Introduction
My proposed brand name is Mintchoc. This will comprise of a chocolate bar coated with a mint taste and packaged in green wrappers. This new brand would come in two sizes of 25 grams and 50 grams. This will be an all new outlook confectionary product that will be liked by many.
Main Text
This new brand of chocolate would seek to find consumers all over Australia.
This would involve a large market and would require distribution in the supermarket chains and other retail outlets all over the country. The new product is supposed to find market in a total of 21.5 million people in Australia according to the Australian Bureau of statistics. Out of this population it is expected that 15 million consumers of chocolate would be found. The new brand aims to achieve above fifty percent sales volume at the end of the first financial year of the product in the market. The sales volume of this brand it expected to increase by over 10% in the following financial years as more inputs will be added into the market to attract even a wider market segment. The brand is expected to grow from local level to international market within two to three years after its introduction.
One of my main competitors with the new brand of chocolate will be Cadbury’s which is a main producer of chocolate in Australia. Their chocolates come in different sizes and some come in combination some other ingredients. Some products are just coated with the chocolate cream. Their chocolates are not affordable especially to the low income earner. Though its brands come in different forms mine will still remain unique in terms of quality, combination, outlook and even price.
The other competitor in this particular market would be Frisk International. This is a producer breath freshening mints, chewing gum and other forms of fresheners. Australia is just one of its markets but it is found also in Belgium. Their type of mint lacks sugar and this would be of advantage to us because in the market we will be able to find people who want sugar in the mint. With these two competitors my new brand would easily penetrate through the market and achieve the sales targets because it is a combination of both chocolate and mint. Our prices would be placed in such a manner that it would outdo these two main competitors and help the new brand to establish a strong position in the market.
The target market of this new brand of chocolate would be teenagers and adolescents This would comprise of the age between 10 to 19 years.
The youths will also not be overlooked in the market targets. This particular market segment exhibit certain consumer behaviors that influence their purchasing habits.
In majority of the adolescents the price of the new brand would really be atrratecive to them because it would be made more affordable. This affordability coupled by the small packages the new product would appear would help to achieve the sales volume targets.
If the price of the new brand is placed high then we do not expect to achieve the sales volume targets as they have been set. This group has also been observed to mind about the color of the chocolates plus additional flour or essence and this would help to pull this market. Therefore it means that the way the new brand will be packaged will determine the attractiveness to this market segment. The availability of the products in small retail outlets and kiosks would really be influential to their buying behavior. The consumer patterns of this market segment have been observed to be greatly influenced by taste, color and price.
Therefore all these aspects would be tailored to ensure that customer satisfaction is guaranteed in the new brand of chocolate. The buying habits of this market segment would be influenced by the overall quality of the new brand of chocolate. Since this would be a new taste of chocolate it is expected to be the better option for the target market. In short using the information obtained from the market research, the new brand of chocolate would go far in satisfying the needs of the target market segment also considering their purchasing habits. (Lauterborn, 1990)
The marketing strategy that will be adopted for this new brand of chocolate would focus on increasing the level of consumer satisfaction and consequently achieve increased sales volumes to the expected targets. Through customer satisfaction shall be able to keep or maintain the customers who will have proved to be loyal to our product and company. Before finding these loyal customers it will be important to first of all do adequate marketing of the product. Product marketing shall be taken seriously with the marketing team and it will involve the use of the mass media for instance TV and radio advertising will be a very important tool for the purpose of product marketing. Most of the people in the target market watch TV and radio during most of their free time and this will easily get into their minds.
The best radio and TV commercial would be selected for marketing the new product and this will help particularly in bringing out the uniqueness of this new product to the young men and women and even adults who will be interested in having a test at the new product. Desktop publishing will help to come up with interesting messages which will be put on billboards portraying the unique brand of chocolate. The billboards will be designed in such a way that the message will be highlighted by young people as they enjoy the new chocolates. This would be vital in capturing the attention of the target market. Music that the particular market segment likes would be a very important tool for marketing especially in the radio and TV advertising. The print media is a very important aspect that will not be overlooked in the strategy.
The pricing of this new chocolate product would be very instrumental in influencing the purchasing habits. The price of the chocolate will be made slightly lower than that of the competitors. This would be particularly facilitated by the smaller quantities in which the new chocolate will be packaged into. In marketing this product, it will be made clear on how the new product will be more affordable to the target market. This reduced pricing is an important factor that will attract most of the young people into buying our product. The reduced and affordable prices would be printed on some of the wrappers for the purpose of emphasizing on how the new brand of chocolate is unique and even affordable to the target market. The other adverts still, the price would be brought out to be cheaper than that of the competitors ( Barlon, Kimuli, 2006).
The locations where the new chocolate brand would be found will also be very essential in our marketing strategy. We shall endeavor to make the product available in all the supermarket chains which are within the reach of most of the people in the target market. Small scale retailers like the single shops and kiosks would also be allow retailing the new product at affordable prices. The company shall endeavor to ensure that the new brand of chocolate is always available across the counters according to the demand forces. By ensuring that the product is available, the confidence of the customers would be secured and this will be fundamental in attracting and maintaining loyal customers who will matter in terms of achieving the sales targets. The marketing department shall also ensure that the virtual stores in the company websites are maintained especially for distributors who will be interested in online orders. The distribution of the products to where they will be on demand will really matter in our marketing strategy ( Barlon, Kimuli, 2006).
Conclusion
The last aspect of our marketing strategy would concern promotion of our new brand of chocolate. A means of communication that would touch on the five human senses would be employed for promoting our product. This will ensure that everybody’s attention is attracted in the course of promoting this product. For instance those who are disadvantaged in one way or another will also be catered for in the promotion of the new brand of chocolate. Promoting our new brand would also be facilitated by exercising good public relations that would be essential in protecting the quality and commitment of the company in meeting the needs of the consumers. Promotion will also involve events in which the target market will have access to gifts and other goods that will also help to attract them into buying the chocolate. (Frey, 1961)
With all these put in place, the new brand of chocolate would be ready to compete effectively with the competitors and lead to the achievement of the objectives of the whole marketing strategy. I have confidence that this new brand of chocolate is going to revolutionize the industry and take up a new position as the leading provider of confectionary products in the future.
References
- Barlon, Kimuli. (2006) “The concept of the marketing mix” Presentation on marketing management, vol 1, pp. 2-7-Turku university –Finland.
- Bitner, J. and Booms, B. (1981) Marketing strategies and organizational structures for service firms, in Donnelly, J. and George, W. Marketing, American Marketing Association, Chicago, 1981.
- Frey, A. (1961) Advertising, 3rd ed., Ronald Press, New York, 1961.
- Lauterborn, R (1990) “New Marketing Litany: 4 Ps Passe; C words take over”, Advertising Age, 1990, p. 26.
- Marketing. Web.