Principles of Marketing for Food Retail: Launching Organic and Healthy Food
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This report covers the principles of marketing for food retail and how to launch organic and healthy food. It includes an executive summary, situation analysis, STP and SWOT analysis, Ansoff matrix, marketing mix 7P's, and controlling and monitoring.
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Principles of Marketing Part 2
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Table of Contents INTRDUCTION..............................................................................................................................3 TASK...............................................................................................................................................3 Executive summary.....................................................................................................................3 Objectives of introducing this product........................................................................................3 Situation analysis........................................................................................................................4 Tactics.........................................................................................................................................5 Controlling and Monitoring........................................................................................................7 CONCLUSION................................................................................................................................8 REFERENCES................................................................................................................................9
INTRDUCTION Principles of marketing is defined as the regulations and rules which is utilized by companyduringthetimeofpopularisingtheirproductinvariouslocationsorbetween consumers. Because in marketing rules and regulations are highly essential for sending only reliable informations to customers in fast manner regarding the company products(Acikgoz and Burnaz, 2021). The chosen company is Food Retail for understanding the digital marketing and marketing of principles effectively which is headquartered in UK. This report will be covered the executive summary of the product and company, summarise the organization current situation, developing a marketing strategy. It also how the marketing mix can be used to help the organization in question improve growth and market share. In this report STP and SWOT analysis are also explained in aspect of introducing new product. TASK Executive summary The name of the organization is food retail company and they are going to launch new product in market which is known asorganic and healthy food. In 2020-2023 this product are highly helpful for organization for increasing their profit and market share by 40%. The main motive for introducing this type of product by firm is to increasing the energy and protect the health of customers in long term. The other highlight of this product is that young and old age customers are highly attracted for buying this product. In today's time this product are highly essential for children also for protecting them from various diseases. Therefore, only young and old age customers are coming under the category of target audience which are highly valuable for company which leads to increase their profit in long term. Objectives of introducing this product During the time of launching organic and healthy food and utilizing effective marketing strategies reputation of food retail company are easily enhanced in various areas (Aliyu, Sadiq and Alhaji, 2021). It leads to increase their revenue by 30-40% effectively within short duration. With help of launching this type of product target customers are easily attracted in large number which leads to increase the popularity of their brand image effectively.
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Due to use of effective marketing plan the reach of their services and products are easily spread at international or global level. In physical mode with help of effective marketing strategies the visits of the customers areeffectivelyincreasedintheirstore.Strategiesincludesadvertising,facilitating beneficial offers, discounting offers and others. Situation analysis SWOT Analysis It is basically a strategic technique which is used by Food Retail for analysing their own and competitor’s strength, weakness, opportunities and threat which are explained below - Strength includes - In context to food retail, management must utilize onlytalented or skilled workersin their work place area (Amoako, Doe and Dzogbenuku, 2021). Because due to the use of talentedworkerscompanyare abletomaintaingood relationshipwith consumers effectively. In context to food retail, management are highly considered about thehealth and satisfaction level of customers.Therefore, for sustaining the customer satisfaction at high level they must always deliver best quality food product to all customer segments without any type of discrimination. Weakness includes - The first weakness is thatincreasing pricein new product (Bilovodska and Holovachov, 2021). But due to enhancing price in their product chances are easily increased to decrease the demand of new product in the market. Due to low demand company profit are easily reduced by 50% which is not good for their performance. Highutilizationoftechnologyalsocreatesnegativeimpactontheorganization performance. Due to effective use of machines cost are highly increased in their product in the form of price. Because here company made huge investment in their machines for manufacturing best quality goods. Opportunities includes - Due to facilitating healthy food product to their targeted customers, food retail company are able to establishstrong infrastructurein various locations in the form of expansion.
