Targeting a specific market gives the company the ability to compete better on a very mature market (that of breakfast cereals), while setting the market share goals to 5% within the first 6 months, should tell the manufacturer if the products are viable or not for this type of market. The product wont have a line of cereals for specific medical problems (e. g. gluten free), so there wont be any highly priced product in the initial phase. Marketing objectives The marketing objectives for 'Nutri Mix' refer to product awareness, target market and market share. Several macro-environmental factors impact the marketing of this product; economic, natural, cultural, demographic, political and technological. Therefore, the pricing must be suitable for those segments. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Product Type, 6.2. The report comprehensively analyses major players in the global breakfast cereal market, assesses their capacity, and monitors latest developments like plant turnarounds, capacity expansions, and mergers and acquisitions; key players in the market include: Nestl Group Kellogg's Company Bob's Red Mill Natural Foods General Mills, Inc. BusinessEssay. Historical Market Size Value (US$ Bn) & Volume (MT) Trend Analysis By Market Taxonomy, 2017-2021, 9.2. IMC is an integrated marketing communication and involves several modes of promotion and integrating them to create an effective communication plan to sell and promote a product. Correct writing styles (it is advised to use correct citations) Adopt efficient distribution channels to avoid stock outs and over shelving extremes. Whole grain was the leadingclaim among last year's global breakfastcereal launches, accounting for 38%, followed by high fiber (30%). It is an important strategy because it impacts the products performance in the market. Breakfast cereal sales are likely to account for 48% of the global cereals market, with the total market size reaching US$ 65.1 Bn by 2032. The earlier you get in, the lower the competition. This variable is widely used in consumer marketing, mostly in clothing, cosmetics or toiletries. Consumers are Preferring Organic Breakfast Cereals. Profitability by Market Segments (Product/Age /Sales Channel/Region), 18.1.10.3. A promotion strategy may include advertising; a nonpersonal form of paid communication through mass media, public relations; which involved developing links and relations with the organization and public to sell products and create brand awareness, sales promotion; used to generate sales in the short term through promotions like coupons, personal selling; one-to-one selling of a product and direct mail; mailing manually or electronically to promote a product gibing information and highlighting benefits. Survival. They vary in almost all segmentation variables, from age to lifestyle and attitude. BusinessEssay. It is an important concept because it is responsible for creating an image for the product. In the marketing mix that Huskys needs to adopt, the product has to be of good quality and nutritious as well as attractive and accessible. All the bars will have the packaging in lively colours as they stand for energy, which is associated with these colours. Distributor. Order & download for $12 Consumers are more likely to buy organic products if they believe they are healthier. (2022, December 8). However, this objective might not be ideal if it results in lower long-term profits. Portfolio 17.3.1.4. Business Strategy 17.3.1.5. Each media type has its advantages and disadvantages and marketers should be aware of those when designing their marketing campaigns. Healthy Co. Pty Ltd will adopt an IMC budget to cover advertising, sales promotions and some PR in the initial phase. That will allow Huskys to comprehensively plan and assess all costs and expenditures. Marketing Strategy for Huskys Breakfast Cereal. Huskys business is located a few miles out of the Southwest tourist district, where the facility is located. In Germany, nearlyhalf of cereal consumers prefer cereals made with natural ingredients. To make Huskys cereal the most widely used breakfast cereal at hotels and tourist resorts. Place This strategy refers to the establishments location, the logistics, market coverage and infrastructure endowments (e. g. internet). In the long-term this objective aims to maximize profits by reducing costs and increasing market share. Breakfast cereals are large & dynamic food industry sector, majorly in the UK . Good value pricing seems to be a good way of providing quality and value to the customer and receive value accordingly. Behavioural segmentation consists of dividing customers into groups based on the way they respond to, use or posses knowledge regarding a product. Supply Side Participants and their Roles, 3.5.1.2. Market Size Value (US$ Bn) & Volume (MT) Forecast By Market Taxonomy, 2022-2032, 11. Which significant steps can you take to stay ahead of competitors? (Philip Kotler, 2008). These objectives are mainly market share, brand awareness, health and nutrition and an efficient low-cost distribution channel. Apart from that, it is the nearest lace available to the southwest region which is the main market. Pricing it too high would compromise sales. The material used for packaging will be mostly paper as it might be an optimal solution from the environment