Week 7 Completed Milestone Full

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School

Southern New Hampshire University *

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MKT205

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Marketing

Date

Feb 20, 2024

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docx

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Uploaded by JusticeRaccoonPerson876

1 MKT 205 Project Harmony Gracey Southern New Hampshire University MKT 205: Applied Marketing Strategies Professor Amanda Andres April 16, 2023

2 PRODUCT “healthy” carob (chocolate substitute) bars PERSONA Carrie Coleman, 31 DEMOGRAPHICS Location: Individual lives in a more affluent area or neighborhood and either owns or rents an upper scale living accommodation like a home, townhome, or condo. Individual lives in a safer neighborhood either with a gated community or on a cold a sac where there is little foot traffic of people who are not residents of the area. Marital Status: Individual is either single or married may indulge in a healthier chocolate alternative and may or may not have children. Marital status and number of children is not at determining factor on who will consume the healthier chocolate bar alternative. However, individuals with children will be motivated to purchase the carob bars as they will provide a healthier option for their children while still allowing them to indulge in a sweet sensation. Occupation and Income: Income is 75k or greater annually and career is based off of some form of higher level of education or training. Individual has graduated from either a university or technical school and has a stable career with a reliable income that provides for their family or themselves all still awhile allowing them to enjoy the finer things life has to offer like a carob chocolate bar. Education Level: Individual has completed some form of higher education or training whether that be a 2 or 4 year degree from an accredited university or the completion or a trade school program. PSYCHOGRAPHICS Hobbies and Interests:

3 Individual enjoys fine dining and taking cooking classes as well as participating in health based activities like hiking, biking, swimming, pilates and anything that a has a fitness focus. Individual enjoys group activities as well as individual activities. Health based conscientiousness also includes mental health awareness including reading, yoga, spa days to empower relaxation and mental clarity. Being a health conscientiousness person takes it form in physical, mental, and emotional health as well as having healthy relationships with others and oneself. Wants and Preferences: Individual is seeking nice packaging highlighting healthier option as well as marketing the fair cost for a more health conscientious product. Not too bold in colors as bold colors does not reflect natural and health based, where more earthy and natural tones aligns with the health concept of the carob bars. Personal and Professional Goals: Individual is seeking financial stability and career progression to a management or supervisor role. Along with professional pursuit individual is also determined to have healthy relationships with family, friends, peers, and oneself. Reaching new potential and growing as an individual is the ultimate reward for personal goal achievement. Shopping Habits and Preferences: Shopping at organic local markets and wellness grocery stores with in store shopping but also have time conducive drive up and grocery pick up options is a critical aspect to attract the consumer searching for a healthier chocolate alternative. Lifestyle: Individual is active and health aware who enjoys a more health based approach to food options. Individual enjoys physical activity to promote their healthy lifestyle. Individual is also financially stable and okay with spending a higher amount for a healthier option that still allow them to indulge in a sweet treat while still being mindful of their overall health. PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: My first marketing communication channel would be utilizing the digital channel and marketing the carob bars through social media. I would use a variety of different social media platforms

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4 like Facebook, Instagram, Twitter, and any other platform that is commonly used by millennials. Social media marketing will include ads detailing the product and its health benefits as well as promotional ads offering discounts to encourage my target market to give the product a try at a reduced cost. Why this channel is appropriate for this persona: Social media would make for an excellent communication channel for my target market because it would allow marketing to be done on a variety of different platforms so if an individual only engages on one platform of social media they can still be reached. In addition social media will utilize big data and personalize each individual users ad preferences to their search history. So someone who already has interest in healthier food alternatives would see the ad and be more influenced to try the carob chocolate bars. In addition the power of word of mouth from people sharing would create more publicity of the product. Most people in their thirties with a stable income totaling 75k or greater living in an affluent area generally engage in some form of social media regardless of their relationship status or if they have children or not. Those who do not have a parter or children may utilize social media more as a way to meet others while someone who does have a partner and children may use social media to share life updates to their family and friends. Regardless of how the persona is utilizing social media the outcome is the same: social media is being utilized and can become a marketing platform for carob chocolate bars. SECOND MARKETING CHANNEL Description of second marketing channel: The second marketing communication channel I would utilize would be email. Email is a marketing channel that almost everyone has as it is required by many sites as a login credential so I would be able to market to many different people via email. Email has also been a constant successful communication channel for a long time and I don't predict that to change any time soon with the demand for technology continuing to rise and become the universal form of communication. Why this channel is appropriate for this persona: Email would make for a successful marketing communication channel because majority of consumers have email and check it daily so being able to send promotions to consumers would intrigue them to buy the product. Email also has the ability to allow for two way communication and millennials like to be able to voice their likes and dislikes and be heard so having a marketing platform that allows for open communication would promote a positive customer experience. Another benefit of email is although it is still in the digital technology channel

