11 Oct Develop an 6-8-page digital marketing strategy for a new pet food product (or new product or line extension at your employer or future employer.)? Introduction Digital marketing and socia
Develop an 6-8-page digital marketing strategy for a new pet food product (or new product or line extension at your employer or future employer.)
Introduction
Digital marketing and social media have completely changed the face of marketing. It is not that the older tools and models no longer work (they do!) but, rather, that these tools and models need to be applied in different ways.
Digital marketing activities are performed while customers are connected to networks through various mobile devices. Among the many things that make digital marketing unique is the trigger of communication. Customers may target the business (pull communication) or the business may target the digital consumer (push communication). Digital marketing can take place through a variety of modalities including email, text, apps, and any other means by which a customer can communicate on a mobile device. Social media takes the marketer into the world of “views,” “clicks,” and “likes” as a means of ascertaining product appeal to the potential market. Digital marketing has changed the landscape of marketing activities.
When measuring the results of social media and digital marketing, we have to measure outcomes to determine the effectiveness of a general approach or campaign. If we cannot determine effectiveness, how can we possibly know if this is something we want to do again or not? In this assessment, you will gain insight on some approaches to measuring social media and digital marketing effectiveness. Unlike other areas of business operations (for example, finance), the measurements here are still evolving. However, you need to have at least a foundation for thinking about this very important aspect of marketing.
Introduction
This portfolio work project, a digital marketing plan with a social media strategy, will help you demonstrate competency in digital marketing planning and measurement.
Scenario
The Vice President of Marketing at MSH Brands (or at your employer or future employer company) was impressed with your marketing plan and brand presentation submitted in Assessments 1 and 2. They have now asked you to develop a Digital Marketing Strategy based on this work.
Your Role
You are a Brand Manager at MSH Brands (or at your employer or future employer company). You are being asked to develop a digital marketing strategy for a new pet food product (or new product or line extension at your employer or future employer.)
Requirements
Building on your prior work this term, develop a digital marketing plan using the SOSTAC© model. Your plan must address each of the SOSTAC© elements, including:
1. Situational Analysis
- Analyze the current situation in terms of customers, intermediaries, and competencies.
- Conduct a thorough competitive analysis and identify what your competitors are doing in terms of Web presence and social media presence.
2. Objectives
- Develop specific measurable objectives for a digital marketing strategy. Where do you want your company to be?
3. Strategy
- Articulate short- (< 1 year), medium- (1 to 3 years), and long-term (> 3 years) digital marketing strategies. How do you achieve your objectives within these terms?
4. Tactics
- Differentiate various techniques (for example, website, social media, advertising, pay-per-click, events, press releases, sponsorships) to use for implementing strategies. How will you build your sales funnel?
5. Actions
- Develop a project plan for executing each tactic. The plan is to briefly capture your execution of the tactics.
6. Controls
- Develop specific metrics to monitor tactics. How do you know things are going as planned? How often will you monitor the metrics?
Deliverable Format
Requirements:
- The digital marketing plan must be at least 6-8 pages in length, in addition to the title and reference pages.
Related company standards:
- The digital marketing plan is a professional document and should therefore follow the corresponding MBA Academic and Professional Document Guidelines (available in the MBA Program Resources), including single-spaced paragraphs.
- Use at least five scholarly or academic sources, formatted per APA.
Evaluation
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:
- Competency 1: Apply marketing theories and models to develop marketing strategies.
- Analyze the current situation in terms of customers, intermediaries, and competencies.
- Competency 2: Evaluate the effectiveness of marketing strategies and methods.
- Develop specific measurable objectives.
- Articulate short-, medium-, and long-term digital marketing strategies.
- Competency 3: Use data to support evidence-based marketing decisions.
- Differentiate various techniques to use for implementing strategies.
- Competency 4: Analyze the role of technology and social media in effective marketing strategies.
- Develop a project plan for executing each tactic.
- Develop specific metrics to monitor tactics.
- Competency 5: Communicate marketing needs, opportunities, and strategies with multiple stakeholders.
