Executive Summary
The business we have planned to establish is basically marketing GI products of Bangladesh. We know that till now 31 products of Bangladesh have been recognized as GI products. Due to the unique identity and traditional identity of the products, they are equally valued in the domestic and international markets. The main aim of our business is to promote GI products. Initially we aim to expand into the domestic market and later the international market. Branding them based on quality and authenticity.
Demand for GI products is stable in the market due to their high quality and geographical location. Consumers are encouraged to buy them because of the geography. We need to establish ourselves as a trusted supplier. We believe that there is significant growth potential in this market. As most consumers are aware of the benefits and advantages of GI products. By marketing and branding GI products, we are confident that we will be able to establish the business and build a strong foothold domestically and internationally by financing it. Our ultimate sales and profit warning are not expenditure but realistic. We will introduce our products to new markets and conduct campaigns among consumers to create awareness and interest in purchasing the products.
The resource of financial investment is 50% own investment and 50% bank loan. The initial investment is 50 lakh BDT. Half of investment used to develop, collect and promote our brand and expansion our distribution network. The remain investment is spend for outlet, business stuff, advertisement, transportation and others. The repayment of bank loans and dues paid on the basis of products sells and profit forecasts with a specific schedule. We are confident that we will be able to meet our financial assignment and achieve profit within the time schedule. We are finding assistance in the form of mentorship for guidance. The assistance that help GI products collection and transportation. We believe that cooperation and collaboration will be key to our success.
Our team members are experienced and skilled that’s why they have a deep understanding of product market branding and product excellence. We have confident to reach our goals beside a strong commitment to quality and authenticity in everything we do. We confident by this business we reach our ultimate goals that we set. There are clear focus on quality, authenticity and innovation. So there is no dourness we can established ourselves as a leading provider of geographical products both locally and internationally.
Company Description
GI Hub Company promotes of GI product of Bangladesh. This company founded in April 2024 by Md. Ezazul Haque. It provides GI products to consumers. The quality of the products earned the business a loyal customer base in the community. The founders have over ten years of combined experience in growing, cultivating, and processing organic food. The employees working here are also given adequate training to ensure customers are provided with Jamdani saree, Rajshahi silk, Dhaka muslin, Shitalpati of Bangladesh, Shataranji of Rangpur, Kantari Bhog of Dinajpur, Black cumin of Bangladesh, Dai of Bogra, Kachagolla of Natore, Rasmalai of Comilla, Sesame khaja of Kushtia etc.
Competitive Analyses
Within Bangladesh there are similar of GI products. But these similar products are not quality full to GI product. The cost of GI products is higher than similar products based on the quality. This product attracts the consumer because of its traditional quality. Company provides products through outlets in the Dhaka region and by online all over the country. On Google, My Business rating 4.5 Stars from 20000 reviews. Primary marketing channel are Google ads, newspapers and leaflets.
Market research and industry analysis
The most suitable consumers of the company GI hub are those who are fond of Heritage and national products. Nowadays people are becoming increasingly using National products. The company serves quality full products at Low profitable prices. Most of the customers are in the age of 20 to 50 years who are either working professional. Market research service that the company will have a good project in the future.
Strategy:
Motive of GI Hub Company –“our product our vanity”.
Three things we should keep in mind-
1. Be available: GI products are available. Always listen and be available to customers which will create a sense of togetherness.
2. Keeping the promise: Provide genuine products. A loyal relationship builds in company and consumers. This help increasing large number of selling.
3. Sustenance of growth: Sustainable development is very important for business. For sustainable development, the quality of products should be improved and the shelf life of products should be increased. To make the business profitable, I will procure my GI products as low as possible from the producers, maintain the quality of the products, and then the acceptance by the consumers will increase.
The team
A business needs skilled people to run, there will be a founder who will set its goals. Middle-Level Management- At this stage there will be managers, assistant managers, developers, and head designers who will adopt various strategies to establish the business.
SWOT analysis
Strength:
- GI products are favored in the market due to being of high quality and tradition, competitive prices ensure their acceptance in the market
Weakness:
- The fact that some GI products are perishable increases the cost of marketing.
- Lack of capital creates risks in business expansion which makes it difficult to market all GI products inefficient management leads to loss of products.
Opportunities:
- GI worker business is a successful potential business. Due to the geographical location of the products, the standard of living of the people will vary from region to region, therefore the people of the particular region act as suppliers of the product.
- GI makes a significant contribution to GDP through full exports to meet the needs of the country.
Threats:
- Products similar to GI products are a threat to it. GI Have may lose its case if a new company joins. Political and economic changes can be challenging for businesses.
