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Essay / Bingo Chips Strategy - 1020
Bingo Chips Strategy Bingo chips brand was launched by ITC on March 14, 2007 with an aim to capture at least 25 percent market share of the Rs 2,000 crore branded snacks market five years from now. an extremely ambitious goal according to observers because the market was dominated by the Frito Lay group (owned by Pepsi Co) with a multitude of brands like Lays, Kurkure and Uncle Chipps holding 50 percent of the market share. The other was the Haldiram group with 25 percent market share. The curated snacks category is subdivided into traditional segment (Bhujia, Chana, etc.) dominated by Haldiram. The second category is the Western segment (potato chips, cheese balls, puff pastries, etc.) and the Finger snacks segment which is an adaptation of traditional snacks to the Western format. These last two categories are dominated by the Frito Lay group. ITC has launched an aggressive marketing campaign to penetrate and capture a significant market share in the extremely competitive world of snacks. The success of Bingo's marketing strategy can be attributed to the following 4 P's: -1. Television advertising campaign2. Assorted flavors and eye-catching packaging3. High availability at large and small retailers across the country4. Pricing Strategy1.The launch of Bingo was strategically timed around the World Cup to capitalize on the huge popularity these leisure snacks and cocktails would find among the country's cricket fans. So, cricket fans could enjoy their favorite matches while enjoying a whole new range of innovative Bingo snacks during the World Cup. The idea is to get the consumer to take the first bite. Not only the flavors but also the advertising were supposed to have an Indian touch! The advertising strategy used humor to sell Bingo. The advertisements were well received by the public. The most notable ones include the Bingo advert, which is the advert for the crispiest chips, as well as the Tamil learning bingo advert. The ones that followed were those in which a man was declared pregnant due to his craving for Bingo Achari Masti and Glad Bangles-Mad Angles advertisements. These advertisements were broadcast on almost all channels: national, regional, sports, news and of course children. This sudden media blitzkrieg of advertisements left a mark in the public mind and it showed. In some regions, Bingo's market share has reached 50 percent; in no market is it less than 15 percent. In April 2007, Bingo also launched a website BingeOnBingo.com with the aim of targeting young people online..