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This report depicts marketing strategies of new product launch. This study covers its product description under which features of product and attributes is described, target marketing which includes geographical, physiological, demographical and behavioral factors as well as marketing mix which includes 4P model. The selected product is “Healthy bites”, which is a dessert for family.
Our product Healthy bites, is a dessert which can be consumed by the entire family, as it contain low sugar, low fat, which maintain cholesterol level of its users and it also has some antioxidants such as theanine, catechin, which helps in preventing tooth decay and skin problems such as wrinkles . It also contains some natural sweetening agent like Stivia which gives sweetness without sugar which helps in glycemic control, hyperlipidemia, inflammation, morality risk and also helps in weight loss (Anton, et al 2010). This product can be consumed by people of all ages.
The selected product is HEALTHY BITES which has following special characteristics.
It will be launched it different flavors which consist of mint, chocolate, lemon grass, strawberries, cinnamon orange, coconut, dry fruits, apple pie, mix fruit etc. it would be launched in form of small chocolate bites which will be available in packages from 50 gm to 500 gm packaging. It would be packed in a nitrogen filled poly packs which keeps it fresh and enhances its shelf life up to 2 years. The main consumer of this product involves all the individuals from the age of 18 years as its helps to meet the sweet cravings of people without making any impact on the blood sugar and cholestrol levels. It is also mentioned in some studies that occasional consumption of sweets fight against depression and other health issues specially in females. Old age people can also consume it as it helps in controlling blood sugar, controlling weight through antioxidants and organic properties.
Healthy Bites helps in improvement of blood sugar levels and low cholesterol. Many studies over the period of time found that dessert which has low sugar and fat is beneficial in prevention of heart related disorders. Theanine is an amino acid which is found in our product which helps in reducing depression. Tooth decay can be controlled as it contains catechin which is a chemical antioxidant which destroys bacteria and viruses that causes throat infection and other dental problems. It also helps in preventing skin from wrinkles because of its antioxidant and anti inflammatory activities. It also helps in weight loss.
Target marketing can be defined as the group of people which are targeted by the business with advertisement. These people are the consumers who are most likely to use the company’s products and services. Healthy bites are a product which is used on a daily basis. Under this study the people who are ready to change their habits in exchange for health benefits are targeted which includes all the individuals who are 18 years and above, as it is beneficial for all of them (Baker, 2014). The main target audience of our product is middle class and upper middle class that accounts for nearly 300 million people in this market globally. It also targets the youth, encouraging them to embrace social messages and positioning itself as a social awakener brand. Different variables used to determine target marketing are:
Geographical segmentation takes into consideration the discernable preference of customer, their purchasing behavior and power which depends upon their location. Geographical segmentation helps a business to know where its product is being sold in order to increase advertising and sales efforts. In this case geographical segmentation can be done through the following
URBAN AREA is the places which have more population such as city. Our product at this place can be made available to its consumers through malls, super markets, metro stores, etc.
RURAL AREA- This area involves small towns and villages, which are mostly away from city. At this place product can be made available which the help of small retail outlets present there and through free home delivery of our product.
TOURIST population is rich in Australia, as many people from different countries come to explore America. On the basis of which our product is made available at the places such as airports and tourist destination (Armstrong, et al. 2014).
Demographical segmentation can be classified into age, race, religion, gender, family size, ethnicity, income and education of the targeted customers. In our case the age of target audience is 18 years and above. It does not have any obligation on religion, gender, family size, ethnicity of people. The cost of our product is not too high due to which everyone can afford it. People who are illiterate may not be aware about our products feature, so on the basis of advertisement they can be made aware about it.
Females specially housewives would be the primary target for this product and secondary target would be young working females, young single men, college going students etc because normally such products for house consumptions are bought by them only (Yang, et al. 2016).
Segmenting the target audience on the basis of psychographics means considering the personality traits, social strata, values, and life style of an individual while determining them as target audience. In present scenario everyone wishes to be fit, for which Healthy bites is one of the best ways. Due to change in lifestyle of people condition of depression and hypertension occurs for which consuming dessert is recommended. A person having different social class have their own reason to consume our product which includes high as well as low income group and youth, as our product pricing strategy is moderate. Targeted consumers have their different interests and values towards the usage of product as one can use it for being fit and other may use it for getting relief from blood sugar. Most of the target market would be highly educated and aware individuals who understand the role played by sugar in body in high quantities and what could be the negative impact of it. They are highly aware of nutritional levels of the product they consume and decision making process of these individual is a well thought of process which does not include any impulsive buying (Gummesson, Kuusela and Närvänen, 2014).