With help of developing strong infrastructure, organization easily deliver their products to customers in time. Effectivesupply chain managementand it is also the part of infrastructure. With help of effective supply chain company are able to send their products to customers in multiple location within low time. Threat includes - In market competition is the major threat for organization because in today's time other brands are also providing the healthy and organic food to these customer segments. For reducing this problem, it is mandatory for company that they must facilitate the new product at low price to all consumers. BCG Matrix BCG Matrix is basically a tool which is used by organization for assessing the current state of value of a firm’s unit or product line. Due to the effective use of this tool Food retail is able to decide that which units or product to either keep, sell or invest more. Then in this way the revenue and goodwill of the organization are easily maintained at higher level for long duration. This tool is basically consisting of four stages which is described below – Stars –It is defined as those products and services which is which is have rapid growth or dominant market share (Tadajewski, 2019). In context to food retail, due facilitating organic and healthy fast food and snacks to customers the popularity of their enterprise are effectively increased within short duration. Due to providing this type of food products to customers such as young generations the market shares and portfolio of this firm are easily sustained for long time in positive manner. Cash cows –It refers to those products which assist the organization for sustaining their market share at maximum level but the growth of company is increased in slow manner. In context to food retail, when they facilitate quality products to users with average or high price then definitely their market share is easily sustained at high rate. Because here young generations are ready to pay any type of cost for buying this product. But here company growth is slow because they maintained in their product which is not affordable to all customer segments. Dogs –It is related to those products which is responsible for decreasing the goodwill and revenue of company at higher rate. In context to food retail it is necessary for
management that they produce or manufacture the food products according to the current trends, taste and desires of customers. Because without proper identification of needs and desires of customer’s firm did not able to sustain the popularity of their goods and services in minds of consumers for long time. Question mark –It is related to those products which creates question mark in the minds of consumers that this product will be reliable or not. In context to food retail, it is essentialformanagementthattheymustalwaysprovidebestqualityproductsto customers in any situation. In this way question mark in their services and products are highly decreased for long duration. With help of reducing question mark the positive relationship between customer and organization are easily maintained for long time. From the above matrix it concludes that proper analysis of current trend and culture is highly important for increasing the success rate of organization within short duration. In this way the overall productivity and reputation of food retail firm are easily sustained in market for long time. Ansoff Matrix The Ansoff matrix is basically a strategic planning tool which is used by organization for identifying various types of opportunities to grow revenue for a business with help of developing new services and products in market. Due to the effective use of this tool food retail is also able to reduce legal risk in business activities at higher rate for long time. The Ansoff matrix is basically consist of four stages which is described below – Market penetration –It refers to in which way the sale of existing product and services are increased in existing market (Hunt, 2018). In context to food retail, management must use various advertising strategies and also made modifications in their product with introducingnewflavors.Duetousingthesetypeofstrategiesespeciallyyoung generations is highly attracted in large number for buying their existing product. It leads to increase the sales of the goodwill of company at higher rate within short duration. Product development –It refers to in which way modifications are made in the existing product for increasing their popularity of company. In context to food retail, in first management must properly identify the needs and desires of all customer segments effectively. Then according to that they made changes in their product with help of adding natural ingredients and flavors which is liked by customers especially young
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generations. Due to this the loyalty of consumers are easily sustained towards company for long time. Market development –It is related to increase the popularity of their goods and services in new market. In context to food management must use various strategies. It includes online advertising, digital marketing, sales promotion and so on. Due to the effective use of these strategies the reach of their existing product and services are effectively enhanced to new market and new customer within short duration. In this way productivity and reputation of firm is easily increased in large scale in new market for long time. Diversification –It refers to introducing new products and services in new market at wide range by organization. In context to food retail, management must enhance the availability of their products and services to customers at wide range in both online and offline mode. When organization diversify their product at wide range then convenience is highly increased for customers for consuming their goods and services at higher rate. After the evaluation of above data, it concludes that in today’s time digital shopping are highly trending in each and every area. Due to this buying and selling of various products are done quickly between customer and organization. Due to fast process positive relationship are effectively maintained with consumers for long time. STP Analysis - It is a technique which is utilized by Food Retail organization for identifying the target customers before selling their new and existing product. In this technique three stages are also involved which are explained below - Segmentation –In context to food retail, management must focus on demographic segmentation for introducing new product in market (Konhäusner, Shang and Dabija, 2021). The basic main advantage of this product is that it is highly healthy for all categories of customers. According to demographic segmentation this product are comes under the category of income and status of every people. Targeting –In this phase retail food must target those customers which is highly essential for their present and future growth. The customers which are targeted by company is old and young age generations because only they are able to consume these type of product at maximum level.
Positioning -In context to food retail, management must use digital platforms, social media and other marketing strategy for highlighting their product features between public. Due to using this type of strategy the sale of their product are easily increased with 50% in 2020-2023. Tactics Marketing mix 7P's - It is a group of actions which is utilized by the firm for increasing their portfolio and market share easily. In this method basically seven strategies are involved which are described below - Product –In context to food retail, management are introduced organic and healthy food to all customer segments (Osuagwu, 2021). Due to facilitating organic food from organization in various locations convenience of consumers are highly increased for buying their product in low time. In organic food natural ingredients are used by company which includes dairy products, meat, eggs and others which helps the consumer to protect from diseases. Price –Due to initial launch of their product it is mandatory for company that they must always maintain average or low price in their product. In today's time customers always try to buy the product of company at valuable and negotiable price. Due to using these strategy customers are easily attracted in large number which leads to increase their popularity and brand image in market for long duration. Place –In context to food retail, it is necessary for management that they must chose right and suitable location for launching and sell their new product effectively (Perčić and Perić, 2021). With help of good location company are also able to establish effective infrastructure and distribution channel in different locations. In this way the positive relationships are also maintained with suppliers and customers for long time. Promotion –It refer to popularising new and existing product of company by using various strategies which includes advertising, digital marketing, direct selling etc. In context to food retail, management must use digital platforms in attractive manner which includes various apps, software and official portal. Because due to using these facility customers are able to easily access detailed information about the company product and services.
