MKG701 Marketing Plan Assignment Help

MKG701 Marketing Plan Assignment Help

MKG701 Marketing Plan Assignment Help

Executive Summary

Camel Milk Victoria has strong marketing traits which can result in increasing the employment with its expansion plan. The increasing healthy lifestyle and trend of vegan leads to enhance the demand of the products. The target consumers for healthy products are increasing. The niche market responded positively towards the company and will result in the future welfare of the company. The increase of interest among the upper middle class and rich people for healthy products provide increase in target consumer of the company. The new product sunscreen cream of Camel Milk Victoria has potential to create a market among its premium customers and cosmetic industry.

Introduction

This assignment depicts the marketing plan of new product of Camel Milk Victoria, which is a new business proposal for launching a cosmetic product. This report involves background study of organization in the market which includes brief company’s information, industry background, situational analysis, environmental analysis, competitor analysis, marketing goals and objectives, marketing strategy, financial analysis and implementation of plans and control. The new product which Camel Milk Victoria is planning is sunscreen cream as camel milk consist rich source of skin moisturizer and sun protection. Also, the company profile is discussed with various discussions over environmental using internal and external discussions, market trends, target market and contemporary analysis in this report.

MKG701 Marketing Plan Assignment Help

Company Background

Camel Milk Victoria was established in year 2014 by Chris and Megan Williams at Kyabram near North Victoria. The strong entrepreneurship venture of married couple has been in media since its launch as they have a niche product and a healthy growing market. Main aim of this venture is to target premium customers of dairy industry. The company claims to deliver Camel milk and its related product to its customers. It is considered as the white gold, by the local media as it is a premium product with price band of $21 per liter as compared to cow’s milk for $2 per liter (Hudson, 2016). The market of dairy industry is quite limited and with a niche as well as perishable product, the company needs all the available resources at its hands to get clear the understanding of business. The company has higher potential of serving high quality products such as camel milk which consist of high nutrients and low fat and lactose as compared to other dairy industry product. To build a strong brand image in the target audience to flourish their business in the market is the main objective of the company.

Camel Milk Victoria is the first licensed camel dairy in Victoria  whose  product mix consist of Camel milk & Silk soap, Camel milk powder, Camel milk chocolate, cheese and yoghurt and body products such as Camel oil lotion, Cream, Lip Balm and Baby Balm along with day and night creams, laundry powder and soap and other milk products. Company deals in pasteurized milk which is fresh Camel milk with no other additives. The natural Camel milk has higher properties such as 30 per cent less fat than ordinary milk, high nutrient contents and 40 per cent less lactose than Cow’s milk. The high mineral content depicted on Camel Milk Victoria’s products shows high source of Calcium and Magnesium with a pleasant taste of milk (Oslen, 2017).

Major product background as compared to other products

There is no use over skimmed milk unless the milk is Camels milk as camels milk has endless benefits, having majority of nutrients required to keep both, born and unborn, fit and healthy with a perfect blend of goodness, taste and health. Some of the benefits of camel milk are as follow:

1. Boosts immune system

2. Better behavioral control in autistic kid

3. Aids in preventing and curing diabetes

4. Increases bones density

5. Combats skin menaces

6. Lowers risk of heart attack

7. Beneficial for pregnant ladies

8. A blessing for impotent people

9. Prevents auto-immune disorder

Situational Analysis

Environmental Analysis

SWOT Analysis

STRENGTH

WEAKNESS

New and innovative product

Demand of its existing products

Location has advantage in capturing market

Value proposition of the product

Premium quality product

 

Requires highly trained human resource

High maintenance  cost of camels

Vast livestock requirement

Lack in marketing expertise

High expense on promotion mix

High expense on  purchase of new machinery

OPPORTUNITY

THREADS

Increasing interest of people in new product

As it is natural product due to which it can create its market

Introduction of new product will led to employment generation

Increase in demand of chemical free product

 

High competition

Breeding of animals can lead to change the value and quality of product

Strong marketing strategy is required

Lack of awareness among the people

The selected product has lower life cycle as compared to other

Strength

As the company have strong brand name along with high demand of its existing product due to which the new and innovative product will be accepted by the targeted customer. It even deals with premium quality product along withvalue proposition of the product.

Weakness

As the company is going to introduce new product in product width under product mix due to which high expenditure on purchase of new equipment and promotion mix will be involved as well as highly trained human resource will be required and the number of camels will get increased due to which their maintained cost will also increase.

Opportunity

Introduction of new product will led to employment generation due to which social responsibility can be fulfilled. Since the demand of natural and chemical free product is increasing as customer requires neither quality nor quantity due to which it can create its own market positioning.

Threats

Since it is a natural product made by Camels milk which is perishable due to which the life cycle of the sunscreen cream will be less as compared to its substitute chemical product. Strong marketing strategy will be required along with quick channel of distribution(Asresie and Adunga, 2014).

