Marketing Principles and Strategies for a New Dietary Bar Product

This report provides a comprehensive marketing analysis and plan for the launch of a new dietary bar product. It begins with an overview of the competitive landscape, highlighting the increasing health consciousness of consumers and the challenges faced by new products in the market. The report in...Read More

MARKETING
PRINCIPLES
AN OVERVIEW

INTRODUCTION
 The “present business world has become much more
competitive than it was a few years ago” (Armstrong
et al. 2015).
 This is generally seen as a reflection of the “advent of
globalization and the developments in the fields of
technology and innovations” (Armstrong et al. 2015).
 Every year a large number of business organizations
come into existence.
 These business organizations not only use innovative
strategies for the promotion of their products but also
offer new innovative products to the customers
(Armstrong et al. 2015).

NEW PRODUCTS
 The new start-up companies not only offer new
innovative products to the customers but also use
innovative strategies for their promotion
(Leonidou, Katsikeas and Morgan 2013).
 Because of this the “level of competition faced by
the existing business organizations” has increased
significantly (Mintz and Currim 2013).
 These new products or services are designed taking
into consideration “the needs as well as the
requirements of the customers in the most effective
manner” (Leonidou, Katsikeas and Morgan 2013).

NEW PRODUCTS AND
SUSTAINABILITY
 The new start-up business organizations as well as
the products or the services offered by them find it
very difficult to sustain themselves in the market
(Fan, Lau and Zhao 2015).
 This can be seen as a reflection of the “increased
level of business competition faced by them” (Fan,
Lau and Zhao 2015).
 Thus, the products or the services as well as the
concerned companies themselves find it very hard
to sustain themselves in the market.

DIETARY BAR
 The intended product is the
“Dietary Bar”.
 The product will be designed
taking into consideration the
increasing health concern of the
people (Wilson et al. 2012).
 The product will contain high
level of nutrients and the
customers can use it as instant
sources of energy.
 The dietary bar will be prepared
taking into consideration the taste
requirements of the customers.

DIETARY BAR
(CONTINUED…..)
 The dietary bar will be launched
in various flavors so that the
customers get more choices.
 The dietary bar will use renewable
materials for the purpose of its
packaging.
 It will not take the help of
chemicals or preservatives for the
purpose of preparation (Jobber
and Ellis-Chadwick 2012).
 The company will follow the
policy of price competition for the
product.

MOOD BOARD

RATIONALE FOR THE
PRODUCT
 The people are currently facing various health
related problems and therefore they opt for
products which are more healthy (Pour, Nazari and
Emami 2013).
 The people in the recent times have become more
health conscious.
 The focus of the people in the present times is
more on the intake of healthy products.

POTENTIAL BARRIERS TO
ENTRY
 The business market has become
much saturated in the present times.
 It is a reflection of this that the new
business organizations find it very
difficult to not enter the market but
also to sustain themselves in the
market (Armstrong et al. 2015).
 The competition level faced by the
new companies or the products is
very high.
 Ineffective promotion is also seen
as one of the barriers to the process
of entry of the new products in the
market.

BUYER BEHAVIOR TRENDS
 The buyers in the present times
have become much more health
conscious.
 This is a reflection of the
increasing number of health issues
faced by them.
 The customers in the present times
have become much more fickle and
they like to opt for the products
which provide the best kind of
opportunities (Gordon 2012).
 The concept of “customer loyalty”
has diminished significantly in the
present times.

KEY COMPETITORS
 The key competitors are
business organizations
operational in the same field of
business.
 The key competitors for the
product under consideration
here will be the other chocolate
bars and the companies which
manufacture them.
 The “level of competition faced
by the various companies and
the products” has increased
significantly in the present
times (Hair Jr and Lukas 2014).

SWOT ANALYSIS
 A framework to analyze
the strength weakness,
opportunity and the
threats faced by a
company or a product.
 Used to analyze the
environment in which a
business organization
operates.

SWOT ANALYSIS
(CONTINUED…)
 The strength of the product is its use of ingredients
which are high on the nutrients quotient.
 The weakness of the product is the lack of choices
which it provides to the customers.
 The product can utilize the increasing focus of the
people on the various healthy products.
 The products faces a considerable amount of threat
from its rivals.

