INTRODUCTION:

The lifestyle, preference and demands of consumers are changing rapidly.

Superstore culture is playing a vital role in the ever changing purchasing
pattern of consumers. With the current shopping practice, superstore has
become a necessity by offering unique shopping experience. Superstores
have successfully made a breakthrough in the urban lifestyle with the idea of
all essential elements under one roof. Superstore is a one floor large area
consisting of the daily goods. Superstores have attempted the massive
expansion

drive

to

attract the

consumers

in

terms

of

status

and

convenience. A rise in a good number of organized retailing superstores,

offer the consumers hygienic items at a competitive price. The expansion of
superstores will diversify the choices of consumers and boost their spending
pattern. Superstores made debut, successfully attracting consumers, a
section of consumers who are successfully turning to chain stores from the
soggy market. Dhaka based Agora now runs 4 outlets, Princebazar 13,Prince
bazaar 2, Nandan 5 respectively and Swapno runs 70 outlets including 30
outside the capital(Bangladesh economy word press, 2015). Bangladesh
Rifles also runs 11 stores in the capital. More than 600 retail outlets are
expected to be set up in the next five years in an attempt to attract more
consumers. The expansion of outlets will boost consumers confidence and
help to create a market for manufacturers. But now more than ten times,
consumers are coming to an outlet every day. Here the combination of
quality and price under various brand names offers value to the consumers
for their money. Prince Food & Agriculture Products Ltd. produces a variety of
food items, including organic products, prepared foods and herbal products
which are sold through Prince Bazaar retail outlet. Prince Bazaar has thirteen
branches, including Khulna and Chittagong. Prince Bazaar occupies a large
floor space on a single level and is situated near residential areas in Dhaka
city in order to be convenient to consumers. Its basic appeal is the
1 | Page

availability of a broad assortment of goods under a single roof at a moderate

price. It is now a part of a chain that owns or controls other super stores
located

in

Dhaka(Media

Bangladesh,

2015).

To

maintain

profit,

Princebazaar attempts to make up for the low margins with a high sales
volume. Moreover it also sells higher margin items. The overall environment
for Prince Bazaar and its competitors are changing from a product oriented
atmosphere to customer oriented atmosphere where emphasis is put on
satisfying all of the consumers needs. In order to remain competitive, Prince
Bazaar wants to re-evaluate its future opportunities for growth without
compromising its profits. This study determines consumers responsiveness
toward marketing mix of superstores in Bangladesh. The study was done on
PrinceBazaar which is one of the famous and large superstore (in terms of
outlet) in Bangladesh(Online Dhaka Guide, 2015).

PROFILE OF SUPERSTORES
In Bangladesh we are observing the trend of superstores and it is increasing
rapidly. Agora, Prince Bazar, Prince Bazar,&Shawpno, etc are some renowned
superstores which have made life easier and convenient. Agora now runs
five outlets, Prince Bazar ten including eight in Dhaka, Prince Bazar two, and
Swapno seventy including thirty outside the capital. Hassle-free shopping
environment, hygienic commodities, fresh vegetables, meat and fish at the
supermarkets are earning appreciation of the customers(Prince bazar, 2015).
The superstores offer good services to working people who really find little
time for shopping. Trend of superstore helps to overcome many problems of
daily life. It has relaxing shopping environment and every commodity is
available at one store(Prince bazar, 2015). Due to these characteristics .The
study has been focused on Prince bazar related to marketing research. The
brief profile ofPrincebazaar, Agora &Princ bazar is given below.

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PRINCEBAZAR:
Gemcon Group introduced its superstore first at Dhanmondi on 1st
November 2002 named Prince Bazar. Currently there are ten Prince Bazar
outlets in Bangladesh. Eight outlets are in Dhaka, two outlets at Dhanmondi,
three at Mohammadpur and other three outlets of Dhaka at Banani, Mirpur
and Azimpur. Another two outlets are in Chittagong and Khulna. The aim of
Prince Bazar is to ensure fresh products in consumers daily life. It offers
about 20,000 items that include grocery, readymade garments, jewelleries,
cosmetics, stationery, toys, baby items, beverage and food including a wide
range of agricultural and dairy products, electronic goods and many other
household essentials. It has its own product categories like sweets,
confectionary items, herbal beauty products, tea, etc. It has Fun-Zone in its
outlet for children. In 2010 it started flexi load and bill pay services of
Grameen Phone at all its outlets for the convenience of the customers(Media
Bangladesh, 2015). Factors Affecting Impulse Buying Behavior of Consumers
211 which is unique in Bangladesh. It provides many promotional offers to its
customers in different festival seasons (Eid, New Year, etc.) like other
superstores. The website of Prince Bazar is under construction. It has
planned to open around sixty more outlets in the next four to five years
across the country.