Pestle Analysis

Political Factors:

The major political factors which affect the Camel Milk Victoria are governmental policies regarding the dairy industry. The stable government depicts business friendly rules, regulations and legislations which supports the Camel Milk industry. The owners of Camel Milk Victoria are delighted with the current policies of government as it allows them to commence their venture in Australia itself. Earlier, the Camel milk and by products were imported directly from Arabian countries out of Middle East.

Economic Factors:

The economic factors depict the inflation rate, taxation policies and rate of loan which affects the Camel Milk Victoria externally. Also, the major consumer group of the company and new product is premium customer group. According to the population of the country the demand of the product is affected as how many people use to prefer sunscreen lotion and at what SPF they required.  If inflation rate goes down and there is some relief in the taxation policies for Camel Milk product then this product will have a huge market.

Social Factors:

Social factors comprises of three main issues which can affect the marketing of the product which are education, employment and income. The Australians are divided into two parts which are indigenous Australians and non-indigenous Australians. The people of indigenous Australians are lacking in social factors like they are not educated due to which they do not have the knowledge about the product. Their income is very less and mostly peoples are unemployed due to which they do not have sufficient funds so that they can buy the product. These people can affect the marketing of the product.

Technological Factors:

Technology is one of the biggest factor which helps in increasing the sales volume of the product. We can use different technological factors like internet, online selling, giving advertisement on social media. Camel Milk Victoria utilizes advance technology to improve its product quality.

Environmental Factor:

According to the Australian environmental factor the atmosphere is very dry and hot. In summers the UV radiation is so high that it can causes sunburn and skin cancer to the people. So according to the environment factor the Camel Milk new product must have a high market as for surviving in the sun they need to apply sunscreen with high SPF. The product is designed according to the Australian environment requirements and needs.

Legal Factors:

For launching a new product in the market the company has to take legal permissions from the government in which the full quality check is done of the product according to the safety measures for skin and then the permission is given to the company to launch a product. The product should be labelled properly with all the using instruction of the cream. It should show the ingredients which are used to make the product. And if there is some kind of warning related to its use so it should be mention properly. After passing all this examination the product is ready for sale (Konuspayeva, et al. 2009). 

Competitor Analysis

Sun screen skin cream is luxury product at present there is much competition in the market of skin cream. The company has selling their premium product on high prices and focused to their best customers only. The company has an advantage in current business as animal’s milk industry and performing best in all products. Sun screen cream marketing strategy is to choose pricing strategy that can fight the global market competition. It is a needy product for women’s skin and requires a fair marketing as similar to their animal’s milk product which differentiates the product from global market. Generally woman’s is concerned about health and hygiene. The low cost, premium quality products of the company has varied it from the competitors by many factors like: economical, technological and many more. Sun screen cream is best for all skin types and contains natural minerals with no side effects which attract the company’s customer which gets loyal and trusted customers. The major strategy is cost leadership; focus on company’s customer, and product differentiations. The increasing awareness among people about damages from UVA rays which higher the demand of company new product of skin cream sun screen. Product is unique and company intends to make relationship stronger with their customer (Crane, 2016).

4 P Model

Product- globalization gives a platform to promote the new product and expansion in a big market. The product which we are offering to the customer is designed by high technologies attracts customers more. The company’s product is healthy and for all types of skins. Product contains herbs and minerals. Sun screen also contains the animal’s milk in beauty product which is helpful in plumping the skin and smoothing fine lines. Sun screen cream has a highly increasing market as it protects from the UV rays which damages skin all age group. It is a premium product focused on the company’s loyal customers.

Price– In order to focus on the loyal customers the companies use various activities for this skin cream sun screen the price skimming is a strategy in which the initial price of product sets high then lower the price over time. This strategy recovers its cost quickly before competition in the market through price skimming the company satisfied the first loyal customers which is the main focus then the other customer by lowered the price. Other strategy use in pricing is Pricing Penetration this strategy is used to attract the middle class and lower class customers it can often increase the shares and sales volume of the company. These two strategies effectively skim group customers and get it to the market pool.

Promotion-promotion is one of the important necessities for getting our brand in front of public and for attracting new customers. So for prompting the product we can use different strategies like sponsoring contests, social media like face book and Google+. We can use Mail Order marketing in which the people who are already your customer should not be ignored. Product giveaway is also one of the marketing strategies in which product can be given as sample. There are many more strategies which can be used are cause and charity, branded promotional gifts, customer appreciation events, after sale customer surveys, etc.

Place-Place is defined as direct or indirect channels to market. It is connected with the flow of good from one place to another or we can say the different distribution channels. Different channels which can be used are intensive, selective and exclusive distribution. By franchising, market coverage, assortment, retail outlet, market location, transportation, warehousing, logistic. Etc. It is very much important that product should be easily available to the customer otherwise we can lose our customers, so placing helps in distributing the product in different part of the country so that product can get high market form it (Deng, et al. 2013).