- Write coherently to support a central idea with correct grammar, usage, and mechanics as expected of a business professional.
Marketing Plan
Professor:
September 17, 2022
Executive Summary
MSH is introducing a new product line in its production and sales. The gap between pet owners' demands and supply is notable globally. The company intends to fill the gap through research and development. The process is meant to find a solid solution to the issue facing pet owners. By doing this, the company will increase its customer base and loyal consumers. This will help accomplish the company's corporate objective to increase its market share and become the industry leader globally.
Business Context
The name of the new product by the company is MSH Natural, while its brand name is MSH Brand. It is a product meant for pets, especially dogs and cats. The food product aims to improve the overall health of pets. In other words, the product will offer a balanced supply of vital animal nutrients, thereby enhancing the growth and development of pets and stabilizing their general health. The product's features are meant for the premium category due to its quality content. It brings happiness to both the pets and the pet owners. The primary reason for the company to introduce the new product line follows the gap that emerged after the increase in pet keeping. The Company intended to fill the gap by introducing a solution to pet owners. The corporate objective for introducing the product line was to increase its profit earning through increased sales, widening its market share by creating customers. In general, the corporate objective of MSH is to use the new product line to its competitive advantage to win a larger share in the pet food market.
Situation Analysis
SWOT Analysis
Strengths: most notably, MSH is a well-recognized brand, especially in the developed markets where most people have developed an interest in keeping pets. Besides, the company currently has a stable market share in the regions of its operations. It looks forward to using the new product to boost its market share. Moreover, the company has talented and skilled individuals capable of conducting effective research and development programs. Such talented individuals will play a vital role in improving its visibility and credibility by offering quality products to consumers.
Weaknesses: one of the company's limitations is its absence in many parts of the globe. Recently, the company's presence is based in the United States and relatively in Canada but lacks in potential markets such as those of the United Kingdom, Japan and Australia. It needs consideration of investing in such markets to increase its global market share of pet food products.
Opportunities: Currently, the interest in keeping pets in homes has increased in developed countries leading to the chance of market availability of the company's products and services. Pet owners are faced with the challenge of keeping their pets healthy, increasing the demand for the company's new product line. Also, the industry is forcing industry marketers to be more creative to curb the needs of the vulnerable types of pet breeds. The company already has talented and highly skilled personnel to offer a solid solution to the pet owners' demands.
Threats: market risks is a potential threat the company may face. Many parts of the world, including the developed nations, are facing economic pitfalls like recessions following numerous factors such as the recent covid-19 pandemic and regional wars that destabilize global finance. Therefore, the company risks failing to reach its target sales as the spending power of consumers declines.
PESTEL Analysis
The principal targeted market for the company includes developed nations, specifically pet owners. This includes individuals interested in keeping their pets in good health shape. The number of people interested in keeping pets, primarily dogs and cats, in their homes has increased over the decades. Currently, the availability of the global market for the company's new product is anonymous, thereby strengthening the company's product portfolio.
Political factor also plays a crucial role in the company's new product line. As the company expands its operations in other foreign nations, they are more likely to encounter political factors such as licensing, political stability and corruption levels in such countries. Also, the company may face social factors whereby specific demography might oppose the new product due to conflict in cultural norms (Saura, Palos-Sanchez & Correia, 2019). Technology, on the other hand, will favor the company's operations provided it has one of the most talented and skilled groups of research and development teams. Moreover, as an interest in keeping pets continues to spread across the globe, more new entries are entering the market, causing significant competition. Currently, the major players in the pet food industry include Nestle Purina PetCare, Hill's Pet Nutrition, J.M. Smucker and General Mills. The company is considering specific strategic plans to become a leader in the list.
Marketing Strategy
The company's choice of marketing strategy is based on its objectives of leading the pet food products and services industry. The primary aim of the entity is to create a distinction between its products and services and those of its major rivals. Moreover, it will locate its stores in regions with potential consumers; areas with many potential pet owners. It invests more in online operations to increase its customer base from all parts of the world. MSH will further base its competitive positioning on quality or prestige-based to target premium consumers. These are customers with interest in quality over price. Through differentiation strategy, it intends to target such a specific segment of the audience by offering them two types of MSH Brand, including MSH Natural for Dogs and MSH Natural for Cats. These products have unique and distinctive features from other companies' pet food items.
