Business Plan Abby
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MarketingPlanBudgetWeek5.docx4
Marketing Plan Budget
Abby Davis
Strayer University
Professor: Andrea Banto
BUS 599
May 7, 2022
Marketing Plan and Sales Strategy
Company's Target Market
The selected company for the previous paper was Balance Body Snacks. The company serves fast, healthy fruit snack products under strict healthcare regulations provided by state and federal government agencies. The primary target market for the company is the middle-class audience who operates or works in the center of the most significant cities or towns in the United States. Despite the shrinking size of the market over the past decades, the middle-class audience remains relevant, especially in the fruit snacks industry (Ojo, 3). The company relies on the middle-class audience working in the middle of bigger cities and towns and has no time to prepare breakfast and lunchtime food for break-time. Such a class of individuals tends to have less break time, thereby making fast food services appropriate for such time frame allowed to them. In particular, the company focuses on the bachelors who depend on no one to prepare food and drinks for them. They count on fast food products and services to get food and beverage items delivered to their location. Following a recent report released by Pew Research Center in 2020, most of the United States population is within the middle class, with 52 percent of the whole adult population (Imarc, 1). These are individuals with the potential of earning an average of $30000 to roughly $90000 annually. The class is the foundation of the food and beverage market, and it is the aspect that drives the domestic demand in the nation. The middle class is more homogeneous, making it an easy target for the company to reach with its products and services.
Company's Market Competition
The global fruit snack market has continued to grow over the past years, and it is expected to surge as many consumers focus on healthy food and beverages items. The market grew at a CAGR of about 6 percent from 2016 to 2020 (Imarc,1). With the recent covid-19 pandemic increasing the industry's products, the market's size is anticipated to surge due to its attraction to the new entries. In other words, there has been an increasing number of new organizations entering the market, thereby making it highly dense. The market is highly competitive, with major players such as Bare Foods Co. (PepsiCo Inc), Kellogg Co., Welch Foods, and General Mills Inc. taking the lead in the market share (Imarc, 1). The top players have adopted numerous strategies, including new packaging of products, product innovation, mergers, acquisitions, and product promotion, to boost their sales and revenues and improve their profit margin. For instance, in 2015, SunOpt Inc. acquired Sunrise Holdings, which resulted in substantial revenue growth and improvement in its profit margin. The primary food product that Balance Body Snacks competes against the major players in the market includes fruit snack-packed items such as papaya, mango, and watermelon. Balance Body Snacks differentiates its products by inclusively adding other ingredients like yogurt, egg whites, and soy to spice the package. The approach is practical as it develops uniqueness in its company's packaging outlook.
Value Proposition
The value proposition for Balance Body Snack Company is "The Testiest Way to Get Healthier." Typically, fast food products are considered tasty with a variety of flavors that spice them to the consumers. Also, consumers are often attracted to more delectable fast food products such as humbuggers, French fries, and more related. The company's approach is not to lose the concept of fast food items to its consumers. It, therefore, ensures it spices its fruity snacks by adding healthy flavors to attract and entice more consumers with its proposition value. Also, the company's slogan is "Healthy yet delicious snacks." The company's slogan is linked up with its propositional value to sink its products' message to the mind of consumers.
Marketing Vehicles for Branding Marketing
One of the most effective marketing vehicles would be social media platforms. The marketing vehicle is among the most cost-efficient digital approaches for marketing. It will increase the visibility of Balance Body Snacks' business across a wide range of potential consumers across and beyond the country. The engagement with a broad consumer audience will boost the recognition of the company's brand across the global market. This is even more significant for the company's brand, given that contemporary consumers are focusing on online services for efficiency. Another effective marketing vehicle for the company's brand would be event sponsorship. Setting aside some capital to sponsor specific events will promote the company's positive brand to the audience participants of the events (Manns, 2). This way, the audience will generate awareness of its brand, thereby leading the company to increase its customer base, which is essential to its sales and revenues. Sponsoring events will also enable the company to reach wider demography of potential consumers, increasing its sales and revenues. Besides, the event participants will generate royalty by recognizing the brand while enjoying the event's experience. The company would also use sampling by spreading its products' message and offering free samples to consumers.
References
1.Imarc. (2022). Fruit Snacks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026. Retrieved from;
https://www.imarcgroup.com/fruit-snacks-market
2.Manns L. (2017). The Top Four Benefits Of Corporate Sponsorship. Retrieved from;
3.Ojo, S. (2018). The Fruit and Vegetable Snacks Venture. SAGE Publications: SAGE Business Cases Originals.
