Tuesday, February 27, 2024
Friday, February 23, 2024
MKT 205 Project
MKT 205 Project
Shanon Beck
Southern New Hampshire University
MKT 205: Applied Marketing Strategies
Professor Sammon
February 23, 2024
Product
“healthy” carob
(chocolate substitute) bars
Persona
Mark, 33
DEMOGRAPHICS
Location: Single-family
home in a suburban neighborhood of Philadelphia. They own their house and have
a mortgage on it.
Marital Status: They are
married and have two school-aged children under the age of 12.
Occupation and
Income: They are a male healthcare technician for their local hospital
system making $90,500 per annually. Their spouse has chosen to be stay-at-home
to look after their children.
Education Level: They have
gone to college and earned a bachelor's degree.
PSYCHOGRAPHICS
Hobbies and
Interests: They enjoy spending their time with their spouse and children,
both indoors and outdoors. But especially outdoors in the form of family
sporting events, theme parks or gatherings. They also enjoy gardening and
participating in sporting events like marathons or neighborhood jogging.
Wants and
Preferences: They want a product that brings a number of health-benefits
and is packed full of important nutrients that can be eaten on-the-go by their
entire family.
Personal and
Professional Goals: They are hard-working and want to
continue to move up in their workplace in order to provide a good and healthy
life for their spouse and children.
Shopping Habits and
Preferences: They like to make shopping a family-orientated activity and
gear the bulk of their purchases towards family-orientated activities and
products.
Lifestyle: They tend
to prioritize healthy life decisions that get them and their family
out-of-the-house and staying active.
Promotion
First Marketing Channel
Description of
first marketing channel: My first marketing communication channel
would have to be in-person events of social gatherings. In-person events that
promote that healthy advantages of our carob bars by integrating into
family-friendly and social activities. My persona values social interaction and
a healthy-lifestyle; one in-person event I would implement is a marathon to
promote climate awareness. Not only does it appeal to my persona's need to get
outside, but it also leads to an increased public opinion about our brand.
Why this channel is
appropriate for this persona: The reason I chose in-person events to
be my fist marketing communication channel is that my target audience
prioritizes spending time with their family, both indoors and outdoors, as well
as getting-out and being social with other people. A in-person social gathering
that promotes family-friendly activities would be the most effective at
reaching my audience, for example, a sport event or a school play.
Second Marketing Channel
Description of
second marketing channel: My second marketing communication channel
would have to be the television. The television offering a highly-diverse
advertisement opportunity that can be reach my target audience and other
potential audiences.
Why this channel is
appropriate for this persona: The reason I chose television to be my
second marketing communication channel is that my audience prioritizes spending
time with their family through many different means, one of them being watching
television shows or movies. In which case their purchasing behaviors indicate
they own multiple television and are often watching them either as a family
-activity or just a way to relax after work.Television is a very broad
marketing channel; but I would choose to slim it down to airing advertisement
on family-friendly channels like Nickelodeon or Disney. Promoting the
health-benefits of our carob bars to our persona, both for their own
healthy-lifestyle but also their families wellbeing.
Price
Pricing Factor: Target-market price sensitivity
Target-market price
sensitivity: The pricing factor of target-market price sensitivity
is the degree to which the pricing affects the consumers willingness to buy the
product. For example, if a product has a high degree of price elasticity, then
consumers are generally more willing to buy substitutes, while if it has a low
level of elasticity, then they must buy it due to a lack of substitutions.
Additionally, the pricing factor can also be affected based on a consumers
perception of a product, for example, a market may prefer higher-priced
products because they perceive them to be of higher-quality, and a lower-price
may dissuade them from purchasing it.
How pricing factor is used
to determine pricing: My pricing factor "target-market price
sensitivity" is used to determine our approach to pricing by factoring in
the buying behavior of our target market. Particularly the brand-perception(s)
that our market favors and the overall budget that they have to work with when
choosing what to buy.
Pricing
Strategy: penetration
General advantages and
drawbacks of penetration pricing strategy: The penetration pricing strategy has a number of
advantages; by lowering our initial price as we enter the market it allows us
to increase the market-share we attract. But because penetration pricing
requires for the product price to be initially lower than planned, it would
lead to a decrease in profits – regardless because carob-based products are
inexpensive to produce, we would then be able to raise our prices until we
reach the “sweet spot” in the market without losing the market-share that we
gained.
