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marketing part 2

Extracts from this document...

Introduction

HSC Business Studies Assessment Task: Marketing Topic Develop a marketing plan Due: Wednesday 9th March Rebecca Whittaker Contents: Executive Summary.......................................................3 Situational Analysis......................................................4 Strengths...................................................4 Weaknesses................................................4 Opportunities.............................................5 Threats.....................................................6 Product Life Cycle........................................................7 Introduction...............................................7 Growth.....................................................8 Maturity...................................................8 Post-maturity..............................................8 Marketing Objectives.......................................................9 Target Market...............................................................10 Specific Marketing Strategies .............................................11 Product.....................................................11 Price........................................................11 Promotion.................................................12 Place.......................................................12 Implementing, Monitoring and Controlling the Marketing Plan............................................................................14 Financial forecasts......................................14 Implementing............................................14 Monitoring and Controlling............................14 Executive Summary: This marketing plan is identifying the process to make the proposed Honey and Nut ice cream by Whittakers' health foods a reality. Whittaker's Health foods has recognised the opportunity to enter the rapidly growing ice cream market. Whittakers' health foods have been established for 10 years and have been the leader in health food products for five years and entering the ice cream market will increase Whittaker's market share considerably. Whittaker's stability means that this venture will be low risk. Whittakers' sees that this will be a great step forward for the company. Situational analysis: Strengths: Whittakers' health foods have now been the leaders in health food products for over 5 years. Whittakers' realising the high demand for a healthy ice cream product is able to provide for this demand as the company is stable and strong. Whittakers' also has a variety of stable assets. This is a strength of the business and the product as it has security. Australia has a strong ice cream market, being second to America in total consumption and third to America and New Zealand in per capita consumption, consuming approximately 18L per capita per annum. Whittakers', entering a strong and booming market, with a 3% increase in total sales in the past year, gives a certain level of assurance to the success of the Honey and Nut ice cream range, making it a strength. ...read more.

Middle

* Price: for the introduction, Whittakers' has the option of penetration pricing or price skimming. Although the Honey and Nut range has a huge range has a unique flavour, Whittakers' still needs to break through and penetrate the ice cream market in order t gain market share. Whittakers' will need to gain customers from their competitors who already have a loyal customer base. Growth: * Product: During the growth phase, Whittakers' will be aiming to maintain customer awareness of the product, build brand familiarity and develop customer loyalty. By this time it should be becoming obvious as to which of the five flavours is the most popular. The product will remain the same. * Place: Whittakers' Honey and Nut ice cream range will remain in large supermarket chains, and distribution costs will remain high. * Promotion: Promotion costs won't be as high as they were during introduction but, will remain at a high level to maintain consumer awareness and develop customer loyalty. * Price: During the growth period, consumer awareness is still being developed so prices will rise slightly but still remain low. Maturity: * Product: as similarly favoured products enter the market, Whittakers' will need to remain competitive by offering the best quality product, the superior product. Whittakers', now having an established brand and product will be able to become competitive through creativity. Whittakers' can experiment with flavours such as chilli and chocolate, fruit and nut, and various fruit flavours. Whittakers' will be able to increase their market share by making products such as frozen yoghurts. * Place: Whittakers' will now be able to increase their product distribution to smaller convenience stores, service stations and take away stores. ...read more.

Conclusion

These costs will include the making of the product, the advertising, and the transportation and warehousing of the goods. Implementing: This is the process of turning the plans into actions and involves all the marketing activities that put the marketing plan to work. Successful implementation depends on how well it blends all its resources into a program that supports its marketing plan. In order to implement this marketing plan the product needs to be developed by hiring new staff in order to produce the product, this production needs to be on time and meet the quota demanded from the wholesalers but production must not get so far ahead that inventory stocks get built up. The promotional strategies must also be implemented, and must be attracting consumers to the product so they buy it. The product must also be being distributed efficiently and correctly in order to avoid late arrivals and perishing. Monitoring and controlling: Monitoring and Controlling allows for the business to check whether or not it is on track with the marketing plan. His is absolutely necessary as it allows Whittakers' Health foods to take the necessary actions to meet the marketing objectives. There are three tools that Whittakers' health foods can use to monitor the implementation of the marketing plan. They are: * Sales Analysis This breaks down the total sales by market segments to identify the strengths and weaknesses it different areas of sales. Business sales will be broken down into two segments; large supermarkets and small retailers. * Market share analysis This compares Whittaker's Health foods business sales with that of its competitors. * Marketing Profitability analysis This analysis looks at the cost side of the promotion and the profitability of the products. ?? ?? ?? ?? 1 ...read more.

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