Zahra: MARKETING STRATEGY [approx. 600 words]
Zahra: MARKETING STRATEGY [approx. 600 words]
At its basic level, marketing strategy is identifying the target market, and defining the value proposition.
Target Customers
Segment the market and identify one segment you will target. Develop a profile (including a persona) of your target segment.
Value Proposition
The value proposition is addressing the question why will your target customers want to buy this product? You should construct a positioning statement, and you may want to include a positioning map in your analysis.
Chosen product from group member Assessment 1
Good morning, everyone!
Today, I am thrilled to introduce an extraordinary breakfast innovation that promises to redefine your mornings. Our flagship product, Protein Fusion Crunch Cereal, is not just a meal; it's a nutritional powerhouse meticulously crafted to kickstart your day with sustained energy and wholesome goodness. Let's delve deeper into why "Protein Fusion" is the ultimate choice for your morning ritual.
Product Overview:
"Protein Fusion Crunch" Protein Cereal is a delightful fusion of whole grain oats, nutrient-rich chia seeds, crunchy almonds, and luscious dried berries, all infused with premium vanilla whey protein isolate. This cereal combines the power of protein with a delightful crunch, appealing to health-conscious consumers looking for a satisfying and nutritious breakfast option. Each serving of "Protein fusion" offers a harmonious blend of protein, fibre, and essential nutrients, ensuring a satisfying and energising start to your day.
The inspiration behind "Protein Fusion" stemmed from the desire to create a breakfast option that not only tastes fantastic but also supports a healthy lifestyle. We carefully selected each ingredient based on its nutritional benefits and flavour profile to deliver a truly exceptional cereal experience.
Prototype and Packaging:
Our prototype packaging has been thoughtfully designed to evoke feelings of freshness, vitality, and well-being. The vibrant box houses individual servings of "Protein fusion" in convenient resealable pouches, ideal for busy mornings or those with active lifestyles.
The pouches are perfectly portioned to provide a quick and easy breakfast solution without the hassle of measuring or preparing. Simply tear open a pouch, pour into a bowl, add your favourite milk or yoghurt, and you're ready to fuel your day.
Value Proposition:
Our value proposition is compelling and straightforward, addressing the key needs of modern consumers:
- Convenience: Enjoy ready-to-eat servings for quick and effortless breakfast preparation.
- Nutrition: Benefit from a balanced combination of protein, fibre, and whole grains for sustained energy.
- Flavour: Indulge in the delightful crunch of almonds and bursts of sweetness from dried berries.
- Energy Boost: Power up your mornings with sustained energy levels to enhance focus and productivity.
"Protein fusion crunch" is not just another cereal; it's a complete breakfast solution that nourishes your body and excites your taste buds.
Market Analysis:
The rise of urbanisation, an expanding middle-class population, an increase in the number of working women, and growing disposable incomes in both developed and developing regions have contributed to a rising demand for breakfast cereals worldwide. Breakfast cereals are viewed as convenient alternatives to more complex homemade breakfast items that require lengthy preparation.
Several prominent global trends were evident, notably with significant growth observed in the granola and cluster category. Since 2013, the number of granola and cluster products has tripled, reflecting substantial expansion within this segment.
Moreover, on-pack product claims underscored a prevailing trend towards plant-based foods, with a remarkable nine-fold increase in plant-based claims seen over the past eight years in the breakfast cereals market.
Additionally, data analysis highlighted another noteworthy trend: the majority of breakfast cereals available in Australian supermarkets are rich in dietary fiber, which supports gut health. Research indicates that a healthy gut microbiome can play a vital role in bolstering the immune system and overall well-being.
A significant development in the Australian cereals market is the emergence of plant-based alternatives. As more consumers embrace vegan or vegetarian lifestyles, there is a notable increase in demand for cereals crafted from plant-derived ingredients like oats, quinoa, and chia seeds. Additionally, gluten-free cereals are gaining traction due to growing awareness of gluten intolerance and celiac disease among consumers.
