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MKG721 Food Marketing Oz Assignments
Background of the industry
Food supplement industry is becoming a multi-billion dollar industry. Weight loss has become a major concern, especially in developed and developing countries. Protein shakes are readily being used to supplement for foods with high calories that cause weight addition. Protein shakes are mostly used by bodybuilders and anybody who wants to reduce weight (Azeem, and Sharma, 2015). Their demand has increased while their supply has become short due to few companies producing them in bulk.
Protein shakes products and Target Market
Protein shakes supplements used by a person in order to lose weight. They are the daily substitutes of daily meals, where one uses protein shakes instead of eating a regular meal. They are known to reduce the calories in the body and in that effective communication lose weight. Bodybuilders are taking more and more intake of proteins in one form or another. Protein enriched assortments are all over most of the grocery stores from cereals to high protein oatmeal (Baker, 2014). However, the best protein intake is in food solid form.
1. The supply chain design of protein Shakes
2. Brand positioning in the market
Brand positioning can be understood as a specific place or a desired brand image in the minds of consumers. The very process of brand positioning is a reflection of the main idea and brand values in the "perception mirror" of consumers.
Potential m arket and brand positioning
The concept of positioning should be the semantic core, which sets the direction of all marketing communications emanating from the brand. In developing its positioning concept, three important factors should be considered:
1) Who is the target group of consumers for whom the brand is developed;
2) What is the purpose, benefit and benefit for the consumer, which he will receive when using this particular brand;
3) Than this brand is better than existing analogues, the main advantages of the brand.
A correctly formulated brand positioning concept can be formulated as a positioning formula, which is shown .
Brand positioning formula
Well-known specialist in the field of branding . Temporal proposes to use positioning strategies, which are presented in, and most often brand managers combine them.
The procedure for developing a positioning strategy is carried out in several stages.
1. Select significant differences (find unoccupied market niches).
2. Develop alternative wordings:
a. brand advantages;
b. benefit to the consumer;
c. weakness of competitors.
3. Build the final focused positioning option.
1) Superior positioning suggests that the company's product is the best.
2) However, consumers' superior positioning may cause some distrust. In this case, companies are turning to substitute positioning. One characteristic is selected and emphasis is placed on its difference from competitors.
3) Complementary positioning is based on the allocation of an additional competitive factor, which the competitors' products do not have.
Development of a marketing strategy for the branded product
A characteristic feature of the activities of international and national companies in recent years has been an increase in investment in the development of communication activities directly related to such objective factors of modern business processes as toughening the struggle for the “head and heart of consumers” and changes in consumer behaviour of the latter. It is these circumstances that dictate the need to search for new forms of information and advertising support for businesses, the key element of which is still the trademark, brand (in this work these terms are used hereafter as synonyms).
In modern conditions, the brand is considered as the most important element of the development strategy of a modern enterprise and performs a number of important functions: it contributes to the identification of a product or company, it becomes the guarantor of various characteristics of goods, and is the bearer of a positive business image (Brohi, Prithiani, Abbas, Bhutto, and Chawla, 2016). The growing attention to the problem of the formation and management of trademarks of Australian firms is also determined by the fact that well-known brands are becoming a prerequisite for a firm’s stable position in the market, a factor in its competitiveness at various market levels. In addition, among Australian consumers of most product groups, the number of buyers who are ready to purchase branded goods is increasing.
All this testifies to the relevance of the analysis of theoretical concepts and practical experience of brand management (brand management), research of brand promotion strategies by various companies. The urgency of this problem is also due to the fact that firms do not yet have sufficient empirical experience in managing a competitive external environment.The purpose of this work is to identify mechanisms for effective brand management for the success of the company and its entry into new market levels.
To achieve this goal, you must perform the following tasks:
1. determine the specificity of the concept of "brand", the functions, content and classification of brands;
2. describe the main elements of the brand creation process;
3. identify different approaches to branding strategy formation;
Highlight brand management mechanisms on the example of specific companies and figure out the strategy for these companies to reach new market levels using branding and effective brand management (Grant, 2016).