People –Here people refers to the employees who are working in the company. These employees are fully responsible for facilitating best quality services to user’s time to time. In context to food retail, management must use talented staff for solving the queries of consumers regarding their product quickly which leads to increase their positive output at maximum level. Process –In context to food retail, management must use advanced equipment’s and well established distribution channel in both offline and online mode (Perumal, Ali and Shaarih, 2021). Because with help of effective supply chain their products are also delivered to customers in time. Physical evidence –Physical evidence refer to fact or the proof which h is essential for both customer and company. Therefore, it is necessary for the management of food retail that they must provide reliable information and receipt to the customers during the time of buying their new product. Controlling and Monitoring Here for ensuring or measuring the performance of workers within organization higher authorities are used the method of KPI which stands for Key Performance Indicator (Rafliatha, Suharyati and Aryani, 2021). Due to using this technique functions of whole organization are done in smooth manner and also helps to finish the target in time. In this way the portfolio of company is easily sustained for long duration between 2020-2023. It also helps to build strong relation between employee and customer for long time.
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CONCLUSION From the above data it is concluded that marketing plan or principles of marketing pays crucial role for increasing company's productivity. With help of effective marketing plan management easily initiate their various policies regarding their product. It is also helpful for expanding their business activities in various locations and also for sell their products easily.It is also helpful for maintain good relationship with users easily.This report will be covered the executive summary of the product and company, summarise the organization current situation, developing a marketing strategy. It also how the marketing mix can be used to help the organization in question improve growth and market share.
REFERENCES Books and Journals Acikgoz,F.andBurnaz,S.,2021.Theinfluenceof'influencermarketing'onYouTube influencers.International Journal of Internet Marketing and Advertising,15(2), pp.201- 219. Aliyu, M., Sadiq, S. A. and Alhaji, H. Y., 2021. Assessment of the Application of Marketing Concept in Developing Poverty Alleviation Programmes in Kaduna State, Nigeria: The PerspectivesofPolicyMakers.FUDMAJOURNALOFMANAGEMENT SCIENCES,1(1), pp.225-238. Amoako, G. K., Doe, J. K. and Dzogbenuku, R. K., 2021. Perceived firm ethicality and brand loyalty: the mediating role of corporate social responsibility and perceived green marketing.Society and Business Review. Bilovodska,O.andHolovachov,I.,2021.SYSTEMATICRESEARCHOFDIGITAL MARKETING STRATEGY TOOLS.Economic journal of Lesya Ukrainka Volyn National University,3(27), pp.90-95. Hassan, S., Shamsudin, M.F. and Mustapha, I., 2019. The effect of service quality and corporate imageonstudentsatisfactionandloyaltyinTVEThigherlearninginstitutes (HLIs).Journal of Technical Education and Training,11(4). Hunt, S.D., 2018. Advancing marketing strategy in the marketing discipline and beyond: from promise, to neglect, to prominence, to fragment (to promise?).Journal of Marketing Management,34(1-2), pp.16-51. Konhäusner,P.,Shang,B.andDabija,D.C.,2021.Applicationofthe4EsinOnline Crowdfunding Platforms: A Comparative Perspective of Germany and China.Journal of Risk and Financial Management,14(2), p.49. Osuagwu, L., 2021. Marketing Research Trends: Issues and Research Direction.International Journal of Business Studies,5(2), pp.63-75. Perčić, K. and Perić, N., 2021. The effectiveness of direct marketing media regarding attitudes of different target groups of consumers in Serbia.Periodica Polytechnica Social and Management Sciences,29(1), pp.21-32. Perumal, S., Ali, J. and Shaarih, H., 2021. Exploring nexus among sensory marketing and repurchase intention: Application of SOR Model.Management Science Letters,11(5), pp.1527-1536. Rafliatha, M., Suharyati, S. and Aryani, L., 2021. Analisis Keputusan Pembelian Online Kopi Kenangan Ditinjau dari Pengaruh Marketing Mix.Konferensi Riset Nasional Ekonomi Manajemen dan Akuntansi,2(1), pp.1415-1427. Tadajewski, M., 2019. Habit as a central concept in marketing.Marketing Theory,19(4), pp.447- 466.
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