The projected gross production value of the cereals market is forecasted to reach US$6.56 billion in 2024, with an anticipated annual growth rate of 3.23% (CAGR 2024-2028). This growth trajectory is expected to elevate the gross production value to US$7.45 billion by the year 2028.
"Protein fusion" operates within the dynamic and rapidly expanding market for functional breakfast options. As health and convenience continue to be top priorities for consumers, there is a growing demand for breakfast solutions that offer nutritional benefits without sacrificing taste or convenience.
Consumers are increasingly seeking products that align with their health goals while fitting seamlessly into their busy schedules. "Protein fusion fulfils this need by providing a delicious and nutritious breakfast option that supports overall well-being.
Consumer Problem Addressed
We understand the common struggle of finding time for a nutritious breakfast amidst busy schedules. Many individuals skip breakfast or opt for unhealthy choices due to time constraints. "Protein Fusion" addresses this challenge by offering a convenient, ready-to-eat solution that caters to the nutritional needs of health-conscious individuals.
Macro Environment Analysis:
The dynamics of the Australian cereals market are shaped by various macroeconomic elements, such as GDP expansion, population growth, and inflationary trends. The robust economic performance has bolstered disposable incomes, enabling consumers to allocate more towards premium cereal purchases. Furthermore, the expanding population, particularly among younger demographics, has spurred heightened cereal demand. Lastly, the country's low inflation environment has fostered price stability in the cereal sector, thereby fostering market expansion.
The macro environment strongly supports the growth of functional breakfast products like "Protein Fusion." Increasing health awareness, hectic lifestyles, and a preference for natural, wholesome ingredients contribute to the rising demand for innovative breakfast offerings.
The current breakfast cereal market is flooded with brands promoting the health benefits of products that aren't actually of any nutritional value. Hence, why our product is so valuable, as it is genuinely good for you.
Consumers are becoming more discerning about what they eat, seeking products that provide tangible health benefits without compromising on taste or convenience. "Protein Fusion" fits perfectly into this evolving landscape, offering a unique combination of nutrition and ease.
Competition Analysis
The market features prominent and established cereal brands. Competitors employ vigorous marketing and promotional tactics. There is a continuous focus on product innovation and the introduction of new products. The top cereals sold in Australia are Weetbix, Nutri-Grain, Uncle Tobys Oats, Sultana Bran, Corn Flakes and Coco Pops.
Consumers are becoming increasingly health-conscious over time, leading to a higher demand for nutritious food options. Many consumers prioritise incorporating high fibre and protein into their diets to support overall health and bolster immunity. Major companies like Kelloggs, Nestle SA, and General Mills offer a wide range of nutritious cereals in various flavours and varieties. For instance, in 2021, General Mills introduced a line of instant oatmeal cereals to cater to the heightened nutritional needs of consumers. The demand for nutritious cereals experienced a notable increase during the pandemic, a trend that has persisted post-pandemic. Specifically, there has been a surge in demand for cereals that claim to boost immunity, prompting companies to innovate and develop new products in response to evolving customer preferences.
While the breakfast market is competitive, "Protein Fusion Crunch" stands out with its unique blend of protein-packed cereal and user-friendly packaging. Competitors include traditional cereals, protein bars, and instant oatmeal brands, but none match the comprehensive nutritional profile and convenience of "Protein fusion."
Our product's distinctiveness lies in its focus on delivering sustained energy through a thoughtfully crafted blend of ingredients. The combination of whole grains, protein, and healthy fats sets "Protein Fusion Crunch" apart from other breakfast options on the market.
Market Segment, Target Market, and Position:
Our primary market segment comprises health-conscious adults aged 20-45 with busy lifestyles, particularly, those balancing full-time work and children. These individuals value nutrition but often struggle to find time for a balanced breakfast. Our target market seeks a convenient breakfast solution that aligns with their health and wellness goals.
