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Marketing Plan

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Table of Contents-

  1. Executive Summary. 4
  2. Situational Analysis. 4
  3. 2.1 Customer 4
  4. Geographic. 4
  5. Demographics. 4
  6. Psychographics. 5
  7. Behavioristics. 5
  8. 2.2 Company background.. 5
  9. Proposed Product 6
  10. 2.3 Context 6
  11. Competitive Forces. 6
  12. Regulatory Forces. 6
  13. Economic Forces. 6
  14. Socio-Cultural Forces. 6
  15. Technological Forces. 7
  16. 2.4 Collaborators. 7
  17. SWOT analysis. 7
  18. 2.5 Competitor 7
  19. Market Analysis and Strategies (STP) 8
  20. 3.1 Segmentation. 8
  21. 3.2 Targeting. 8
  22. Target Market Persona: 8
  23. 3.3 Product Positioning. 8
  24. Perceptual Map for PACKAGED COOKIES.. 9
  25. Position Statement 10
  26. Tactical Plans (4PS) 10
  27. 4.1 Product Features and Rationale. 10
  28. Branding. 11
  29. 4.2 Promotion. 11
  30. Integrated Marketing Communication (IMC) 12
  31. Slogan. 12
  32. Advertising. 12
  33. Public Relations. 12
  34. Consumer Sales Promotions. 13
  35. Direct Response. 13
  36. Event Marketing and Sponsorship. 13
  37. Personal Selling. 13
  38. 4.3 Product Price. 13
  39. Pricing Approaches. 13
  40. Pricing Objectives. 13
  41. Pricing Constraints. 14
  42. 4.4 Place. 14
  43. Retailers: Zero Carb Protein Cookie will be sold through corporate chains system. Various departmental, retail outlets and grocery stores like Freshco, Superstore, no frills, etc will be approached. 14
  44. In-store strategy. 14
  45. Sales Forecast: 14
  46. Marketing Communications Budget 15
  47. Implementation Plan. 15
  48. Conclusion: 16
  49. Appendices. 18
  50. Appendix A: Marketing Research. 18
  51. Appendix B: CLV... 19
  52. Appendix C.. 19
  53. References. 20

Executive Summary-

Formulation of the relevant business model leads the companies toward an ultimate extension. A business model is a useful tool to properly implement the structure of cost, marketing tactics, earnings, and profits in the company. It also outlines the advantages of planning to get appropriate revenues. In short, the organisations can ensure expansion and competition protection if the business model is suitably formed (vonRosing et al., 2015).

This report specifically deals with the relevant business model that has been used for the evolution of the business to ensure well-planned expenditure and growth. It would represent the background of the company picked and how specific actions can provide the profit to the company. Furthermore, it would explain the market and situational analysis to ensure that the organisation would thrive as best as it can. Later, it would follow the competitive analysis of the industry and product to ensure that the business has a high chance of achieving success.

Lastly, it would present a proper model that can assure the investors with adequate information about the policies utilised by the bakery after investment. The principal focus of the investment will be toward the expansion of the product range of the Frost Bakery and raising its level from small scale to the bigger. It means, to offer more commodities, such as cookies, to the international platform.The target market for the new business plan would be the bakery food lovers including doctors, nuclear families, teachers, students, bankers, and people from all profession. The consumers that desire the cookies with nutritional benefits, and prefer shopping online, are also one among the target market for the organization.

