MKT205_Project (1)

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Jan 9, 2024

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Uploaded by Hannah.Kameh12

1 MKT 205 Project Hannah Kameh Southern New Hampshire University MKT 205: Applied Marketing Strategies Mary Willis June 18, 2023

2 PRODUCT gourmet truffles with fruit, herb, and flower extract infusions PERSONA Eleanor Kameh, 34 DEMOGRAPHICS Location: Sub-urban location in a two-story house with a nice, fenced backyard. Marital Status: Married with two children that are the ages of 5 and 8 years old. Occupation and Income: A registered Dietitian that makes $45,000 to $55,000 per year. Education Level: Undergraduate bachelor’s degree in nutrition PSYCHOGRAPHICS Hobbies and Interests: Hiking, swimming, bicycling, running marathons, and going to the park with the kids. Wants and Preferences: Maintaining a healthy lifestyle with the family as well as keeping consistent with a healthy diet and good exercise but also having room for sweets on occasion. Personal and Professional Goals: Go to Graduate school to gain master’s degree in nutrition as well as introducing the kids to healthy lifestyles and goals. Shopping Habits and Preferences: Buying healthy food items like fruits, vegetables, and grains and having a little sweet on the side for certain occasions. Avoiding fried or processed foods at all costs. Preferences include purchasing organic and recycled products with all natural ingredients. Lifestyle: Lifestyle related habits include meal prep and meal planning with the family, as well as maintaining a well time managed productive day. Keeping a well-organized schedule to keep production steady and well planned out. PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: Digital Communication Channel: Podcasts are an easy and beneficial way to quickly learn as well as have a stress less time without having to

3 have to go buy a newspaper or TV you can easily listen to them on your phone or laptop. Podcasts are a wonderful way to learn more about how to learn different lifestyles and can provide tips on better lifestyles as well as maintaining and keeping up with daily activities. Why this channel is appropriate for this persona: Specifically, podcasts to begin with because they offer easy access when you are on the go, especially ones that offer advice and ways of living that fit the persona that I have created. Having two children and even on everyday activities, it is helpful to have a podcast to easily listen to. My persona presents a terribly busy mother so listening to certain ads that podcasts present is beneficial for work, on-the go events, and enjoying hobbies. Podcasts also create an entertaining and stress-relieving atmosphere on busy days and offer educational purposes as well. SECOND MARKETING CHANNEL Description of second marketing channel: Digital Communication Channels: video Videos are great ways of learning and entertainment. They are also notorious for providing examples, reviews, and much more. You can find informational videos anywhere and everywhere, YouTube, online, on website platforms, etc. This is a terrific way to be presented with certain ads as well as informational ones. Why this channel is appropriate for this persona: Videos are an effective communication channel for my persona simply because they offer educational aspects, as well as information for specific videos that are searched. Videos carry advertisements throughout each video to spread information around to the person watching. This is great especially when the kids are in bed or while on down time. PRICE PRICING FACTOR: TARGET-MARKET PRICE SENSITIVITY Target-market price sensitivity: Target-market price sensitivity is when consumers who are very price sensitive will sacrifice having a generic brand over a brand name when it comes to the price. As well as having a lower quality product for a lower price rather than a higher quality item for a higher price. Consumers that fit in this population value quantity over quality and want the best for their buck. People who favor quality over quantity will pay the higher price to ensure finer quality. This group of consumers want the brand name no matter the price and the consumers are considered unaffected by the higher price. How pricing factor is used to determine pricing: Target-market price sensitivity is used to determine the approach to pricing by being able to advance in sales by seeking the price that our target market will be drawn in by. With Eleanor being in her 30's as well as being a millennial,

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4 this age range is known for being price sensitive. By doing this, it will induce research of a range prices to set for the gourmet truffles to be purchased by people in our target market. PRICING STRATEGY: PENETRATION General advantages and drawbacks of penetration pricing strategy: General advantages of the penetration pricing strategy is that you are paying a lower price at a higher quality. While our target market targets a group of people being sensitive to prices, this will be great for sales as they assume lower prices to have a lower quality. This pricing strategy encourages higher quality with a lower price as well as keeping them from shopping with competitors. The drawbacks of the penetration pricing strategy are simply that while the prices are low for a higher quality product, prices are liable to change depending on how much is sold and if sells rocket. This can hurt the company and the loyalty of customers as the prices increase so products will be assumed to be low quality for a higher price. Specific advantages and drawbacks of penetration pricing strategy: Specific advantages of the penetration pricing that relate to the gourmet truffles and persona is simply that with Eleanor being a millennial women it is highly likely for her to be drawn in to the low price with higher quality and it would be a huge advantage considering her sensitivity to prices. A specific disadvantage would be the fact that with prices being liable to increase, this would change her affect the price sensitivity that she pertains and will see the truffles as being too high for what they are. PLACE CHANGES IN THE MARKETPLACE Change in the marketplace: One recent change in the marketplace is COVID-19. The pandemic has caused such drastic changes in the ways products are distributed and has affected many companies since the beginning. Many companies had closed, and the plethora of in-store shopping was extremely limited. Online shopping has increased drastically since the pandemic which has created an entire new channel such as contactless delivery as well as store pick-up where you do shop online and pick it up at the store from which it is purchased. How the change addresses the distribution of products to my persona: This change specifically addresses the distribution of the truffles for my persona simply because with the sensitivity pricing strategy that I chose for my persona, it induces more sensitivity and spending simply because when you shop online it is mostly for specific things that you are looking for. Shopping in-store can cause more spending and pick-up diminishes over-spending. Also, the convenience is a plus for my persona for the reason of having children, it takes the stress of going grocery shopping with children which can promote more spending.

