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MKG721 Rich in Vitamins and Minerals

Criteria

85 – 100%

75-84%

65-74%

50- 64%

0-49%

Presentation of a brief background to the industry and product.

 

Presents a concise and critical background to the industry and product based on relevant and current secondary data. 

Takes on board all feedback provided for Tasks 1 and 2.

Presents a concise and insightful background to the industry and product based on relevant and current secondary data.  Takes on board the feedback provided for Tasks 1 and 2.

Presents a brief background to the industry and product

based on relevant and current secondary data. Takes on board most of the feedback provided for Tasks 1 and 2.

Presents a brief background to the industry and product based on relevant secondary data.

Takes on board some of the feedback provided from Tasks 1 and 2.

Presents an inadequate background to the industry and product. Does not adequately take on board feedback from Tasks 1 and 2.

Mark …/5

Comment:

Identification and profiling of key market segments.

 

Application of knowledge of consumer decision making for the product category

Identifies three potential target markets.

Presents a rich profile of the most attractive target market based on application of all four bases and a range of determinant variables and relevant and current secondary data.

Justifies the selection of the target market through rigorous evaluation of criteria for effective segmentation - backed by current and relevant sources of data.

Critically evaluates and justifies the consumer decision making process based on level of involvement.

Critically evaluates and justifies implications for marketing with a focus on how the marketing organisation for the product selected could influence each stage of the decision-making process in their favour.

Identifies at least two target attractive markets.

Presents a profile of an attractive target market based on all four bases and a range of relevant variables.

Justifies the selection of the target market through evaluation of criteria for effective segmentation – backed by relevant and current sources of data.

Examines and applies the consumer decision making process based on level of involvement.

Examines a range of implications for marketing with a focus on how the marketing organisation for the product selected could influence each stage of the decision-making process in their favour.

Identifies at least two appropriate target markets.

Presents a profile of an attractive target market based on a range of relevant segmentation variables.

Evaluates the selection of the target market by applying criteria for effective segmentation – identifiable, measurable, sustainable, reachable, actionable.

Discusses the consumer decision making process with a focus on level of involvement.

Discusses how the marketing organisation for the product selected could influence each stage of the decision-making process in their favour.

Identifies at least two appropriate target market.

Presents a profile of one key target market.

Describes the consumer decision making process.

Describes how the marketing organisation for the product selected could influence the decision-making process in their favour.

Identifies inappropriate target markets.

Presents an inadequate profile of an identified target market for the product.

Provides an inadequate discussion of consumer decision making process.

Provides an inadequate discussion of how the marketing organisation could influence the decision-making process.

Mark …/20

Comment

 

Criteria

85 – 100%

75-84%

65-74%

50- 64%

0-49%

Development of a marketing strategy for the branded product (positioning, product, branding and price) for one key market segment

 

Proposes and justifies an appealing marketing mix targeted at one key market segment.

Critically and insightfully evaluates the integration of the marketing mix.

Recommends and comprehensively justifies an appropriate positioning and branding strategy including a brand positioning strategy based on relevant and cutting-edge research and insightful choice and justification of a range of branding elements.

Proposes and justifies marketing strategies based on relevant and cutting-edge research and relevant marketing theory.  

Proposes and evaluates an appealing marketing mix covering all elements targeted at one key market segment.

Insightfully evaluates the integration of the marketing mix.

Recommends and evaluates an appropriate positioning and branding strategy including a brand positioning strategy and insightful choice of a range of branding elements.

Proposes and evaluates strategies based on relevant and current research and relevant marketing theory.

Presents and discusses an appealing marketing mix targeted at a key market segment. Discusses the integration of the marketing mix.

Recommends an appropriate positioning and branding strategy including clear discussion of brand positioning strategy and choice of key branding elements.

Proposes strategies based on relevant and current research and relevant marketing theory.

 

Describes a marketing mix targeted at one key segment.  

Recommends an appropriate positioning and branding strategy.

Uses relevant sources of secondary data and relevant marketing theory.

 

Presents an inappropriate or limited marketing mix which is not targeted at one key segment.

Proposes an inadequate or inappropriate positioning and/or branding strategy.