Segment which is targeted for this product is a highly health conscious segment and they take health of themselves as well as their families very seriously. They are well educated and highly conscious about the quality of the product. Their level of awareness and information about any product they use is very high. Housewives, single working women and young college going students are the primary target of this product. As all the buying activity is done by women either working or housewives and they are more health conscious towards their entire family as compare to other family members. They do not compromise with the quality aspect of the product. On the other hand young working individuals and college students are fitness freaks who are more conscious about their health, looks, etc for which they are targeted.
Marketing strategy adopted for the product is as follow:
Our product is approved by NSW Food Authority and is even recommended by Doctors. The product will be endorsed by a celebrity, as it helps in increasing the demand of the product. Launch of the product will be made available live on YouTube as well as other social media platforms, to enhance our marketing strategy. Offers such as buy back (if customer are not satisfied they will get full refund) and buy one get one strategy will be provided at initial level. The consumers will be invited fortnightly in order to attend the dessert testing ceremony, which will be free of cost. This campaign will include promotional offers to attract more and more customers. The consumers, distributers and company representatives will get promotional gifts and exiting offers for their next purchase (Kotler and Keller, 2006),
Marketing mix can be defined as the set of marketing tools that a firm uses to pursue its marketing objectives in the target market. It consists of 4P’s which are as follow:
In this case product is Healthy bites, which is consumed for different reasons by different people, as it has number of health advantages which includes protection against heart problem, blood sugar problem, relief from hypertension, helps in weight loss, etc. Our product mix involves various flavors of Healthy bites which are stated above. After sale services will be made available to its customer through helpline number, through mail and other social media platform. At initial basis refund option will also be made available to its customers along with try and buy option (Ippolito and Mathios, 1991).
Since our target market is huge, due to which exclusive distribution strategies will be adopted. Market covers urban, rural, costal area along with tourist places. At the initial basis, we are planning to make our product available at every possible place which includes malls, super markets, metro markets, and small retails along with online stores.
Pricing of our product is affordable so that each person of different age group can afford it. Product is even value for money, as it provides number of health advantages to its user. With the help of coupons which will be provided to customer of first purchase, they can get it redeemed on next purchase through which discount can be obtained. Currently the product would be priced at 5 AUD per 50 gm of package (Blythe, 2009).
Promotion of our product will be done through the tag line which will indicate effect of Healthy bites usage on health which is known as message advertising. Its advertisement will also be done through marketing and sales promotion, print media, online medium, and digital media. Promotion can also be done by brand ambassador who can encourage people to buy product.
The branding strategy of new product can be enhanced through product percipience and mode of delivery to the targeted audience. The tactics required to enhance the brand value of theHealthy bitesare as follows. Firstly, the marketing strategy of the company will be initiated 6 to 8 weeks before the product launch to outreach the market traits. Secondly, the celebrity brand endorsements and promotion at digital media platforms will be used, to influence the target consumers for increasing the initial sales of the product. The brand loyalty can be enhanced through providing value for money services.Healthy bitesare a mid-range product which provides refreshment along with health benefits to the consumers. The consumers will be provided free samples, buy one get one offers and try and use the product facilities, initially after the official product launch. The brand value of the product can be enhanced with spreading out the qualities of the product such as health benefits, value for money, easily accessible with online and offline stores etc. Another approach towards improving the brand image is to satisfy the customer’s needs and requirements by collecting regular feedbacks through online and offline modes of communication. The major change can be depicted through the service dimensions of the company. Round the clock presence of company over various social media platforms and offline stores will enhance the communication with targeted audience which will result in strong branding strategies (Shimizu, 2014).
Packaging And Labeling
The packaging of the product will be under high quality aluminum foiled sachets and packets which will help in maintaining the sanitation and hygiene of the product. Also,Healthy biteswill be utilizing the holographic seal to avoid any kind of tampering with the product. As the product displays organic rich product with health benefits a family picture will be placed on the cover to represent the large targeted audience of the product (Colby, et al. 2010).
This report has successfully demonstrated the application of knowledge of consumer decision making to food context. It includes the study of different parameters which are required to launch new product in Australian market. Also, it involves product description, target market analysis, marketing strategy, marketing mix, branding strategy and packaging and labeling of the new product.
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