MKT205_Project

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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 Gaerianne Burrell Southern New Hampshire University MKT 205: Applied Marketing Strategies Prof. Lange December 10, 2023

2 PRODUCT semisweet chocolate baking chips PERSONA Sally, 30 DEMOGRAPHICS Location: Lives in mobile home with children Marital Status: Single parent with 4 children ages 2, 4, 8 and 13 . Occupation and Income: Works in a local retail store. Education Level: Highest level of education is high school PSYCHOGRAPHICS Hobbies and Interests: Enjoys programs on investigation Discovery, Hallmark, typically watching via satellite dish. Wants and Preferences: Favorite fast foods are burgers, pizza and the occasional chocolate bar. Personal and Professional Goals: Hopes to one day own a home and become a registered nurse. Shopping Habits and Preferences: Shopping preferences include frequent stops at Walmart Supercenters, Walgreens, dollar stores, Kmart, and Big Lots for all shopping needs (groceries, clothing, pharmacy, etc.). Lifestyle: Participate in fishing, hunting, hiking and camping. PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: The first marketing communication channel to promote my product would be television. Traditional marketing channels don't rely on the internet, but they remain a vital tool for many enterprises (Marketing communication channels, 2023). A commercial can be broadcasted over the television and it can be viewed by prospective buyers.

3 Why this channel is appropriate for this persona: Using television for the promotion of our chocolate bliss product is a practical way to reach the target market. Our persona is a middle- age single mom with young children. Having a memorable advertisement that appeal to young kids may prove marketable for the company. While Sally and the kids are enjoying down time with a movie or TV show, a commercial may come across the screen that may catch their attention. SECOND MARKETING CHANNEL Description of second marketing channel: Digital marketing communication channels have empowered companies to reach much wider audiences, often for very reasonable costs (Marketing communication channels, 2023). Therefore, the second marketing channel that I would use is social media. Most people these days have one or more social media accounts, this is a great way to promote a product. Why this channel is appropriate for this persona: Different digital marketing techniques improve brand awareness and convert audiences to customers (Marketing communication channels, 2023). Social media is the best way to reach our target market. Sally often uses the internet to stay in touch with loved one. She may come across an ad for chocolate bliss and become interested. PRICE PRICING FACTOR: COMPETITOR PRICING Competitor pricing: There’s no doubt that pricing plays an important role in the consumer decision making process (POST, 2023). Every company's goal is to sell the most product- reaching more consumers-and be the most profitable while doing so. Therefore, when choosing what price to place on a particular product, it is important not to go too high or too low depending on the quality of said product. How pricing factor is used to determine pricing: My pricing factor of competitor pricing means my pricing will be lower than that of the competition. Lower pricing may appeal to more customers in the target market. More customers can mean more profit for the company. PRICING STRATEGY: PENETRATION General advantages and drawbacks of penetration pricing strategy: Penetration pricing is a pricing strategy that is used to quickly gain market share by setting an initially low price to entice customers to purchase (TEAM, n.d.) . Some advantages of doing this are high adoption

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4 and diffusion-product and services are quickly accepted and adopted by customers. Drawbacks include but are not limited to price expectation. If at first prices are low and affordable, a firm may find it difficult to increase its price as customers can become dissatisfied or misled. Specific advantages and drawbacks of penetration pricing strategy: Since our persona is a single mom with several young children, setting an initial low prices can be very beneficial. However, if and when the prices are increased, our persona may not find our product as appealing anymore. Keeping the price as low as possible for as long as possible may be the best idea. PLACE CHANGES IN THE MARKETPLACE Change in the marketplace: Due to the aftermath of the recent pandemic, a lot more people are opting to online shopping and ordering as opposed to the traditional in-person option. How the change addresses the distribution of products to my persona: Our persona is a mid- aged millennial with multiple young children. In addition, she probably spends a lot of time on the internet whenever she can. As a result, Sally may prefer to make orders for store pick-up instead of browsing isles, order take-out and/or do most of her shopping online. Allowing her the convenience of not having to get out of her vehicle or have her orders delivered directly to her front porch. DISTRIBUTION CHANNEL Potential distribution channel and why it is appropriate for my product and persona: With our persona Sally being a retail worker, having display stands in her store may bring exposure to our product. Also, she often makes pit stops at local convenience stores and shops at Wal-mart occasional, therefore she may come across our product that way. Needless to say, Retail would be the best distribution channel for Chocolate Bliss products. PRODUCT How product should be marketed in relation to meeting the needs and wants of my persona: Marketing that would be most effective in relations to my persona would be a combination of on-line and in-store strategies. Sally is health conscious because of her children. Therefore, the nutritional value that comes with purchasing our semisweet chocolate baking chips would be of great benefit to her and her family.

5 How bringing this product to the marketplace helps support and build the Chocolate Bliss brand: Introducing semisweet chocolate baking chips will help to enlarge the portfolio of the company and its brand. The company's mission is to serve healthy products to consumers. EVALUATION How to evaluate the effectiveness of the marketing plan: There are various aspects that can be used to evaluate a marketing plan. A company can identify it's strengths and weaknesses while collecting applicable data on the target market and new trends that may threaten the growth of its products. Two quantitative data collection tools I could use to evaluate the marketing plan: The first quantitative data collection tool that I'd use would be a number of quantitative surveys. This would include asking consumers a large series of "yes" or "no" questions . Doing this will allow us to gather feedback from customers about how they enjoyed the new semisweet chocolate chip product that we now offer. "Did them and their family receive the product well?" "Are they to purchase again?" and so on. The second tool I'd use would be Computer Assisted Interviews. This is an interview where answers are recorded using a mobile phone, tablet or computer. Our persona is a single mom who's often on the go, using this method would help to speed up the interview process while collection all the necessary information. Two qualitative data collection tools I could use to evaluate the marketing plan: The first qualitative data tool would be web based questionnaire. A straightforward tool to collect fast and accurate data. Since Sally is constantly active on social media, publishing the questions there can make them easily accessible. The second tool would be focus groups. This is done through small group interactions to discuss the "why," "what" and "how" questions of the product. Groups may consist of customers from similar ethnic and cultural backgrounds or who share the same interest.

6 REFERENCES ( Esri Tapestry Segmentation—Esri Demographics Regional Data | Documentation , n.d.) (Marketing communication channels, 2023) (POST, 2023) (TEAM, n.d.) ( Marketing Communication Channels: Strategies and Examples , 2023)

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