Within this segment, "Protein fusion crunch" resonates particularly well with professionals, parents, and active individuals who prioritise health but cannot compromise on convenience. By understanding their needs and preferences, we've positioned "Protein fusion crunch" as an essential part of their morning routine.
Market Segment Profile:
Meet Sarah a representative persona for the "Protein fusion crunch" target market:
- Age: 32
-Occupation: Marketing Manager
- Lifestyle: Active and always on the go
- Pain Points: Limited time for breakfast, seeks a nutritious and satisfying option
- Preferences: Values health, prefers natural ingredients, prioritises convenience
Sarah embodies the typical consumer who finds it challenging to maintain a healthy breakfast routine amidst a demanding lifestyle. "Protein fusion crunch" meets her needs by offering a convenient, nutrient-packed solution that supports her active lifestyle.
Marketplace Position:
"Protein fusion crunch" positions itself as the go-to choice for busy professionals and active individuals seeking a nutritious and convenient breakfast solution. Our product combines the benefits of protein with the wholesome satisfaction of a cereal, offering a unique proposition in the breakfast market.
We emphasise the holistic benefits of "Protein fusion crunch," highlighting its role in providing sustained energy, promoting satiety, and supporting overall well-being. Through strategic messaging and positioning, we aim to establish "Protein Fusion Crunch" as a must-have breakfast option for health-conscious consumers.
Viability Summary:
We are creating significant value by addressing a clear market need for convenient, nutritious breakfast options. "Protein fusion" is poised for success as it perfectly aligns with consumer preferences for health, taste, and convenience, underpinned by robust theoretical foundations from our business modules. Underpinning the importance of starting you busy day with nutrition.
The viability of "Protein fusion" is reinforced by its strong value proposition, unique product attributes, and targeted marketing approach. As we navigate the competitive landscape, we remain confident in our ability to capture market share and establish "Protein fusion" as a leading player in the functional breakfast category.
In conclusion, "Protein fusion" Protein Cereal is set to revolutionise breakfast with its innovative blend of nutrition and convenience. Join us in embracing a healthier, more energised morning routine with "Protein fusion" because every day deserves a powerful start!
Thank you for your attention, and here's to a brighter breakfast future with "Protein fusion"!
016308000326274616319500
INCLUDEPICTURE "https://lh7-us.googleusercontent.com/Meidtvy_FyHvvmkiDwnRgnBjnKe8BmNPJ6v-_VMYEt9Wgg2T3pzYWokh9VzbZpPYpaBfcHQpCgtrAhpxasqVeg3rr-6peWPrh39MD1fejNX_YZ92VWHA2HEWnpJ-xiJKmbW8J6Fhi6rW_zeX9u88y4c" * MERGEFORMATINET
INCLUDEPICTURE "https://lh7-us.googleusercontent.com/RWCvanqE3DihUa8GDOZjm3x2vDLDCwaKBmVKSJJPwLkTDTxwGDojqsiRfZWcNlE0AqWoopze-fCNPbS9xuhlmLAWkp_IBE6thBXmplD1HAmZ36TMhfYnm_KbUl46pQXDBtansOUa6zJEMpkhaLmaMI0" * MERGEFORMATINET
AMB140 Assessment 2 - Marketing Plan : Details
To-do date: 21 May at 23:59
Task description
You are to prepare a complete marketing plan in a team from your tutorial. The marketing plan is based on the same product category from Assignment 1. You may choose as a group to go with one team member's idea or combine ideas, and come up with a modified product. Your tutorials and lectures will be used to guide you through the development of this marketing plan.
ASSESSMENT 2 MARKETING PLAN
Why am I doing this assessment item?
Employers expect marketing graduates to know how to write a marketing plan as it demonstrates practical application of marketing concepts, strategic thinking, and problem-solving skills. A marketing plan shows the ability to analyse markets, set goals, and create effective strategies which are essential for contributing to a company's marketing success and adapting to evolving business environments.
Format
2000 words plus appendices as required.
