Innovative Marketing Plan for BugBites High-Protein Snacks

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Louisiana State University, Eunice *

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705

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Marketing

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Nov 24, 2024

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docx

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Question 1: Key decisions regarding the target market, product/service, brand name, pricing, and positioning BugBites is a game-changing high-protein snack bar crafted mainly from cricket flour. This groundbreaking product is not only tasty but also sustainable and environmentally friendly. With the rising interest in alternative protein sources, BugBites is certain to attract health-conscious individuals seeking a nutritious and eco-friendly snack option. Our target audience includes health-conscious individuals, athletes, and environmentally aware consumers looking for a sustainable and protein-packed snack. The name BugBites embodies the adventurous and distinctive nature of our product. BugBites is positioned as a top-tier snack choice for those desiring a nutritious and sustainable option. Our product strategy involves offering a range of flavors and formulations to cater to various tastes and dietary preferences. Whether you have a sweet tooth or prefer savory snacks, BugBites has something for everyone. We also provide options for those with dietary restrictions, such as gluten-free or vegan diets. Our packaging is visually appealing and convenient for on-the-go snacking, making BugBites a standout option for health-conscious consumers. BugBites will be competitively priced with other high-protein snack bars on the market, ensuring accessibility to a wide range of consumers. The pricing strategy allows retailers to earn a respectable profit margin while offering BugBites at a competitive price point of $2.99 per bar for consumers. Retailers can purchase BugBites at a wholesale price of $1.50 per bar to encourage stocking and promotion. We plan to distribute BugBites through health food stores and select grocery stores. Our marketing strategy will focus on highlighting the benefits of cricket flour as a sustainable protein source and the delicious taste of BugBites. We will also utilize social media and influencers to generate excitement around the product launch. BugBites will be available for purchase by consumers starting on September 1st to capitalize on the back-to-school season and meet the increasing demand for healthy snack alternatives. We are confident that this innovative snack bar will resonate with consumers and drive the sustainable food movement forward. Question 2: Goals and objectives Our marketing plan was designed to achieve several key goals that would help us establish BugBites as a leading player in the health food industry. One of the main marketing goals for BugBites is to increase brand awareness and recognition among health-conscious consumers. To achieve this goal, we have set the following objectives: 1. Increase social media followers by 20% within the next six months. 2. Secure partnerships with five influential health and wellness bloggers or influencers within the next three months. 3. Implement a targeted digital advertising campaign that reaches 100,000 potential customers within the next quarter.

Another important marketing goal for BugBites is to drive sales and revenue growth through effective marketing strategies. To accomplish this goal, we have outlined the following objectives: 1. Increase online sales by 30% within the 6 months. 2. Secure placement in 100 new retail locations within the next year. 3. Launch a referral program that results in a 15% increase in repeat customers within the next three months. Through a combination of social media engagement, influencer collaborations, targeted advertising, and strategic sales initiatives, we are confident that BugBites will solidify its position as a top contender in the health food market. Question 3: Formal controls, including input, process, and output controls Input controls are essential for ensuring the accuracy and relevance of the marketing plan. This involves conducting thorough market research to understand consumer preferences and behaviors, as well as identifying key competitors in the high-protein snack bar market. According to James et al. (2018) in order for a marketing strategy to succeed, the company needs to allocate the necessary resources, including a sufficient budget and skilled staff in marketing, sales, customer service, and customer contact (pg.6). By collecting data on consumer trends and the competitive landscape, informed decisions can be made regarding the target market and positioning strategy for BugBites. Financial resources are a critical input control that must be secured for the success of the marketing plan. Adequate funding is necessary for activities such as social media advertising, influencer partnerships, and traditional marketing campaigns in order to effectively reach the target audience and create buzz around BugBites. Capital expenditures are also required for producing high-quality marketing materials, such as professional photography, videography, and graphic design services. Further research and development efforts are needed to refine the product and messaging through activities like focus groups, taste tests, and surveys before launching the marketing campaign. Additional human resources are essential for the successful execution of the marketing plan, including hiring marketing professionals, social media managers, and brand ambassadors to promote BugBites and engage with consumers. Having a dedicated team in place is crucial for effectively implementing a successful marketing strategy. Process controls play a crucial role in overseeing the implementation of the marketing plan. James et al. (2018) mentions “The primary function of process controls are to influence employee behavior positively” (pg. 7). It is essential to establish clear timelines and responsibilities for every aspect of the plan, from product development to promotional activities. By setting specific goals and milestones, we can monitor the progress of our marketing initiatives and make necessary adjustments to ensure we achieve our objectives. When launching