5 category it is a more simplified form of technology utilization so it would allow for the older generation to still be reached and targeted with marketing material. Email also allows consumers to easily share their marketing material with their friends and family by forwarding which still promotes the benefits of word of mouth marketing. In conjunction majority of all working professionals have email so it is almost a guaranteed method for reaching the desired target market. PRICE PRICING FACTOR: COMPETITOR PRICING Competitor pricing: Competitor pricing is based around the idea that the consumer is aware and able to compare pricing and use that knowledge to execute their buying power and purchase the product. As a manufacturer and marketer of a product being aware of what competitors are selling their product for is important because a product that is priced too high above the competitors will not be able to compete with the lower costs and lose sales and loyal customers. Some companies price slightly higher or lower than their competitions for similar products due to the higher value and quality of the product compared to the competitors product and vice versa for a lower priced product. How pricing factor is used to determine pricing: When pricing Chocolate Bliss’s new carob chocolate bars competitor pricing will be used to make sure the pricing strategy is fair for the consumers and competitive with the competitors. With that being said since the carob bars are a product that bring high value and are are made from the best ingredients I believe a slightly higher market price that is still competitive will hit the "sweet spot" and allow Chocolate Bliss to make a profit while still maintaining a fair price and allowing our target persona to enjoy this delicious healthy alternative to a traditional chocolate bar. PRICING STRATEGY: PENETRATION General advantages and drawbacks of penetration pricing strategy: The penetration pricing strategy is centralized around introducing the new product to the market at a lower price so as many consumers as possible can be introduced to the product. This strategy allows for the product to be valued and sampled by an array of different target markets at a reduced price allows its value to be highlighted so that if and when the price increases (if the market allows) the product may have already gained a loyal following who will

6 see the value and be okay with paying the higher cost. This penetration pricing strategy is also beneficial because it allows a traditionally higher priced product with a high value to be introduced to consumers who don't traditionally engage in higher spending habits and tend to look for more bargain based products. Allowing consumers to try a high value product at a lower cost will allow them to test the product and in the future a lot for that higher purchase so they can continue partaking in a higher valued product and reaping the benefits. A drawback of the penetration pricing strategy is marketing a high value product at a lower price reduces the amount of probability the company earns and if the market does not allow for the price to go to a higher margin then the company would constantly be in the negative and losing money on its sales. Specific advantages and drawbacks of penetration pricing strategy: The penetration pricing strategy would be an excellent pricing strategy for Chocolate Bliss' new carob chocolate alternative bars because it would allow this more health conscientious chocolate bar that is a more premium product to be introduced to a wider target market in hopes of expanding the consumer who chooses to indulge and purchase this product. With it being health conscious it will also allow our target persona who has children to try the product at a lower cost and introduce it into their family and if successful when the price increases they will be a loyal of the carob bars and be okay paying a more premium price for a product that yields high value and health benefits to the consumer. One drawback of utilizing the penetration pricing strategy for the carob bars is not getting the full return in profit in sales of a premium product because it is being introduced into the market at a lower price to get more consumers hands on it and to try it. Hopefully with using the penetration pricing strategy the lower price will intrigue and expand the target market that once the price returns to a premium price the sales will be higher than anticipated due to the bars being broadcasted to a larger target market. PLACE CHANGES IN THE MARKETPLACE Change in the marketplace: One social change that I would like to explore more of and understand the impacts it yields on the marketplace is with majority of remote employees not returning to the office and becoming permanent remote employees are digital channels even more important now to reach customers? How the change addresses the distribution of products to my persona:

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7 When COVID struck the United States by storm many companies shut down and employees were forced to work from home to prevent any possible exposure and mitigate danger. With many people continuing to work from home and prioritizing work life balance and not needing to leave their homes or enter stores for shopping due to contactless shopping methods like Doordash, Uber eats, and curbside store delivery they are not being exposed to in person marketing or promotions. Digital channels will be critical for promoting and marketing our new Carob bars to reach these customers who are partaking in these more digital based shopping preferences and not being subjected to in person promotions or campaigns. DISTRIBUTION CHANNEL Potential distribution channel and why it is appropriate for my product and persona: I am recommending Chocolate Bliss look into using distributors for the companies new Carob Chocolate alternative bar that way the new product can be properly stocked and supplied to buyers to ensure the product is successfully reaching our target market. In addition utilizing drop shippers where e-commerce can be highlighted will be beneficial since many individuals of our target persona may work from home and utilize ordering the product online rather than having to leave their home office to pick up the product from the store. Having the ability to have our Carob bars both in stores and available online will allow us to reach a larger majority of our target market no matter their psychographic preference on distribution channel whether that be digital or in person. Another benefit of utilizing a wholesales is our product is essentially "sold" meaning a profit is made on Chocolate Bliss' part and the wholesaler will be responsible for selling the product to get their profit, so not only is Chocolate making a guaranteed profit the wholesaler will do everything in their power to sell the product to retailers to gain their investment back which will get the Carob bars to a variety of different retailers and get more exposure for the Carob chocolate bars which will in turn create loyal customers to the product who then may seek to buy the product digitally or online in the future. PRODUCT How product should be marketed in relation to meeting the needs and wants of my persona: Chocolate Bliss' new carob bars offer a healthier chocolate alternative for those who are trying to be mindful about their sweets intake of either themselves or their children. This healthier sweet alternative allows our customers to still feel like they are indulging in a sweet treat while maintaining a healthier lifestyle and diet choices. These carob bars should be marketed as a health conscientious dessert that allows the sweet tooth cravings to be cured while being mindful of overall health and wellness.