Specific advantages
and drawbacks of penetration pricing strategy: The
penetration pricing strategy benefits our “healthy” carob (chocolate
substitute) bars by lowering the price on initial release to convince a larger
quantity of people to purchase our product to give it a try, before eventually
raising the price to reflect the healthy and high-quality ingredients we pride
ourselves on. Our target persona is health-conscious and values those
high-quality, natural ingredients to encourage a healthy lifestyle for them and
their family. While they do have expendable income, the market for healthier
alternative foods has rapidly increased in recent years, in which case a lower
initial price to promote our bars will allow us to get a better leg in the
door.
Place
Changes in the Marketplace
Change in the marketplace: From
2019 to 2020 online shopping increased by 29% from 79 Billion to 102 Billion
(Statista, 2022) and is expected to continue widespread growth far into the
future.
How the change addresses the
distribution of products to my persona: The COVID-19 pandemic has
led to a rapidly increasing demand for online shopping options that has led to
most, if not all retailers offering curbside or direct-from-store delivery
within just a few hours. Post-pandemic online shopping methods continues it's
rapid growth due to the accessibility and convenience of it for consumers of
all ages and lifestyles. I don't believe this will impact the primary
distribution channel we will use, but it is something that our company must
invest in going forward.
Distribution Channel
Potential distribution
channel and why it is appropriate for my product and persona: While
online shopping would be a good distribution channel for us to invest into; our
primary distribution channel has to be traditional, in-person shopping due to a
number of reasons. Our persona Mark (33), focuses on maintaining a
healthy-lifestyle that they can enjoy with their family; our persona prefers to
go in-store to complete their shopping because of these needs. Additionally;
placing our product in traditional retail stores allows a wide-variety of
consumers to be exposed to our product and it's packaging, resulting in
purchasing from both our target market and from impulsive buyers.
Product
How product should
be marketed in relation to meeting the needs and wants of my persona: Our
alternative carob-based bars offer a healthy alternative to to chocolate and
other candies; in which case the features and benefits that should be put
foremost in our advertisements is the healthy benefits. My persona values a
healthy lifestyle for themselves and their family; promoting the healthy
benefits and comparing it to significantly less-healthy competitors addresses
the needs and wants of our persona.
How bringing this
product to the marketplace helps support and build the Chocolate Bliss brand: The
Chocolate Bliss brand has always been known for our secret family recipe; and
the quality that comes with it. Bringing our new alternative, healthier
carob-based bars to market will help support our brand by offering new
high-quality options for our consumers, thus increasing our market share. Our
carob-bars hold true to our commitment to high-quality natural ingredients
improving the consumer-opinion of our company.
Evaluation
How to evaluate the
effectiveness of the marketing plan: In order to evaluate the
effectiveness of my marketing plan; I would perform both qualitative and
quantitative data collection on my target market and the competitors Chocolate
Bliss faces. Using quantitative data I can evaluate important data points and
trend in the market based on sales and website traffic. Using qualitative data
I can measure the strengths and weaknesses of my product based on consumer
feedback, as well as receive what consumers want and need out of our product.
Two quantitative
data collection tools I could use to evaluate the marketing plan:
The first quantitative
data collection tool I would use is quantitative surveys in order to gather
data about our product and consumers purchasing behavior that I can organize in
a graph or table in order to see key market trends and changes.
The second
quantitative data collection tool I would use is quantitative observations in
order to observe the target markets behavior in a raw and unadulterated format
that can be used to determine if our marketing efforts are successful or if we
need to change course. Additionally we can use this data to compare and
contrast our product and products of the competitors.
Two qualitative
data collection tools I could use to evaluate the marketing plan:
The first qualitative
collection tool I would choose is qualitative surveys; both in-person and
web-based interviews directly with my target market. I would be able to gather
data that our company itself may not have thought of, as well as become more in-tune
with the needs and wants of our consumers.
The second qualitative
collection tool I would use is documental revision; by investigating and
evaluating the existing product documents and data I could ensure our marketing
plan meets established standards and be able to model our marketing plan to replicate
past successes while avoiding past failures.