Uses irrelevant or outdated sources of secondary data and inadequate use of relevant marketing theory.

 

Mark …./40

Comment:

 

 


 

Answer:

Food supplement industry is becoming a multi-billion dollar industry. Weight loss has become a major concern especially in developed and developing countries. Protein shakes are readily being used to supplement for foods with high calories that cause weight addition. Protein shakes are mostly used by body builders and anybody who wants to reduce weight (Azeem, and Sharma, 2015). Their demand has increased while their supply has become short due to few companies producing them in bulk.

Protein shakes products and Target Market

Protein shakes a supplements used by a person in order to lose weight. They are the daily substitutes of daily meals, where one uses protein shakes instead of eating a regular meal. They are known to reduce the calories in the body and in that effect lose weight. Body bulders are taking more and more intake of proteins in one form or another. Protein enriched assortments are all over most of the grocery stores from cereals to high protein oatmeal (Baker, 2014). However, the best protein intake is in food solid form.

The supply chain design of protein Shakes

Brand positioning in the market

Brand positioning can be understood as a specific place or a desired brand image in the minds of consumers. The very process of brand positioning is a reflection of the main idea and brand values ??in the "perception mirror" of consumers.

Potential market and brand positioning

The concept of positioning should be the semantic core, which sets the direction of all marketing communications emanating from the brand. In developing its positioning concept, three important factors should be considered:

1) Who is the target group of consumers for whom the brand is developed;

2) What is the purpose, benefit and benefit for the consumer, which he will receive when using this particular brand;

3) Than this


brand is better than existing analogues, the main advantages of the brand.

A correctly formulated brand positioning concept can be formulated as a positioning formula, which is shown .

Brand positioning formula

Well-known specialist in the field of branding . Temporal proposes to use positioning strategies, which are presented in, and most often brand managers combine them.

The procedure for developing a positioning strategy is carried out in several stages.

  1. Select significant differences (find unoccupied market niches).
  2. Develop alternative wordings:

- brand advantages;

- benefit to the consumer;

- weakness of competitors.

  1. Build the final focused positioning option.

1) Superior positioning suggests that the company's product is the best.

2) However, consumers' superior positioning may cause some distrust. In this case, companies are turning to substitute positioning. One characteristic is selected and emphasis is placed on its difference from competitors.

 3) Complementary positioning is based on the allocation of an additional competitive factor, which the competitors' products do not have.

Development of a marketing strategy for the branded product

A characteristic feature of the activities of international and national companies in recent years has been an increase in investment in the development of communication activities directly related to such objective factors of modern business processes as toughening the struggle for the “head and heart of consumers” and changes in consumer behavior of the latter. It is these circumstances that dictate the need to search for new forms of information and advertising support for businesses, the key element of which is still the trademark, brand (in this work these terms are used hereafter as synonyms).

 In modern conditions, the brand is considered as the most important element of the development strategy of a modern enterprise and performs a number of important functions: it contributes to the identification of a product or company, it becomes the guarantor of various characteristics of goods, and is the bearer of a positive business image (Brohi, Prithiani, Abbas, Bhutto, and Chawla, 2016). The growing attention to the problem of the formation and management of trademarks of Australian firms is also determined by the fact that well-known brands are becoming a prerequisite for a firm’s stable position in the market, a factor in its competitiveness at various market levels. In addition, among Australian consumers of most product groups, the number of buyers who are ready to purchase branded goods is increasing.

All this testifies to the relevance of the analysis of theoretical concepts and practical experience of brand management (brand management), research of brand promotion strategies by various companies. The urgency of this problem is also due to the fact that firms do not yet have sufficient empirical experience in managing a competitive external environment.The purpose of this work is to identify mechanisms for effective brand management for the success of the company and its entry into new market levels.

To achieve this goal, you must perform the following tasks:

  • determine the specificity of the concept of "brand", the functions, content and classification of brands;
  • describe the main elements of the brand creation process;
  • identify different approaches to branding strategy formation;

Highlight brand management mechanisms on the example of specific companies and figure out the strategy for these companies to reach new market levels using branding and effective brand management (Grant, 2016).

