A marketing plan incorporates many factors. Product, price, place, and promotion all need to be evaluated and researched and taken into account. The following is the marketing plan for a new oatmeal product.
Marketing Plan: Oatmeal
In marketing there are several parameters that can be managed in order to create a successful product line. The product, place, price, and promotion of a product line needs to meet the needs of a company's target base. The marketing plan for a new oatmeal product will evaluate all of these factors and create a strategy to promote sales and growth. Definition of Marketing
Marketing is defined differently depending upon who is defining the word. In fact, even the American Marketing Association changes their definition from year to year (Kerin, Hartley, & Rudelius, 2011). Marketing covers a broad area, including factors such as research, design, and distribution. Marketing involves actions to create a product or service that meets the needs of consumers and bring that product or service to a target audience. Introduction of Product/Service
Oatmeal, a cholesterol lowering food, is consumed by a wide variety of consumers. It is not ethnic, gender, age, or income specific. Oatmeal in its simplest form can be described as the old fashion oats, packaged in the classic oatmeal canister, such as that produced by Quaker Oats (Quaker, 2011). There are many other oatmeal products on the market though. Instant oatmeal is created in several flavors like peaches and cream, strawberry, cinnamon, and brown sugar. Situation Analysis -- Marketing Environment Forces Impacting Product/Service
. There are many environmental forces that marketing professionals must take into consideration when designing a marketing plan for a product. Social, economic, technological, competitive, and regulatory environments must be evaluated as they relate to a specific product or service (Kerin, Hartley, & Rudelius, 2011). The social environment in the United States has gone through many changes over the past decade. Concern for the environment, being healthy, and the idea of getting back to basics has grown rapidly. The social environment has gone from holding value in big, gas-guzzling cars and eating enormous portions to the priceless idea of simplicity. As a whole, our society has made efforts to spend less, become more environmentally conscious, and eat healthier. The fact that more consumers are making an attempt to make better choices concerning their diet could be used to the advantage of companies producing and marketing food products. The benefits of oatmeal are widely acknowledged, as it has proven to be a heart healthy, cholesterol-lowering, and filling food. Thusly, marketers do not have to stretch the truth or create a complex plan in order to use the state of their social environment to their advantage.
The factors that make up an area's social environment include the population's age, gender, ethnicity, and income. Obviously this will vary depending upon the location. For example, the number of elderly in the South are increasing, namely Florida. The elderly, often under instruction from their physician(s), pay more attention to their heart health. A company producing oatmeal could use marketing tools in these areas that target this segmentation base.
The competitive environmental force, referring to similar firms offering comparable products that could meet the needs of a specific market, can threaten a company's success (Kerin, et.al., 2011). Oatmeal companies are no exception. Oatmeal companies include Quaker Oats, McCann's, and Glutenfreeda (offering gluten free oatmeal products). The most popular oatmeal product is oatmeal breakfast cereal, but there are other products such as nutritional bars, cookies, and oatcakes. This increases competition in the oatmeal industry. In fact, even Aunt Jemima is getting into the oatmeal...