This report discusses the marketing functions and new product development factors of Iceland foods ltd. Learn about the market analysis, competitors, customer attitudes, and opportunities. Get insights into the strategies used by Iceland Foods Ltd.
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Describe and analyse marketing activities associated with the launch of a new or improved product or service
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TABLE OF CONTENTS INTRODUCTION...........................................................................................................................3 MAIN BODY..................................................................................................................................3 PRODUCT/SERVICE DESCRIPTION..........................................................................................3 a. Brief description of the new product of service.......................................................................3 OUTLINE MARKET ANALYSIS.................................................................................................3 b. Brief analysis of market...........................................................................................................3 c. Key market trends....................................................................................................................3 d. Main Competitors and Current Position..................................................................................4 e. Customer's current Attitude.....................................................................................................4 f. Main Issues and Opportunities.................................................................................................5 REFERENCES................................................................................................................................1
INTRODUCTION Launching a new product or service is very special occasion for a business or venture, because a final product or service is the outcome of all hard work. Reason is, new product development is not a small task to a company, because there are a company has required to put its great efforts in the form of market research, innovation, production, collection of fun etc. Thatās why product or service development is not a small task (Kalva, 2017). This report discusses the marketing functions and new product development factors of Iceland foods ltd. This is a very popular British food retail which currently serves in across the UK and many other countries as well. There are various productive strategies of marketing also has been discussed in this report which can positively affect to the product development process of Iceland foods ltd. MAIN BODY PRODUCT/SERVICE DESCRIPTION a. Brief description of the new product of service Top-level management of Iceland foods ltd. has decided to launch its new exclusive diet pizza product with own home country the United Kingdom. The management of Iceland foods ltd. claims that this new pizza product will give the great food experience to customers or food lovers within the UKās food retail industry. Currently the company has very high expectations from this new product. For attracting many of customers towards this pizza product in its initial stage, this company has added some additional green vegetables also in this pizza. OUTLINE MARKET ANALYSIS b. Brief analysis of market Currently the food retail industry has gained large market share within the UKās business environment. Basically, food is very essential to all humans, thatās why most food companies has very the large number of customers (Tuten, 2019). In this situation there are Iceland foods ltd. also has the great customer base within the UKās food retail industry. Most people within this country are literate, and they completely know the value of quality food, so Iceland should try to maintain an excellent quality of its new developed pizza product. c. Key market trends Existing market trends can influence to Iceland foods ltd. for more improving its packing of food products, because due to coronavirus (COVID 19) pandemic most people within the UK
are avoid to purchase food products from those businesses or companies who not provides food itemsinproperpackaging.Reasonis,foodwithpoorpackagingpromotesinfectionof coronavirus. On the other side, company should provide the quality pizza product to customers with favourable rates, because this factor of company also can attract many of customers within the market. d. Main Competitors and Current Position The Iceland Food Ltd. Deals with the retailer marketing of consumer goods. The products of the supermarket are drinks, produce, baked goods and many more. Its headquarter is in England, UK (Porral and Stanton, 2017). The main thing which impacts the overall progress of the company is its competition in the market. The main competitors of Iceland Food Ltd. Are Tesco PLC, Waitrose Ltd., Argos Ltd., Aldi Inc., S24 srl, Marks and Spencer plc, Asda and Poundworld. These companies are mainly dealing with the food product's services. The competition mainly exists on the basis of the products, employees and the revenue. All the existing players hold some position in terms of all these factors. Iceland Food Ltd. Has approx. 25000 employees which makes it on middle position among its competitors in terms of employees. It doesn't hold good position in terms of the revenue. So, it has introducing new strategies and implementing them to increase its position in the competitive market of UK. It is also planning to change its method of delivery and packaging to create awareness among customers for environment. e. Customer's current Attitude The attitudes of customer keeps changing regularly in UK. So, it is necessary to satisfy the needs of the customers. Majority of the people in UK preferJunk Food.So, they have lots of options of supermarkets from where they can get the junk food like pizza (Guptill, Copelton and Lucal, 2017). So, according to the demands the company provides the customers with the food which has delicious taste and are in trend. It is giving more varieties of each category of food. But, it gives a greater competition as all the food markets are adapting the changes and are selling junk food. In UK, the more number of people are of age group between 3-19 and they prefer the food which makes them satisfied without looking at its benefits and drawbacks. The people of this age group are not at all health conscious so they intake the food having high calorie and high sugar content.
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Iceland Food Ltd. Is providing the services of Junk Food from many years but still is not in the topmost position in the competitive market. So, it decided to launch a new product and target the people of different age group to increase its goodwill and to make it unique from the existing players. It has planned to change the packaging method so that the more number of customers are attracted towards it. This will also keep the company changing and will increase the overall productivity. f. Main Issues and Opportunities The main goal of the Iceland Food Ltd. is to increase the number of sales thereby increasing the position in the market in terms of revenue. The main issues and the opportunities can be analysed only when the company will do a complete research of the market of UK. The main focus of the research must be on the demands of the customers. So, the company has analysed that the most consumable food among the people is Pizza. People of all age groups like to eat pizza (Gbadamosi, 2019). But, nowadays the people are becoming more health conscious, demanding organic food and are rejecting pizza. Iceland Food Ltd. Considered it as anopportunityand it tried to induce the health benefits in the pizza and make it a dietary food. It implements its strategy in such a way that the people who like pizza will be attracted along with the diet conscious population. They introduced a new product which they named as 'Diet Pizza'. They are expecting that maximum number of people will be consuming it. The name Pizza itself attract the customers but does not make any company unique as all the food markets are selling it. But, to make it good for health, they are making this junk food as a dietary food to be consumed by majority of the people in UK. Along with the launching of new product, the company is planning to reduce the use of conventional plastic bags in the packing process of products. The mainissueexisting in the markets of UK is that the people are less aware of the adverse impacts of environment contamination (Boyland and Harris, 2017). So, Iceland Food Ltd. has changed their method of packing and started giving products in Bioplastic bags. This reduced use of conventional plastic and increased use of Bioplastic will not only benefit the environment but also increase the good will of the company in the market. It expects that till 2015 the company will totally become environment friendly and will provide all the services and products in eco-friendly manner.
By implementing the above-mentioned strategies, the company expects its growth to be doubled and will increase its overall sales, productivity, image and progress which are the major objectives of any company.
REFERENCES Books and journals Boyland, E. J. and Harris, J. L., 2017. Regulation of food marketing to children: are statutory or industry self-governed systems effective?.Public Health Nutrition.20(5). pp.761-764. Gbadamosi, A., 2019.Contemporary issues in marketing: Principlesand practice. SAGE Publications Limited. Guptill, A. E., Copelton, D. A. and Lucal, B., 2017.Food and society: Principles and paradoxes. John Wiley & Sons. Kalva, R. S., 2017. A Model for Strategic Marketing Sustainability (Marketing mix to Marketing matrix). InNational Conference on Marketing and Sustainable Development. (pp. 7- 23). Padel, S., 2017. Introduction to global markets and marketing of organic food. InDeciphering Organic Foods: A Comprehensive Guide to Organic Food Consumptionā(Karaklas I, Muehling D (Eds)(pp. 187-216). Nova Publishing. Porral, C.C. and Stanton, J. L., 2017.Principles of marketing. ESIC Editorial. Tuten, T. L., 2019.Principles of Marketing for a Digital Age. SAGE Publications Limited. 1