AGORA:
Rahimafrooz Superstores Ltd. (RSL) made a breakthrough in the urban
lifestyles by launching the first retail chain in the country, Agora, in 2000.
Currently there are five Agora outlets, four are at Gulshan, Dhanmondi,
Moghbazar and Mirpur in Dhaka. Recently it has opened a new outlet in
3 | Page

Chittagong. Agora is endeavoring to fulfill the everyday shopping needs of

the urbanites through fair price, right assortment and best quality. While
Agora mainly focuses on food items - ranging from a wide variety of fish,
meat, vegetables, fruits, bakery, dairy, to grocery - it also carries a vast
array of other households, personal care, and miscellaneous products(Media
Bangladesh, 2015). Agora has recently launched Agora e-commerce website.
Agora

introduces

customer

feedback

questionnaire

to

identify

the

satisfaction level of the consumers. In order to encourage employees, it

organizes best employee award in each year on the basis of votes by the
consumers. This tradition is unique in Bangladesh and helpful to acquire
customers attention and satisfaction (Online Dhaka Guide, 2015).Agora
constantly launches attractive promotions like Bazimat, Value Week or Super
Value Offer or Diamond Ring Offer. Agora rais to open about eighty outlets
across the country in the next five years.
PRINCE BAZAR:
Prince bazar is a sister concern of Prince Group. Originated in 1985 Prince
Group and its brand is famous for its consumer food products.
Prince group launched its

In 2008

first super shop in Mirpur . Now there are two

more chain store in Mohammedpur and Shaymoli which stays open from 8
am to 10 pm 7 days a week .While prince bazar mainly focuses on food items
- ranging from a wide variety of fish, meat, vegetables, fruits, bakery, dairy,
to grocery - it also carries a vast array of other households, personal care,
and miscellaneous products(Babin, Lee, Kim & Griffin, 2005). It offers about
14,000

items

that

include

grocery,

readymade

garments,

jewelries,

cosmetics, stationery, toys, baby items, beverage and food including a wide
range of agricultural and dairy products, electronic goods and many other
household essentials. It has its own product categories like sweets,
confectionary items. . It provides many promotional offers to its customers in
different festival seasons (Eid, New Year, etc.) like other superstores(Ronald
4 | Page

& Hasty Attraction, 2003). Here the combination of quality and price under
various brand names offers value to the consumers for their money. Prince
Food & Agriculture Products Ltd. produces a variety of food items, including
organic products, prepared foods and herbal products which are sold through
Prince Bazaar retail outlet. Prince Bazaar occupies a large floor space of
2000squarefeet on a single level and is situated near residential areas in
Dhaka city in order to be convenient to consumers. Its basic appeal is the
availability of a broad assortment of goods under a single roof at a moderate
price. It is now a part of a chain that owns or controls other super stores
located in Dhaka(Belk, Russell, 2006). To maintain a profit, prince bazaar
attempts to make up for the low margins with a high sales volume. Moreover
it also sells higher margin items. The overall environment for Prince Bazaar
and its competitors are changing from a product oriented atmosphere to
customer oriented atmosphere where emphasis is put on satisfying all of the
consumers needs. In order to remain competitive, Prince Bazaar wants to reevaluate its future opportunities for growth without compromising its profits.
This study determines consumers responsiveness toward marketing mix of
superstores in Bangladesh(Baker, 2007). The study was done on Prince
Bazaar which is one of the famous and large superstore (in terms of outlet)
in Bangladesh(Online Dhaka Guide, 2015).
OBJECTIVES OF THE STUDY
The present study is aimed to analyze the responsiveness of consumers
toward marketing mix of Prince Bazar . Specific objectives of this study are
as follows:
1. To identify the responses of the consumers toward the product/service
of Prince Bazar.
2. To identify the responses of the consumers toward the price of
products at Prince Bazar.

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3. To identify the responses of the consumers toward the location of

Prince Bazar.
4. To identify the feedback of the consumers toward the promotional
activities of Prince Bazar.

RESEARCH METHODOLOGY
The study is conducted on the basis of two sources of information: primary
and secondary sources. At first, some general information regarding
customers

is

asked

in

questionnaire

like

name,

age,

gender,

etc.

(questionnaire is given in the Appendix). The next part of the questionnaire

is designed on multiple choice. Where consumers are asked to put tick mark
on 5 statements.Questionnaire is used to collect primary source of
information. Websites, articles and books are the secondary sources of
information(Janta Review, 2015). Data are collected from the customers who
regularly purchase from Prince Bazar. Sampling Area are Mohammedpur and
shambolic. Sample size is 2010 from Mohammedpur and 10 from sheymoli.
Sampling technique is non-probability convenience sampling. Researcher
tries to find out customers who have shown interest in survey and
respondents

are

asked

questions

after

purchase(Bangladesh economy word press, 2015).