Follow the outline and the information provided in tutorials and lectures. The material provided in tutorials supports the analysis expected for this assessment.
Ensure you are specific in your information. This is a business report, not an essay. Ensure you reference all statements of facts.
Use APA in text referencing in your marketing plan where required.
The minimum number of references required is ten including the textbook, and an appropriate balance of trade, industry, and academic journals is required (Wikipedia is not an acceptable reference source). Be critical of the credibility of any online sources that are used such as blogs and only use opinion-based sources where appropriate.
How will I be marked?
This is Assessment Item 2 with a weighting of 50%
40% is the assessment content and 10% is peer evaluation. The link to the peer evaluation will be made available online the day after the Marketing Plan is submitted. It will be available for one week.
Refer to Assessment Item CRA for a full description of the marking process.
Learning outcomes measured
ULO1 Analyse the marketing environment to identify viable marketing opportunities and implement marketing solutions that create value for customers in the real world.
ULO2 Perform market segmentation, competitor analysis, marketshare calculation, sales forecasting, marketing metrics and financial analysis of marketing data.
ULO4 Evaluate and communicate opportunities and challenges inherent in planning, implementing, controlling, and evaluating marketing performance in contemporary business practice.
ULO5 Work effectively as a team to present business ideas, implement sales and promotion tactics, and communicate with stakeholders.
What you need to do
MARKETING PLAN OUTLINE AND EXPLANATION
EXECUTIVE SUMMARY This summarises all the key aspects of your marketing plan. It should be approximately one page and is outside of the word limit of your assignment.
SITUATION ANALYSIS[approx. 400 words]
A situation analysis lays the foundation for informed decision-making and strategy development in the subsequent sections of your marketing plan. This section provides general information about the marketing environment for your groups final product, including a macro-environmental and competitor analysis.
MARKETING GOALS AND SMART OBJECTIVES[approx. 15 words]
Set your own realistic goals and objectives. Marketing goals should have two things a focus (either monetary or non-monetary) and benchmarks (by how much and by when). Monetary goals can be net income, margins, return on investment, retail sales (and others) while non-monetary goals can be sales volume, market share (and others).
MARKETING STRATEGY[approx. 600 words]
At its basic level, marketing strategy is identifying the target market, and defining the value proposition.
Target Customers
Segment the market and identify one segment you will target. Develop a profile (including a persona) of your target segment.
Value Proposition
The value proposition is addressing the question why will your target customers want to buy this product? You should construct a positioning statement, and you may want to include a positioning map in your analysis.
MARKETING TACTICS[approx. 1000 words]
These are the marketing mix elements that you should tailor to suit your target customers, your company resources and your competition.
Product -Determine the product and brand.
Price -Briefly discuss the 5Cs; decide on whether you will use cost, competitor or value-based pricing and justify your decision. Are there any other pricing models that might be suitable? Will you offer any incentives?
Distribution -Distribution captures the channel through which the product is delivered to customers. Briefly describe the current marketing channels (supply chain) for your chosen product, describe its distribution intensity and offer an alternate/complementary method of distribution. Justify your recommendation.
Promotion Using the Objective-and-Task method, describe how you would spend AUD100,000 to help reach your marketing goal. Describe the IMC tool(s) you will use, how the money will be spent, and what you expect to achieve. Promotion decisions should be realistic and suggestions.
REFERENCES[not included in word count]
You should cite and reference all your sources of information in APA format. Help can be found athttp://www.citewrite.qut.edu.au/APPENDICES[as required, and not included in word count]
In your appendices, you can include any supporting documentation you think is necessary to help the reader understand your marketing plan. It could be some graphs or charts; a mock-up for a print/online ad you have generated for your chosen product (or a storyboard for an ad); a media alert for the products introduction or anything else. Do not cut and paste material from other sources, for example, present the material in a table you have created (sourcing where you found the information), create the packaging for your product, include your persona, or develop a positioning map of your key competitors.
What you need to submit
A Word Document or PDF of your marketing plan submission via Canvas.
