$
"etained Earnin,s 31$(81$ 66%$833 8%8$686 ($888.86
otal Lia/ilities and O=ners
Ge ha:e considered first four /earsF time s7an for -rea3 e:en ana+/sis.
The formu+a <e ha:e used for this ana+/sis is#
9rea3 6:en in sa+es T ?i;ed Cost J Contri-ution Mar2in Ratio
?i;ed cost T 9"T (8>%6.>$$$
Contri-ution Mar2in ratioT Tota+ contri-ution (Sa+es P Raria-+e cost)J
T &1>%.%>... J (.&>1.8>($& T $.(18.
9rea3 6:en in sa+es T 9"T 12345436170
So> <e <i++ start ma3in2 7rofit> after <e ha:e reached our sa+es amount of
9"T 1234543617.
And <e are e;7ectin2 to reach our -rea3 e:en in 2066 /ears.
Ge need to in:est 9"T (8>%6.>$$$ in our ?i;ed asset at the -e2innin2 of
the -usiness at a time. As <e are 2ettin2 9"T &$>$$$>$$$ from eAuit/
and de-t financin2> so the rest 9"T (>&3.>$$$ <i++ remain in cash in case
of emer2enc/ situations.
The assets and res7ecti:e amounts to in:est are#
&% D 4 a 2 e
As <e ha:e an in:estment of 9"T &$>$$$>$$$ of <hich eAuit/ financin2
.(= and de-t financin2 is 81=. And <e are e;7ectin2 to 7a/ the fu++
amount to our eAuit/ ho+ders as <e++ as de-t ho+ders in 2012 /ears from
the da/ <e start our -usiness.
As ?rozen food has a mar3et 2ro<th of &8= (A77endi;) -ut for most
+i3e+/ situations <e ha:e used 2ro<th rate T (.=
Best +ase Scenario
Ge ha:e assumed our industr/ 2ro<th rate to -e 20? 7er /ear. Then <e
can achie:e our -rea3 e:en sa+es in e:en 3 /ears. Eur tota+ sa+e in on+/ 3
/ears is T3. 1173>063455 and our -rea3 e:en sa+es amount is T3.
1135>537>1. And our tota+ Cet Income for these 8 /ears is T3.
7432563414. Ghere our initia+ in:estment is on+/ T3. 1>36253000.
&8 D 4 a 2 e
,itial ivestmet
Categ!r1 C!st
10 Land 9"T 3>$$$>$$$
20 Factor& 9"T 8>$$$>$$$
70 )ac'inaries 9"T ($>$$>$$$
40 Frid,e ruc* 9"T (>.$$>$$$
50 Air +onditioner 9"T 1.>$$$
20 Office furniture and stationar& 9"T %$>$$$
60 +om(uters 9"T ($$>$$$
T!tal ,vestmet Re2uire. BDT 3&,456,777
Pro:forma Income Statement ABest caseB
Bear ( Bear & Bear 3 Bear 8
Sales 3$8(%31
8.>.3(>3&6 ..3836(&
A:B +osts of ,oods sold (881$83
&%>3(8>%16 33&$6(6%
#ross (rofit (&3&61.
(8>&(&>.3$ &&(3%88.
total o(eratin, e$(enses 8&881%3 %.8(863 %>183>.&( 1(88.%6
EBI 8$%%18. %.8(863 %>183>.&( 1(88.%6
a$ or Interest e$(ense $ $ ' $
Net Income 8$%%18. %.8(863 %183.&(.$% 1(88.%6
In the -est case <here <e are assumin2 to ha:e &$= 2ro<th rate our net
cash inf+o< has decreased -/ around T3. 3.$>$$$ from T3. &%>8.6>%3& to
T3. &%>8$3>8%( for a++ 8 /ears. This ma/ -e due to :er/ hi2h 2ro<th in
fi;ed asset in our com7an/.
Pro:forma +as' Flo= Statement ABest +aseB
Bear ( Bear & Bear 3 Bear 8
+as' flo=s from o(eratin,
+as' flo=s from in%estment
&>1&%>($$ 3>8&%>8&$
+as' flo=s from financin,
$ $ ' $
IN +AS9;
%>.%%>.(8 1((63$&.3
,ere a+so <e ha:e assumed our 2ro<th rate to -e &$= and for that our
retained earnin2s -ecomes on+/ T3. (&.1 mi++ion on+/ for the +ast Auarter
of the 8
/ear <hereas our initia+ in:estment is a+so around T3. (1
mi++ion. Eur in:entor/ is T3. &.( mi++ion.