6 | Page

completion

of

their

PRODUCT PORTFOLIO
In two of the major stores of Prince Bazar all the necessary commodities are
available. Prince bazar have a wide range of product portfolio and they are:

1. Cosmetics Ranging from imported to domestic products

2. Showpiece and fancy items
3. Grocery
4. Home appliances
5. Electronics
6. Stationary products
7. Baby foods
8. Toys
9. Cookeries
10.
Beverages
11.
Dry foods
12.
Sweet meat
13.
Garment products
14.
Herbal products
15.
Frozen foods
16.
Green grocery
17.
Meat Beef , lamb, Chicken , pigeon
18.
Fish and sea foods

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PROMOTIONAL ACTIVITIES
Prince bazarprovide any incentives to promote their retail store. Such
incentives are seasonal discounts and mega offer on specific products, Prizes
and gifts on the amount of purchase. Prince bazar also promotes their store
by ad on banner and billboards and also in various social networks such as
Facebook and Google+. It provides many promotional offers to its customers
in different festival seasons (Eid, New Year, etc.) like other superstores.
SUPPLIERS:
Many of the product like , Jelly, Pickle, Baking Powder, Custard Powder, Ice
Cream, Chanachur, ChiraVaza, LachhaSemai, Toast Biscuit, Sauce, Mustard
Oil, White Vinegar, Honey, Noodles, Ovaltin Biscuit, Horlicks Biscuit, Salt
Biscuit, Ghee, Bread, Aromatic Rice, Puffed Rice, Cake, Yogurt, Custerd Cake,
Mineral Water, ShahiLabang, etc are supplied by their own Prince brand
(Janta Review, 2015). Other brands are supplied by local importers. Green
grocery and meat product are supplied by local market dealers ; to maintain
the freshness of decay able product
department

prince bazaar product procure

buy those products everyday fresh out of market(Patterson,

2007).

SWOT ANALYSIS FOR PRINCE BAZAR:

SWOT

analysis

that

identifies

the strengths, weaknesses, opportunities

and threats of an organization. Specifically, SWOT is a basic, straightforward

model that assesses what an organization can and cannot do as well as its
potential opportunities and threats(Media Bangladesh, 2015). The method of
SWOT analysis is to take the information from an environmental analysis and
separate it into internal (strengths and weaknesses) and external issues
8 | Page

(opportunities and threats). Once this is completed, SWOT analysis

determines what may assist the firm in accomplishing its objectives, and
what obstacles must be overcome or minimized to achieve desired
results(Patterson, 2007).

Prince bazaar is also maintained SWOT analysis for accomplish its objectives
properly and sustainably. SWOT analysis of prince bazaar is given below:

Strengths

Weaknesses

-barriers of market entry

-experienced business units
-domestic market

-high loan rates are possible

-costs
-tax structure
-competitive market
-tax structure
-Expanded low among other
competitors
-future competition

-monetary assistance provided

-Very few stores

Opportunities

9 | Page

Threats

-growing economy

-price changes
-unexpected problems
-increase in labor costs
-increasing rates of interest

-growing demand
-growth rates and profitability
-new products and services
-new acquisitions

-growing competition and lower

profitability
-external business risks

Source: (Mattila&Wirtz, 2001)

Prince

Food

Products

Industry

has

to

focus

on

customers

satisfaction and value and ensures quality of product. It also Grow

share of customer. Fulfill customer needs and wants and Develop
customer relationship(Prince Bazar, 2015).

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MISSION STATEMENT OF PRINCE BAZAR:

A

mission

statement is

a company, organization or person;

statement

of

its

for

reason

the

purpose

existing;

of

written

declaration of an organization's core purpose and focus that normally

remains unchanged over time. Mission statement is something that defines
the companys objectives. A formal summary of the aims and values of a
company, organization, or individual. It's more important to communicate
the mission statement to employees than to customers. Your mission
statement doesn't have to be clever or catchy--just accurate (Gilboa&Rafaeli,
2003). The mission Statement of Prince bazaar is given below:
Prince Food Products is a private-sector industrial of Bangladesh.
It

currently

has

25

on-going

concerns,

management

to

manufacturing and services. The Prince Food Products has a

particular focus on urban area, and commercial ventures. We will
always try to explore beyond the boundaries of possibilities.
Consumer need and the consumer need alone will be our guiding
philosophy in manufacturing and marketing of products those
people who are the victim by poison food and satisfy their life(Janta
Review, 2015).
Goals:
Goals establish where you intend to go and tell you when you get there.
They help improve your overall effectiveness as a company whether you
want to increase your share of the market, for example, or improve your
customer service. The more carefully you define your goals, the more likely
you are to do the right things and achieve what you wanted to accomplish in
the first place(Media Bangladesh, 2015).
Goal of prince bazaar is given below:
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Prince Food Products wants to see the goal as the manufacturing

company of Food producer and seller of Bangladesh-Increasing
capitals. Recruiting more efficient employees and changing current
marketing policies(Prince bazar, 2015).