Situational Analysis-

2.1 Customer-

  • Geographic: The company will focus its new product on Minneapolis and the international platform through the use of social media. The focus of Frost bakery is to have a new variety of provision of innovative products that no other bakery has very provided. For that, it vital to ensure the market has been expertly selected (Phil & Jim, 2010).
  • Demographics: Age group of 26-45 years shall be targeted. These cookies can be consumed by both males and females. Consumers with an income range of $2200-$3000 will be the target. Businessman and service class people both can enjoy these cookies. Customers who are well educated and can understand the information given on the labelling are the prime targets.
  • Psychographics: “Zero Carb Protein Cookie” is primarily for bodybuilders. This cookie is a high fibre, low carb, fat-free and sugar-free product. People who have chosen bodybuilding as a hobby or profession can consume these healthy. Consumers active on the internet and social media are targeted. Online portals will also be used to sell the new product to serve the technically advanced customers as well
  • Behavioristics: This cookie contains Isomalto – Oligosaccharide which makes it high fiber and low carb, sugar-free and fat-free as well. It is perfect for bodybuilders. These cookies can be consumed on a daily basis and can be a regular item on the shopping lists due to the benefits as mentioned above.

2.2 Company background-

Frost Café is a bakery producing all kind of cakes in several, toppings, frostings, illustrations, sizes, design, and flavors, distributed locally in Minneapolis, United States. The bakery also has a sitting area where the consumers eat. The small-scale business has an arrangement for specific food every day to excite customers with different tasted. One of the specialties is cup and frost cakes. Furthermore, the consumers can select among various products at ones along with the provision of convenient services.

For a company to sustain longer in the bakery industry, product quality should be given utmost importance. Therefore, the variety of bakery items served is given the primary concern. Also, the company currently has innovative and range of flavours of products that can make the consumers widely attracted. New and innovative products are developed as a result of innovation. The innovative product that meets the demand of customers will help the company overcome the competition around America. The approach includes the expansion of the company in the international platform by providing cookies of a different flavor (Lee et al., 2017).

The company has broad market since everyone loves the bakery, and they have a loyal customer base. Since the products are sold in the wholesale rate, the customers and even retailers are greatly attracted toward the bakery.

Proposed Product-

 The company aims to present innovative products to consumers at affordable prices. Although, the consumers are given innovative products in the form of delicious cakes and pastries, the provision of an altogether new product can enable the firm to fulfill the demands appropriately. This would allow customer satisfaction at large.

Frost is one of the most prominent bakeries in Minneapolis with cookies and crackers as its main selling products. Now, to strengthen the company's position, they have to introduce new products within a few months. Frost should launch a new product called “Zero Carb Protein Cookie”, especially for bodybuilders. This cookie is a high fibre, low carb, fat-free and sugar-free product. The targeted age group is 26-48 years.

2.3 Context-

  • Competitive Forces: Rega Cookies is likely to give a tough competition since it has established itself as a significant cookie manufacturer and distributor. They sell cookies, brownies, and the combinations of both these products. These products assure both taste and quality in every bite. Their product is like by customers because they don’t use any preservatives or shortcuts in their products.
  • Regulatory Forces: The American Food Inspection Agency lately has a regulation regarding the food color used, nutrition labels and the ingredients list used in baking a food item. Frost would require studying these regulations issued by the FIA to launch its new product successfully. Adherence to these regulations will further strengthen Frost's customer base (Zott et al., 2017).
  • Economic Forces: According to the latest report the GDP has increased to 7.08% in 2018 as compared to 6% in the year 2017 (Chesbrough, 2016). Thelabor force in the USA is more as compared to the other economically stable countries.
  • Socio-Cultural Forces: 2 out of 5 people in the USA are concerned about the quantity of sugar in their diet. Women of age group 18-24 years are of the opinion that the baked products are not suitable for their health (Wilson, 2015) Young people are becoming more health conscious as compared to the earlier times, given the rise of chronic diseases like cardiovascular diseases, diabetes, cancer hypertension, etc. over one-third of people have taken initiatives to become more alert toward their health. Around 40% of customers have started undergoing lifestyle transformations to prevent chronic diseases and maintain a healthy physique (Chesbrough, 2016). The new product should have ingredients which will promote consumers health as well as treat them with its delicious taste.
  • Technological Forces: The customers are increasingly switching to their mobile phones for shopping hassle-free online instead of going to the stores. It would be profitable to sell a new product online.

