JK Tools strategy 2nd feb '09
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The document discusses strategic marketing options for Hand Tools division to achieve a 900% growth target over 5 years. It analyzes the industry, competition and consumer landscape. Two main strategic ideas are proposed: 1) Create demand among technicians through a brand engagement program like a utility services exchange. 2) Create demand by facilitating and tapping into strong subcultures like bike maintenance workshops, skills workshops, and an reality show contest to engage enthusiasts. Brand building support requires understanding consumer attitudes and critical attributes, executing area-centric approaches aggressively with sufficient manpower and resources. The goal is to "jack up the market".
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JK Tools strategy 2nd feb '09
- 1. A look at strategic marketing options for the Hand Tools division Presented by Fresh IMCS, 2nd Feb ’09
- 2. Objective Rs 5Cr Rs 50Cr A growth of 900% 5 years
- 3. Industry • Estimated No. of Units in India: 2500 • SSI Units: 95% • Large Units: 7 • Estimated No. of Workers: 25000 • Major Clusters: Jallandhar / Nagpur • Of the total global market of more than US$ 10 billion (abt Rs45000 cr), India's share is more than Rs500 cr. Source: UNIDO (www.laghu-udyog.com)
- 4. Competition • Taparia • Jhalani • Hindustan Everest • Ambica • Eastman • Venus About the Market Leader About 50% share of the organized hand-tools market. Turnover of about Rs54 cr in the year 2002-03. Assuming 10% market growth rate, the turnover currently should be anywhere near Rs95 cr. A network of more than 700 dealers and distributors across the country in 2002-03. It might’ve exceed 1000 by now. It is 38 years old in the hand-tools market. Out of the 60,000 retailers, the company had already reached out to 20,000 retailers in 2002-2003. By now the number of retailers would’ve increased to about 1,00,000 and the company might’ve touched at least 50% of them. Source: www.financialexpress.com, 12th April ‘03
- 6. Viewing Consumers in a Perspective Retailer Co./ Dist. Home User Home User Home User Tech Home User Home User Home User Tech Home User Home User Home User Home User Home User Organization Retailer Home User Home User Home User Tech Home User Home User Home User Tech Home User Home User Home User Home User Home User Retailer Home User Home User Home User Tech Home User Home User Home User Tech Home User Home User Home User Home User Home User Organization
- 7. Viewing Consumers in a Perspective Retailer Co./ Dist. Home User Home User Home User Tech Home User Home User Home User Tech Home User Home User Home User Home User Home User Organization Retailer Home User Home User Home User Tech Home User Home User Home User Tech Home User Home User Home User Home User Home User Retailer Home User Home User Home User Tech Home User Home User Home User Tech Home User Home User Home User Home User Home User • Active User • High Frequency User • Illiterate on many occasions • Largely unorganized • Limited in numbers but give volumes • Usage of mass media highly fragmented • Price sensitive on most occasions • Doesn’t always have work Organization
- 8. Viewing Consumers in a Perspective Retailer Co./ Dist. Home User Home User Home User Tech Home User Home User Home User Tech Home User Home User Home User Home User Home User Organization Retailer Home User Home User Home User Tech Home User Home User Home User Tech Home User Home User Home User Home User Home User Retailer Home User Home User Home User Tech Home User Home User Home User Tech Home User Home User Home User Home User Home User • Rare User • Likely to be literate • Uses mass-media • Doesn’t have much time • Is afraid of fiddling with technical stuff • Has money to spend • Caution rather than pro-activity • Doesn’t yet believe in DIY • Huge in numbers, can offer high value but limited sales Organization
- 9. Viewing Consumers in a Perspective Retailer Co./ Dist. Home User Home User Home User Tech Home User Home User Home User Tech Home User Home User Home User Home User Home User Organization Retailer Home User Home User Home User Tech Home User Home User Home User Tech Home User Home User Home User Home User Home User Retailer Home User Home User Home User Tech Home User Home User Home User Tech Home User Home User Home User Home User Home User • First hand interaction with end-users • Influences them and gets influenced by them • Margins are a priority • Definitely fewer in number than end- users • Fragmented mass- media usage Organization
- 10. Challenges • In a relatively short period of time: – Reach out to a fragmented target audience without mass-media – Engage the fragmented audience and induce buying – Arrange for a strong supply chain and network of retailers All this with a high degree of measurability
- 11. Strategic Ideas
- 12. # 1 Create demand among technicians through brand engagement
- 13. JK Utility Services Exchange Utilities ExchangeEnd Consumer Technicians Calls for service Forwards service request Renders service and get paid Communication Retailer Buy JK hand- tools & get work Buys JK Hand-tools Submits mobile number & area Registers Technician & receives payment for registration Print Ads in local language print media to promote the Exchange among Technicians Print Ads to make home-users aware of the JK Utility Services Exchange ‘Meet & Benefit’ programs Posters, danglers, other PoS material, etc.
- 14. # 2 Create demand by facilitating & tapping into strong & popular sub-cultures
- 15. Tapping into ‘Tinkering’ Sub-cultures Bike Maintenance Workshops Communication Buy JK hand-tools & participate in the workshop End Consumer (People with bikes) Retailer Buys JK hand-tools Workshop Management Team Registration Participation Option#1 Bike Freaks’ Workshop
- 16. Tapping into ‘Tinkering’ Sub-cultures Bike Maintenance Workshops Communication Buy JK hand-tools & participate in the workshop End Consumer (People with bikes) Retailer Buys JK hand-tools Workshop Management Team Registration Participation Option#1 Bike Freaks’ Workshop Print Ads in magazines popular among youth and bikers Cross promotions with bike brands / youth brands Ads and promo videos on the Internet Posters, danglers, other PoS material, etc. Kiosks at bikers’ hangout places
- 17. Tapping into ‘Tinkering’ Sub-cultures Hard Skills Workshops Communication Buy JK hand-tools & participate in the workshop End Consumer (School Kids) Retailer Buys JK hand-tools Workshop Management Team Registration Participation Option#2 Hard Skills Workshop
- 18. Tapping into ‘Tinkering’ Sub-cultures Reality Show Communication Buy JK hand-tools & participate in the workshop End Consumer (Bike Enthusiasts) Retailer Buys JK hand-tools Contest Management Team Registration Participation Option#3 Best Blue Collars Contest (Reality Show)
- 20. Critical Requirements • Knowledge of – Attitudes of end-consumers towards work done with hand-tools – Attributes critical to hand-tools • Area-centric or region-centric approach • Execution-abilities-as-if-on-war-footing – Man power – Financial resources
- 21. Jack up the market.
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