Marketing Goals and Objectives

The marketing goals and objectives involve increasing the sales in new market segments for Camel Milk Victoria. Sunscreen made by Camel Milk will be presented in the niche market to penetrate the high end customers, as they are the potential buyers of the product. The major marketing goals and objectives are as follows:

The demand of Camel Milk based product is growing day by day which led to increase in demand of Camel based product. Even the UAE groups of investor are looking for importing thousands of camels from Australia over the next five years. Due to its increase in demand in other countries they even started shipping oversea along with this home delivery services are also been given to its customer. Even when a comparison is made between camel milk and cow milk, camel milk consist of low cholesterol, higher vitamin C contents (5 times more than that of cow milk), higher in iron (×10), potassium, magnesium, higher in calcium, higher ratio of omega 3 to omega 6 and consist no beta lacto globulin due to which demand of camel milk is high.

The new product of Camel Milk Victoria is sunscreen cream which targets the premium customer base. In order to increase the sales in the market placement of product and promotional strategy must be effectively followed. As discussed earlier the promotional activities must utilize social media marketing tools and major digital media marketing to establish the new product in the market. The pricing strategy must psychologically enhance the brand by using price skimming strategy. The major objectives and goals of marketing are brand awareness using promotional campaigns and social media marketing, increasing the business among organization by utilizing proper expansion of the by-products of Camel industry, increasing sales with targeting potential consumers and providing adequate services to increase loyalty of customers for repeat purchase (Zibanee, 2015).     

Marketing Strategies

Marketing strategies for new product of Camel Milk Victoria is as follows:

Ideal consumers

The initial part of marketing strategy is to conduct research over existing competitors in the market. As discussed in competitor analysis, the company faces low competition in the existing dairy market but the new product is in cosmetic industry with high global competition. The company has also defined its ideal consumer as the product represents niche structure with high price band. Thus, the target customers of the product are potential premium segment consumer group.

Separating from competition 

The organization is required to get rid of competition be staying ahead in the marketing by understanding the market trends. The company can attract target consumer by creating innovative products and promotional strategy. New product of Camel Milk is made with natural ingredients which has minimum side effects over skin and contains natural mineral contents of Camel milk. This needs to be highlighted to separate the product from other company brands to provide positive effect over consumers.

Conducting traditional research

Camel Milk Victoria needs to conduct research in order to understand the needs and requirements of their consumers. Social listening, conducting polls and feedbacks of the targeted audience can help the company regarding valuable inputs for new product. It also helps in enhancing the brand value of the company as customers feel obliged in providing their feedbacks for the development of brand.

Enhancing public relations

The new product of the company requires repeat customers and a loyal consumer segment to get success in the market. Camel Milk Victoria must utilize technological tools to enhance the public relations and brand loyalty such as marketing intelligence and CRM (Customer Relationship Management) tools. It will help in building a strong public relationship for the company and brand loyalty for the product among consumers (Miranda, 2017).    

Evaluation

The evaluation process defines the evaluation of marketing strategy among the market. Initially, Camel Milk Victoria has to prepare a time line on which the marketing strategies will be applied. Secondly, implementation process of marketing strategies for new product is initiated. The roll out campaign must be strong in order to fulfil the target market requirements. Thirdly, monitoring of marketing strategies is initiated to look after the implementation of strategy. The evaluation process also depicts the implementation of backup strategies such as price penetration and exit strategies in case of lower sales after a significant time (Huang, 2012).

Conclusion

This report studies the marketing analysis of new product launch of Camel Milk Victoria. The report defines background of the company, situation analysis involving external and internal environmental factors, 4 P strategies and competitor analysis, marketing goals and objectives, marketing strategies for new product and evaluation of strategies. Camel Milk Victoria is in dairy industry business which is planning to launch its by-products to penetrate under various market segments such as cosmetic sector.

References

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Huang, Y. K. (2012). Marketing budget allocation and marketing benefits of traditional media, online advertising, and electronic word-of-mouth. African Journal of Business Management, 6(33), 9524.

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Hudson, S. (2016). Camel Milk Victoria the only licensed camel milk dairy in Victoria. Weekly times. [online available at: http://www.weeklytimesnow.com.au/agribusiness/farm-magazine/camel-milk-victoria-the-only-licensed-camel-milk-dairy-in-victoria/news-story/d6af6d3ac6d6c8ddce0318cc5a5afb2d] [Accessed on 15th January, 2017].

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Crane, E. (2016) Camel milk seller under investigation over claims the $21-a-litre liquid helps people with diabetes, autism and cancer - after Pete Evans suggested mothers should feed it to their babies. Daily Mail. [online available at: http://www.dailymail.co.uk/news/article-3824513/Camel-Milk-Victoria-referred-ACCC-claims-help-diabetes-autism-cancer.html#ixzz4MNsz1psX] accessed on 14th February 201

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