2.4 Collaborators-

The marketing manager will head the entire campaign and monitor the overall process. The other team members will work with team spirit and have clear channels of communication to make this product launch program a hit amongst the customers. Manager has good collaboration with all stakeholders and associate members.

SWOT analysis

  • Strengths: the bakery has talented bakers and new marketing strategies to sell the products.
  • Weakness: since the company is new in the international market with existing and innovative products, the organization can face problems with expansion and growth.
  • Opportunities: the company can get new opportunity to have expansion in the international platform with innovative products starting from cookies.
  • Threats: competitors with lower prices and better quality products are the primary threats to the expansion of the organization. Other than that, the competitors with better advertisement skills are also among the threats of the bakery.

2.5 Competitor-

Rega cookies are the leading competitor, for they are known for providing a wide range of Cookies, cookies, brownies, and the combinations of both these products. The main ingredients in all the Christie cookies are the real butter and the handcrafted gourmet. They use the most excellent premium products like premium chocolate chips and exotic nuts. Their key strengths are handcrafted gourmet ingredients, though the products are high calorie and high in sugars

Market Analysis and Strategies (STP)

3.1 Segmentation-

The company will focus its new product on Minneapolis and the international platform through the use of social media. The focus of Frost bakery is to have a new variety of provision of innovative products that no other bakery has very provided. For that, it vital to ensure the market has been expertly selected (Phil & Jim, 2010).

3.2 Targeting-

Age group of 26-45 years shall be targeted. These cookies can be consumed by both males and females. Consumers with an income range of $2200-$3000 will be the target. Businessman and service class people both can enjoy these cookies. Customers who are well educated and can understand the information given on the labelling are the prime targets.

Target Market Persona: Roger is 27 years old from America. He wants to be a professional bodybuilder and is a gym instructor at a local gym. He earns a decent income to lead a healthy lifestyle. He has personal pages on Facebook, Twitter and Instagram. He is continually looking for the cookies which are high fibre and low carb. These are the only type of cookies that he prefers to eat keeping in mind his profession.

He loves to surf the internet and uses it to get information about the latest products for him in the bakery market. He prefers to buy products online most of the time.

3.3 Product Positioning

ELEMENT OF POSITIONING STATEMENT

BRANDED PRODUCT

(1) the branded product name

Zero Carb Protein Cookie

(2) the category in which it competes

Ready-to-eat Cookies

 

(3) reason why the target market will buy this product

High Fibre and zero carb, fat free and sugar free cookie

(4) what sets the product apart from the competition

Its basic component IMO (Isomalto – Oligosaccharide) makes it unique

Perceptual Map for PACKAGED COOKIES

Position Statement

Healthy cookies with Zero carb, high fibre, fat free and sugar free to attract health and body conscious customer.

Tactical Plans (4PS)

4.1 Product Features and Rationale

 

FEATURES

RATIONALE

Appearance:

The cookie will be of a brown color and crispy in texture

 

The baked crisp brown color will attract the customers to taste it.

 

Ingredients:

All purpose flour, baking powder, IMO syrup, Cocoa powder

 

The healthy combination is enough to bring the customers.

 

Packaging (functional):

Eco friendly packing material shall be used. The packing colors will be a smooth blend of colors along with detailed labelling

 

The customers can read and comprehend the information about ingredients and its nutritional value

 

Differentiation:

Usage of IMO

 

This will make the product zero carb, fat free and sugar free

 

Branding

 

DESCRIPTION

RATIONALE

Brand images / designs

The brown coloured cookie against a contrasting background

 

The Simplicity of the cookie shall attract the health oriented customers

 

Brand colours

Bright brown with orange background

 

The customers will get encouraged to get the details of the new product

 

Font styles

The font style shall be Baskerville Old Face Font size 17.

