Introduction
Marketing is a fundamental aspect of every organization; it entails all activities to boost sales of the product. It involves assessing consumers’ needs and enhancing specialized products. Also, it consists in motivating its sales through various channels such as advertisement and availing the product to the customers for consumption. Marketing plays an integral role in increasing customers’ knowledge of the brand’s availability, drawing attention, and convincing loyalty. Several aspects of marketing of the product will be conclusively covered in this paper to stimulate the success of the product in the post-pandemic period between 2022-2027.
Segmentation, Targeting, and Positioning
Segmentation is a vital component of the market that enables specialization of the products to meet the demands of each respective market segment. For instance, “Frozen And Chilled Soup” will be segmented under various categories:
- Firstly, segmentation is based on vegetarians and non-vegetarian soups. This segmentation will majorly entail specialized ingredients, which will mainly form two key elements. The first segmentation will entail soup with organic vegetation components, which will target the vast population of vegetarian consumers. The second will create the respective group of non-vegetarians.
- Secondly, segmentation in packaging such as canned, pouched, and others. As a factor of convenience and durability, the soup will be packed either in cans or pouched bags. Arguably, shelving is considered the best form of storage, which entails using pouched bags to store products (Taylor, 2021). Therefore, pouched bags will be highly regarded to ensure effective storage, especially for the local market.
- Distributional segmentation will entail vital channels such as supermarkets, online, convenience stores, and other networks. The post-pandemic distribution will be a crucial factor; as a result, the market will adopt the most reliable online channels for the far destination. Also, stores will be adopted for closer customers and the local consumer segment hypermarkets.
- Geographical segmentation such as within North America, Europe, Africa, South American and Asian regions. The business will divide its customer coverage in terms of its location. It will effectively adopt appropriate marketing tools to meet customers’ desires within the USA. It will also adopt an adequate strategy for those in far geographical areas.
Due to the rising popularity of the soup market in the united states, high competition has been realized. Arguably, major already existing companies and new entrants have posed a threat to the business’s operational capabilities. The following includes a list of the business competitors:
- “General Mills” is one of the most diversified American soup-producing companies. It deals with a range of products such as Canned soup, Chili, Broths, and Canned beans. It poses a significant threat as it has existed in the market for a reasonable scope of time as a competitor. It poses a great danger as it has lived in the market for a good time
- “Unilever.” This highly integrated company adopts technological advancement to practice soup processing. Its modernization and technology pose a threat that is significantly felt in how it produces high-quality soup products. Besides soup, it also deals with various products, which increases its market penetration abilities.
- “Amy’s Kitchen.” This is a new entrant with a sense of specialization in its soup portion line. Initially, its new attribute in the market had a comparative low customer loyalty advantage. However, its expertise in frozen and chilled soup has enhanced its competitiveness, thus posing a direct threat to the existing market.
- New entrants. Furthermore, there is continuity of new entrants joining the business market. Particularly in the range of soup products. A blend of fresh soup-making technology and expertise in terms of skills and products specialization father poses a threat to the soup market.
I would recommend the probable brand mantra is “Highly nutritious and unmatched soup experience.”
Product Strategy
- The company will consider introducing new products in the next five years. This is in response to the probable changing and diversifying human wants. For instance, the pandemic resulted in the closure of the stores, businesses, and companies that mainly deal with various products and ingredients required to manufacture the products. Such will enhance the development to keep the product variables in the business.
- As a function of product quality, newer and most relevant products need to be introduced to meet the diverging needs which would have been shaped by the pandemic period. For example, the product should then focus on durable products that will be mostly compatible with local and international markets. The type of products that should be intrigued included. The reliant technological products include the products which require technology intensively to produce. Such will curb the challenges of employees running out; it will minimize the disruption of the production in case labor shortages occur, as in the case of the pandemic. Such products will be well suited and easily survive.
- Considerably, the product will adopt the most relevant brand name which will most suit its target customers. For instance, the most pertinent brand name will be “Frozen and Chilled First-Class Soup.” The product equity will significantly be built by: first, the creation of awareness amongst the target population. Secondly, communication of the meaning and purpose of the product brand, thirdly, improving the perception and customers thoughts about the brand and finally creating a string deeper relationship which will attract bonding and loyalty to the brands by the customers.
Pricing strategy
- The product will adopt effective use of value pricing strategy in which value as the affection of quality will determine the price. This strategy will enhance customers’ perception of the product in terms of value and quality.
- The price will be comparatively higher than the competitors to imply royalty. For instance, the price will have a significant 2% higher margin from the competitors’ pricing strategy that will be used to create the impression of quality and value within the product.
Place strategy
- The product will mainly be distributed based on the key channels, which will also relate to the nature and locality of customers. For the local customers, hypermarkets will be adopted as distribution channels. Furthermore, the online retailers will be considered for global avenues to enhance global distribution.
- A hybrid channel will take the products to precise locations as per customers’ requirements within and outside the country. Hybrid will comprise both direct and indirect distribution.
- An intensive distribution will enhance the product’s market penetration and ensure frequent products availability.
Integrated marketing strategy
- Sales promotion will be highly adapted to increase awareness of the product to local and international customers. The company’s financial resources will rely on the tool’s effectiveness adopted. There will be a significant rise in the company finances considering the tool’s effectiveness. Also, the competitiveness of the product sphere will highly limit the ability of the company to grow. However, increased specialization and segmentation will be adopted to overcome the competitors’ challenges.
- The company should adopt the combo of both push-pull strategies. The effectiveness of eth combo will result in the push enhancing attainment of customers’ demands through highly specialized products and availing the products to the customers through the various distribution channels. In comparison, the pull will adopt pricing stargates and sales promotional media to promote sales. Such a combo will significantly improve the operation profitably.
Reference
Taylor, J. R. (2021). Needs-Based Market Segmentation Strategies: How to Forecast Competitive Positions (and Make Millions). Van Rye Publishing, LLC.