Marketing strategy and branding
Thus, the subject of this study is the elements of strategic approaches to brand promotion at various levels of the market, In the economic literature, the topic of branding is considered as a mandatory element of the company's product policy; however, research relies on a rich empirical experience in the field of brand management.
New knowledge integrates the knowledge of strategic forecasting, the art of market participation philosophy, the management of financial resources, human capital and risk. The main thing for participants of the protein shakes market is not so much the desire to reduce costs and prices for the protein shakes product, as the organization’s ability to give the customer a higher quality protein shakes product in the service mode (Glatthorn, Boschee, Whitehead, and Boschee, 2018).
It is known that an organizational structure of management within the framework of organizational marketing, planning within the framework of strategic marketing and a protein shakes product promotion system with the inclusion of market participation philosophy, media tools and benchmarking and brand directions are components of the organizational form of protein shakes management. In the system of strategic marketing, the key role is assigned to the development of a strategy for promoting a protein shakes product (Olson, Slater, Hult, and Olson, 2018). The strategy of promotion of the protein shakes product is concluded in the organization of the system of a continuous process of purposeful influence of the controlling subsystem (management entity) represented by the on the managed subsystem (management objects) - .
Among the main directions of the protein shakes product promotion strategy should be highlighted: the development of an protein shakes product with the inclusion of the core and the shell; formation of protein shakes services in the framework of the contract with the participation of the contact audience of the Consumer and business partners; the implementation of the protein shakes product offer with the mandatory support of the stimulating elements of the concept of protein shakes marketing (philosophy of market participation).
Practice has confirmed that the management of the company of the Consumer should always have a developed strategy for the promotion of the protein shakes product with the inclusion of: a philosophy of market participation; tools and models of mass media; benchmarking; branding, partnership programs and feedback from consumers (Salwa, and Sudarsan, 2018).
The strategy of Promotion of the Protein Shakes Product
The process of implementing a market participation philosophy aimed at developing a protein shakes product promotion strategy includes the professionalism, contact audience and partners who initiate an effective market participation strategy using media tools, a benchmarking mechanism and a partnership program to form a decent brand in the eyes of policyholders. Without a well-thought-out protein shakes a business project, a sound idea of the market participants, it is difficult to achieve success in an unstable economy.
The specifics of the crisis period requires from the head of a marketing service:
development of a corporate philosophy of the company's market participation, aimed at creating the organization's competitiveness and market sustainability, taking into account the size of the market share and strategic position in the target sales segment; in the process of developing an protein shakes product accounting for the balance of the resource supply of an Consumer company with respect to market changes as the material basis for a successful market exchange; at the implementation stage of the protein shakes service, compliance with international protein shakes standards and the quality of service for policyholders; throughout all stages of economic development and implementation of the protein shakes product, adherence to the principle of social orientation of the protein shakes business using the partnership program and corporate responsibility in order to successfully promote the protein shakes product and form a popular brand (Salwa, and Sudarsan, 2018).
The philosophy of market participation lies in a simple formula: to produce only the protein shakes product that is required by the market, and not to try to sell the one that has already been produced.
Marketing tools and methods
1. Consumers: quality of the satisfaction of the demand for an protein shakes product. Employees of the operating line: pricing, product and communication promotion policies
2. Specialist marketing specialist: market participation philosophy (protein shakes product promotion strategy)
Marketing Consumers of the company, as a rule, are distinguished by high professionalism, and specialists from other departments - protein shakes,. ”For a marketer, it is important to systematically take into account such factors as: demand, the need for an protein shakes product; understanding of the market through the analysis of supply and demand; development of proposals for creating an protein shakes product, determining its price; justification of the promotion channels; information about the product of the insured; market penetration (seizure of market share, its expansion, retention, timely care); following the chosen philosophy of market participation. In addition to high professionalism, the marketer of the protein shakes company should be endowed with specific personal characteristics: broad outlook, communication skills, desire for a new, quick response, creativity, the ability to quickly realize the chance provided, as well as tolerance to stress, ability to extinguish conflicts, optimism and resilience (Salwa, and Sudarsan, 2018).
