Components Of A Marketing Strategy
To cater to the rising urge of people to have spicy sizzling food by not only providing them with hot taste but a premium quality as well. 2. 2 MARKETING OBJECTIVES The marketing objectives will be to explore and focus target markets for the product. To insert the product flawlessly to receive a warm response from the target markets. To penetrate deep into the target market. 2. 3 FINANCIAL OBJECTIVES As the product is new so the foremost financial objective will be to achieve economies of scale through aggravated number of sales.
The product and price for all the three markets will remain same. The “sizzling peppery chilly sauce”-the ultimate happening treat for your taste buds! Is a viscous red sauce is made from ground-aged cayenne pepper, jalapenos, salt and vinegar. It will be packaged in a transparent real 3-D shaped chilly. The red color of the sauce is going to fill in the transparent bottle. The bottle will be made up of high quality plastic to avoid breakages.
The bottle will have flaming logo- (the name) ‘sizzling peppery chilly sauce’ in a dripping fashion all in red with green thin outline along with the tag line it will also have a label of certification along with the list of ingredients and retail price. (Kotler & Armstrong, 2007) The pricing strategy would be value pricing providing more for less where customer is delighted. Our first target market is price sensitive thrifty females who are going to stay with a product only its economical whereas second and third market prefer taste more but a quality item at comparatively less price will be apple of every body’s eye.
Place will be all the retail outlets from where our selected target market usually shop. Market research can reveal this. Promotion will comprise of three phases; pre launch. Launch and post launch. Pre launch will spell curiosity into the market through large un named chilly shaped bottles moving in the cities on a lorry with a sound of sizzle . The concept of moving prototype will increase the reach of promotion. On launch Hotels and restaurants will be targeted through personnel selling via trials and bulk buying offers.
Same trials will be offered at malls, colleges, universities and offices cafeterias. As the product is tangible so actually asking the customer to try will increase the chances of its adoption. Post purchase will constitute of offers like buy 5 bottles and get a recipe book of spicy sizzling foods which will encourage the first and second target market whereas, for chefs an acknowledgement in form of a cookery show will be arranged on a local channel where renowned chefs will be invited. (Lamb, Hair & McDaniel, 2008 ) 3.
CONCLUSION The task of setting a code of conduct is done through formulation of marketing strategy. At this point in time one knows about what should be done where. How and why? One has all the tools to implement the action plan in sphere of reality.
Kotler ,P & Armstrong ,G (2007) . Principles of Marketing, 12 editions, Prentice Hall Lamb, C. W. , Hair, J. F. & McDaniel . C (2008). Essentials of Marketing, 6 editions, South-Western College Pub Schnaars , S. P. (1997). Marketing Strategy 2 Rev Sub edition, Free Press.