COMPETITIVE STARETGY:
A firm's relative position within its industry determines whether a firm's
profitability is above or below the industry average. The fundamental basis
of above average profitability in the long run is sustainable competitive
advantage. There are two basic types of competitive advantage a firm can
possess: low cost or differentiation. The two basic types of competitive
advantage combined with the scope of activities for which a firm seeks to
achieve them, lead to three generic strategies for achieving above average
performance in an industry: cost leadership, differentiation, and focus. The
focus strategy has two variants, cost focus and differentiation focus.

Source: (Baker, 2007)

12 | P a g e

1, Cost Leadership
All super shop offers almost similar types of facilities and product. Whether it
is Princebazaar , agora, nondan or prince bazaar, So the management tries
to take the cost leadership strategy. They ask much less value to the gift
product and imported product. In cost leadership, a firm sets out to become
the low cost producer in its industry. The sources of cost advantage are
varied and depend on the structure of the industry. They may include the
pursuit of economies of scale, proprietary technology, preferential access to
raw materials and other factors. A low cost producer must find and exploit all
sources of cost advantage. If a firm can achieve and sustain overall cost
leadership, then it will be an above average performer in its industry,
provided it can command prices at or near the industry average(Media
Bangladesh, 2015).

2. DIFFERENTIATION
Prince bazaar is different with their product only with foreign product. They
also sells sarees at the same time in the same super shop so it maintains a
quiet unique

We will not find it in agora or Prince bazaar who are the

market leader at the moment. The In a differentiation strategy a firm seeks

to be unique in its industry along some dimensions that are widely valued by
buyers. It selects one or more attributes that many buyers in an industry
perceive as important, and uniquely positions it to meet those needs. It is
rewarded for its uniqueness with a premium price(Baker, 2007).

3. FOCUS

13 | P a g e

Prince bazaar focuses on the ladies item more than the male. The generic
strategy of focus rests on the choice of a narrow competitive scope within an
industry. The focuser selects a segment or group of segments in the industry
and tailors its strategy to serving them to the exclusion of others(Babin, Lee,
Kim & Griffin, 2005).

THE FOCUS STRATEGY HAS TWO VARIANTS.

(a) In cost focus a firm seeks a cost advantage in its target segment, while
in

(b) Differentiation focus a firm seeks differentiation in its target segment.

Both variants of the focus strategy rest on differences between a focuser's
target segment and other segments in the industry. The target segments
must either have buyers with unusual needs or else the production and
delivery system that best serves the target segment must differ from that of
other industry segments. Cost focus exploits differences in cost behavior in
some segments, while differentiation focus exploits the special needs of
buyers in certain segments(William, Darden, and Mitch, 2004).

14 | P a g e

COMPETITORS ANALYSIS:

In recent past lots of super store have been emerged. That is definitely
bringing more competition for prince bazaar. We are analyzing the top most
competitors:

Prince Bazar: Prince Bazar is the market leader at this time. It covers the
whole city. The main thing is the name of the Prince bazaar is known by all.
Supplier of Princebazaar is well organized, most importantly they have outlet
all over the city. People find more assurance from buying the product from
Princebazaar. Prince bazaar is new in this case they have to gain the loyalty
of the customer(Baker, 2007).

Agora: Agora andPrincebazaardistributed among themselves most of the

market share. Agora also got almost same amount of market share to
Princebazaar. Prince bazaar actually makes their business in mirpur area.
Where Princebazaar and agora is not conducting their business as they like
to do(Babin, Lee, Kim & Griffin, 2005).
15 | P a g e

Big bazaar: Althoughbig bazaar is a renown brand in India but we also big
bazaar in our country .They have only two outlets one in wari and another
one is on jatrabari. Prince bazaar is making a tough competition with big
bazaar(William, Darden, and Mitch, 2004).

Nandan: Nandan is growing slowly compare with Prince Bazaar. Nandan

offers a much less variety in their product line. It is also not expanded as
much as it should be.

PORTERS FIVE FORCES ANALYSIS:

Threat of New Entrants
These market offers huge opportunity so new entrants is coming, includes
Princebazaar,Agora, Nondon, Shwapno are dominating. It makes a huge
competition in the recent past. Due to operating efficiency, one-stop
shopping and major marketing-mix expenditure majority of large chains have
built their power. This powerful force had a great impact on the small
traditional shops, such as butchers, bakers and etc(William, Darden, and
Mitch, 2004).

Bargaining Power of Suppliers

16 | P a g e

Prince bazaar in negotiating better promotional prices from suppliers those

small individual chains are unable to match. In return, Bangladesh based
suppliers are also threatened by the growing ability of large retailers to
source their products from abroad at cheaper deals(Babin, 2004).

Bargaining Power of Customers

Customer as lot of alternatives now they can switch to another one very
easily. Prince bazaar has introduced card system to make the bargaining
pwer more sustainable of customer. In meeting customer needs, customizing
service ensure low prices, better choices, constant flow of in-store
promotions enables brands like prince bazaar to control and retain their
customer base(Belk, Russell, 2006).

