Developing and Managing Market Insights: A Study on Akij Food and Beverage Limited

Abstract

Founder and life-time Chairman Late Mr. Sheikh Akij Uddin initiated the business in 1950s with a single product of cigarette called Akij Biri. This brand is one of the biggest and well known unit of Akij Group. Akij Food & Beverage started its journey in 2006.Today AKIJ GROUP has over 18 business units in different sectors including tobacco, jute mills, cement, particle board, housing, textile, ceramics, zarda, and match. The report is prepared on "Developing and managing marketing insights: A study on Akij Food & Beverage Ltd". Akij Food & Beverage has a large products line like mineral, energy drinks, different types of juices, chips, various types of cold drinks and their latest addition is milk. To maintain this large product line, Akij built a strong network in all over this country. Every company wants to establish its new product in the market. So, they collect data from respondents through surveys like blind test, sample test, and other types of similar researches. From the blind test study, we have come to conclude that respondents like Aafi Tomato Sauce for its thickness and overall taste parameter with compared to Pran Hot Tomato Sauce. In sour-sweetness and smell parameter, respondents like Pran most. In case of hotness parameter, both are holding same position. In another study, the objective was to evaluate the preference levels of consumer perception for Mustard oil. This survey has been conducted to compare between factory provided sample product and competitors brand about smell/flavor, oil fizz, and overall taste parameters. These insights were then incorporated in the process of new product development and the associated marketing campaign. From my internship, I have known the process of business research and development and the process of developing and managing the market insights. If the company doesn’t research in a proper way, the business development and product can’t be developed easily in a way meaningful to the target market. Well managed market insights can be helped for the marketing managers to make the appropriate decisions in the domain of marketing. Market insights, appropriately used the organization, can create real value for the target market, and in turn can certainly one of the reasons for the creation of shareholder value.