Degree
Master of Business Administration
Faculty / School
School of Business Studies (SBS)
Advisor
Adnan Ahmed, Visiting Faculty, Department of Marketing
Project Coordinator (External)
Haris Ilyas
Client
Formite
Project Type
MBA Research Project
Keywords
Formite, Brand Awareness, Marketing, Strategies, Brand Visibility, Laminate Products
Abstract / Summary
The purpose of this research report is to provide a comprehensive analysis of the laminates market in Pakistan with a specific focus on Formite, a prominent brand in this industry. The study aimed to understand the external factors influencing the laminates market, assess Formite's current market perception, identify its strengths, weaknesses, opportunities, and threats and propose strategic marketing recommendations for market share and brand awareness.
The study was carried out by utilizing a mono-method approach that incorporated qualitative research design. The research employed interview methods for data collection and thematic analysis to analyze the findings of B2B and B2C interviews. The sample size for the study was 9 participants, 3 B2C and 6 B2B customers. The interviews aimed to explore various themes such as market dynamics, brand preferences, product selection criteria, customer expectations, and marketing strategies.
According to the research findings, external factors such as market trends, consumer behavior, and competitive landscape significantly influence the laminates market. The demand for durable, aesthetically pleasing, and cost-effective products is high, with local brands competing strongly against international ones. Formite is perceived as a high-quality brand but suffers from limited awareness and a weak marketing presence. Its products are praised for their durability and design, yet the brand faces challenges due to higher costs and limited availability. The opportunities include growing market demand for premium laminates, potential for expanding distribution networks, and leveraging digital marketing. However, there is intense competition from local and international brands, economic fluctuations, and changing consumer preferences.
The analysis suggests that Formite should pursue a market penetration and product development strategy. This include enhancing digital marketing efforts, strengthening relationships with distributors, offering promotional discounts, and investing in brand visibility through targeted advertising campaigns. By implementing these strategic marketing initiatives, Formite can enhance its competitive position in the Pakistani laminates market.
Recommended Citation
Ahmed, A., Habib, F., Mohsin, H., & Khan, N. H. (2024). Building brand equity and product awareness: Addressing the challenges of Formite in the Pakistani market (Unpublished graduate research project). Institute of Business Administration, Pakistan. Retrieved from https://ir.iba.edu.pk/research-projects-mba/319
