MKT205_Project module 7

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Southern New Hampshire University *

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205

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Marketing

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Feb 20, 2024

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1 MKT 205 Project Audie Marie Wix Southern New Hampshire University MKT 205: Applied Marketing Strategies Jeanne Craig December 12, 2023

2 PRODUCT semisweet chocolate baking chips PERSONA Colt age 40 and Abby age 43, 35-45 DEMOGRAPHICS Location: They live on a big ranch in Arkansas with a big barndominium with 50 acres of land and 150 head of cattle. Marital Status: Colt is married to Abby and they have 5 kids ranging in age from 13-23, 4 boys (DJ-23, Brian-17, Maxwell-15,and Anthony-13) and 1 girl (Fern-17). Occupation and Income: Colt and Abby run a cattle ranch that brings in an income of $97K a year. Abby is working towards a bachelor’s degree in teaching. While Colt tends to the cattle. Education Level: Abby has her Associate's degree in teaching and is working on a Bachelor’s degree in teaching. PSYCHOGRAPHICS Hobbies and Interests: Since Covid in 2020, there have been more people take to baking as a hobby. When Covid was in full force and shops and bakeries were closed the public had to make their own sweets at home. This prompted a number of people to take up baking as a hobbie. Wants and Preferences: When you prefer to eat healthy you want to know what the ingredients are in what you are eating. Most consumers are wanting a healthy choice to sweets. being able to make a sweet snack from scratch helps them know what the ingredients are. Personal and Professional Goals: Get consumers on board with the knowledge that all cookies are not all unhealthy. Shopping Habits and Preferences: Other than the fact that you want customers that visit the grocery store to purchase your products, shopping patterns don't really matter. Nothing from a fast food restaurant or gas station can have chocolate chips in it.

3 Lifestyle: As far as preferences goes it all depends on Which kinds of cookies—chocolate chip, plain, or cookie sandwich—are your favorites? Lifestyle: Based on my observations, chocolate chips and cookies can be included into any kind of lifestyle. PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: The First marketing Communication channel: Using websites would be the first medium. Today's population spends more time in front of a computer or phone. That alone gives the go-ahead to remove all of those adverts so they can view them. They may see all the goods and services that businesses have to offer when they browse through all those different websites to make purchases and do research. Why this channel is appropriate for this persona: Why is this channel appropriate for this persona: I selected websites that seemed to be the best fit for the persona. The persona's age range was a perfect fit for the channels. Even if the age group did not grow up with technology, since we always have our phones with us, it felt appropriate to advertise on a platform they used frequently. Because they and the parents adore the thing you are attempting to offer them, the fact that they are parents aids in the product's acquisition. SECOND MARKETING CHANNEL Description of second marketing channel: The second marketing channel: For this channel, social media would be the second. It's one of the most effective ways to distribute your goods to consumers without having to spend a lot of money. The days of trying to battle for a position at a specific location or time to gauge interest have long since passed. It makes more sense to have those individuals who can vouch for the goods directly rather than relying just on a review from an unknown account. Why this channel is appropriate for this persona: Why is this channel appropriate for this persona: I selected websites that seemed to be the best fit for the persona. The persona's age range was a perfect fit for the channels. Even if the age group did not grow up with technology, since we always have our phones with us, it felt appropriate to advertise on a platform they used frequently. Because they and the parents adore the thing you are attempting to offer them, the fact that they are parents aids in the product's acquisition. PRICE PRICING FACTOR: TARGET-MARKET PRICE SENSITIVITY

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4 Target-market price sensitivity: Target-market price sensitivity: Target-market price sensitivity is largely influenced by consumer demand, which affects how much a good or service costs. The demand is the factor. Everything they do is based on the demand. The cost of the good or service is therefore impacted by this. A product's pricing indicates whether it is a necessity or a luxury. How pricing factor is used to determine pricing: How pricing factor is used to determine price: Because it includes all of the background processes involved in creating the good or service, the pricing component sets the price. Price can be significantly impacted by the cost of the materials used to create the product. They have to calculate how much extra to put after the item is constructed so they can cover all of their expenses and yet turn a healthy profit. They also need to guarantee that the products are of high quality and that the workers are compensated adequately to do high-quality work. PRICING STRATEGY: ECONOMY General advantages and drawbacks of economy pricing strategy: General advantages and drawbacks of economy pricing strategy: The benefit of economy pricing is that it maintains product volume because your clients will always know that the price of the product will remain at or near the same reasonable level. The disadvantage of economic pricing is that the company making the goods will not be profitable if the product does not maintain a high volume. Specific advantages and drawbacks of economy pricing strategy: Specific advantages and drawbacks of economy pricing strategy: The fact that my product is the most well-liked cookie in the US is an advantage of economic pricing. Its flavor and scent are almost like a way for it to promote itself. The product attracts a lot of attention because to its sweet taste and variety of eating options. The disadvantage would be if the cookie recipe is so bad that after eating them, the consumer decides not to purchase the product and warns others not to buy it. There are also others who prioritize ease over excellence. People can obtain prefabricated ones more quickly than the lovely, delectable homemade ones that everyone enjoys. PLACE CHANGES IN THE MARKETPLACE Change in the marketplace: Since Covid more and more companies have opted to sell their products online and in store. How the change addresses the distribution of products to my persona: How the change addresses the distribution of products to my persona: My persona would gain from this