Zero Carb Protein Cookies

 

 

Elegant font style shall impress the customers

 

Packaging design

Eco friendly packing material shall be used. With sober color combinations

 

The color combination will impress the consumers

4.2 Promotion

The domestic consumers will be provided with loads of advertisement and events that can further attract more in Minneapolis. Furthermore, the organization's’ value proposition is evaluated using the direct feedback from the customers, which is generally asked after the food. The organization will be allowing the products to be sold through both the online and offline methods. Telephones and emails shall be used to have home delivery in Minneapolis. However, customers from all parts of the world would place an order from either on social media or the official website. They can even reach the main branch of the firm and order their favorite cookies. Furthermore, the consumers will be provided with feedback opportunities where they can also complain about the food they ate. Furthermore, the vital resources also include the provision of social media presence that can entertain the consumers at large. Financial aid, more suppliers, bakers, website developer, a partnership with online media, and a shipping company are some of the critical aspects that are needed the most.

Integrated Marketing Communication (IMC)-

The IMC objectives of Zero Carb Protein Cookies are:

  • To capture 30% market area within one year
  • To increase the sales by 20% within first 6 months
  • To get 30% of market share within one year

Slogan:- 

Crunch to your health” shall be the slogan for Zero Carb Protein Cookies. As per the slogan the customers can eat the crunchy cookies and still remain healthy as they are fat free and sugar free (Wilson, 2015).

Advertising:- 

  • Internet:- Direct Mail Marketing, Ads Campaign, Social Media marketing, Podcast ads.
  • Traditional media:- Advertisement on TV, posters, and banners all over the cities. Pamphlet distribution around gyms and other fitness centers will be underaken            

Public Relations:-

  • PR Tools
  • For maximum coverage product launches and media release shall be undertaken. All the details shall be posted online as well

Consumer Sales Promotions-

  • Online Promotions : Online promotions like investment in SEO, Optimized website and Facebook pages. Release of online blogs and articles having details and benefits of the cookies will be undertaken. Pictures will also be released on social media
  • Traditional Promotions :Radio Ads and public transit ads will be done. Renting a billboard for promotion. Contests will be conducted and coupons will be distributed with complementary offers and gifts.

Direct Response-

  • Offline approaches: Responsive emails and prompt phone calls.Loyalty programs will be undertaken for the new product with prize distribution at the end
  • Online approaches: Utilization of online forums and the pay-per-click ads will be done. Online Ads and Bulk emailing to the potential customers will be undertaken

Event Marketing and Sponsorship-

Give away coupons during large scale product launch and press releases. Sponsorship of national teams of basketball and soccer.

Personal Selling-

Free trails to collect customer feedback for the product effectively.

4.3 Product Price-

  • Pricing Approaches: Zero Carb Protein Cookie will be a Premium product and a leader in nutritional cookies domain. Price skimming strategy will be used here. The product will be launched at a higher rate because consumer is willing to spend more on quality product.
  • Pricing Objectives: The main objective is to increase the sales and profits by 20% with business ethical practices.
  • Pricing Constraints: The demand for the new product will increase at a steady pace once it will get an acceptance from the customers. The other operational costs will be determined before setting the final price of the product

4.4 Place-

  • Retailers: Zero Carb Protein Cookie will be sold through corporate chains system. Various departmental, retail outlets and grocery stores like Freshco, Superstore, no frills, etc will be approached.
  • In-store strategy: Zero Carb Protein cookies shall be placed at a separate section with qualified salespersons to explain the benefits of the products to the customers. The separate section will allow customers to have a detailed look at the product

Sales Forecast:-

The sales forecast (revenue) in America for the financial year 2019 is $4 million (American dollars). 