a new product like BugBites, various process controls are necessary to effectively execute the marketing strategy. One key control is providing management training to ensure the team is well- equipped to communicate the product's unique selling points and handle any challenges that may arise. Additionally, management commitment to the plan and employees is vital, as it ensures the necessary support and resources are provided for success. Aligning employee incentives with the product's success through revised evaluation/compensation systems can also drive motivation and improve performance. Empowering employees with greater authority and promoting internal communication activities are further measures to streamline execution and enhance the launch of BugBites. Output controls are a crucial component in assessing the success of our marketing plan. This involves evaluating key performance indicators such as sales growth, brand recognition, and customer satisfaction. By analyzing the outcomes of our marketing activities, we can identify strengths and areas for improvement. This information can then be used to adjust our strategies and enhance our marketing plan for future success. One method of output control that we will employ is analyzing sales data. By closely monitoring BugBites sales in various markets, we can track product performance and identify areas for enhancement. This will enable us to adapt our marketing strategies to effectively reach our target audience. Another output control we will use is analyzing customer feedback. By gathering and assessing feedback from BugBites customers, we can assess satisfaction levels and identify any concerns that require attention. This will aid in continual improvement of BugBites and customization of marketing efforts to better align with the needs and preferences of our target market. Additionally, we will utilize social media metrics as an output control to evaluate the effectiveness of our marketing plan. By monitoring metrics such as engagement rates, reach, and conversions on social media platforms, we can evaluate the impact of our online marketing efforts and make necessary adjustments to maximize our reach. These output controls will enable us to closely monitor the progress of our marketing plan for BugBites and ensure alignment with our marketing goals. By utilizing a combination of sales data analysis, customer feedback analysis, and social media metrics, we can make informed decisions and optimize our marketing strategies for optimal success in the market. Implementing formal controls in our marketing plan for BugBites is imperative for effectively evaluating our efforts and making data-driven decisions to drive the success of our product in the competitive snack bar market. One crucial performance standard is increasing brand awareness and recognition among our target audience, which can be measured through metrics such as social media engagement, website traffic, and customer surveys. Monitoring these indicators allows us to assess the effectiveness of our marketing strategies and make necessary adjustments. Another key performance standard is boosting sales and revenue growth for BugBites, which can be tracked through sales data, customer acquisition rates, and return on investment. Establishing clear guidelines and processes for managing our marketing activities, including setting budgets, timelines, and key performance indicators, as well as assigning responsibilities to team members, is essential. By implementing formal controls, we can ensure that our marketing plan remains on course and that resources are utilized efficiently. Ultimately, adhering to performance standards

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and formal controls in our marketing plan will be pivotal in guiding our strategies and achieving our objectives for BugBites. It is crucial that BugBites upholds stringent performance standards to ensure customer satisfaction, including maintaining the quality and consistency of the cricket flour, ensuring each bar is rich in protein and flavor, and complying with all food safety regulations. By adhering to these performance standards, we can guarantee that BugBites delivers on its promise of being a delectable and nutritious snack choice. BugBites stands out from other snack bars due to its exceptional price performance standards. Despite using premium ingredients like cricket flour, which is typically more costly than traditional protein sources, BugBites has managed to maintain competitive prices without compromising on quality. This dedication to affordability is evident in BugBites' strict output controls, ensuring that each bar meets stringent quality and nutritional standards before reaching consumers. Through thorough testing and inspection processes, BugBites guarantees that every bar lives up to its promise of being a delicious and nutritious snack that benefits both the body and the environment. In addition to its price performance standards, BugBites is recognized for its innovative sustainability practices. By utilizing cricket flour as a primary ingredient, BugBites significantly reduces its environmental footprint compared to conventional protein sources. This makes BugBites a sustainable choice for environmentally conscious individuals. More than just a snack bar, BugBites represents a movement towards a more sustainable and ethical approach to food production. With its high protein content, delicious flavors, and affordable price, BugBites is reshaping the snacking landscape and setting a new benchmark for performance and quality in the health food industry. Experience BugBites today and be a part of the revolution. Our marketing plan for BugBites will establish clear guidelines for promotion and distribution, including restrictions on advertising, pricing, and packaging. By implementing formal controls, we will ensure responsible and ethical marketing practices while maximizing our impact in the marketplace. With high standards of quality and consistency, BugBites will be positioned as a leading player in the high-protein snack market. Let's embrace the challenge of marketing BugBites and showcase its potential to revolutionize sustainable and nutritious snacking. To effectively reach our target market and boost sales, we will establish formal controls in our supply chain and distribution process, setting standards for ingredients, ethical practices, and quality control. Clear distribution performance standards will ensure BugBites reach customers efficiently, through reliable partners and optimized logistics. By setting formal controls, we will align BugBites with our brand values of sustainability and quality. I welcome your input on implementing these controls effectively in our marketing plan. The IMC performance standards serve as the criteria for assessing the effectiveness of our integrated marketing communications strategy. It is crucial to have clear IMC performance standards in place to confidently evaluate the success of our marketing efforts. For BugBites, our performance standards will include metrics such as brand recognition, customer engagement, and lead conversion rates. According to James et al. (2018), metrics are quantitative measurements that are tracked over time to determine improvement or decline. Our main focus will be on

