Marketing Mix Analysis of New Product Launch

The assignment is based on the scenario of launching a new product, ready-to-eat diet food by Marks and Spencer. The product has two varieties, vegetarian and non-vegetarian, with an attractive vacuum packing and a lifetime of 20 days. The marketing mix analysis includes product description, pricing strategy, promotion plan, and distribution channel. The assignment aims to understand the customer's perception of the product and how it can be marketed effectively to achieve business goals.

Principles of Sales and Marketing
New Product Development Concept
STUDENT NUMBER:
ASSESSMENT NUMBER:
WORD COUNT: 999 words

Table of Contents
INTRODUCTION:.....................................................................................1
ABOUT THE PRODUCT:.........................................................................1
OBJECTIVES:...........................................................................................1
MARKETING AND SELLS CONCEPT:.................................................1
SWOT ANALYSIS:...................................................................................2
MARKETING MIX:..................................................................................3
PROCESS OF PRODUCT DEVELOPMENT:.........................................4
Reference....................................................................................................5
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INTRODUCTION:
Marketing and sales are two integral part of organizations successful run in any
market. With increase in business entities and relaxation of policies for carrying out
business, product development and marketing has taken a new form. Companies does
not hesitate to look beyond their present product portfolio to attract customers and
build a brand image. In that context, the current essay will take into account a product
development initiative and recommended strategy for its marketing by application of
marketing theory.
The company will work for a new ready to eat diet food product under the retail brand
name of Marks and Spencer is a food specialist, not a supermarket (Marks and
Spenser, 2018). The company uses a quotation, “instant diet, and instant food “to
describe its new product. It ensures the high standards, best quality and healthy
product for its consumers and will give energy to the body throughout the day. The
company introduces new ready to eat diet food product in the market for benefit of
consumers of all age group. The product contains natural ingredients and nutrients
which is essential for a balanced diet. Its instant ready to eat feature is its uniqueness
and it will attract customers. The company believes in marketing strategies and
policies in promoting its product through its outlets and its own online website. It
assures the high standard quality of product and healthy product for consumption.
Launch of this product will revolutionize the market and will be beneficial for the
company.
ABOUT THE PRODUCT:
The company will produce a new ready to diet food which will come in vacuum
packing. It will be helpful for people to save time from kitchen and preparer their food
instantly. It also helps to avoid eating unhealthy junk foods. It will provide all
vitamins and nutrition required for a healthy life.
It will have a lifetime of 20 days and can be stored in cold as well as normal
temperature. It comes in 2 categories for a vegetarian diet and Non-vegetarian diet.
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OBJECTIVES:
Marks & Spencer aims to help its customers live a healthy lifestyle and adopt new
methods of new product development (Marks and Spencer, 2018).
MARKETING AND SELLS CONCEPT:
Marketing concept deals with the needs of the seller and sales concept deals with the
needs of the customer. The company focuses on this concept for developments of its
new product.
Target market: The new product targets customers from all age groups. The new
ready to eat diet food is tasty and has all kinds of nutrients required for a healthy
body.
Production concept: The product targets production efficiency at a lower price and
mass distribution.
Product concept: The new product is innovative and high quality and has a feature of
instant ready, healthy and tasty.
Selling concept and profitability: It aims at the high sale of the product by promotion
and advertisements and gains profit.
Customer needs: The new product is focused more on the customer need for a proper
healthy diet, ready to eat and at an affordable price.
Societal concept: The Company determines the need, interests, and desires of the
target market and fulfil customer’s satisfaction.
(Kotler, Phillip. Marketing Management, 2000)
SWOT ANALYSIS:
STRENGTHS:
1) It's Healthy and Tasty.
2) It’s made from natural ingredients.
3) Saves time from the kitchen.
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4) It will help people to avoid junk foods.
5) It's instantly ready and easy to make.
6) It helps to be on diet even on Travelling
7) It provides all nutrition required for a daily diet.
8) It has the security of Marks and Spencers
9) It comes for both vegetarian and non-vegetarian.
10) It will help people who skip their meals as they don’t have time for preparing
food.
WEAKNESS:
1) It's a new product and people mostly prefer to prepare fresh diet food at home.
OPPORTUNITIES:
1) Its taste and quality will attract both young and old generation.
2) It will be more helpful for school going kids and working people to eat an instant
and healthy breakfast.
THREATS:
1) People are less convinced to prefer packaged food products.
MARKETING MIX:
The marketing mix is a combination of the variables that affect the demand and
competitive advantages. The 4 P's of the marketing mix are a product, price, place,
and promotion (Wheelen & Hunger, D, 2008).
PRODUCT:
Description of a product includes Brand, features, quality, varieties, packaging and
many more about a product in the market (Baker & Hart, S, 2007).
This new product ready to eat diet food product is introduced under the brand name
Marks & Spencer. It comes in two varieties for vegetarian and non-vegetarian in an
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attractive vacuum packing and has a lifetime of 20 days. It can be stored at any
temperature.
Everyone is aware of the benefits and requirements of a healthy diet but many people
fail to maintain that diet due to a strict schedule. This product will help the consumers
to get the best quality healthy diet food also save a lot of time from the kitchen.
PRICE:
Customer satisfaction can always be achieved by more features in a product at a lower
price. (Baker & Hart, S, 2007).This new product is available to the customers at a
very affordable price.
PROMOTION:
Communicating customers by advertising and promotion are one of the most
important factors to influence customers to choose a better product. (Hackley, C,
2009). It helps the customer to gain knowledge about the product as well a helps the
company to increase its sales. Ready to eat diet food by Marks and Spencer will be
promoted with help of media, newspapers, radio and campaign sin collages and
corporate offices.
PLACE:
The New product will be available to customers easily through strong distribution
channels and online marketing.
PROCESS OF PRODUCT DEVELOPMENT:
IDEAL GENERATION: This product has an innovation of a new concept of diet and
healthy lifestyle by saving time from the kitchen. Its natural ingredients and nutrients
will provide adequate balanced diet to consumers.
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STRATEGIC ANALYSIS: The new product is fit under the business strategic plans
and high profit margin of the product because if it’s new features.
MARKET TESTING: This product is ready with its brand with an attractive
packaging at an affordable price. Customers from all age groups will be attracted to
repurchase the product.
COMMERCIALISATION OF PRODUCT: The new product is priced at an
affordable rate for customers for a healthy lifestyle.
PRODUCT LUNCH: The Company aims to lunch the product soon with a brand new
ready to eat diet food to fulfil the requirement of its customer by end of the year.
(Kotler, Philip. Marketing Management, 2000).
Reference:
Baker, MJ & Hart, S, 2007, The Marketing Book, Butterworth-Heinemann, page 287.
Hackley, C. (2010). Advertising and promotion. London: SAGE, p.61.
Kotler, P. and Keller, K. (2000). Marketing management. New Jersey, pp.12, 169.
Marks and expenses. (2018), Food & Household [online] retrieved from:
https://corporate.marksandspencer.com/plan-a/food-and-household.
Wheelen, T. and Hunger, J. (2008). Strategic management and business policy. 9th
ed. Upper Saddle River, NJ: Pearson/Prentice Hall.
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