8 How bringing this product to the marketplace helps support and build the Chocolate Bliss brand: Chocolate Bliss launching these new carob chocolate alternative bars is supportive of the brand because although we are launching a healthier chocolate alternative we are staying true to our core roots, which is to provide quality products to our customers that they can indulge in. Expansion into a more health conscious product is allowing us to expand our customer following and loyalty by providing delicious delicacies with health in mind for our customers that may be on stricter diet restrictions or wanting to be more health conscientious as it pertains to their food intake. This new product will bring awareness to Chocolate Bliss' dedication to listening to its customers and creating a more health based sweet treat that stays true to our quality and taste but still being more health focused. EVALUATION How to evaluate the effectiveness of the marketing plan: I could collect data on my target market and the success of Chocolate Bliss' healthy chocolate alternative carob bars by collecting both qualitative and quantitative data through surveys and number comparison to similar products to see how my product is comparing in the market and see if any changes are needed to make the carob bars more successful and desirable to my target market. Two quantitative data collection tools I could use to evaluate the marketing plan: The first quantitative date collection tool I will utilize is quantitative surveys to compare sales of Chocolate Bliss' carob bars to similar products. I will conduct the surveys using closed ended questions which will then compute the data into graphs and a mathematical formula using statistics to better understand how my product is competing in the market and see if any changes are needed to better market the product and make it more appealing to the target market. The second quantitative data collection tool I will utilize is quantitative web based surveys. Conducting these web based interviews will allow for a wider collection of data since the need to travel will me eliminated which will expand data results and allow for a larger sample to be collected. Ideally these web based surveys will go out to all consumers who have purchased Chocolate Bliss carob bars whether that be online or in stores to get more information from those consumers to get more insight on successes of the product and what improvements could be made to make the product more marketable and desirable. Two qualitative data collection tools I could use to evaluate the marketing plan:

9 The first qualitative data collection tool I will utilize is face to face interviews. This data collection tool will allow me to make a more personal connection to my target market through a personalized interview. I would set a standard of the same open ended questions for the interviewee but allow for personalized follow up and probing questions dependent on the initial answer of the interviewee. This method allows for a more in depth understanding of how consumers feel about the product and vocalize any positive things they like or changes they would like to see implemented to make the product more desirable. The second qualitative data collection tool I will utilize is qualitative observation. Going to stores where the Chocolate Bliss carob bars are being sold and observing customer interactions. Observing these reactions or lack of interactions will allow me to better understand if the product is being marketed well and being noticed by consumers compared to its competitors or if it is taking a back seat and not being noticed. Although this may take more physical time and effort to make the observations being out in the public and immersing myself in the setting will allow for a more personalized understanding of sales and marketing and how our target market is perceiving our product.

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10 REFERENCES Levesque, S.-D. (2013). Chocolate Confectionery. Mintel Group Ltd. https://reports-mintel- com.ezproxy.snhu.edu/display/637625/ Olsen, Kelsey. (2003). Chocolate Confectionery. Mintel Group Ltd. ttps://reports-mintel- com.ezproxy.snhu.edu/display/1048/ Horton, A. (n.d.). Mintel reports: Consumer Market Analysis. Retrieved March 19, 2023, from http://www.reports.mintel.com/ Paradiso, C. (n.d.). SNHU Library: Marketing to Millennials. Retrieved March 19, 2023, from https://eds-p-ebscohost-com.ezproxy.snhu.edu/ Vyas, L. (2022). “New normal” at work in a post-COVID world: work-life balance and labor markets. Policy & Society , 41 (1), 155–167. https://doi-org.ezproxy.snhu.edu/10.1093/polsoc/puab011 Piercy, N. (2002). Market-led strategic change. [electronic resource] : a guide to transforming the process of going to market (3rd ed.). Butterworth-Heinemann. Chaikovska, M., Järvis, M., Zaiachkovska, H., Tchon, L., Bortnik, N., & Bannikova, K. (2022). Digital-Marketing as a Novel Tool for Goods and Services Promotion on Social Media: Contemporary Trends and Development Directions. Financial & Credit Activity: Problems of Theory & Practice , 4 (45), 355–364. https://doi-org.ezproxy.snhu.edu/10.55643/fcaptp.4.45.2022.3836

Week 7 Completed Milestone Full

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