Marketing Tactics
Promotional Strategy
The company will base its promotion efforts on online operations. As a result of advanced technology influence, more contemporary customers have a preference for purchasing products and services via online platforms. It will design its website platform where customers can view and pay for the products and get their orders delivered to them in a reasonable time. Also, it will use social media platforms for advertising the product to the global market, thereby increasing its sales and market share.
Pricing Strategy
MSH will apply two pricing strategies in two distinct stages of product awareness creation. During the first stage, it will deploy a penetration pricing strategy. It is a strategy that aims at offering attractive prices for products and services to attract the attention of many customers (Thabit & Raewf, 2018). The approach will increase the entity's customer base to boost its sales and revenues, especially in foreign markets. Later on, the company will deploy a value-based pricing approach. It is a pricing approach that aims at offering prices that reflects the value customers obtain from a product or service. The strategy will play a significant role in customer segmentation by focusing on premium consumers.
Distribution Strategy
The company will utilize direct distribution when delivering its new product to its destined consumers. The approach focuses on delivering products and services directly to the end-user without involving intermediate. The primary purpose of using the approach is to retain the quality and value of the product as intended when reaching its destinations. Also, the company will use the method to create brand awareness by sending specific messages and receiving first-hand customer feedback. As a result, it will be able to improve the products further following customer feedback to increase its popularity and loyal customer base. Retaining such customers will guarantee the company ready market over its regions of operations.
Advertising Strategy
Most of the company's advertisements will be made through social media platforms as these are platforms with a substantial number of potential customers. Social media is the best advertising approach to create product awareness for a larger population of potential customers (Chaffey & Ellis-Chadwick, 2019). The company will run more of the new product adverts on social platforms such as Facebook, Instagram and Twitter to capture as many potential customers as possible.
Effectiveness
MSH will utilize three key metrics to measure the effectiveness of the new product line. The metrics include the conduction of analysis regarding the new customers' rate, the sales volume and impression metric. Based on the analysis of new customers, the company will apply the approach of aggressive advertising and promotion to evaluate the rate of new customers visiting its stores from each location. The scale will include customers who show interest in the new pet food product. Also, the company's management will evaluate the market plan's effectiveness by measuring the workforce's anticipation. For instance, if its employees increase by about ten per cent since the plan was implemented, this will indicate its effectiveness.
The sales volumes, on the other hand, will help to measure the monthly sales. The tool will evaluate whether there will be any notable changes since the plan's implementation period. For instance, if the company's sales increase to more than 16 per cent over six months, this will prove the plan's effectiveness. The company will use the tool to measure customer responses and feedback regarding the impression metrics. The tool will help the management evaluate the feedback in terms of whether the product delivers the customer's needs and where improvement may be required.
Summary
The marketing plan of MSH will focus on increasing its global market share in the pet food products and services industry. The new production line will improve the company's product portfolio. It will maximize the company's profitability by raising sales and revenues. This is by attracting more loyal customers and increasing the global customer base from foreign markets. Following the five "Ps" of marketing, the company will categorize its products into the premium category of items due to their quality features. It will first deploy a penetration pricing approach to create awareness of the new product and then apply value-based pricing to premium consumers.
References
Chaffey, D., & Ellis-Chadwick, F. (2019). Digital marketing: strategy, implementation & practice. Pearson uk.
Saura, J. R., Palos-Sanchez, P. R., & Correia, M. B. (2019). Digital marketing strategies based on the e-business model: Literature review and future directions. Organizational transformation and managing innovation in the fourth industrial revolution, 86-103.
Thabit, T., & Raewf, M. (2018). The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4).
1
9
,
Branding 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.
2
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.
3
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.
5
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.
6
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.
7
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.
8
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.
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