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 introduces the 'Dietary Bar', emphasizing its nutritional value, appealing flavors, and sustainable packaging. A mood board illustrates the product's branding and appeal. The report addresses potential barriers to entry, buyer behavior trends, and identifies key competitors. A SWOT analysis is conducted to assess the product's strengths, weaknesses, opportunities, and threats. The core of the report outlines a detailed marketing plan, including marketing objectives, strategies, and the marketing mix (4Ps: product, place, promotion, and price). The product targets the UK market, with a focus on health-conscious consumers and students. The report also includes a communication plan and concludes with a summary of the market potential for the dietary bar, referencing various marketing principles and academic sources. The report emphasizes the importance of effective marketing strategies for the product's success.

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.