Digital Marketing Plan D
kimdevore
Assessment2.pptxBranding Presentation
Brand’s Name for the Product and its Role in the Brand Portfolio
The brand name for the product is MSH Natural
Greater Potential Reward
Positioned to generate new sales in the long run
Enhances the brand’s relevancy during maturity and declining of other products/ services
Besides the significant risks new products may present to the brand’s portfolio, it also brings greater potential rewards. It plays a vital role in portfolio management by ensuring the company’s performance is strong currently and in the future. The new product is positioned to create and generate new sales and revenues for the company. It guarantees future relevancy for the company’s operations by taking off when other products enter stages of decline and maturity.
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Target Market
Developed Markets
Regions with a high population of pet owners
Premium customers
The primary target market for the new product includes developed nations such as the United States, Canada, the United Kingdom, and Australia. These are markets with significant numbers of the potential audience for the product. The company intends to target a population segment that contains individuals interested in keeping pets in their homes. A significant number of pet owners are located in developed countries. Due to the product’s high-quality content, the company also targets premium customers. These include customers with interest in quality over price.
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The New Product Objectives
Creation and Addition of Customer Loyalty
Support the trade Relations
Trials Increment
Expansion of Usage among Current Users
The new product will aim at creating a greater base of loyal customers. Due to the quality ingredients used in the product, the company’s objective is to entice more customers by reaching and achieving their needs to satisfaction. The company will use approaches of price promotions and free products/giveaways to encourage trials and to increase its brand trial (Fayvishenko, 2018). Through trade relations, the company intends to expand its operations in foreign markets to fuel economic growth and raise its workforce's living standards. The product’s objective will also focus on increasing its customer base for sales and revenue increment.
4
Product Positioning
Quality of product
Its key selling point
Quality-based Positioning
The company will avoid competing on price by imposing higher fees for a higher quality product. The product position will complement the objective of Creation and Addition of Customer Loyalty. It will use its high-quality ingredients in the product to entice and capture premium customers.
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Competitive Pricing Strategy
Penetration Pricing
Penetration strategy will help the company introduce and create awareness of its new product in the market. The approach will complement the objective of increasing the customer base since it will target more customers from foreign nations (Gupta, Ivanov & Choi, 2021). It will also complement the public relations objective due to its expansion of activities to other foreign markets.
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Competitive Pricing Strategy
Value-Based Pricing
Value-based pricing will set the price for its new products based on the quality ingredients for the customers’ pets. Similarly, the pricing strategy will complement the objective of Creation and Addition of Customer Loyalty by selecting a specific segment of customers. The approach will also complement the objective of increasing the number of loyal customers by satisfying their needs.
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Reflection and Objectives Complementary on the Product’s Aspects
Packaging Aspect – outstanding containers, easy to open, brand awareness and promotion, maintaining the quality of the content and safety to handle.
Promotion – creating and increasing brand awareness in the local and global markets.
Placement – utilization of modern merchandising techniques to reach the company’s target markets in both local and global markets
The company’s packaging strategy will be unique and straightforward to attract more customers. It will also maintain the quality of the new product content and safety to handle. The packaging of the new product will complement the objective of increasing the customer loyalty base through its containers’ unique design. Also, packaging will play a vital role in supporting public relations through its container’s messages. The promotion of the new product will be based on increasing brand awareness, especially in the new foreign markets (Zavattaro, Marland & Eshuis, 2021). It will complement the objective of expanding the customer base for more sales and revenues. It will reflect placement by using a modern merchandising approach for the brand to reach its potential customers without the use of overt ancient advertising. This will also complement the objective of expanding usage among its current users by reaching overseas markets to boost its customer base.
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References
Fayvishenko, D. (2018). Formation of brand positioning strategy. Baltic Journal of Economic Studies, 4(2), 245-248.
Gupta, V., Ivanov, D., & Choi, T. M. (2021). Competitive pricing of substitute products under supply disruption. Omega, 101, 102279.
Zavattaro, S. M., Marland, A., & Eshuis, J. (2021). Public branding and marketing: Theoretical and practical developments. Public Administration Review, 81(4), 728-730.
