Business Brief 11.26.23

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Ohio University, Main Campus *

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721

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Marketing

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Feb 20, 2024

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1 Customer Value Product Kristen Ross, Julvina Avdiu, & Mamadou Balde Franklin University MKTG 721: Marketing Management Damia Smoot November 26, 2023

2 Introduction Dye-Free Dynamo Cereal is a unique product in the breakfast cereal market. The cereal is specially formulated without artificial dyes or colors, making it an attractive choice for health-conscious consumers. The cereal is made from high-quality ingredients and offers a delicious and nutritious option for breakfast. This business brief provides an overview of the marketing plan for Dye-Free Dynamo Cereal. The brief will outline the critical components of the integrated marketing program and highlight the objectives and goals to be achieved through its implementation. Objectives and Goals An integrated marketing program for dye-free dynamo cereal aims to create a message to spread through all the marketing channels our brand will use. This will promote consistency in where our customers interact with our brand. The integrated marketing program will create brand awareness, generate product interest, increase the desire for dye-free dynamo, prompt interest in the desire to buy dye-free dynamo, unified message across marketing channels, consistency in marketing, and align the message on all channels. The goal of dye-free dynamo cereal is to increase brand awareness. Our company strives to increase awareness of the dangers of artificial dye consumption. Also, the program should improve customer retention, enhance customer loyalty, increase customer engagement, and improve customer satisfaction. Target Market Analysis Dye-Free Dynamo Cereal's target market might include: 1. Parents of young children. Dye-Free Dynamo Cereal could be marketed to parents who seek natural and wholesome food options for kids. 2. Health-conscious consumers. Individuals who prioritize a healthy lifestyle and are careful of the ingredients in their food may be interested in dye-free cereal options. 3. Individuals with Dietary

3 Restrictions. People with allergies or sensitivities to artificial dyes may find Dye-Free Dynamo Cereal appealing, as it eliminates the risk reactions associated with synthetic coloring agents. The steps that can be followed to conduct a market analysis to understand the needs and preferences of the target market can be as follows: 1. Surveys and Questionnaires—creating surveys or questionnaires to gather information from the target market, including questions about their shopping habits and dietary preferences. 2. Focus Groups. By organizing group discussions with members of the target market by discussing their experiences with other similar products. 3. Online Reviews and Social Media Monitoring. They analyzed online reviews of similar products and monitored social platforms to understand what customers said about dye-free and natural cereals. Product Positioning The unique selling proposition of Dye-Free Dynamo Cereal provides a healthier and more natural cereal option. Dye-Free Dynamo is crafted with all-natural ingredients, offering a breakfast option free from artificial colors and flavors. Experiencing the wholesome goodness of our cereal, packed with essential vitamins and fiber. Dye-Free Dynamo Cereal, besides health care, is also about the planet. Committing to environmentally friendly practices ensures a responsible choice for ourselves and the environment. "Here is where you start a relationship with your customer, build their trust over time and without them even realizing it becomes the only option when the time comes for them to purchase a product in your market" (How to Find Your Unique Selling Proposition in 7 Steps, n.d.) Dye-Free Dynamo focuses on nutritional benefits, highlighting high fiber content and vitamins. Dye-Free Dynamo educates customers about the risks of artificial dyes. Dye-Free Dynamo uses images of fresh and natural ingredients. Also, Dye-Free Dynamo might position itself as a premium product. Furthermore, it is considered a limited edition. Dye-Free Dynamo emphasizes environmental responsibility. In conclusion, Dye-Free Dynamo focuses on eliminating artificial dyes and fostering transparency.