5 DISTRIBUTION CHANNEL Potential distribution channel and why it is appropriate for my product and persona: One potential distribution channel that I would recommend for the gourmet truffles would be direct- to-consumer via the web. This distribution channel fits well with the persona because as a millennial aged women with children, shopping on the web is the easiest way to get shopping done, as well as the shop online and pickup. This channel is convenient for the lifestyle that my persona entails, and it mends well with spending limits and pricing sensitivity that my persona has. This gives me more time to do the daily tasks and activities that her and her family enjoy. PRODUCT How a product should be marketed in relation to meeting the needs and wants of my persona: The truffles should be marketed using advertisements on videos that deal with health and fitness. Also incorporating ads in podcasts related to the same lifestyle would be a good start as well. With my persona being a millennial, their lifestyle includes shopping at a discount. So also offering low prices with an excellent quality product would be a good start to bring in the target market of low quality, low price. Using the penetration pricing strategy after the target market becomes loyal would be a good start to gain a good relationship with the customer as well as keeping them satisfied and fulfilling the target market’s wants. How bringing this product to the marketplace helps support and build the Chocolate Bliss brand: Bringing the truffles to the marketplace can help the company in many ways. It will bring a healthier type of chocolate to compete with Rise's chocolate bar as the ingredients it uses such as carob (sweetener alternative) will not be the only healthy ingredient in the truffles, there is also fruit, herbs, and flower extract infusions. This will add to what target markets want and are looking for which can lean them to The Chocolate Bliss Company rather than competitors. EVALUATION How to evaluate the effectiveness of the marketing plan: A way I could evaluate the effectiveness of the marketing plan would be to use qualitative surveys such as web-based questionnaires. With my target market discovering products online and using sources from the online world, this would be the best way to evaluate how effective the marketing plan is. Web- based questionnaires are quick and uncomplicated for my persona. Two quantitative data collection tools I could use to evaluate the marketing plan: Quantitative surveys would be a fantastic way to help evaluate the marketing plan in many ways. These types of surveys contain closed questions, in which answers are provided, however they can cover large numbers of respondents. This can help marketers tremendously by leveling out

6 the certain answer they were looking for. This tool can also enable researchers to generalize from the results of the surveys. Online web-based interviews are also great data collection tools to use when evaluating the marketing plan. Using this tool has become immensely popular over the last few years due to the pandemic. It has created an entirely new perspective to data collection and convenient ways to reach tons of consumers. This tool is simple to use as you just have to make a call or convers to people over the internet. Facetime, Zoom, and Teams are great ways to expand products as well as gather information from consumers. Two qualitative data collection tools I could use to evaluate the marketing plan: Paper surveys are helpful when evaluating the marketing plan for many reasons. Using paper surveys, large populations can answer open-ended questions which provide more thorough and detailed information from many different people. This can assist in brainstorming and better analysis of the data collected. You get details that are significant to people which can aid in knowing what consumers want you to bring to the table and what they will do to fulfill their needs. Face-to-face personal interviews are very personal and can hinder better data collection for the marketing plan. By doing this you can receive fixed responses from the interviewee, and you can see their body language and their emotions as they answer the questions presented. Making sure you ask the right questions and good interviewing skills can result in amazing data being gathered. Having this can cause you to become closer and closer to knowing the target market and have a successful marketing plan.

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7 REFERENCES Horton, Ariel. (2020). Feeding the Family. Mintel Group Ltd. https://reports-mintel- com.ezproxy.snhu.edu/display/986904/ Rowles, D., & Rogers, C. (2019). Podcasting marketing strategy: A Complete Guide to creating, publishing, and monetizing a successful podcast . Adekunle, R. (2021). Video Marketing Strategy: Why Your Video Strategy Is Important and Where to Start From. (n.p.): Independently Published. Tanner, J., & Raymond, M. A. (2020). Applied marketing strategies . Soomo Learning. https://www.webtexts.com Jensen, K., Yenerall, J., Chen, X., & Yu, T. (2021). US Consumers’ Online Shopping Behaviors and Intentions During and After the COVID-19 Pandemic. Journal of Agricultural and Applied Economics, 53 (3), 416-434. doi:10.1017/aae.2021.15

MKT205_Project (1)

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