Threat of Substitutes
People can switch to normal vegetable market any time. If there is any kind
of problem available.In the grocery industry this can be seen in the form of
product-for-product or the substitute of need and is further weakened by new
trends, such as the way small chains of convenience stores are emerging in
the industry. In this case Prince Bazar, PQS and Agora's are trying to acquire
existing small-scale operations and opening Metro and Express stores in local
towns and city centers(Babin, Lee, Kim & Griffin, 2005).
Bargaining Power of Competitors
The grocery environment has seen a very significant growth in the size and
market dominance of the larger players, with greater store size, increased

17 | P a g e

retailer concentration, and the utilization of a range of formats, which are

now prominent characteristics of the sector(Nesdale, 2014).

Source: (Baker, 2007)

TARGET MARKET:

Every company needs to make their strategy best. The main focus of
making strategy is to capture the target market. Strategy includes not only
the target market but also the potential market.Market segmentation is a
18 | P a g e

strategy where the whole market is divided considering the characteristics of

the Customer. Market can be segmented based on different criteria. Some
Segmentation

criteria

are

behavioral

segmentation,

Demographic,

Psychographic, Geographic segmentation. Segmentation criteria will be

different considering the different characteristic. Prince bazaar is targeting
all level customers. Because it is a supers hop so there will be varieties level
of product will be available .Age is the most important factor of super shop.
Basically the main customer is the girls and the ladies. They need groceries
and food almost every day. So we segmented the market into three
categories for female(Belk& Russell, 2006).

15-30: In these category females like to buy Chock lets, gifts, jewelries
and Dress. So they are categorized in these sections.

31-45: In these category females like to buy daily necessaries in most of the
cases. People all over Dhaka comes to buy their product on a regular basis

45 and above: These type of people normally buy is luxuries product. They
used to go there and buy whatever they need.

19 | P a g e

BCG MATRIX FOR PRINCE BAZAAR:

BCG matrix is a framework created by Boston Consulting Group to evaluate

the strategic position of the business brand portfolio and its potential. It
classifies

business

portfolio

into

four

categories

based

on

industry

attractiveness (growth rate of that industry) and competitive position

(relative market share). These two dimensions reveal likely profitability of the
business portfolio in terms of cash needed to support that unit and cash
generated by it. The general purpose of the analysis is to help understand,
which brands the firm should invest in and which ones should be
divested. Prince bazaar is new relative to other organization. So BCG matrix
is must for such super shop(William, Darden, and Mitch, 2004).

Relative market share: One of the dimensions used to evaluate business

portfolio is relative market share. Higher corporate market share results in
higher cash returns. This is because a firm that produces more, benefits from
higher economies of scale and experience curve, which results in higher
profits. Nonetheless, it is worth to note that some firms may experience the
same benefits with lower production outputs and lower market share(Rora&
Raj 2012).

20 | P a g e

Market growth rate:

High market growth rate means higher earnings and sometimes profits but
it also consumes lots of cash, which is used as investment to stimulate
further growth. Therefore, business units that operate in rapid growth
industries are cash users and are worth investing in only when they are
expected to grow or maintain market share in the future(Belk, Russell, 2006).

There are four quadrants into which firms brands are classified:
Dogs: Probably dogs are the perfect quadrants for prince bazaar but its
market value is getting higher day by day. Dogs hold low market share
compared to competitors and operate in a slowly growing market. In general,
they are not worth investing in because they generate low or negative cash
returns. But this is not always the truth. Some dogs may be profitable for
long period of time, they may provide synergies for other brands or SBUs or
simple act as a defense to counter competitors moves. Therefore, it is always
important to perform deeper analysis of each brand or SBU to make sure
they are not worth investing in or have to be divested(Mattila&Wirtz, 2001).

Strategic choices: Retrenchment, divestiture, liquidation.

21 | P a g e

Cash cows. Cash cows are the best suited quadrants for prince bazaar.
Mirpur branch is their first branch. It makes huge business in that branch. So
they decided to extend their business into mohammadpur and shamoly. Cash
cows are the most profitable brands and should be milked to provide as
much cash as possible. The cash gained from cows should be invested into
stars to support their further growth.
According

to

growth-share

matrix,

corporate should not invest into cash

cows to induce growth but only to
support them so they can maintain their
current market share.

Again, this is not always the truth.Cash cows are usually large corporations
or SBUs that are capable of innovating new products or processes, which
may become new stars. If there would be no support for cash cows, they
would
Strategic

not
choices:

be
Product

capable

of

development,

such

innovations.

diversification,

divestiture,

retrenchment(Mattila&Wirtz, 2001).
Stars. Prince bazaar doesnt have such growth in the recent past that we can
consider it as star. Stars operate in high growth industries and maintain high
market share. Stars are both cash generators and cash users. They are the
primary units in which the company should invest its money, because stars
are expected to become cash cows and generate positive cash flows. This is
especially true in rapidly changing industries, where new innovative products
can soon be outcompeted by new technological advancements, so a star
instead of becoming a cash cow, becomes a dog(Gilboa&Rafaeli, 2003).