Pro:forma Balance S'eet ABest +aseB
Bear ( Bear & Bear 3 Bear 8
+urrent Asset 86&61%1 ...&3%. 666&881 %11.8(1
Net Fi$ed Asset (%(88.$
In%estmentA from retained 3$1$&$8 3836((8 &368616 (8%$1&
&1 D 4 a 2 e
otal Asset &81$.68
+urrent Lia/ilities 8&%%$(.1 1.(8.%.& ($18636 (3(3.63
Lon, erm Loan 18$$$$$ 18$$$$$ 18$$$$$ 18$$$$$
O=ners EHuit& ($&$$$$
"etained Earnin,s 8$%%18. %8$(63( ($&&1$$
otal Lia/ilities and O=ners EHuit& &81$.68
3$ D 4 a 2 e
Eorst +ase Scenario
Ge ha:e used our 2ro<th rate as ($=> and found that <e can achie:e our
-rea3 e:en sa+es at the end of the 8th /ear. Eur tota+ sa+e in a++ 8 /ears is
T3. 17>352>320> and our -rea3 e:en sa+es amount is T3.102377730>1.
And our tota+ Cet Income for these 8 /ears is T3. 2534013561 <here our
initia+ in:estment is T3. 1>36253000.
Pro:forma Income Statement AEorst +aseB
Bear ( Bear & Bear 3 Bear 8
Sales &161$88
36>(%8>1%. 3113$8$8
A:B +osts of ,oods sold (%8(8&1
&(>%$8>18. &31.8&8&
#ross Profit ((8%6(1
(8>861>11$ (.1%&(6&
otal o(eratin, e$(enses 8(8%..( %(&8(&3 %>$6%>881 %6%8388
EBI 3%&8683 .18$1%3 %>8$&>(8( 8&1%8(8
a$ or Interest e$(ense $ $
Net Income 3%&8683 .18$1%3 %8$&(8$... 8&1%8(8
In the <orst case <here <e are assumin2 to ha:e ($= 2ro<th rate our net
cash inf+o< has increased -/ around T3. 86$>$$$ from T3. &%>8.6>%3& to
T3. &8>3($>6.% for a++ 8 /ears. This ma/ -e due to +ess 2ro<th in fi;ed
asset in our com7an/.
Pro-forma Cash Flow Statement (Worst Case)
Bear ( Bear & Bear 3 Bear 8
Cash flows from operating
8>881>&.( 1&8116%
Cash flows from investment
$ 3$$$$$ 88%>6.$ 618>$6.
Cash flows from financing
$ $ ' $
IN C!S$:
%>16(>6$( 8.1.1$&
,ere a+so <e ha:e assumed our 2ro<th rate to -e ($= and for that our
retained earnin2s -ecomes on+/ T3. 8.& mi++ion on+/ for the +ast Auarter of
3( D 4 a 2 e
the 8
/ear <hereas our initia+ in:estment is a+so around T3. (1 mi++ion.
Eur in:entor/ is on+/ T3. (.. mi++ion.
Pro-forma %alance Sheet (Worst Case)
Bear ( Bear & Bear 3 Bear 8
C&rrent !sset %3($(&$ 8&8(%$6
Net Fi'e( !sset
(%1%6(.$ (86%$&(.
Investment( from retaine(
$ .(36&8( 63&(.%8 6&(&%8(
Total !sset
C&rrent )ia*ilities %611%6.8 88.8%3.3
)ong Term )oan 18$$$$$ 18$$$$$ 18$$$$$ 18$$$$$
+wners E,&it-
($&$$$$$ ($&$$$$$
etaine( Earnings 3%&8683 .18$1%3
Total )ia*ilities an( +wners
"is* Factors
Mar3et demand
,a co% isease: It is not 7rominent in our 7art of the <or+d> -ut <e
ha:e to -e 7re7ared for such an out-rea3. 9esides> 9an2+adesh ha:e
a+read/ e;7erienced diseases such as -ird'f+u and s<ine f+u. Threat of an/
catt+e re+ated diseases <i++ shift the demand of consumers to su-stitute
7roducts +i3e chic3en and fish. As 4remiumFs so+e 7roduct +ine is -eef
oriented> so it <i++ stri3e as a hu2e -+o< to the com7an/.
