7-2 Project_Marketing Plan Componets

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Southern New Hampshire University *

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MKT205

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Marketing

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Feb 20, 2024

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1 MKT 205 Project Southern New Hampshire University MKT 205: Applied Marketing Strategies Jamie McCleskey April 16, 2023

2 PRODUCT “healthy” carob (chocolate substitute) bars PERSONA Gloria, 27 DEMOGRAPHICS Location: Rents a two-bedroom apartment in Brooklyn, NY. Marital Status: Married to a USMC enlisted for 3 years who is overseas and has two young boys under the age of 12. Occupation and Income: Currently working as an administrative assistant for a small law firm in lower-Manhattan with a gross $68,000 salary. Education Level: Highschool graduate who is taking classes online to complete her B.S in Paralegal Studies. PSYCHOGRAPHICS Hobbies and Interests: Hobbies and interest include couponing, exercising, reading, family activities, social media videos, mommy blogs, and volunteering. Wants and Preferences: Wants healthy food option for herself and her children that is easy for a person on-the-go. Values convent, but affordable products with a gracious and hassle-free return policy. Prefers online support like chat systems with quick responses and 24/7 availability. Personal and Professional Goals: Personal and professional goals is to spend more time with family and complete her B.S to become a paralegal at her current law firm. Shopping Habits and Preferences: Shops online from her phone mostly during her lunch break and prefers in-store pick up but will sometimes settle for next-day delivery. Will search for e- coupons or promo codes prior to completing a purchase. Typically uses a rewards credit card for the cash back perk. Lifestyle: Somewhat healthy, but always on-the-go and often exhausted at the end of the day. Frequently searches for health alternatives for both her and her family.

3 PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: The first marketing channel I would use are websites. Websites are not only convent, but they allow you to compare products, learn about the company, and shop. Additionally, if you google what you are looking for, you are provided multiple websites to choose from. Websites that would be beneficial to this marketing channel would be Amazon.com, Walmart.com, Target.com, and ThriveMarket.com. Both Walmart and Target are frequently shopped by people in person and online allowing the product to reach both groups of people, additionally both websites offer delivery or same day pick-up. Amazon is a tycoon in the online shopping industry with same-day and next day delivery, while also allow the option to subscribe to a specific product and have it auto shipped to you. Thrive Market exclusively sells health and organic food and allows you to place a one-time order or sign up for auto shipments. Why this channel is appropriate for this persona: This marketing communication is appropriate because my persona is an online shopper and frequently shops in a short spurts from her phone. She needs convenience and affordable prices for her purchases due to her lifestyle. Digital marketing strategies are more popular among her generation because they spend a generous amount of time online and appreciate quick and easy solutions. SECOND MARKETING CHANNEL Description of second marketing channel: The second marketing channel I would use is social media. Social media allows is interactive and allows consumer to look at product reviews and comparisons. It can also show you how a product is used or can be used offering different ideas and solutions to everyday problems. The best social media platforms would be Instagram, TikTok, YouTube, and Facebook. Advertisements on these platforms allow you to reach an audience that may just be scrolling and allows people to have tried your product to talk about it to their followers. People that genuinely enjoy a product will share it on their social media to let other know about it. In some instances, this can be free advertising, but providing influencers with a high following with free products to review on their channel can be very beneficial as well. Why this channel is appropriate for this persona: This marketing communication is appropriate because my persona is often on social media and also creates content. She vales the opinions of the bloggers she follows as well as their followers. Social media provides her the information she cares about while filtering out the things she doesn't.

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4 PRICE PRICING FACTOR: COMPETITOR PRICING Competitor pricing: What a competitor charge effects pricing because customers are frequently in search of the best deal. To set a price below the market will cause a potential loss if the customer does not purchase additional products from that business. Additionally, a business may choose to match its competitor's prices to retain customer loyalty and retain current customers while also appealing to new ones. How pricing factor is used to determine pricing: My approach when pricing my product in the competitor's area is to price it about the same as the competitors. This is because when the new product comes out, it is priced the same as my competitors the customer will know they are getting the best deal because the price is the same as others. If the sales for the product began to drop then, I could implement a discount or deal that would help sales stay above the at-cost line. PRICING STRATEGY: PENETRATION General advantages and drawbacks of penetration pricing strategy: Penetration pricing is used to attract customers to a new product by offering a lower price initially. The advantage of the penetration pricing strategy is it allows us to enter the market and build a connection with the targeted market (Kenton, 2023). It can also help in remaining competitive with other companies. A disadvantage is that the product could be overlooked completely or have issues of developing interest from the target market. Additionally, there is a risk that new customers will choose the brand, but switch to a competitor once the price increases (Kenton, 2023). Specific advantages and drawbacks of penetration pricing strategy: Because my persona is a busy mom with little free time, penetration pricing may appease to her as she is looking for an affordable alternative to unhealthy snacks. Penetration pricing may allow us the opportunity to gain her interest in trying the product. My persona could try the product and enjoy it so much that it becomes a regular item on her grocery list. With that being said, the drawback is she could possibly look at the product as an unnecessary expense compared to other alternatives when the price increases due to budget constraints. PLACE CHANGES IN THE MARKETPLACE