Marketing Plan
Online and offline campaigns can be done in two ways for marketing the products.
Online: Google Ads, Newspaper, Satellite TV, Facebook should highlight the product situation through these and also reach more people through online based campaigns. Besides, more people should be reached through online based campaigns.
Offline: Banners, festoon leaflets should increase awareness through these. In the case of some products, the discount system will increase the sales of the fulfillment. Company should build good relationship with customer. It must be ensured that the buyer gets a product of sustainable quality.
Operational plan
The past or an infrastructure is very important for the business First of all the company will have an outlet in Dhaka, the capital of Bangladesh where the GI products will be in collection and consumers will have free access. The company is thinking of pension.
Financial Plan:
- Set up a cost- such as a permit, purchasing equipment, and returning outlet marketing, and branding express. The calculated set of costs is 2 lakh in BDT.
- Fixed cost– is do not changed salaries of staff amount of renting outlet etc. Calculated fixed cost 5 lac tk BDT.
- Variable cost- that is cost change with the level of sales transportation cost packaging cost electricity cost et cetera estimated available cost is 5 lakh
- Direct cost– It is include labor cost management of product and the cost calculated 500000 per month
- Indirect cost- indeed cost for the GI product buyers include marketing and Advertising expenses the calculated cost of the business is 5 lakh
- Working capital fund– estimated working capital funds 10 lakh in BDT.
Critical Risk:
Thus, those risks that can significantly threaten the successful completion of the project are called critical risks. They are determined by risk assessment tests that evaluate possible risks in relation to the project’s goal, time frame, budget limitations or quality. Examples of critical risks for the GI Hub might include: Examples of critical risks for the GI Hub might include:
Data Security Breaches: Security threats that are inherent with unauthorized access or even loss of sensitive geographic information.
- Technological Failures: Some hazards may belong to such categories as Danger of Failure of Software and / or Hardware, Necessary for Data Processing & / or Dissemination.
- Regulatory Changes: The challenges arising from shifts in legal requirements for matters concerning geographic information operations.
- Financial Constraints: Hazards that may arise from shortage of; or increase in price of resources required in the process or determination of budgets.
- The first of such critical risks is the management of contingency plans and risk indicators, which entails actions to be taken to mitigate the risks.
Harvest Strategy:
Referring to the case of the GI Hub, a harvest strategy defines the approach which is used by the organization to leverage the results and the deliverables of the business ventures. This strategy typically includes:
- Market Penetration: Proposals regarding how geographic data products are to be delivered and marketed to the various consumers particularly the public sector, the private sector, and independent researchers.
- Revenue Generation: Approaches that are applicable for generating revenue within the scope of licensing, subscription-based, or value-added services.
- Public Policy Impact: Strategies for the policy advocacy or the use of geographic information in contributing to policy-making.
- Sustainability: Milestones that need to be implemented to make the data products sustainable and useful beyond the initial project stage.
The harvest strategy is proposed to help get the highest monetary value for the developed and used geographic information products in line with the purpose and aims of the organization and its stakeholders.
Milestone Schedule:
There are various kinds of schedules and one of them is a milestone schedule that contains major milestones of the GI Hub project as well as the time when they are envisaged to be achieved. It serves several purposes:
- Timeline Management: That gives a schedule of the activities and tasks to perform throughout the project and more so enhancing compliance with time.
- Progress Tracking: Permits the key stakeholders to evaluate the extent of accomplishment with regards to the laid down goals and probably recognize any set-back or hurdle that may have been encountered.
- Decision Making: Helps in decision making process by outlining areas where change of strategies and/or resources might be needed.
Some of the milestone that can be obtained for the GI Hub may be data collection milestones, prototype development steps, pilot testing measures, launching period, and continued improvement milestones.
Appendix:
In the case of the project documentation of the GI Hub, the additional detail that is provided offers supporting or complementary aspects to the main strategy or plan of the project. It may include:
- Technical Specifications: Specific guidelines on one’s elements, application and information dataset applied to geographical information products.
- Data Sources: Details on availability of location data services that is utilised in project implementation as well as data rights and related descriptive documents.
- Regulatory Compliance: Write-ups that may show that the company has complied with legal and/or regulatory requirements on data privacy, security, and intellectual property.
- Stakeholder Contacts: Name, title, and phone number/email address of the stakeholders, partners, or contributors in the implementation of the project.
- Additional Resources: Documents, citation or sources cited in the actual project document but presented in a separate document.
These elements enhance the management, organization, and implementation of the projects carried out in Geographic Identification Product Hub to achieve the organization’s mission of supply Geographic information products and services to various consumer segments.