That the promotion strategy includes a set of management measures on a planned basis in order to effectively influence the buyer. The main goal of promotion is to create a steady demand for the protein shakes product. The promotion system is an integral controlling system of forms and methods that contribute to the formation of a brand and the creation of a decent image of the Consumer. When developing a strategy and tactics of advancement, it is necessary to clearly define the choice of intermediaries, advantageous routes, methods of advancement that help create market demand. In order to stimulate demand in the practice of protein shakes, a wide arsenal of mass media tools is used. In the current conditions of tough competition, globalization and informatization of society, participants in the protein shakes market are simply forced to activate PR and advertising tools to stimulate sales of the protein shakes product in order to attract potential policyholders.
Mass media is a complex mass system communications, through technologies and institutions of which information on innovation achievements is centrally distributed in the protein shakes industry. Mass media tools are key to successfully moving an protein shakes product to the target sales segment (Scarborough, 2016).
The transfer of information in the field of mass media is carried out using digital technologies (signs, symbols, pictures) and always has a semantic content, meaning for a specific target audience of consumers or representatives of the business community. The word medium itself means a specific tool for transforming experience into knowledge, and its form is multiple
Organizational - the emergence of an initiative group (temporary mass media team) -> sale of contacts to an advertiser (any interested entity) - "media delivery to target audiences; • final - getting an appointment of the proceeds to the development of protein shakes commerce, part to internal corporate and external PR, part to form profit, pay dividends to shareholders (participants), return on investment. In the process of implementing the mass media model, the marketers of the Consumer must be able to create an atmosphere of trust , openness and respect (Sethna, 2015).
Marketers are required to be knowledgeable in journalism, the work of editors, the specifics of newspaper production, the work of radio and television. They should also be able to prepare, create materials for publication in the press. Despite a very short period of transformation of commodity-money relations in the protein shakes market, Consumers of large and medium-sized businesses have gained some experience in responding flexibly to market changes, taking into account the needs of policyholders, creating their adaptation mechanisms anticipations.
The consulting company has shown that in order to find an effective solution in the field of competition, it is necessary to study, know and use the experience of the best companies that have achieved success in various types of activities.
Only benchmarking, based on a comparison and analysis of the activity process, is focused on understanding the reasons for differences for that to overcome these differences. The current stage of development expresses global benchmarking, aimed at organizing international exchanges, taking into account scientific and technical achievements, culture, science and national specifics of business organization (Shaw, 2016).
Benchmarking philosophy deals with suppliers and consumers rather than with counterparts. All market participants are benefiting from interaction and cooperation.
The purpose of benchmarking is to create effective communications with key partners, buyers, investors on a long-term basis. As a result of cooperation between partners, close relationships are established due to favorable prices, objective information flows, the sharing of advanced technological solutions, profitable investments, and modern standards of customer service. Benchmarking system opens the backbone for the exchange of experience of market participation, specialists in order to improve mutually beneficial cooperation, cooperation among partners and competitors, creating an atmosphere of mutual responsibility and trust.. The concept of promoting an protein shakes product using a benchmarking system and branding system (Wensley, 2016). Thus, the benchmarking system represents a holistic set of diverse processes for managing the competitiveness of a firm relative to the performance of the main leader in a strategic area of market economy. This system allows you to create an optimal marketing strategy taking into account the key performance indicators of a leading competitor, determine the forms and methods of eliminating bottlenecks, use marketing programs to gain a stronger position.
To evaluate the Consumers best practices, company management should use such principles as: focus on the future: ; the accuracy of the evidence taking into account the specifics of the marketing environment; measure quantitative and qualitative marketing indicators of competition leaders; continuity for the implementation of the best practical experience of pricing, product and communication policies of a competitor company; partnerships, providing a mutually beneficial situation for the participants of the protein shakes turnover; feedback - provides for the possibility of adjusting the management decision in the field of benchmarking through the organization of timely audit, effective control in the real monitoring of marketing and logistics quality (Zailani, Kanapathy, Iranmanesh,. and Tieman, 2015). Using the benchmarking system for successful market positioning can be performed in the following steps, as shown in As noted above, the use of a benchmarking system contributes to the rational implementation of protein shakes organization best practices and increasing the Consumers trademark popularity.