REFERENCES
EBSCO CAM Review Board. (2023). Carob as a dietary
supplement. [Review of Carob as a
dietary supplement.]. Salem
Press Encyclopedia of Health, 1. Research Starters.
https://eds-p-ebscohost-com.ezproxy.snhu.edu/eds/detail/detail?vid=3&sid=dde7dfd5-ef72-4550-be8a-a8879fdb3603%40redis&bdata=JnNpdGU9ZWRzLWxpdmUmc2NvcGU9c2l0ZQ%3d%3d#AN=94415685&db=ers
Tanner, J., & Raymond, M. A. (2023). Applied marketing strategies (2nd ed.).
Soomo Learning. https://www.webtexts.com
Olsen, S. (2023). Nutrition
and Performance Bars - US - 2023 [Review of Nutrition and Performance Bars - US - 2023]. Mintel.
https://reports-mintel-com.ezproxy.snhu.edu/display/1174855/?fromSearch=%3Ffilters.category%3D55%26last_filter%3Dcategory%26resultPosition%3D1
Esri Tapestry
Segmentation—Esri Demographics Regional Data | Documentation. (n.d.).
Doc.arcgis.com.
https://doc.arcgis.com/en/esri-demographics/latest/regional-data/tapestry-segmentation.htm
(2021). Carob Market Size, Share, Competitive Landscape and
Trend Analysis Report [Review of Carob
Market Size, Share, Competitive Landscape and Trend Analysis Report].
In Allied Market Research.
Allied Market Research.
https://www.alliedmarketresearch.com/carob-market-A12384
Hengel, C. (2021, March 11). Rethinking The Power Of TV Advertising: Is It A Valuable Option For
Your Brand? [Review of Rethinking
The Power Of TV Advertising: Is It A Valuable Option For Your Brand?].
Forbes; Forbes Business Council.
https://www.forbes.com/sites/forbesbusinesscouncil/2021/03/11/rethinking-the-power-of-tv-advertising-is-it-a-valuable-option-for-your-brand/?sh=bafce6415dbd
Murphy, D. (2022, September 15). Marketing Communications Channel Strategy [Review of Marketing Communications Channel Strategy].
Masterful Marketing.
https://masterful-marketing.com/marketing-communications-channel-strategy/
(2021, August 11). Plant-based
Foods Market to Hit $162 Billion in Next Decade, Projects Bloomberg
Intelligence [Review of Plant-based
Foods Market to Hit $162 Billion in Next Decade, Projects Bloomberg
Intelligence]. Bloomberg.
https://www.bloomberg.com/company/press/plant-based-foods-market-to-hit-162-billion-in-next-decade-projects-bloomberg-intelligence/
(2023, November). Carob Market: Global Industry Analysis and
Forecast (2023 -2029) [Review of Carob Market: Global Industry Analysis and
Forecast (2023 -2029)]. Maximize Market Research.
https://www.maximizemarketresearch.com/market-report/carob-market/221524/#:~:text=Carob%20Market%20Segment%20Analysis,its%20fiber%20and%20calcium%20content.
(2023, November 25). Carob Powder Market Size, Share & Trends Analysis Report 2023-2030:
Consumer Shift Towards Plant-based Ingredients Bodes Well for Carob Powder
Market Growth [Review of Carob
Powder Market Size, Share & Trends Analysis Report 2023-2030: Consumer
Shift Towards Plant-based Ingredients Bodes Well for Carob Powder Market Growth].
Yahoo Finance.
https://finance.yahoo.com/news/carob-powder-market-size-share-081300486.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAANXjxw2QKDfnzpaTHvGfvwKa7H9rQqM4YQeNwufPTuwOkAKjSh4M87q9jNqouIHBfxgcz0RN5Kcdc31kxnNGXJa8q8EdYBpw6V54cj5TniUmzcIQSsA5yfw8Ybhhh1U8CKLkVaMTMSGGqgl_A7XEukeA9pU1Mw5ckBVywjklSF6o
(2023). Statista; Statista.
https://www.statista.com/outlook/emo/ecommerce/worldwide?currency=usd