MARKETING PLAN
 Gives an overview of the marketing
strategy that the companies need to
follow.
 Marketing strategies plan a key role in
the market prospects of a particular
product or service (Armstrong et al.
2015).
 The various companies therefore take the
help of “effective marketing strategies for
the promotion of their products or
services” (Armstrong et al. 2015).
 Effective marketing plan can lead to the
“overall growth as well as the
development of the concerned
organization” (Armstrong et al. 2015).

MARKETING OBJECTIVES
 The marketing objectives are
the goals set by a particular
business organization for the
promotion of their products (Al
Muala and Al Qurneh 2012).
 The product under
consideration is designed taking
into consideration the health
requirements of the customers.
 The market plan of the product
therefore will be designed with
the aim to attract these
customers.

MARKETING STRATEGY
 Gives an overview of the strategies
which a particular company is to
follow for the promotion of their
products (Wilson et al. 2012).
 The promotional strategy for the
product will be designed with the
aim to attract the customers who are
more health conscious (Wilson et al.
2012).
 The company will also follow the
concept of “cost leadership” for the
product.
 Will take the help of “various kinds
and non-traditional means for the
promotion of the product”.

MARKETING MIX
 It is “a combination of factors that
can be controlled by a company to
influence consumers to purchase
its products” (Khan 2014).
 Often considered to be a
“foundation model in marketing”
(Khan 2014).
 A “set of marketing tools that the
firm uses to pursue its marketing
objectives in the target” (Khan
2014).
 The most commonly used tools
related to the marketing mix are
4Ps and 7Ps.

4PS
 The framework of 4Ps was proposed by E. Jerome
McCarthy.
 The tool is commonly used by the various
organizations for the purpose of the “determination
of the marketing strategy” which a company
should follow (Leonidou, Katsikeas and Morgan
2013).
 The “product, place, promotion and price” forms
the entities of this particular framework (Leonidou,
Katsikeas and Morgan 2013).

PRODUCT
 The product under consideration here is the
Dietary bar.
 The product will score high on the nutrient content
section.
 The company will use healthy ingredients for the
manufacture of the product.
 Use of recyclable materials for packing.
 The product will not use artificial sweeteners.

PLACE
 The primary market of the product will be in the
United Kingdom.
 The product will be launched in other nations as
well after it has proved sustainable in the market of
the United Kingdom.
 Initially the place of London will be the targeted
place of the product.

PROMOTION
 The “traditional as well as non
traditional forms of promotion”
will be used for the promotion
of the product.
 Social media will also be used
for the purpose of promotion.
 The various newspapers and
television channels will also be
used for the purposes of
promotion.
 The product will be promoted
in the various schools and
colleges.

PRICE
 The price of the product will be kept as low as
possible.
 The product will the concept of “cost leadership”.
 The company will try to offer “the best quality
product at the lowest possible price” (Mintz and
Currim 2013).
 This will help the company to earn the “loyalty of
the customers”.

IMPLEMENTATION
 The “implementation”
plan refers to the manner
in which the marketing
plan is being
implemented.
 This requires the
companies to take into
consideration the target
market, customer base,
promotional means and
others.

TARGET MARKET
 The target market of
the dietary bar will be
the market of the
United Kingdom.
 Initially the product
will target the various
suburbs of the United
Kingdom.

CUSTOMER BASE
 The product will focus
the people who are very
conscious about their
health.
 The people who like to
consume healthy
products.
 The students will also
be one of the primary
focus of the product.

COMMUNICATION PLAN
 The following is the communication
matrix which the company will follow for
the product-

CONCLUSION
 The UK market will be a very congenial
one for the dietary bar.
 The focus of the dietary bar on the
health factor of the customers will be an
added advantage for the product under
consideration here.
 The product can also target the various
students and children as their target
customer base.

REFERENCES
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 Fan, S., Lau, R.Y. and Zhao, J.L., 2015. Demystifying big data analytics for business intelligence through the lens
of marketing mix. Big Data Research, 2(1), pp.28-32.
 Gordon, R., 2012. Re-thinking and re-tooling the social marketing mix. Australasian Marketing Journal
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