3& D 4 a 2 e
"all in local cattle meat suppliers: If su77+iers of 4remium shift to
rearin2 of other farm anima+s +i3e chic3en and 2oat due to +o<er rearin2
and mana2in2 cost and hi2her mar3 u7s> 4reimium <i++ suffer from ra<
materia+ shorta2e.
6conomic factors
$ncrease in inflation an fall in stanar of livin': ConsumersF fa++ in
7urchasin2 7o<er <i++ come as a threat as 4remium is offerin2 hi2her
:a+ue added 7rices <hich <i++ then -ecome e;7ensi:e for a si2nificant
se2ment of consumers.
4otentia+ com7etitors
Ne% entrants: Current com7etitors <ho are s7ecia+izin2 in chic3en
7roducts on+/ +i3e Afta- ma/ a+so introduce -eef in their 7roduct +ine and
there-/ -ecome a dominant com7etitor. Ether ne< entrants due to
7otentia+ of the industr/ ma/ a+so come as a hu2e threat and +oss mar3et
E$it Plan
Assessin2 a++ the different o7tions and conditions a:ai+a-+e> <e ha:e
decided to 2o for Mer2er as our e;it 7+an. The com7etiti:e ad:anta2es
o:er the e;istin2 com7etitors are our ne< 7roduct +ine introduction of
3e-a-s (+oca++/ 7roduced and mar3eted for the first time). In addition> the
distri-ution channe+ and 7rocess are effecti:e and structured.
Throu2h mer2er the com7etitors <ou+d -e -enefitted -/#
An a+read/ esta-+ished and fortified distri-ution channe+. The/ <i++ -e
a-+e to ca7ture a ne< se2ment in the mar3et.
The/ <i++ 2ain additiona+ 7roduction faci+it/> stora2e freezers>
<arehouse> de+i:er/ truc3s> etc. This <i++ aid them to 2o for
e;7ansion> increase their mar2ina+ 7roduction and +o<er mar2ina+
The mer2er <ou+d -enefit us -/#
Ge <i++ 2et an o<nershi7 share of the sustaina-+e com7an/.
In case of sa+e> -u/out> or +iAuidation of asset <e <i++ ha:e to
immediate+/ e;it the mar3et. 9ut throu2h mer2er <e <i++ remain in
33 D 4 a 2 e
the mar3et and o7erate under a more sustaina-+e com7an/ and
en0o/in2 their 7rofits.
These added com7etiti:e ad:anta2es <i++ a++o< them to earn hi2her
7rofits and increase o<nershi7 :a+ue <hich <i++ a+so -e shared -/ us.
6:en thou2h <e <i++ not recei:e immediate cash -ut the cash inf+o<
o:er the future time 7eriod <i++ he+7 us 2et our return on in:estment.
@ater -/ se++in2 that o<nershi7 <e <i++ a+so earn hi2her return than
other o7tions.
4remium <i++ -e a-+e to reach -rea3'e:en at the end of the third /ear.
Therefore futire 7+ans for e;7ansion inc+ude e;7ort at the end of the
fourth /ear or at the -e2innin2 of the fifth /ear. Ge ha:e 7ro0ected that at
the end of the fourth /ear <e <ou+d -e a-+e to ha:e retained earnin2s of
a-out T3($.8 mi++ion. This <ou+d ena-+e us to enhance our 7roduct +ine
and certif/ our 7roduct officia++/ under ,ACC4 and ISE> 9STI . 9esides>
4remium <i++ a+so tr/ to esta-+ish itse+f as an e;7ort -ased com7an/
3ee7in2 in mind that it does not sacrifice the +oca+ needs. Moreo:er>
4remiumFs strate2/ <ou+d -e to thin3 2+o-a++/ and act +oca++/. The main
focus for e;7ort <i++ -e in the midd+e'east countries since it is a hu2e
mar3et for frozen foods. In:estment in the frozen food sector <ith ne<
techno+o2/ and eAui7ment has :ast 7otentia+ for 2ro<th <ith incredi-+e
o77ortunities in 9an2+adesh itse+f as <e++ as e;7ortin2 in Midd+e 6ast>
6U> Corth America and the far eastern countries.