22 | P a g e

Strategic

choices:

Vertical

integration,

horizontal

integration,

market

penetration, market development, product development.

Question marks: Question marks are the brands that require much closer
consideration. They hold low market share in fast growing markets
consuming large amount of cash and incurring losses. It has potential to gain
market share and become a star, which would later become cash cow.
Question marks do not always succeed and even after large amount of
investments they struggle to gain market share and eventually become
dogs. Therefore, they require very close consideration to decide if they are
worth
Strategic

investing
choices:

Market

in
penetration,

or
market

development, divestiture(Gilboa&Rafaeli, 2003).

23 | P a g e

development,

not.
product

Source: (Baker, 2007)

Prince bazaar is compared in others super store .Some statistical solution is

given in the chart:

Super
shop

Result

Attribut

name
s
Qualit

Pric

Variet

Availabili

Locatio

ty

67.6

64.05

43.5

Princ
e

130.5

Bazar
Agora

Nand
an

04.2
5

Total
Point

Position

409.7

406.2

1st

2nd

125.1

95

71.4

61.05

39.7

114

105

75.5

60

39.7

398.7

3rd

79.6

63.45

38

397.3

4th

Princ
e
bazaa

114

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99.2
5

Here the we find some statistical value by differentiating each one with
price, variety availability, location etc. in terms of Prince bazaar , we got
attributes value 4.35 for quality; and we set weight (bi) =30 for quality; so
we multiplied attribute value e; and weight value (bi) and got 130.5.

AFTER SALES SERVICE:

Prince bazaar offers after sales service. If you find any defect in the product
after reaching house it will be exchanged within 3 days. The service you
provide to your customers is crucial to your business success. For many
customers, after-sales service is what makes one supplier stand out from
another, often more than product or price. Good customer service can
attract new business and can create a loyal customer base(Media
Bangladesh, 2015).

25 | P a g e

Source: (Baker, 2007)

DISTRIBUTION CHANNEL:
Prince bazaar is collecting from farmers directly sometimes for rice and other
things. But most of the time they purchases from wholesale market.
Vegetable product is collected from wholesale market. They price varies
sometimes if Wholesaler collect it from local buyer or local market. The
channel is different for imported product. They buy directly from the
producers for gifts or jewelries as well as the dealer supplied it.Goods and
services often pass to consumers through multiple channels. While
increasing the number of ways in which a consumer can find a good has the
potential to increase sales, it also creates a complex system that can make
distribution management difficult. In addition, the longer the distribution
channel the less profit a product manufacturer might get from the sale.
Prince bazaar always maintains a well-structured distribution channel(Ronald
& Hasty Attraction, 2003).

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Source: (Bangladesh economy word press, 2015)

PRICING STRATEGY OF PRINCE BAZAR

Several aspects of business and marketing dictate how prices need to be set
in order for a company or retailer to be successful and reflect their
objectives.
The amount of time that Prince bazar needs to declassify his product line and
setting up the prizes needs to be considered so that the producer is paid
fairly. The cost of materials spent by PRINCE BAZAR also needs to be taken
into account so that the business does not lose money. On top of this,
PRINCE BAZARs aim is usually not just to breakeven but to make a secure
profit.(Janta Review, 2015)

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Source: (Baker, 2007)

Selecting the pricing strategy of PRINCE BAZAR mostly depend on its

company goals and objectives statements. The managerial directors of
PRINCE BAZAR can fix the price with a view of mass production with low
price or high range price with classy quality. But as its offers product and
already there is a perfect market condition in market place PRINCE BAZAR
needs to fix a price range comparable with other competitors. If PRINCE
BAZAR fix a higher price the company might not get the expected return as
the customer can minimize their needs with comparatively low price(Prince
bazar, 2015).

VALUE BASED PRICING

PRINCE BAZAR can follow some price strategies such as value based pricing.
Value based pricing defines the strategy where the customer needs level and
market price are in first position. Then the company sets the target price and
determines the cost that can be incurred. And finally on basis of these steps
PRINCE BAZAR would design the vacuum cleaners development(Prince
bazar, 2015).
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BREAK-EVEN PRICING
in market PRINCE BAZAR can follow the break-even pricing strategy for
capturing the market in earliest time period. For this if the total cost of this
vacuum cleaner project is 90 per unit, PRINCE BAZAR would fix the unit
price of vacuum cleaner is also tk90.(Bangladesh economy word press,
2015).

MARKUP PRICING
Another strategy is cost plus pricing or markup pricing strategy. Here PRINCE
BAZAR can add the unit markup with the price of every vacuum cleaner. In
markup pricing strategy if the unit cost of per vacuum cleaner is tk60 and
PRINCE BAZAR wants 50% markup, the price would be tk60+tk30(markup)=
tk90(Bangladesh economy word press, 2015).