monitoring the coverage of our press releases in the media to gauge interest and visibility, which is important for establishing our brand presence and credibility. We will also assess retailer engagement through tracking point-of-purchase display utilization and participation in advertising allowances to measure support from our distribution partners. Social media will play a significant role in our IMC strategy, as we monitor key metrics to understand our online visibility and audience interaction. According to Raghunathan (2024) social media campaigns can enhance brand recognition, attract loyal customers, share information about products and services, generate leads, and provide social proof. To measure the effectiveness of these efforts, businesses can track social media engagement metrics such as likes, comments, shares, followers, and direct messages on their page (Raghunathan, 2024). In addition, we will evaluate the impact of sampling initiatives by tracking distribution numbers and conversion rates to gain insights into the effectiveness of product demonstrations in driving trial and purchase. Analyzing the redemption rates of distributed coupons will help us identify the most effective types and distribution methods to drive sales and engage customers. By setting specific and measurable objectives in these areas, we can monitor the effectiveness of our promotional activities and make data-driven adjustments to improve our marketing approach. Question 4: Marketing Audits / Contingency Planning As we refine our marketing strategy for BugBites, it is imperative to closely monitor our marketing efforts to guarantee that we are effectively reaching our target audience and meeting our marketing goals. Conducting regular marketing audits is a key method for evaluating the effectiveness of our current strategies, pinpointing areas for enhancement, and ensuring that we are progressing towards our objectives. These audits will involve analyzing crucial performance metrics such as sales figures, customer feedback, website traffic, and social media interactions. While the timing of these audits should be frequent enough to track our progress, it should not be so frequent as to become overwhelming. It is crucial to assess the riskiest aspects of our marketing strategy and anticipate any challenges that may hinder us from achieving our goals. One potential risk could be our heavy reliance on digital marketing channels, such as social media and online advertising, to engage with our target audience. Should these channels not deliver the desired results, our marketing objectives could be jeopardized. In such cases, it may be necessary to reconsider and adjust certain elements of our strategy. This could involve exploring alternative marketing channels, tweaking our messaging, or repositioning BugBites to better resonate with consumers and stand out from competitors. By consistently monitoring our marketing activities through regular audits, we can proactively address any potential issues and increase our chances of success. It is vital to remain adaptable and willing to revise our plan as needed in order to stay on track towards achieving our objectives.

References James, K. E., Edwards, J., Ketchen, D., Short, J. & Try, D. (2018). Chapter 9. Readings in marketing strategy, Pg. 1-15 Retrieved from https://moodle.lsus.edu/pluginfile.php/2508316/mod_page/content/11/Readings%20in

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%20Marketing%20Strategy%20-%20Chapter%203%20UF23.docx? time=1698441566792 Loudon, D. L., Stevens, R. E., Wrenn, B. (2018). Chapter 7. Implementing Marketing Plans, Pg. 1-13 Retrieved from https://moodle.lsus.edu/pluginfile.php/2508316/mod_page/content/11/Readings%20in %20Marketing%20Strategy%20-%20Chapter%203%20UF23.docx? time=1698441566792 Raghunathan, S. (2024, February 7). Top 15+ marketing kpis to track in 2024 . Birdeye Customer Experience Management. https://birdeye.com/blog/marketing-kpis/

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