Marketing strategy and branding

Thus, the subject of this study is the elements of strategic approaches to brand promotion at various levels of the market, In the economic literature, the topic of branding is considered as a mandatory element of the company's product policy; however, research relies on a rich empirical experience in the field of brand management.

New knowledge integrates the knowledge of strategic forecasting, the art of market participation philosophy, the management of financial resources, human capital and risk. The main thing for participants of the protein shakes market is not so much the desire to reduce costs and prices for the protein shakes product, as the organization’s ability to give the customer a higher quality protein shakes product in the service mode (Glatthorn, Boschee, Whitehead, and Boschee, 2018).

It is known that an organizational structure of management within the framework of organizational marketing, planning within the framework of strategic marketing and a protein shakes product promotion system with the inclusion of market participation philosophy, media tools and benchmarking and brand directions are components of the organizational form of protein shakes management. In the system of strategic marketing, the key role is assigned to the development of a strategy for promoting a protein shakes product (Olson, Slater, Hult, and Olson, 2018).

The strategy of promotion of the protein shakes product is concluded in the organization of the system of a continuous process of purposeful influence of the controlling subsystem (management entity) represented by the on the managed subsystem (management objects) - .

Among the main directions of the protein shakes product promotion strategy should be highlighted: the development of an protein shakes product with the inclusion of the core and the shell; formation of protein shakes services in the framework of the contract with the participation of the contact audience of the Consumer and business partners; the implementation of the protein shakes product offer with the mandatory support of the stimulating elements of the concept of protein shakes marketing (philosophy of market participation).

Practice has confirmed that the management of the company of the Consumer should always have a developed strategy for the promotion of the protein shakes product with the inclusion of: a philosophy of market participation; tools and models of mass media; benchmarking; branding, partnership programs and feedback from consumers (Salwa, and Sudarsan, 2018).

Strategy of Promotion of the Protein Shakes Product

The process of implementing a market participation philosophy aimed at developing a protein shakes product promotion strategy includes the professionalism, contact audience and partners who initiate an effective market participation strategy using media tools, a benchmarking mechanism and a partnership program to form a decent brand in the eyes of policyholders. Without a well-thought-out protein shakes business project, a sound idea of ??the market participation, it is difficult to achieve success in an unstable economy.

The specifics of the crisis period requires from the head of marketing service:

  • development of a corporate philosophy of the company's market participation, aimed at creating the organization's competitiveness and market sustainability, taking into account the size of the market share and strategic position in the target sales segment;
  • in the process of developing an protein shakes product accounting for the balance of the resource supply of an Consumer company with respect to market changes as the material basis for a successful market exchange;
  • at the implementation stage of the protein shakes service, compliance with international protein shakes standards and the quality of service for policyholders;
  • throughout all stages of development and implementation of the protein shakes product, adherence to the principle of social orientation of the protein shakes business using the partnership program and corporate responsibility in order to successfully promote the protein shakes product and form a popular brand (Salwa, and Sudarsan, 2018).

The philosophy of market participation lies in a simple formula: to produce only the protein shakes product that is required by the market, and not to try to sell the one that has already been produced.

Marketing tools and methods

Consumers: quality of the satisfaction of the demand for an protein shakes product. Employees of the operating line: pricing, product and communication promotion policies

Specialist marketing specialist: market participation philosophy (protein shakes product promotion strategy)

Market development

Marketing Consumers of the company, as a rule, are distinguished by high professionalism, and specialists from other departments - protein shakes,. ”For a marketer, it is important to systematically take into account such factors as: demand, the need for an protein shakes product; understanding of the market through the analysis of supply and demand; development of proposals for creating an protein shakes product, determining its price; justification of the promotion channels; .

information about the product of the insured; market penetration (seizure of market share, its expansion, retention, timely care); following the chosen philosophy of market participation. In addition to high professionalism, the marketer of the protein shakes company should be endowed with specific personal characteristics: broad outlook, communication skills, desire for a new, quick response, creativity, the ability to quickly realize the chance provided, as well as tolerance to stress, ability to extinguish conflicts, optimism and resilience (Salwa, and Sudarsan, 2018).