For ensuring the quality PRINCE BAZAR needs to provide quality money on
its raw materials. Then the total cost and the profit planned for the specific
vacuum cleaner needs to be judged. And PRINCE BAZAR needs to identify
how much money the customer are willing to spent for a comfort shopping
and for surely PRINCE BAZAR cant fix the price much higher than the current
market price. As the market study says that the people in Dhaka are willing
to spent tk110 for a daily product and so PRINCE BAZAR cannot capture the
market with a price of tk150.

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LITERATURE REVIEW

CUSTOMER SATISFACTION
Sustaining an audience is hard, Consistency may be one of the least
inspirational topics for most managers. But its exceptionally powerful,
especially at a time when retail channels are proliferating and consumer
choice and empowerment are increasing.

Getting consistency right in a chain shop like prince bazar also requires the
attention of top leadership. Thats because by using a variety of channels
and triggering more and more interactions with companies as they seek to
meet discrete needs, customers create clusters of interactions that make
their individual interactions less important than their cumulative experience.
This CUSTOMER JOURNEY can span all elements of a company and include
everything from buying a product to actually using it, having issues with a
product that require resolution, or simply making the decision to use a
service or product for the first time(Media Bangladesh, 2015).
Its not enough to make customers happy with each individual interaction.
Prince Bazars most recent customer-experience survey of some 27,000
consumers across 14 different industries found that effective customer
journeys are more important: measuring satisfaction on customer journeys is
30 percent more predictive of overall customer satisfaction than measuring
happiness for each individual interaction. In addition, maximizing satisfaction
with customer journeys has the potential not only to increase customer
satisfaction by 20 percent but also to lift revenue by up to 15 percent while
lowering the cost of serving customers by as much as 20 percent(Media
Bangladesh, 2015).
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Our research identified three keys to consistency:

1. Customer-journey consistency
Its well understood that Prince Bazar must continually work to provide
customers with superior service, with each area of the business having clear
policies, rules, and supporting mechanisms to ensure consistency during
each interaction. However, few retail shops can deliver consistently across
customer journeys, even in meeting basic needs.
Assuming a 95 percent satisfaction rate for each individual interaction
whether measuring responsiveness, the accuracy of information, or other
factorseven this level of performance means that up to one in four
customers

will

have

poor

experience

during

the

on-boarding

journey(Bangladesh economy word press, 2015).

The fact is that consistency on the most common customer journeys is an
important predictor of overall customer experience and loyalty. Banks, for
example, saw an exceptionally strong correlation between consistency on
key customer journeys and overall performance in customer experience. And
when we sent an undercover-shopping team to visit 50 bank branches and
contact 50 bank call centers, the analysis was confirmed: for lowerperforming banks, the variability in experience was much higher among a
typical banks branches than it was among different banks themselves. Large
banks typically faced the greatest challenge(Gilboa&Rafaeli, 2003).

EMOTIONAL CONSISTENCY
One of the most illuminating results of our survey was that positive
customer-experience emotionsencompassed in a feeling of trustwere the
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biggest drivers of satisfaction and loyalty in a majority of industries

surveyed. We also found that consistency is particularly important to forge a
relationship of trust with customers: for example, customers trusted Prince
Bazar that were in the top quartile of delivering consistent customer journeys
30 percent more than retail shops in the bottom quartile.
What is also striking is how valuable the consistency-driven emotional
connection is for customer loyalty. For customers, a brand I feel close to
and a brand that I can trust were the top drivers for retailer differentiation
on customer experience. In a world where research suggests that fewer than
30 percent of customers trust most major financial brands, ensuring
consistency on customer journeys to build trust is important for long-term
growth(Online Dhaka Guide, 2015).
COMMUNICATION CONSISTENCY
A retailers brand is driven by more than the combination of promises made
and

promises

kept.

Whats

also

critical

is

ensuring

customers RECOGNIZE the delivery of those promises, which requires

proactively shaping communications and key messages that consistently
highlight delivery as well as themes. Prince Bazar, for example, has built
customer trust over a long period by consistently delivering on its promise as
a no-frills, low-cost airline(Gilboa&Rafaeli, 2003). Similarly, Progressive
Insurance created an impression among customers that it offered lower rates
than its competitors in the period from 2005 to 2015 and made sure to
highlight when it delivered on that promise. Progressive also shaped how
customers interpreted cost-reduction actions such as on-site resolution of
auto claims by positioning and reinforcing these actions as part of a
consistent brand promise that it was a responsive, technology-savvy
company. In both cases, customer perceptions of the brands reinforced
operational realities. Such brands generate a reservoir of goodwill and
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remain resilient on the basis of their consistency over time in fulfilling

promises and their strong, ongoing marketing communications to reinforce
those experiences.
Becoming a company that delivers customer-journey excellence requires
many things to be done well. But weve found that there are three
priorities(Prince bazar, 2015).

