Dr. Manahil PRICING & MARKETING PLAN IMPLEMENTATION
Lilozie
ketofoodSTP.docxASSIGNMENT 4
STP, Product Management and Situation Analysis
[Name of the Student]
[Name of the University]
Running Head: ASSIGNMENT 1
STP, Product Management and Situation Analysis
Introduction
This assignment will focus on the target and competition part of developing the Marketing Strategy of the business. The segmentation, targeting, and positioning is the most important component of analyzing the market position and strategy of a product. There will be Maslow’s theory and consumer behavior model discussed in this paper.
Discussion
According to psychology, Abraham Maslow studied how human motivation described the way of their behavior. There is a complete hierarchy of different needs which determine the priorities of individuals. The order of these include physiological needs, security and safety, belonging and love, self - esteem and self – actualization (Same & Larimo, 2012). So, the companies should focus on meeting the needs of their target market by analyzing this hierarchy. Marketing can use this important concept to provide products in a way that is required by the customers.
Further, the consumer buying process consists of six different steps. These steps include the problem recognition in the marketing process and then searching for the information that leads to the evaluation of multiple alternatives. Then there come the decisions about the purchase after which customers make a purchase and this generate post - purchase evaluation (Solomon et al., 2014). The marketing should\ include these steps in its strategy making so that the buying behaviors can be analyzed accordingly.
The demographic profile of people coming to this place include the people belonging to both the genders in the area of Las Vegas, NV. The buying capacity of these people is according to the price range set by the restaurant because the proper analysis is conducted before setting prices. The market size includes all the people living in the vicinity. These are the people who want to eat food with fewer carbohydrates and with a sufficient amount of protein along with high fats (Parsons, 2015). This is for the people who want to use fats as the fuel for their brain rather than the carbohydrates.
In the area selected to make this restaurant, there are many other keto restaurants available which increase the competition but this also shows that people are well aware of the new product being offered by the company. in this area, there are few big players already working by the names of Egg works, MTO Café, the protein source, skinny FATS, and Studio B - Buffet at the M - Resort. All these places offer perfect selected of the diet that meets standards of the keto diet. This is best for the people who have strict needs in their dietary schedule.
The area of Las Vegas has a diverse population living here as people from all over the world visit this place. The purchasing power is high and the demographic profile selected also support the decision of providing a keto diet because of the increase in the obesity rate in society. people are now moving towards having a better lifestyle and controlled diet so that the extra fats in the body can be consumed easily. It is challenging for people to find good places that offer keto food as offering purely keto diet is a difficult thing. For improving the credibility level of consumers, this restaurant has developed an excellent marketing strategy. The trend in the industry shows that in starting the company should market their product effectively so that the information can reach out to people preferring ketogenic food which are the actual targeted customers of the company.
Conclusion
This assignment focused on analyzing the consumer behavior by focusing on their needs and then making an appropriate marketing strategy. Analyzing all these things is very important because the savvy customers of modern century require marketers to know about their needs and there is a high level of competition in the market which is another challenging aspect. In this respect, this assignment has described all the elements of competitiveness where a diverse area of Las Vegas is targeted for the ketogenic food.
References
Parsons, J. M. (2015). " Good" Food as Family Medicine: Problems of Dualist and Absolutist Approaches to" Healthy" Family Foodways.
Same, S., & Larimo, J. (2012, May). Marketing theory: experience marketing and experiential marketing. In 7th International Scientific Conference “Business and Management (pp. 10-11).
Solomon, M. R., Dahl, D. W., White, K., Zaichkowsky, J. L., & Polegato, R. (2014). Consumer behavior: Buying, having and being (Vol. 10). London: Pearson.
