Bingo Chips Strategy
Essay title: Bingo Chips Strategy
BINGO
The Bingo brand of chips was launched by ITC on 14th March 2007 with an aim to capture at least 25 percent market share of the Rs 2000 crore branded snack market within five yrs.
This was an extremely ambitious target according to observers as the market was dominated by the Frito Lay group (owned by Pepsi Co) with a slew of brands like Lays, Kurkure and Uncle Chipps holding 50 per cent of the market share. The other was the Haldiram group with 25 percent of the market share.
The organized snacks category is subdivided into the Traditional segment (Bhujia,Chana etc) dominated by Haldiram. The second category is the Western segment(potato chips,cheese balls,puffs etc) and the Finger snacks segment which is an adaptation of traditional snacks to the western format. The latter two categories are dominated by the Frito Lay group. ITC has launched an aggressive marketing campaign to gain entry into and capture a sizeable market share in the extremely competitive world of snack foods.
The success of Bingo’s marketing strategy can be attributed to the following 4 Ps:-
T.V. Ad Campaign
Assortment of flavors and eye catching packaging
High availability at big and small retailers across the country
Pricing Strategy
Bingo’s launch was strategically timed around the World Cup to cash in on the tremendous popularity that such leisure and cocktail snacks would find among cricket lovers in the country. So cricket lovers could enjoy their favourite matches while savouring an all-new range of innovative Bingo snacks during the World Cup. The idea is to get the consumer to take that first bite. Not only the flavours but also the advertising was supposed to have an Indian touch!
The advertising strategy used humour to sell Bingo. The advertisements were well received by the audience. The notable ones included the Bingo is the crunchier potato chips ad, to the Tamil learning bingo ad. The ones which followed were one in which a man is declared pregnant for his craving for Bingo Achari Masti and the Glad Bangles-Mad Angles advertisements. These advertisements were telecast on almost all channels-national, regional, sports, news and of course kids’ channels. This sudden media blitzkrieg of ads left a mark in the audiences’ minds and it showed. In certain areas, Bingo’s market share touched 50 per cent; in no market is it less than 15 per cent.
In April 2007 Bingo had also launched a website BingeOnBingo.com with an aim to target the youth online.It basically tried to engage the youth in a SecondLife type of environment to advertise ITC �s products.
Of late, many brands are choosing this new marketing strategy of virals to promote their products and the latest to join the bandwagon of viral ad campaigns is Bingo. It has recently developed its first viral вЂ?petkapaap.com’ for вЂ?Bingo Mad Angles – Achaari Masti’. Viral marketing uses social networks to create and spread brand awareness.
The product offered is available in a wide array of flavours, shapes and sizes.
Mainly there are two categories of products-Potato Chips and Finger Snacks
The potato chips are available in many flavours inspired by the snacking habits of different parts of the country like Masala Chaas, Chatpata Nimbu and Paneer Tikka. In addition to these 4 flavours, the classic flavours of Masala, Tomato and Salted are also available.
The offerings under the finger snacks segment are equally unique and consist of pakoda inspired chips like Live Wires, Khakra inspired Mad Angles, and corn based chips like Tedhe