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4 Pricing Strategy Analyzing the current pricing structure of Dye-Free Dynamo Cereal will allow us to review the current consumer prices for cereal products as measured through the CPI (Consumer et al.). According to the USDA (U.S. Department of Agriculture), we noticed a vast inflation in 2022 of about 11%. This is due to an increase in wheat prices. With all this increase, which we do not control, Dye-Free Dynamo Cereal pricing will be based on regulatory requirements, competition, and consumer reaction. Our pricing structure will also align with our company's overall goals. The average cost of a box of cereal is $3.27, and the cost to produce a box is $0.99 "(Packaging: $0.05, Manufacturing: $0.09, Ingredients: $0.23, remaining (Overhead & Profit): $0.24, Retail/Distributor Markup: $0.38)" (Barnstable, 2022). We have different competitors in the market providing the same product, so our pricing strategy will be "competitive pricing." In other words, we will match the price of our product with the price set by the leader of our industry. After aligning with the competition pricing, we will also talk to the customers to understand their wants and expectations. This will help us create value for our product and the customers. The last will be to communicate the value of our product and show the customers the differentiation between Dye-Free Dynamo Cereal and the competitor. We will also focus on quality and customer service. Integrated Marketing Program As we are in the 21st century and with all the opportunities the new technologies are giving, we will utilize paid media/digital media as our marketing channel at Dye-Free Dynamo Cereal. The communication will allow us to be visible and keep longer-term communication activities. Our marketing plan is to communicate with our customers and stay visible; for instance, we will not only do campaigns. We will establish a continuous long-term visibility as customers look for our product. We plan to communicate about our product across different communication channels, such as display advertising, social media, and YouTube advertising.

5 Budget and Resources For the budget of the marketing program, the marketing department proposes $10,000 be designated to content marketing, $10,000 be designated to social media marketing, and $10,000 be designated to other marketing resources. This will bring the marketing cost to an overall budget of $30,000. The product is a healthy alternative breakfast cereal. Our team believes that social media marketing and content marketing are where dye-free cereal will get the most brand awareness due to being a food product. Also, since the company is just starting, we plan to start high on marketing to bring initial customer awareness to our brand. Dye-free Dynamo will utilize a social media marketing team, a content marketing team, and two marketing assistants to deliver the marketing campaign results. The plan is to utilize commercial space on parenting and cartoon entertainment channels. This will generate a response in our target demographic by showing parents healthy cereal and advertising cartoon characters to children, generating interest. Evaluation and Measurement As the goal of the Dye-free Dynamo cereal is to increase brand awareness, we have chosen the metrics that align with our objectives and goals to measure the effectiveness of our marketing plan. Thus, Brand awareness, social media engagement, return on investment, and Customer Retention will be used to track our marketing efforts. Once these marketing metrics have been implemented, it is important to be able to evaluate and adjust the outcomes based on the performance results. As a result, we will track the performance using 3 tools to ultimately meet our goals. We will use Customer retention rate, Traffic and bounce rate, and Marketing return on investment. The customer retention rate tells us the number of customers we have, compared to the one that we started with. The traffic and bounce rate are two tolls that work together to help determine the number of visitors to the website, and the percentage of visitors leaving

6 the site before engaging. Meanwhile, marketing ROI compares the return on investment (ROI) with the marketing budget and goals. It measures the success of marketing efforts (Grow.com)) Conclusion In conclusion, the marketing plan for Dye-Free Dynamo Cereal aims to create brand awareness, generate interest in the product, and promote the message of a healthier and more natural cereal option. Dye-Free Dynamo Cereal aims to capture the attention of those seeking natural and wholesome food options by targeting parents of young children, health-conscious consumers, and individuals with dietary restrictions. The product positioning focuses on its unique selling proposition of being free from artificial dyes and flavors while highlighting the nutritional benefits and commitment to environmental responsibility. Dye-Free Dynamo Cereal seeks to maximize brand visibility and engage with its target market through a competitive pricing strategy and an integrated marketing program that utilizes paid media and digital channels. Regular evaluation and measurement of key metrics such as brand awareness, social media engagement, return on investment, and customer retention will ensure the marketing plan is practical and adaptable to meet the company's goals. Overall, with a carefully planned marketing strategy and a focus on customer needs and preferences, Dye-Free Dynamo Cereal aims to establish itself as a leading brand in the breakfast cereal market, providing a healthy and natural alternative for consumers.

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7 References Armstrong, G., & Kotler, P. (2023). Marketing: An introduction. Pearson. Barnstable, H. (2022, February 23). Cereal cost analysis: Seven Sundays vs. big cereal . Seven Sundays. https://www.sevensundays.com/blogs/the-breakfast-nook/cereal-cost-analysis-seven-sundays-vs-big- cereal#:~:text=Then%20manufacturing%20(making%20the%20cereal,and%20packaging%20is%20about %20%240.05 . How to Find Your Unique Selling Proposition in 7 Steps . (n.d.). Copper. https://www.copper.com/resources/unique-selling-proposition How to Evaluate Marketing Metrics. Grow https://www.grow.com/blog/how-to-evaluate-marketing-metrics

Business Brief 11.26.23

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