point of view for both the package per se and information about nutritional content. Today its product portfolio includes convenience foods such as snacks, biscuits, waffles, pastries cookies and crackers. Get original paper in 3 hours and nail the task. submit it as your own as it will be considered plagiarism. It can be distinguished between audio/visual media and published media. Nutri Mix breakfast cereal is the product developed by the company for this market and its focused on nutrition and healthy life choices. (Philip Kotler, 2008). Sort By: Satisfactory Essays. For this, the cereal ingredients need to be balanced and nutritious, consisting of fiber, carbohydrates and local fruits. Historical Market Size Value (US$ Bn) & Volume (MT) Analysis By Product Type, 2017-2021, 6.3. However, given that one of the main age segments targeted by the breakfast cereal refers to children, the products specifications, package and promotional activity should focus on the female segment as they hold the buying decision. According to NetMba. Market Size Value (US$ Bn) & Volume (MT) Forecast By Market Taxonomy, 2022-2032, 17.3. BusinessEssay. (2004). Consumption of breakfast cereal bars and biscuits is being driven by growing demand for on-the-go meal options. (2022, December 8). us: [emailprotected]. A product is a combination of goods and services that a company offers to a large market. For distribution purposes, advertisements are usually used for consumption goods, Nutri Mix falling in this category. A distributor is a company that markets or sells merchandise, especially a wholesaler. Absolute $ Opportunity Analysis By Sales Channel, 2022-2032, 8. Personality type segmentation can be useful at a later point in time for designing targeted promotional activities. The logic behind using age as a segmentation variable is the fact the consumer needs and wants change as they grow older and marketers need to design products, packages and promotions to meet these needs and wants. (Importance of Economic Conditions). A product can be a personal care item; going further into the category it can either be a hair care item or a skincare item there can be numerous levels of classification. Forecast Factors - Relevance & Impact, 3.9.2. However, the designing will consider matching these lively colours with the usual colour set displayed on the rest of the products. Healthy Co. Pty Ltd is a food processing organisation located in Queensland, Australia. Value-added pricing will be used as well as part of special promotional endeavors in collaboration with other products in the future, as a free cereal bowl with a cereal pack. Historical Market Size Value (US$ Bn) & Volume (MT) Analysis By Sales Channel, 2017-2021, 7.3. Huskys would need to gain an edge by offering the tourist market a local taste with energy and excitement, and offer the local market good value and nutrition at an affordable price (Philip Kotler, 2008). Growing preference for gluten-free and organic breakfast cereals in the U.S. is expected to augment the growth in the market over the forecast period. Some of the most common price strategies refer to predatory, penetration and skimming pricing. The breakfast cereal product will be launched in Western Australia, more specifically Queensland, third state in the country as size of the population with 4,35 million inhabitants (Queensland Government, 2009). Thus, the uffed rice and corn cereals, which are mostly for children will have a package displaying a licensed character or a movie theme and containing either a cartoon drawing (e. g. Tony the tiger) and/or an activity or promotion directed to children (e. g. collect stickers). All rights reserved. https://business-essay.com/marketing-strategy-for-huskys-breakfast-cereal/. Current profit maximization. Figure 1. Tourists are looking for ways to learn about the local culture and geography. Y-o-Y Growth Trend Analysis By Sales Channel, 2017-2021, 7.5. Froot Loops is one of the fastest-rising cereal brands in the world, and it was launched in the Indian market supported by strong consumer insights, includingchildren. Millennial consumers are seeking healthy food options and are concerned about the possible effects of chemicals, GMOs,hormones, and antibiotics, and artificial ingredients in processed food products. Kellogg became the first brand in the GCC region to pioneer WebAR technology across a multi-channel marketing campaign for its Coco Pops cereal brand. On the basis of nature, sales of organic breakfast cereal are anticipated to increase over the forecast period. Global Market Analysis 2017-2021 and Forecast 2022-2032, By Nature, 5.2. Place strategy refers to the activity of developing an efficient and effective way of storing and handling goods and products, distributing them, and getting them to the customers in the market. ? Special deals and promotions can be developed to partner with local tourist resorts and hotels that generate mutual benefit. com (b), pricing objectives can be categorized as: ? om (a)). For Huskys, retailers play an important role because that is the main place where customers purchase cereals. Email marketing can include newsletters, updates on the company, or promotions of sales and discounts for subscribers. Use price as a tool to designate high quality and position the product as a quality leader. The