KAfta- ?arm <ins Asian @i:estoc3 Industr/ A<ard.K 1he "inancial
2&press !"ha3a) 8 Co:. &$$1> sec. ,ome 4a2e# (. 1he "inancial
2&press. Ge-. (( Mar. &$($. htt7#JJ<<<.:e;i+-7s.comJ
KAfta- Grou7 of Industries.K Afta- Grou7 of Industries. C.7.> n.d. Ge-.
(6 Mar. &$($. U<<<;.ht
38 D 4 a 2 e
KA+ *A966R .K Al 3AB224 . C.7.> n.d. Ge-. 3 A7r. &$($.
KContact for ISo certification>ISE 1$$(>ISE &&$$$>,ACC4>GM4 and
other certifications ' CWrW/an2an0 ' Ether Ser:ices ' iso
certification -an2+adesh.K "ree classifies in N5r5yan'an6,
classifie as in N5r5yan'an6. C.7.> n.d. Ge-. (6 Mar. &$($.
K"air/> Meat> Catt+e> ?ish and 4ou+tr/ Industr/ X 9an2+adesh 6conomic
Ce<s.K Ban'laesh 2conomic Ne%s. C.7.> n.d. Ge-. ($ Mar.
&$($. Uhtt7#JJ-an2+adesheconom/.<ord7ress.comJcate2or/Jdair/'
K"emo2ra7hics of 9an2+adesh# ?acts> "iscussion ?orum> and
6nc/c+o7edia Artic+e.K AbsoluteAstronomy+com. C.7.> n.d. Ge-.
(3 Mar. &$($.
K"ha3a ' Gi3i7edia> the free enc/c+o7edia.K 7i)ipeia, the free
encyclopeia. C.7.> n.d. Ge-. (3 Mar. &$($.
K"ha3a> 9an2+adesh# 4ros7ects A2ro'4rocessin2 Industr/.K 8imbio. C.7.>
n.d. Ge-. ($ Mar. &$($.
3. D 4 a 2 e
K?irst ,/2ienic ,a+a+ S+au2hterhouse in 9an2+adesh X 9an2+adesh# A3
Qatra> Amar Qatra.K Ban'laesh: A) 9atra, Amar 9atra. C.7.> n.d.
Ge-. (& Mar. &$($.
K?rozen ?ood.K 9oard of In:estment 9an2+adesh. C.7.> n.d. Ge-. (& Mar.
&$($. htt7#JJ<<<.-oi.2o:.-dJ3e/'sectorsJfrozen'foodsV.
KG"4 &$$8'&$$1.K Ban'laesh Boar of Statistics. C.7.> n.d. Ge-. ($
Mar. &$($. U<<<.--s.2o:.-dJnaY<in2JG"4Y&$$8Y$1.7dfV.
AGRE IC"USTRI6S @T". C.7.> n.d. Ge-. (. Mar. &$($.
KInde;.K Ban'laesh Boar of Statistics. C.7.> n.d. Ge-. (( Mar. &$($.
KIn:estorNs Guide.K Dha)a Stoc) 2&chan'e. C.7.> n.d. Ge-. (( Mar.
&$($. U<<<.dse-d.or2Jfeu.7h7 V
K*e-a- ' Gi3i7edia> the free enc/c+o7edia.K 7i)ipeia, the free
encyclopeia. C.7.> n.d. Ge-. (. Mar. &$($.
KMeat Mar3et Research Re7orts.K #lobal $nformation, $nc+ * ,ar)et
4esearch 4eports. C.7.> n.d. Ge-. (( Mar. &$($.
KMeat 7rocessin2 7+ant 4roducts> meat 7rocessin2 7+ant Manufacturers 5
Lua+it/> meat 7rocessin2 7+ant ?actories[ .K 0hina proucts *
36 D 4 a 2 e
0hina proucts catalo's,finin' 0hina proucts online+ . C.7.>
n.d. Ge-. (. Mar. &$($. Uhtt7#JJ<<<.himfr.comJ-u/'
KSausa2es 5 Ether 4re7ared Meat 4roduct Com7an/ 4rofi+es ' Contacts>
"i:isions> Su-sidiaries> 9usiness Associations> Information>
Research> Ce<s.K #oliath: Business 3no%le'e :n Deman.
C.7.> n.d. Ge-. (( Mar. &$($.
KUCdata D record :ie< D Ta-+e (.3 Re+ations amon2 7roduct> income>
sa:in2s> and net +endin2 a22re2ates.K UNata. C.7.> n.d. Ge-. ((
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