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This report is about a product (Carrot-Lite ice cream) that is to be introduced to the market and it analyses a marketing plan for the new product which is launching under the brand Cargills Magic. This includes SWOT and PEST analysis, Marketing research,

Extracts from this document...

Introduction

ABSTRACT This report is about a product (Carrot-Lite ice cream) that is to be introduced to the market and it analyses a marketing plan for the new product which is launching under the brand Cargills Magic. This includes SWOT and PEST analysis, Marketing research, Market segmentation and Marketing mix of the product. ACKNOWLEDGEMENT We take this opportunity most respectfully & sincerely to thank all the people who help in many ways to accomplish this project a success. Our most sincere gratitude & appreciation goes to Miss. Nilusha Gallage for giving her guidance & spending precious time with us through this project. And also our sincere thanks goes out to all lectures who gave their valuable knowledge, the APIIT library staff- providing us with all reference material & the APIIT computer lab staff for helping us in computer documenting findings. Finally, our special thanks go to our beloved friends in DF0931BA batch & our beloved parents' corporation by providing necessary information to make this project a success. Table of Content Contents ACKNOWLEDGEMENT 2 INTRODUCTION 5 Overview of the company 5 Cargills Magic 6 Our customers 6 The Marketing Philosophy - Societal Marketing Concept 7 Vision 8 Mission 8 SWOT ANALYSIS 9 Strengths 10 Weaknesses 10 Opportunities 11 Threats 11 PEST ANALYSIS 12 Political Environment 13 Economic Environment 13 Social Environment 14 Technological Environment 14 Marketing Research 15 Marketing Research process 15 Market Segmentation 21 Segmentation 21 Demographic 22 Psychographic 22 Behavioral 22 Target Market 23 Position 23 Characteristics of the selected market segment 23 Significant problems and opportunities of the market segments 24 MARKETING OBJECTIVES 25 Product 26 Price 29 Place 33 Promotion 35 CONCLUSION 39 Appendices 40 REFERENCES 42 INTRODUCTION With the need and wants of the customers are constantly changing, every company should always look to introduce new products and services which addresses these needs in order to survive and to be competitive. Thus "Carrot Lite' Ice cream will provide an all new experience and taste to the ice cream loving consumers. ...read more.

Middle

Researchers should present the collected findings using good statistical methods, in order to make good decisions faced by management. Following is a summary of the survey. * Only 2% of the sample population has tasted a vegetable ice cream * 67% of the sample prefer to have vegetable ice cream * 78% of the people like to have a carrot flavored ice cream and 7% of the people prefer beetroot flavored ice cream * 56% of the population were females among the people who prefer vegetable ice cream * Among the interviewees who prefer vegetable ice cream, are included to 25-65 age group. * 85% of the interviewees prefer vegetable ice cream due to health concerns. * 90% of the population prefers to have Cargills magic ice cream than other brands. * Among the population middle income earners most preferred the carrot flavored ice cream This analysis will be very useful in developing the market segmentation. According to our analysis a carrot flavoured ice cream was selected which will mainly focus on health conscious female population. Market Segmentation Dividing market in to distinct groups of buyers with different needs, characteristics or behavior who might require separate products, services or marketing mixes. Market segmentation process consists of 3 main steps: (Figure 5) Segmentation Consumer market can be segmented based on 4 main segmentation bases * Geographic : Region, City , Density and Climate * Demographic: Age, Family size, life cycle, gender, Income, Occupation, Education and etc. * Psychographic : Life style and personality * Behavioral : Occasions, benefits, user status, usage rate, readiness and attitude The market for Carrot-Lite is segmented based on demographic and psychographic segmentation bases. Demographic * Age: Carrot-Lite is targeting people who are more concerned about their health as well as their figure. Due that fact the targeted age group is Age: 20-30, 40 and above * Gender: Targeted for both genders but mostly female. ...read more.

Conclusion

Promotional Mix Strategy - Pull strategy (Figure 8) Under promotional mix strategy pull strategy is used. In this strategy Cargills will use advertising and promotion effectively to encourage the customer to ask for the product from intermediaries (retail shops) accordingly inducing intermediaries to order it. Plan for product life cycle Introduction stage Growth Stage Maturity Stage Decline Stage Cargills will be using advertising and sales promotion in this stage to give information about the product. High amount of money should be invested in promotion in this stage. In this stage Cargills work on building brand preference and increasing the market share. In this stage there will be high sales and established consumers. Promote about the benefits of the product to remind. Promotion strategy in this stage should concentrate on retaining existing customers. Have special offers sales promotions to make the sales high. (Table 7) CONCLUSION It is identified through the marketing research that the demand for Carrot-Lite will be constructive in the target market which is recognized as the customers within the age group 20-30 and above 40. Carrot-Lite is a nutritious ice cream with real carrot extracts and also it has mouth-watering flavor of Carrot. It is recognized through the marketing research that this product will be consumed mostly by the individuals who has health issues such as diabetes, blood pressure and etc. By considering all the facts it is positive that the product would successfully establish in the market. Appendices Appendix 1 Questionnaire 1. Have you ever tasted a vegetable ice cream? Yes No 2. Do you prefer vegetable ice cream? Yes No 3. If you prefer what flavor would you like to have? Carrot Beetroot Tomato Other 4. Why do you prefer a vegetable ice cream? Health Figure Taste 5. Which age group do you belong to? 5-17 18- 35 36-55 56 and above 6. Gender Male Female 7. Your monthly income Below 25000 250000-50000 Above 50000 8. What's your most preferred ice cream brand and why? ............................................................................................................ ...read more.

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