Investigating Marketing Essay
The customer will want the product to be worth their money and be better than the original product. My product will be packet up in a tube shape which is what teenagers mostly by such as Rowntrees fruit pastels and mints or polos The parents will want the sweets for their to taste nice but which don’t make the kids hyperactive to this the Haribos will have the artificial colouring and sugar but will still taste as good. Also it will attract the teenagers to buy these Haribos as it will have no fat and low calories as teenagers are all about image and looking good so this will work in my favour as it my product will be fat free.
The price will be similar to my competitive but will have more advantages such as no fat, low calories, no gelatine which is prohibited for vegetarian , Muslims etc recyclable packaging so its environmental friendly which would appeal to parents, sugar free so it wont make kids hyper, different range of flavours for various consumers also no artificial colouring so more customers will buy as it better value for money as it has more benefits than the original product also
Need essay sample on "Investigating Marketing"? We will write a custom essay sample specifically for you for only $ 13.90/page
This will help me stay ahead in the competition with the other brands as my product will be most profitable with various benefits which many sweets don’t include also there are not that many sweets aimed partially at teenagers I am hoping to take the Haribos brand to a whole new level. There will be the ingredients on the Haribos packaging so you know exactly what’s in it. The product will be very well known as I will get it sponsored by a famous teens programme. Improving Profitability of the business:- My product will better than the other brands in lots of different ways.
Firstly Haribos has got a good reputation for being a popular and one of the best sweets. Secondly it will be cheaper than the other brands. Haribos has been invented since 1893 it is a very well known brand has it has been going on for centuries. My product will have no gelatine in all of the products which is unacceptable for Muslims also for vegetarians. there will be no artificial colours due to some scientists have linked some additives to hyperactivity in children, allergies, asthma, migraines and even cancer.
Fat free as there are lot of obese children in UK obese children are at increased risk from a number of serious health problems more usually seen in adulthood, including hardened and blocked arteries (coronary artery diseases), high blood pressure, and type 2 diabetes. When they grow up, they are more likely to be obese so this fact should appeal to parents and teenagers. Also low calorie should improve profitability of the business as low calorie will benefit psychological and physiological.
Health professionals and consumers believe low-calorie sweeteners are effective for the following purposes: weight maintenance, weight reduction, management of diabetes, reduction of dental caries, and reduction in the risks associated with obesity. Improving market share:- I want to improve my market share which is the sweet market so it will appeal to more teenagers by having improved my product. “HARIBO is the world’s largest gums and jellies manufacturer and the market leader in the UK with over 25% market share”. http://www. haribo. com/planet/uk/info/Haribo_final.
pdf. My product is more value to the costumer with a lot of benefits from the original product. Also my pricing will be slightly lower than my competitives which a decrease in price will increase sales revenue. Advertising my product more broadly so it appeals to more people. Diversifying the range of products available:- To diversify my product I will bring out different shapes and sizes of Haribos so kids have a bigger range of Haribos to choose from which give kids a much bigger choice and will come to taste the other and sizes of the Haribos.
Relaunching the product:- I want to relaunch my product getting sponsored by a famous kids TV show so I did some research to find out and it is art attack “Winner of 10 major international awards, Art Attack is one of CITV’s longest running shows” http://www. citv. co. uk/page. asp? partid=61. Also it is on a channel what everyone has got who has a television nearly all the kids watch it as it is very popular they don’t need satellite, sky or any digital box to view the show. Increasing brand awareness of the business:-
I will increase the brand awareness by my long tube Haribos having the original Haribos image so people can identify the product straight away as it has a unique cartoon boy on it. Also by advertising on billboards, put posters up where kids like to go also on TV advertisement. Another way to increase brand awareness is by giving out free samples to parents with kids. So the parents can taste them to see if they like it for them or there kids and the kids can taste it to see weather they like it. The objectives I have used are smart:-
1) Increase markets share by 4% within 6 years so an increase in the proportion of company sales relative to total market sales of Haribos. 2) To increase the proportion of 13-18 among are market of Haribos by 6% over the next 2 years as we want it to appeal to teens. 3) Increasing the sales of the Haribos and therefore creating the opportunity for larger profit margins or competitive pricing. 4) Enhancing corporate image by advertising and sponsoring so it will improve the publics understanding of the company.
Also it will help increase sales this will be seen as a long term investment for the future. Marketing strategies 1) Reposition our brand Haribos in the mass-market sector by cutting its price; launch new up market, high price brands in each of the following next years making it appeal to teens. 2) Relaunch Haribos with better packaging which appeals to teens. Better advertisement that gets to more people. Offer free samples to those who are aged between 13 to18. 3) I will make my product slightly cheaper than my competitive.
So this will make Haribos will seem more profitable so it will appeal to more consumers who love sweets as it is a good brand, fair priced sweet product also I will not make my price of Haribos too low so I wont make a profit or to high as it will seem very costly to the consumers so they will not purchase it. I will price my product at a fair price so I and the consumer will both benefit as I will make a profit and they will buy a product which will seem profitable.
4) I will enhance my corporate image by getting sponsored by Hollyoaks which is a very popular teen show which has been running for many years. By getting sponsored by Hollyoaks hopefully I will win over most of the viewers to buy my product. Also my product will be put on billboards around the country. So hopefully 15% will have tasted my product, 50% will have heard of my product. Explaining what market segmentation is: Market segmentation is the process of dividing up a market into some unique set of characteristics according to different consumer purchasing needs and wants.
To help segment consumer market you will need to use various methods such as demographic, geographic, behaviouristic or psychographic. Chosen a relevant geographical segment:- I have chosen to sell my product in Britain. I will be starting off in the capital city of England which is London as most people have an average or above household income, which will make them want it as it is not expensive . I will start off in large supermarkets where the families generally go to shop.