5 adjustment. The practice of shopping online is already very common. While older individuals may not find it as popular, I believe that in these tough times, they may find it to be far more effective. I think most people find that online methods are more handy. DISTRIBUTION CHANNEL Potential distribution channel and why it is appropriate for my product and persona: For my persona, I think the direct-to-consumer distribution route is ultimately the greatest option. My character is a Rancher who does a lot of physical work and is often on the road with his family. Given his hectic schedule, I think he would benefit greatly from the development of online shopping since it will allow him to easily order items, such as groceries and feed for the cattle using a computer or smartphone. Furthermore, having items delivered directly to his house will relieve him of a great deal of worry and allow him to cross something off his daily to-do list. PRODUCT How the product should be marketed in relation to meeting the needs and wants of my persona: Making sure that my product is in front of people is the best approach to marketing it. These days, nobody really wants to purchase a culinary item without first sampling it. Provide samples so they can try them and determine for themselves how things are. Another approach would be to create advertisements that are so cleverly designed that they make consumers salivate simply thinking about them. How bringing this product to the marketplace helps support and build the Chocolate Bliss brand: Putting this product on the market would increase the number of devoted customers. A chocolate chip cookie is irresistible, and when consumers purchase it, they will identify the cookies with the brand Chocolate Bliss. The product's advertisements will propagate the word about how fantastic they are and how you should buy them right away. EVALUATION How to evaluate the effectiveness of the marketing plan: I would track the market's responses to determine how things are progressing. I would also make sure to research the opinions of the customers regarding the goods. The product's earnings are the next item. You have to check whether the product is doing well or not. We can determine the return on investment by looking at the product's profitability. Two quantitative data collection tools I could use to evaluate the marketing plan: Quantitative observation would be the first method of quantitative data collection. The fact that it uses straightforward participant research to ascertain the result. It costs less than

6 alternative approaches. People are more likely to complete it quickly and provide feedback to improve the product. Quantitative surveys would be the second one. You only need to provide your answers to a few basic multiple-choice questions about the product in order for it to be fixed or improved upon. Large respondents find it to be effective. Two qualitative data collection tools I could use to evaluate the marketing plan: The qualitative survey is the first instrument in the qualitative toolbox. In that sense, you might be able to see what you're looking for in greater detail. The inquiries would be about personalizing items. Web-based surveys allow you to reach a larger global audience. The second technique that I would employ is document revision. It would enable me to examine my product more closely and make the necessary adjustments. It will present many viewpoints or perspectives. Using the documents, I may obtain the greatest information to improve the performance of my product.

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7 REFERENCES Sign in to your account . (n.d.). https://reports-mintel-com.ezproxy.snhu.edu/display/1044719/ For MKT-205, how do I conduct research on my target market and develop a persona? - SNHU Library Frequently Asked Questions . (n.d.). https://libanswers.snhu.edu/faq/383169 What Is the Average Ranch Owner Salary by State . (2023). https://www.ziprecruiter.com/. Retrieved November 19, 2023, from https://www.ziprecruiter.com/Salaries/What-Is- the-Average-Ranch-Owner-Salary-by-State Nag, O. S. (2018, September 27). Which Countries Eat The Most Chocolate? WorldAtlas. https://www.worldatlas.com/articles/which-countries-eat-the-most-chocolate.html Wilson, S. (2022, January 18). Most requested chocolate chip cookies ever . 31 Daily. https://www.31daily.com/most-requested-chocolate-chip-cookies/ Fun facts about America’s favorite cookie. (2020, November 10). The Cravory . https://thecravory.com/blogs/the-cravory-the-ultimate-cookie-experience- 1/123677505-fun-facts-about-americas-favorite-cookie#:~:text=In%20the%20United %20States%2C%207,as%20treats%20or%20after%20meals. Soomo Learning . (n.d.). https://www.webtexts.com/courses/67662-craig/traditional_book/chapters/6291927- place-and-global-marketing/pages/6159956-module-five-milestone-place

MKT205_Project module 7

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