Revenues

Month

In  $

First Quarter

January

0.43

 

February

0.30

 

March

0.17

Second Quarter

April

0.33

 

May

o.29

 

June

0.37

Third Quarter

July

0.23

 

August

0.34

 

September

0.45

Fourth Quarter

October

0.31

 

November

0.30

 

December

0.29

TOTAL

 

4.00

Revenues

Month

In Million $        

 

Marketing Communications Budget: The promotional budget is $1 million

Marketing Activities

Budget

Television and radio ads

$1,00,000

Social Media: Facebook, Instagram, Twitter, Youtube

$ 3,00,000

Billboards and flyers 

$ 2,00,000

search engine marketing

$ 2,00,000

e-mail, direct mail

$1,00,000

Coupons

$1,00,000

Marketing Communications Budget (Year 1)

$1,000,000

Implementation Plan: Chart enlisting actions that must be taken for the plan to be successful, indicating the role of every person in the company.

Month

Responsible Person

Action

January

Market Researcher

Detailed reports will be submitted by the

team after a market research

February

Marketing Manager

The report shall be studied and further

course of action will be decided upon

March

Brand Manager

Process of finalizing the brand logo and

brand name will be undertaken

April

Brand Manager, Advertising Agency

First press release initiated in order to introduce the new product to the potential customers

May

Advertising Agency

Bulk Emailing campaigns, online blogs

and articles with other social media is used to start an online marketing campaign

June

Advertising Agency

Various offline and outdoor marketing plans are being formulated and implemented according to the deadlines

July

Marketing Manager

The feedback of first marketing program is

being collected and studied

August

Brand Manager

Initiation of the second press release 

consultation of the team members

September

Marketing Manager

Customers feedback regarding quality, taste, flavour of the new product has been recorded for further analysis

October

Marketing Manager

The success rate of the final marketing program is being evaluated

November

Marketing and Brand Manager

Required Conclusions and inferences are drawn from the feedback data

December

Marketing Manager

The next set of amendments are penned down and implemented

The marketing manager will head the entire campaign and monitor the overall process. The other team members will work with team spirit and have clear channels of communication to make this product launch program a hit amongst the customers.

Conclusion:

This report provided the overall marketing plan for the new business idea: cookies. It was decided, after using the business model canvas, that the organization would be using the above-mentioned strategies to ensure the appropriate development. It is crucial for the firm to follow the decided procedures to achieve success, for which appropriate investment and funds are needed. Here’s the brief summary of the entire marketing approach taken:

Product: “Zero Carb Protein Cookie” is a high fibre and low carb cookie which has zero fat and zero sugar content in it. The consumers of the age group of 26-40 years will be majorly targeted

Price: Price Skimming Pricing Strategy will be used in this product. Once the competitors will introduce similar products the price will be reduced. Bulk pricing shall also be used at the later stages

Promotion: Advertising (Online and Offline), Direct Marketing, Public Relations and Personal Selling will be used for “Zero carb Protein Cookie”

Place:  Grocery Retailers, Departmental Stores, Convenience Stores along with online selling will be used in distribution of product

Forecast: The forecast for the first year after the launch of the new branded product, Zero Carb Protein Cookies is $4 million. With the successful launch and implementation program the new product can be able to capture around 25% market

Appendices

Appendix A: Marketing Research

Appendix B: CLV

Appendix C

References-

Chesbrough, H. (2016). Business model innovation: opportunities and barriers.Long range planning, 43(2-3), 354-363.

Lee, K. C., Lee, H., Lee, N., & Lim, J. (2017).An agent-based fuzzy cognitive map approach to the strategic marketing planning for industrial firms.Industrial Marketing Management, 42(4), 552-563.

Phil, M., & Jim, B. (2016).Marketing planning: strategy, environment and context. Harlow: Financial Times Prentice Hall.

vonRosing, M., von Scheel, H., Hove, M., & Fonseca, M. (2015).Importance of Business Model.The Complete Business Process Handbook, 2.

Wilson, R. M. (2015). Strategic marketing planning.Routledge.

Zott, C., Amit, R., & Massa, L. (2017).The business model: recent developments and future research.Journal of management, 37(4), 1019-1042.

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