Friday, May 31, 2024

Marketing Strategy of Sopura Silk Products: A Study on Sopura Silk Mills (SSF) Ltd. in Rajshahi Area

Introduction:

Sopura Silk Mills Ltd. is the largest silk producer in BSCIC area in Rajshahi. Primarily it started production in 1979 with two workmen but in the year 1986 Alhaj Md. Sadar Ali Shifted his Business with the help of Islami Bank Bangladesh Ltd. Rajshahi Branch named Sopura Silk mills (SSF) Ltd. by purchasing a plot under Bangladesh Small and Cottage Industry Corporation ( BSCIC), Sopura, Rajshahi. Primarily it launched its business with 20,000 (twenty thousand) only. Currently it produces diversified silk products including silk sharee, balaka silk fabrics, crap balaka silk fabrics, doupion silk fabrics, Motka silk fabrics, balaka silk print fabrics, ladies dress including long scarf/orna, handbags, koti, wall mate, shirt, panjabi, tie, cushion cover which are sold through ten own showrooms locating Dhaka, (4) Shylet (1) Mymen singh (1) Chittagong (1) Rajshahi (2) London (1) as well. Sopura has now 400 employees. It follows cost plus pricing including 15% to 20% profit on total production cost. Although Sopura does not advertise through TV but in different printed media (newspaper, magazine etc). It follows fixed price for the products countrywide. According to the managing director, the monthly profit from 10 showrooms is near about eight lacs, which totalize 96 lacs or 1 cror. Sopura has established a prominent position in the affluent western, Asian and local markets. It also uses hygienic dyes which are innovative and are forever changing according to the fashion trends, most of the silks are required to hand wash separately. The organization also uses close circuit (cc) camera for the well monitoring, web camera for showing products to the foreign buyers, E commerce for the foreign payment. The organization also uses web link for the internal use. Sopura silk mills Ltd. is still trying to update the products to satisfy the diversified needs of the target customers including consumers and organizational buyers. Although primarily Sopura started with only two employees but now 400 employees are working to satisfy the customers.

Statement of the problem:

In spite of being quality product, it will not run the market due to the poor marketing functions, such as pricing, promotion, distribution, post sales services and others as Sopura silk industry doesn’t maintain the systematic marketing operation. So, it is the main problem that becomes an obstacle in the way of its further development. 

Literature review:

So far as I know, adequate published literature is not available in the proposed field. In spite of this some relevant publications are as follows:

Professor Sanjib Kumar Saha wrote an article entitled “A distribution system and silk products of Bangladesh”

(1983). The author cited the finding that the factory sells fabrics directly to the consumers through sales depot at the factory premises of Rajshahi silk factory and sales and display center at Dhaka according to The finding, SSF sells and displays silk products through the two own sales and display centers in Rajshahi.  Professor Sanjib Kumar Saha also carried out another work titled on “Price strategy of the silk fabric manufacturing enterprises in Bangladesh; a case study of the Rajshahi silk factory”. The researcher has suggested high active price strategy in the short run, skim-the-cream pricing in the long run and profit maximization price for the RSF. That finding can be helpful in solving the price problem of SSF. A.K.M Mostafizur Rahman Al-Arif succeeded in doing the work titled on “Production and Marketing aspects of silk manufacturing enterprises in Bangladesh. A case study of Rajshahi silk factory (RSF) and Thakurgaon silk factory (TSF)”. The finding of the study was to increase production efficiency and efficiency in marketing silk of both the RSF and TSF.  Subash Chandra Sill did his M. phil work in seri culture sectur and the title was “liquidity and profitability analysis” A study of Rajshahi silk factory”(1982) production difficulties and marketing constraints were the major findings which affected the functional efficiency of the factory.  The proposed study will also handle both the production difficulties and marketing constraints of SSF.

The proposed study will help to know the marketing strategy and problems of the organization

Research question:

Research question is the guideline that helps to find out the objectives or purposes of the study. Every research is conducted in the light of the specific question. The research question for the proposed study is how does Sopura silk mils perform marketing activities?

Objectives of the study:

A researcher should focus the objectives for which the research work will be conducted. The specific objective of the study is to know the Marketing activities or strategies of SSF.

Justification of the study:

Sopura Silk Mills is the biggest industry in the area of BSCIC. And it has a great contribution in Silk cloth market with in Rajshahi and Bangladesh as well. It enjoys low labor cost and competitive advantages in terms of raw materials and site selection. it is not being able to market the goods properly but obviously it has great growth potentials. If there were a proper blending of four ps(product, price, place and promotion) then Sopura would be able to gain a good position. For this reason, seeing the marketing weaknesses and undertaking steps are important. So this study bears a great significance for broader interest.

Methodology:

Methodology is the path or way how the research work will be done. Actually research methodology is a way to systematically solve the research problem. As the purpose of the study is to find out the marketing related problem of silk goods produced by Sopura silk milk, the methodology of this research includes population, sample, sampling procedure, data collection and data analysis procedures etc..

Definition of Population:

The study is related to the marketing problem of silk products. So, all the customers will be the population of the study.

Sample:

The objective of the study is to know the marketing strategy of SSF. Due to the time constraints 50 customers of Rajshahi city will be the sample size of the proposed study.

Sampling procedure:

Random sampling will be used for the  proposed study as this Sampling procedure represents the total population.

Data Collection method and procedure:

The data will be collected from the primary source and secondary source. Questionnaire will be used including open ended and close-ended questions for providing to the customers who come to the two show rooms in Rajshahi city.

Data Analysis procedure:

The collected data will be analyzed by using relevant statistical tools and techniques.

Conclusion:

Marketing strategy formulation and implementation is the key to success of any organization. From the proposed study, I will look an insight in the present marketing strategies including product, price, place and promotion of Sopura silk mills Ltd. And the findings will assist the organization for its further development.

Reference:

1. Rajshahi University studies, Part c, Volume No- 4.1996

2. Naresh K. Malhotra (2004), Marketing Research- an applied orientation, Fourth edition, published by Pearson education.

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