a) Identify the marketing goals and objectives.
i) Establish a stable customer base.
The first goal we hope to achieve would be that we obtain a stable customer base large enough to provide its own funding and also provide funds for other new products. We are also looking to experimenting with new products to increase our variety with this customer base.
ii) Periodically improve products and change appearance.
Secondly, we hope that we would be able to improve our product’s appearance, taste, value, etc periodically so that the established customer base does not lose interest in the product. This will be assisted by attaching customer review slips inside our products encouraging customers to fill in a feedback form.
iii) Achieve annual growth rate of 5% in sales every year.
As new products will be introduced from time to time, we are aiming to achieve an increase of 5% in sales annually. With new products going to be introduced, we hope to also increase the profit
iv) To become the market leader in local markets.
We are also targeting to be the leading producer and product for frozen pizza locally. We believe by constantly increasing our variety of our frozen pizzas which are high in demand, we will be able to dominate local markets for frozen pizzas.
b) Identify and analyse target markets for these two products.
Identifying and analysing target markets before marketing a new product is an important step which organisations much take before marketing their product. It is important that an organization first acknowledge the suitable markets to market their product to, then collect and analyse the data about the markets. This will enable the organisation to choose a more suitable target market and obtain optimum amount of benefits.
The largest segment of the markets would be the demographic segment. The demographic segment consists of personal details such as age, gender, income, education and so on. Based on the age segments, we have learnt that frozen pizza is mostly bought by teenagers and young adults. We have also learnt that frozen pizza is mostly bought by college students, university students and single working adults.
Besides that, there is also the psychographic segment. This segment consists of personality, social class, lifestyle and so on. We have learnt that people who are less conscious about their weight and health, are more likely to buy frozen pizza. Urban youth and young adults are also more likely to buy frozen pizza. This is probably because when in a metropolitan area, life moves faster and buying frozen pizza reduces times spent on preparing food greatly, making more time for other activities.
Lastly would be the behavioural segment. This segment consists of variables such as occasions, user status, user rate and so on. We have learnt that frozen pizza is a common sight when attending house parties and impromptu parties or gatherings. One of the reasons frozen pizza is a favourite is because it is easy to serve food to a large amount of people without having to go through a lengthy process of preparing food.
As a conclusion, from this analysis, when marketing our two new products, we would be able to develop more specific strategies to suit the needs of the customer and obtain the highest amount of profit.
c) Develop appropriate marketing mix strategy.
Marketing according to marketers is defined as putting the right product in the right place, at the right price, at the right time. When marketing a product, marketers use the 4P’s for their product before marketing it to avoid making mistakes when planning marketing strategies for the product. The 4Ps of the marketing mix consists of, Product, Price, Place and Promotion. This will help Pizza Pan to be able to suit the needs of the customers better.
The first ‘P’ of the 4Ps of the marketing mix would be Product. The product would be Pizza Pan’s new product, Jumbo, Topping-Plus Frozen Pizza....
References: i) http://en.wikipedia.org/wiki/Marketing_mix
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