Marketing Strategy for Soymilk Essay
The marketing strategy for soymilk considers the pool of health conscious consumers as the target market. Through product specialization, particularizing soymilk would meet the preferences of sub-groups within this segment such as children and weight conscious individuals. The value proposition carries health value, affordable price and selection variety. The positioning of soymilk is a leader in the beverage sector by comprising its own category and symbolically positioned to make consumers prefer soymilk to competing products. Marketing Strategy for Soymilk
There has been tremendous growth in the sales of soymilk over the past decade making this beverage a strong alternative to dairy milk. Previously, soymilk and other non-dairy beverages emerged to meet the demand of consumers with lactose intolerance. However, in the past five years, heightened health consciousness of the market propelled soymilk to become an alternative for the health conscious market segment because of the high protein and B-vitamin components of this beverage (Dhar & Foltz, 2004). There remains a wide room for market expansion for soymilk products.
One supporting factor is the technological developments in soy production (Dhar & Foltz, 2004) leading to reduction in production cost. Another factor is the creativity in soymilk products (Dhar & Foltz, 2004) ranging from flavored soymilk, drink mixes, and other product concepts that could attract other market segments. Developing the appropriate marketing strategy for soymilk would ensure successful expansion and sales increase.
Components of a marketing strategy
There are three major components of a marketing strategy. Read about Skittles target market
Need essay sample on "Marketing Strategy for Soymilk"? We will write a custom essay sample specifically for you for only $ 13.90/page
The first component is a thorough understanding of the market in terms of its size and potential for growth as well as learning about consumer needs. Knowledge of the market supports its segmentation according to socio-demographic and psychological factors and selecting which ones to target. The second component is developing value for the product based on unmet consumer needs as a means of differentiating the product from existing competitors. The third component is creating product visibility to the target market by positioning the product in the market. (Kotler & Keller, 2008)