PR will focus on the health benefits of consuming Nutri Mix and the environment aspects. The initial research was focused on six local macro-environment factors that could potentially impact the product. The product is available wherever breakfast is served, that is at restaurants, tourist resorts and hotels as well. Marketing objectives The marketing objectives for Nutri Mix refer to product awareness, target market and market share. [350 Pages Report] The global breakfast cereal market is expected to reach a market valuation of US4 42.3 Bn by the end of 2022, with demand growing at a CAGR of 4.4% over the forecast period. About.com, retrieved July 15, 2009, from: http://marketing.about.com/od/marketingglossary/g/imcdef.htm Australian Bureau of Statistics. BusinessEssay. Historical Market Size Value (US$ Bn) & Volume (MT) Trend Analysis By Market Taxonomy, 2017-2021, 15.2. The factors in favour of marketing such a product on the Australian market reside in an aging population as proportion of total population, forcing the government to focus on nutrition as a means to slow down health care expenses (IGR, 2004); the local market being a stable and developed one; the countrys technological development enabling advanced marketing and logistics techniques; and an increased concern for 21st century nutrition trends, pointing to an alarming growth rate of child obesity. In cost-based pricing, the cost incurred manufacturing and marketing the product is considered and a certain level of markup is calculated and charged over the cost. With the macro-environmental factors and demographic variables analyzed, the next step would be to identify and elaborate on the marketing objectives for Huskys new cereal. Market Size Value (US$ Bn) & Volume (MT) Forecast By Market Taxonomy, 2022-2032, 13. 1. Historical Market Size Value (US$ Bn) & Volume (MT) Trend Analysis By Market Taxonomy, 2017-2021, 11.2. The distribution will be done via at least one distributor and one large retailer in the beginning with the possibility to extend to small shops in a future stage. Retailers are companies that sell directly to the consumers and can range from large businesses such as Wal-Mart to small businesses such as non-chain locations managed independently, like a family bookstore. This will help you in targeting potential customers with ease. Generally, penetration pricing is used when entering a new market or attempting to increase a relatively small market share. In this case, the product is Huskys breakfast cereal. These two factors count significantly in addition to the price when it comes to customers buying breakfast cereal. The product under consideration is Huskys breakfast cereal. Entering at a moderate/low price with a good promotion will result in customers switching over or trying the new hyped-up product. In addition to this, expansion in the packaged food sector in the U.S., along with wide availability of breakfast cereals at online retail channels will continue fueling sales in the market. Greater format variety, such as cereal and milk duos, pots, squares, overnight oats, and snackable' miniatures, as well as category blurring efforts, such as drinkable oats, smoothie bowls, chocolate-covered treats, or popcorn muesli will create opportunities for growth in the breakfast cereal market. Your content marketing can emphasize the healthy qualities of your product, the target is to drive business growth. Email. Price definitely plays a part and will be the basis of the competition. The marketing mix consists of the actual product that will be sold to the customer, the price at which the product will be sold, the place where the product will become accessible to the customer and the promotional efforts that will be undertaken to sell the product. It is responsible for selling the product. Marketing Strategy for Huskys Breakfast Cereal. "Marketing Strategy for Huskys Breakfast Cereal." The content of sugars and salt will be carefully control, as these represent the main concern in children nutrition. Marketing Strategies - Breakfast Cereals in Australia. Agent. Thus, the promotional campaigns will target female adults fitting the mother profile, seniors and nutrition consultants. Just as regional cuisine differs vastly, so do taste preferences. The pricing strategy will be a skimming one to enable the company to recover partially or totally its sunk costs. Good Essays. ? Rising interest in breakfast cereals is compelling manufacturers to launch new and healthier alternatives without compromising the taste. Nature, Sales Channel, Product Type, and Region, Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives. Value-based pricing consists of two types; good value pricing that offers the right combination of quality at a fair price. This objective seeks to maximize current revenues, regardless of the profit margins. Australias Demographic Challenges: Retrieved June 25, 2009, from: http://demographics.treasury.gov.au/content/_download/australias_demographic_challenges/html/adc-intro.asp CHOICE. Historical Market Size Value (US$ Bn) & Volume (MT) Trend Analysis By Market Taxonomy, 2017-2021, 10.2. Other methods will be through public relations and direct marketing. The product for them would be packaged and priced accordingly (Philip Kotler, 2008). 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