A marketing plan can be defined as a written record that summarizes the particular marketer has learned about the marketplace place and implies how the organization plans to attain its marketing targets. It contains tactical rules for the marketing programs and financial allocations over the look period. It is one of the most important outputs of the marketing process.
Bio foods (Pvt) Ltd. are a local company in Sri Lanka which presents fast moving consumer goods to the Sri Lankan community. It really is a local company which is concentrating on the health of Sri Lanka.
This marketing plan is dependant on an introduction of a new nutritional supplement natural powder to the city of Sri Lanka. This health supplement is called "Power Malt" and it has mainly targeted two sections of the city of Sri Lanka. Two sections are consumers who are malnourished locally of Sri Lanka and the consumers who do not consume a proper food because of their heavy workloads.
Company has discovered that there surely is a need for a good supplements powder in the united states and has done a marketing research of the community as well. A SWOT research has helped the company to recognize its position on the market place and if the company can succeed in the market place.
Also this marketing plan contain the key positioning areas of the item on the market place, marketing mixture of the new milk natural powder and the projected financials for the merchandise.
This section presents relevant background data on sales, costs, the marketplace competitors and the various pushes in the macro environment. How will be the markets defined, what size it is, and how fast it is growing? Etc. Bio foods (Pvt) Ltd. have been around in the market for about fifteen years. Also the merchandise marketed by the business are of high quality the brand of the company is in the heads of the consumers in Sri Lanka.
Market Analysis
Company discovered that there is a dependence on a proper quality healthy product in Sri Lanka, which no other company in Sri Lanka has been able to produce. Therefore company has recognized two market sections that they can successfully expose the merchandise to.
Malnourished individuals from the populace of Sri Lanka.
Busy consumers would you not have the time to take a nutritious food.
Both of the aforementioned categories in Sri Lanka according to the company research suffer from malnutrition.
The children in the rural areas as well as in urban suffer from this mainly due to the lack of education of the parents of what to feed to the kid during the most crucial growing age ranges. Also the ever increasing senior citizen society falls into the malnourished portion as well. Busy people who spend almost all of their time at office don't have time to go home and prepare a meal. Therefore to them this supplement natural powder will act as a meal alternative.
Therefore there are needs within the market for an excellent nutritional supplement that ought to have the next characteristics.
Nutrients which are essential for the growth and maintenance of the human body.
It should be sold at a price where even a low income family can afford.
Product should be at the finger tips of the buyer.
The company is creating its own market. A couple of indirect market competition who have launched various healthy powders. However they have not had the opportunity to capitalize on it. Which means company will be able to earn super income during the advantages, progress and maturity levels of the merchandise life cycle.
Product will be offered in various sizes of packages. Since the dietary supplement will be a bit expensive and even the rural folks of Sri Lanka are targeted for the marketing of the product milk powder sachets will be a major hit amidst them.
Key to success of this product is to meet up with the market demand and total customer satisfaction. If these two are achieved then the company can be a more lasting company.
2. 1 SWOT Analysis
Below examination shows the key talents, weaknesses, opportunities and threats facing the business.
Strengths
Brand name of the business has already been in your brain of the buyer.
The supplement has been approved by the federal government as a dairy powder which include all the nutritional supplements.
Distribution channels are already intact therefore the product can reach the consumer effectively.
It is available in two different tastes therefore consumer can pick whatever they like.
Weaknesses
Company hasn't marketed milk natural powder before. Which means consumers might be unwilling to choose the product.
Since the supplementation milk powder is brought in and crammed by the company massive amount startup capital is necessary.
Opportunities
Costs can be reduced through economies of range.
The market for natural supplements will grow.
Threats
Competitors will identify the opportunities and try to participate in the market.
Milk powder price in the global market will climb because of the upsurge in demand.
Target Market
Market targeting consists of deciding how many and on which market segments to focus the marketing attempts of a company.
In the above reason company has discovered two sections from the population of Sri Lanka. From that the prospective markets are the following.
Malnourished children below age five.
Senior individuals of Sri Lanka who are above 60 years of age who are also malnourished.
Busy people who are positioning top executive positions
Athletes who may need a proper meals who are too busy to prepare it.
Sales Objectives
Sales of the dairy powder will be achieved by the existing sales force of the business who are performing the other available products in the company. Sales team will approach the existing distribution programs and perform direct selling. To the the company will offer you them an incentive of 1% if this target is covered by the sales rep.
To the general public, selling will be achieved through considerable advertising in academic institutions, recreational facilities; elder's homes, exhibitions, presentations within local companies and athletic matches.
Positioning
Market placement is the act of designing the business offer and image to occupy a distinctive place in the mind of the target market so that the target understands and appreciates what the company stands for with regards to its competition. The business's positioning must be rooted in an understanding of how the target identifies value and makes options among sellers.
Bio Foods will position the new supplements as one of its top brands and the most needed diet supplement for the consumers of Sri Lanka.
Marketing Mix
Marketer's job is to devise marketing activities and assemble fully included marketing programs to create, communicate and deliver value for consumers. Therefore four Ps helps marketers in making their activity successful. Four Ps symbolize the seller's view of the marketing tools available for influencing potential buyers. From a buyer's perspective each marketing tool was created to deliver a customer benefit.
Product
Quality of the nutritional supplement cannot be matched by another similar product in the market.
Company's brand name is highly accepted within the Sri Lankan consumers.
Packaging of the merchandise comes in various sizes simple to use methods.
Design of the merchandise presentation is very appealing to the customers
Price
Price will be on a per product retail price basis
Discounts will get during the first month of the launch of the product
Promotion
Direct marketing will be done to the circulation programs by the sales teams
Advertising will be achieved using various methods
Existing sales team will be informed on the benefits associated with the new product by performing seminars.
Place
Product will be available in the prevailing stations of the company
The stations will be within the whole country
Inventory is held within the local warehouses
Transport to the warehouses and the retailers will be achieved by the internal transport office.
Projected Financials
This section will show the income and the expenses incurred per product sold and eventually the earnings per product sold.
(Rs. )
Estimated value per product 600. 00
Less: Import costs (250. 00)
Packaging costs (125. 00)
Transport costs (50. 00)
Discounts given (15. 00)
Other costs (65. 00)
Estimated profit 95. 00
Sachets will be introduced later in the product life cycle in line with the demand. Which means value of the sachets will be made the decision once the demand has been recognized.
Conclusion
The product which is likely to be offered to the market is a high quality product. Company has discovered the market's needs and wishes and then has decided to introduce this nutritional supplement. This will indeed make a discovery in the market. If the business implements this marketing plan company will surely flourish in the marketplace place with the supplements.