MARKET ACCEPTANCE
There are three major competitors in market. Prince bazar has a growing
position. Though other retail shops have better acceptance rather than
prince bazar the Growth rate and other facilities surely gives a promising
future in upcoming years. An acceptance ratio of Agora, Almas, Nandan
compared to Prince Bazar is given below with a pie chart

Agora

Almas

Meena Bazar

Nandan

Source: (Bangladesh economy word press, 2015)

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QUALITATIVE DATA ANALYSIS ON CUSTOMER SATISFACTION IN

PRINCE BAZAAR
Prince Bazar mainly repeatedly encloses the opportune product along with
many shopping products customers have a usual coming in it. The female
consumers who are fundamentally housewife came at Prince Bazar around 23 times a week but there are quantities of incomparable activist buyers who
visit almost 3 days a week. Although typical arrival of customers at Prince
Bazar is 2 times a week the male customer and young customers visit less
than twice a week. Although customers visit Prince Bazar regarding their
needs, the normal arrival rate ebb and flow during festive or any special
events, offerings and promotions(Prince bazar, 2015).
Prince Bazar is in service with their business with more than 20,000
products. In every store that definitely meet the anticipation of customers of
diverse ages. The complete family products are obtainable at Prince Bazar
from grocery items to packaged food products and cosmetics. In addition, a
good collection of imported products are also available at Prince Bazar
according to customer`s judgment but with relatively higher price(Media
Bangladesh, 2015).
Pricing is a vital factor in the retailing business especially in the chain stores
where they had to uphold the same price at all of their stores. Prince Bazar
has a status for selling goods at the rational price which is also necessary to
compete in the market. Customer`s projected that the pricing of Prince Bazar
is reasonable comparing the local market but not contemptible. But the
imported items are of comparatively higher price compared to the
international price not from the competitors viewpoint as it almost identical
in all competitors outlet.

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Quality of the products fluctuates in the retail chain stores in case of local
grocery items like- vegetables, meats, spices and other suitable products.
Since, customers think that the packaged goods have the same quality and
price in all of the retail stores in the country as the product is distributed
from same company and price is tagged over the package. So, the game of
excellencematter in the local grocery food items. But most of the customers
carry the view that Prince Bazar proffers their product with the good quality
vegetable and grocery group. In case of meat, importantsegment of
consumer have wavering and uneasiness. That`s why preponderance of the
consumerprocure meat items from local marketplace(Media Bangladesh,
2015).

CONCLUSION

This can be said that in the finishing part of the report is that the creating
employment and entrepreneurs in Bangladesh retail business have a great
contribution towards the economy. The report is made by the author focusing
on the business environment from Prince Bazar retail chain business,
considering the current scenario in Bangladesh to investigate and evaluate
various theoretical models to analyze the direction and aims to open towards
the expected information to get information.

The author has made an Industrial Analysis STP, SWOT, BCG matrix and
these analysis will be carried out with the competitors. Prince Bazars
product portfolio, pricing and promotional strategies, inventory control,
supply of raw materials, such as Prince Bazar competitor analysis and price
discrimination will be followed different procedures. Survey and data analysis
will be available later on the main phase and a suitable proposal will then be

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presented along with findings. Overall, this report has covered our learning
outcomes.

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Rora, Raj (2012) "Validation of an S-O-R Model for Situation, Enduring, and
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Babin, B.J., Lee, Y.-K., Kim, E.-J. & Griffin, M. (2005) Modeling customer
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Babin, Barry J., William R. Darden, and Mitch Griffin (2004) "Work and/or Fun:
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Baker, J. (2007) The role of the environment in marketing services: the
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Bellenger, Danny N., Dan H. Robertson, and Barnett A. Greenberg (2007)

"Shopping Center Patronage Motives," Journal of Retailing, 53 (2), 29-38
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"The Effects of Color in Store Design," Journal of Retailing, 59 (Spring), 21-45.
Darden, William R. and Barry J. Babin (2004) "Exploring the Concept of
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Donovan, Robert J., John R. Rossiter, GilianMarcoolyn, and Andrew Nesdale
(2014) "Store Atmosphere and Purchasing Behavior." Journal of Retailing, 70
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WEB SITE
Prince bazar. (2015) Available at < http://princegroup-bd.com/ > [Online]
Assessed on< 15th September, 2015>.
Online Dhaka Guide. (2015) Available at < http://www.onlinedhaka.com/1_8_982_0-prince-bazar-mirpur-1-dhaka.html > [Online] Assessed
on< 15th September, 2015>.

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Janta Review. (2015) Available at < bangladesh.jantareview.com/advancedsearch.php?q=prince%20bazar&city=Dhaka > [Online] Assessed on< 15th
September, 2015>.
Bangladesh economy word press (2015) Available at <
https://bangladesheconomy.wordpress.com/category/retail/ > [Online]
Assessed on< 15th September, 2015>
Media Bangladesh (2015) Available at
<http://www.mediabangladesh.net/shopping-dhaka-famous-brand-products/
> [Online] Assessed on< 15th September, 2015>

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