MKT702 marketing plan part

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Toronto Metropolitan University *

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702

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Marketing

Date

Feb 20, 2024

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docx

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Uploaded by jonathank780

For the company’s place strategy, the most beneficial way for Sobeys to target adolescents between the ages of 13 and 18 is to establish stores in areas densely populated with families. They can do so by finding areas with a high concentration of schools, parks, and community centers, as these facilities are typically placed where there is a high population of children and teens (Van Wagner, 2014). By placing stores in these locations, Sobeys can become a convenient stop on the way home from school, work, or extracurricular activities for families. This also increases the chance that the child is with their parents while they shop, so they will likely utilize the influence that adolescents often hold over their families purchasing decisions when they feel they are directly or indirectly impacted (Kim et al., 2018). Being in these areas, the company can find ways to appeal to the needs and wants of young adults who will then encourage their families to shop primarily at Sobeys stores. The stores can also appeal to the preferences and tastes of their soon-to-be growing target market of adolescents by designating sections where they can easily find popular snacks, drinks, and meals, as well as interactive displays where teens can take pictures, have fun, and enjoy a positive shopping experience (Brower, 2021). To effectively engage with families that have children and teenagers aged 13 to 18, Sobeys must tailor their product strategy to better suit the needs and preferences of this target market. By recognizing the differing tastes of various demographics and age groups, Sobeys can gain a competitive advantage in appealing to both teenagers’ appetites and their families’ nutritional values. In turn, this will lead to parents buying more products from Sobeys stores as their kids enjoy what is being brought home (Elliot, 2014). To successfully curate a selection of products that draws in more adolescents in the targeted age range, the company can team up with popular snack brands and create exclusive snacks and beverages only sold at Sobeys stores in limited quantities. A similar tactic is teaming up with influencers to advertise the stores’ selections, and even collaborate on snacks and other products only sold at Sobeys (Bragg et al., 2021). The company can also help adolescents between the ages of 13 and 18 feel more included in product decisions by running social media surveys and campaigns that allow teenagers to vote on new products and deals exclusive to Sobeys stores. Not only does this empower this target market, it allows the company to do valuable primary research on the preferences of this demographic that would otherwise be unattainable (Hulland et al., 2017). By aligning its product strategy with the preferences of teenagers and acknowledging their role in the family decision-making process, Sobeys can foster brand loyalty and create a shopping experience that resonates with families with children aged 13 to 18. For Sobeys’ 4 P’s of the marketing mix, our main focus will be programs and tactics that increase the brand awareness of our target demographic of 13 to 18 year old’s. The leading overall strategy we feel will get the most attention from this group is heavily increasing Sobeys’ social media presence and running online and in-store campaigns that align with adolescents’ values and preferences.

As a rule of thumb, grocery store chains spend anywhere between 0.02 and 4 percent of their revenue on their marketing budget, with an average of 1.25% of sales being allocated to advertising (Cloud, 2017). If Sobeys wants to beat the competition, we recommend allocating 2% of the company’s revenues to the marketing budget, totaling an estimated $515 million. To maximize the efficiency of the marketing spend, it is best to prioritize high impact projects and focus medium-to-high levels of effort on them. Since Sobeys is looking to reach the 13–18-year- old demographic, higher levels of effort should be focused on social media campaigns targeting this age group. Adolescents spend a great deal of time browsing social media, where 40% of content contains branded images or companies advertising their products and services, so Sobeys must make themselves relevant and active on these platforms (Qutteina et al., 2019). Another high impact marketing opportunity for the company is enhancing their in-store branding and promotional displays. This will play a big role in creating a welcoming atmosphere for all demographics while cultivating customer loyalty and stronger brand association. Bragg, M., Lutfeali, S., Greene, T., Osterman, J., & Dalton, M. (2021). How Food Marketing on Instagram Shapes Adolescents' Food Preferences: Online Randomized Trial. Journal of medical Internet research, 23(10), e28689. https://doi.org/10.2196/28689 Brower, R. (2021, October 26). How to create a memorable in-store experience for your customers . Operations and Standards. https://blog.bindy.com/how-to-create-a-memorable- in-store-experience-for-your-customers/ Elliott, C. (2014). Food as people: Teenagers’ perspectives on food personalities and implications for Healthy Eating. Social Science & Medicine , 121 , 85–90. https://doi.org/10.1016/j.socscimed.2014.09.044 Hulland, J., Baumgartner, H., & Smith, K. M. (2017). Marketing survey research best practices: Evidence and recommendations from a review of jams articles. Journal of the Academy of Marketing Science , 46 (1), 92–108. https://doi.org/10.1007/s11747-017-0532-y Kim, C., Lee, H., & Han, S.-L. (2018). A Study of Parent–Adolescent Interaction. European Journal of Marketing , 52 (7/8), 1651–1678. https://doi.org/10.1108/ejm-02-2017-0153

Van Wagner. (2014, June 17). 3 ways to market to parents with young children . Van Wagner Aerial. https://www.vanwagneraerial.com/blog/3-keys-to-marketing-to-parents-with- young-children/

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MKT702 marketing plan part

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