5 Change in the marketplace: Once recent and ongoing change in the marketplace is the COVID- 19 pandemic that increase the public's need and interest in online shopping. How the change addresses the distribution of products to my persona: Because Millennials were born at the start of convenient technology and grew up in the era of online shopping (Tanner & Raymond, 2020), they may be more comfortable with shopping online. When the pandemic began, millennials were able to seemly switch to online shopping because it has always been an avenue for fulfilling their needs. This means that online shopping is second nature to them and is the perfect way to reach this target market. DISTRIBUTION CHANNEL Potential distribution channel and why it is appropriate for my product and persona: The potential distribution channel I would recommend for my product is a hybrid distribution channel. This is because it would include elements of both direct and indirect distribution (Eads & Gafner, 2023). Because my persona is on a budget, being able to buy for the manufacture directly would offer lower prices, while being able to purchase the product indirectly with distributor such as Amazon or Walmart allows for convenience of faster shipping and purchasing multiple different products at once. This also allows for easier price comparison to ensure she is getting the best deal possible. PRODUCT How product should be marketed in relation to meeting the needs and wants of my persona: The Carob bars are designed to be a chocolaty treat substitute with all the sweet taste and none of the regret. Gloria is constantly juggling work and school all while being the default parent and budgeting the household income. Not only is she trying to make healthier choices, but also finds a healthy and great-tasting alternative for her picky little ones too. The marketing should focus on the Carbo Bar’s health benefits like high fiber and protein, without compromising on taste. In addition to the health benefits, the market should also focus on how the bars are an affordable meal substitute because Gloria and her children are constantly on the go and sometimes don't have time for breakfast. How bringing this product to the marketplace helps support and build the Chocolate Bliss brand: Due to people looking for healthier snack options, Carob bars will fit right in with current trends. Inflation, hybrid work schedules, and daily burnout have increased the purchasing of current bars in the market (Olson, 2023). The Carob bar will add a healthy, nutritional, good- tasting bar to the various products already offed by Chocolate Bliss. This line will not only attract new consumers but also provide an additional option to current consumers.

6 EVALUATION How to evaluate the effectiveness of the marketing plan: The effectiveness of the marketing plan can be evaluated using quantitative or qualitative data collection tools. Two quantitative data collection tools I could use to evaluate the marketing plan: Computer-assisted interviews: This method allows for the face-to-face aspect to be included while the data is entered into the database using a computer. This method saves time because the processing happens immediately (Tanner & Raymond, 2020). Though this method is more costly, it may still be more effective than other methods due to its convenience. Surveys: Surveys are ideal to gain a large number of responses. Asking consumers close-ended questions can limit the responses since the consumer would have to pick from a list of answers, but it would allow us the ability to make generalizations from the results (Tanner & Raymond, 2020). Additionally, this method leaves less room for ambiguity in consumer responses. Two qualitative data collection tools I could use to evaluate the marketing plan: Surveys: Gathering consumer responses can be done effectively with a service feedback survey for consumers. If a web-based questionnaire is emailed to consumers and includes open-ended questions like "What attracted you to this brand" or "How did you hear about us", it can provide insight as to if our marketing plan is effective or not. Additionally, this method is faster and less complicated than other methods (Tanner & Raymond, 2020). Focus groups: Being able to interview a small group of consumers who have something in common would also be beneficial in evaluating the effectiveness of the marketing plan. Additionally, there is a higher possibility of the data being provided being more detailed or descriptive, allowing for better insight as to what works or doesn't work (Tanner & Raymond, 2020). This method, though a bit more time-consuming, maybe the better method to gain the most insight into the effectiveness of the marketing plan.

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7 REFERENCES REFERENCES Eads, A., & Gafner, J. (2023, Mar. 3). What Are Distribution Channels? Definition and Examples . Retrieved from Indeed: https://www.indeed.com/career-advice/career-development/distribution-channels Kenton, W. (2023, Jan. 12). Penetration Pricing Definition, Examples, and How to Use It . Retrieved from Investopedia: https://www.investopedia.com/terms/p/penetration- pricing.asp Olson, S. (2023). Snack, Nutrition and Performance Bars . Retrieved from Mintel: https://reports- mintel-com.ezproxy.snhu.edu/display/1099393/# Tanner, J., & Raymond, M. (2020). Applied Marketing Stratigies . Retrieved from Soomo Learning: https://www.webtexts.com

7-2 Project_Marketing Plan Componets

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