Applied Marketing Strategies for Semisweet Chocolate Chips

1 MKT 205 Project Glenda Whisnant Southern New Hampshire University MKT 205: Applied Marketing Strategies Tim Ashton June 13, 2023

2 PRODUCT semisweet chocolate baking chips PERSONA Isabella, 41 DEMOGRAPHICS Location: She lives in Tooele County, Utah in a brick housing development. Marital Status: The person's martial status is married for 20 years with a 15, 17, and 18 year old. Occupation and Income: The persona's occupation is a Project manager making $83,000 a year. Education Level: She holds a bachelor's degree with a specialization in Project Management. PSYCHOGRAPHICS Hobbies and Interests: Loves to attend major league soccer matches, traveling, visiting family in Mexico. listens to sports podcasts. Enjoys making fresh deserts at home. Wants and Preferences: Prefers to cook sweets at home rather than eating out. Personal and Professional Goals: Her personal goals are to return to school and get her Masters. Her professional goal is to adopt better time management skills. Shopping Habits and Preferences: She is not a big shopper, but she does most of her shopping is done online. Lifestyle: She matais a cheerful and hopeful outlook on life, making sure she is getting daily physical activity. PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: The first marketing communication channel that will be used is social media. Use things like Facebook ads, Pinterest and YouTube. People that tend to cook at home are more likely to research recipes using social media or watching videos.

3 Why this channel is appropriate for this persona: This marketing communication channel works best for my persona. She is a middle-aged female that has children. Most of her research is done on the internet. Cooking at home is her favorite thing to do. SECOND MARKETING CHANNEL Description of second marketing channel: The second marketing communication channel would be podcast. Podcast can be searchable by topics of a pacific interest. Advertising can be done during commercial breaks. Why this channel is appropriate for this persona: The podcast would work best for my persona. My persona enjoys listening to podcasts. They also enjoy backing goods at home, so the add can be done on the commercials. PRICE PRICING FACTOR: COMPETITOR PRICING Competitor pricing: There are three choices in the pricing factor of competitor pricing. One being lower prices, which means your prices are lower than your competitor's price. Secondly you have higher prices, which means your prices are higher than your competitor's. Third, you have price skimming, which means charging the highest price customers will pay when demand is high. How pricing factor is used to determine pricing: Using the competitor pricing it will allow me to adjust depending on the demand of the customers. If I see my competitors are at higher prices then lowing my prices and having a better-quality product will gain more customers. PRICING STRATEGY: PENETRATION General advantages and drawbacks of penetration pricing strategy: Some of the advantages of penetration pricing it allows you to quickly acquire new customers, you are able to create a brand loyalty, and you can lower your prices then are able to lower your inventory. The drawbacks that you have with penetration pricing is price wars which will allow newcomers to lower their prices. Another drawback would be customers may expect prices to permanently stay low and become dissatisfied once prices are increased. Specific advantages and drawbacks of penetration pricing strategy: The advantages for penetration pricing related to my persona would be keeping lower prices due to their household income. Considering that my persona enjoys baking at home, they will be pronged to stick with the product.

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4 PLACE CHANGES IN THE MARKETPLACE Change in the marketplace: One change that has happened in the marketplace is people are using curb side pickup. This is where the consumer orders online and then drive to the store and the store then brings the products to the customer car. How the change addresses the distribution of products to my persona: With the curb side pick on the rise since the pandemic more people are using the curb side pickup. Now that the pandemic is pretty much over businesses are charging a fee for the curbside pickup. With fees added more people with start withdrawing from using it. They feel that is would save them money in the long run. DISTRIBUTION CHANNEL Potential distribution channel and why it is appropriate for my product and persona: The distribution channel that would be recommended and suite my persona the best would be retail. Using retail would help promote the product more, it can be ordered online, and get it to the consumer faster. With most people ordering online this would also help them to see the product more clearly. PRODUCT How product should be marketed in relation to meeting the needs and wants of my persona: The way the product should be marketed in relation to meeting the needs and wants is influencer marketing. Since my persona does most things online, makes very little money, and bakes at home. Showing a pop up add would be more beneficial. She is looking for something that is good to be cheap but also worth buying. How bringing this product to the marketplace helps support and build the Chocolate Bliss brand: With Chocolate Gliss brand bringing in this new product it will help build public awareness of their brand because it is a new product. Most people now days are willing to try a new product if the price is right. EVALUATION How to evaluate the effectiveness of the marketing plan: The first thing that can be done to see if the marketing plan is work is to first look at your sales. Are you having enough sales? Are

5 your sales low? Another way is look at your competitors. Are they trying to copy what you are doing. Have they changed any of their products. Two quantitative data collection tools I could use to evaluate the marketing plan: One quantitative data that can be used is surveys. Send out surveys asking how many times a week do they purchase semi-sweet chocolate chips. You could also send out a survey asking what price one person would be willing to pay. The second quantitative data that can be used is experiments. Going into a store and watching customers that come in contact with the semi-sweet bags. Are they looking at the bags, are they reading what is in it? Two qualitative data collection tools I could use to evaluate the marketing plan: The first thing that can be used in a qualitative data collection is face to face personal interviews. Question like what it is you like best about semi-sweet chocolate chips. The second thing that can be used in a qualitive data is focus groups. This could be a reliable source due to the fact you can see what motivates them, and their behaviors.

6 REFERENCES Claritas. (2023). Retrieved from Claritas: https://claritas360.claritas.com/mybestsegments/#segDetail/PZP/30 Kamp, K. (2021, March). Baking and Mixes. Retrieved from https://reports-mintel- com.ezproxy.snhu.edu/display/1044719/ Gotter, A. (2020, February 20). The 6 Marketing Channels You Should Prioritize in 2021. Retrieved from https://disruptiveadvertising.com/marketing/marketing-channels/ Is your business ready for Retail. (2022, December 24). Retrieved from https://ware2go.co/articles/questions-when-considering-retail-distribution/

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