That the promotion strategy includes a set of management measures on a planned basis in order to effectively influence the buyer. The main goal of promotion is to create a steady demand for the protein shakes product. The promotion system is an integral controlling system of forms and methods that contribute to the formation of a brand and the creation of a decent image of the Consumer.

When developing a strategy and tactics of advancement, it is necessary to clearly define the choice of intermediaries, advantageous routes, methods of advancement that help create market demand. In order to stimulate demand in the practice of protein shakes, a wide arsenal of mass media tools is used. In the current conditions of tough competition, globalization and informatization of society, participants in the protein shakes market are simply forced to activate PR and advertising tools to stimulate sales of the protein shakes product in order to attract potential policyholders.

Mass media is a complex mass system communications, through technologies and institutions of which information on innovation achievements is centrally distributed in the protein shakes industry. Mass media tools are key to successfully moving an protein shakes product to the target sales segment (Scarborough, 2016).

The transfer of information in the field of mass media is carried out using digital technologies (signs, symbols, pictures) and always has a semantic content, meaning for a specific target audience of consumers or representatives of the business community. The word medium itself means a specific tool for transforming experience into knowledge, and its form is multiple

  • Organizational - the emergence of an initiative group (temporary mass media team) -> sale of contacts to an advertiser (any interested entity) - "media delivery to target audiences; • final - getting an appointment of the proceeds to the development of protein shakes commerce, part to internal corporate and external PR, part to form profit, pay dividends to shareholders (participants), return on investment. In the process of implementing the mass media model, the marketers of the Consumer must be able to create an atmosphere of trust , openness and respect (Sethna, 2015).

Marketers are required to be knowledgeable in journalism, the work of editors, the specifics of newspaper production, the work of radio and television. They should also be able to prepare, create materials for publication in the press. Despite a very short period of transformation of commodity-money relations in the protein shakes market, Consumers of large and medium-sized businesses have gained some experience in responding flexibly to market changes, taking into account the needs of policyholders, creating their adaptation mechanisms anticipations.

The consulting company has shown that in order to find an effective solution in the field of competition, it is necessary to study, know and use the experience of the best companies that have achieved success in various types of activities.

Only benchmarking, based on a comparison and analysis of the activity process, is focused on understanding the reasons for differences for that to overcome these differences. The current stage of development expresses global benchmarking, aimed at organizing international exchanges, taking into account scientific and technical achievements, culture, science and national specifics of business organization (Shaw, 2016).

Benchmarking philosophy deals with suppliers and consumers rather than with counterparts. All market participants are benefiting from interaction and cooperation.

The purpose of benchmarking is to create effective communications with key partners, buyers, investors on a long-term basis. As a result of cooperation between partners, close relationships are established due to favorable prices, objective information flows, the sharing of advanced technological solutions, profitable investments, and modern standards of customer service. Benchmarking system opens the backbone for the exchange of experience of market participation, specialists in order to improve mutually beneficial cooperation, cooperation among partners and competitors, creating an atmosphere of mutual responsibility and trust..

The concept of promoting an protein shakes product using a benchmarking system and branding system (Wensley, 2016). Thus, the benchmarking system represents a holistic set of diverse processes for managing the competitiveness of a firm relative to the performance of the main leader in a strategic area of ??market economy. This system allows you to create an optimal marketing strategy taking into account the key performance indicators of a leading competitor, determine the forms and methods of eliminating bottlenecks, use marketing programs to gain a stronger position.

Conclusion

To evaluate the Consumers best practices, company management should use such principles as: focus on the future: ; the accuracy of the evidence taking into account the specifics of the marketing environment; measure quantitative and qualitative marketing indicators of competition leaders; continuity for the implementation of the best practical experience of pricing, product and communication policies of a competitor company; partnerships, providing a mutually beneficial situation for the participants of the protein shakes turnover; feedback - provides for the possibility of adjusting the management decision in the field of benchmarking through the organization of timely audit, effective control in the real monitoring of marketing and logistics quality (Zailani, Kanapathy, Iranmanesh,. and Tieman, 2015).

Using the benchmarking system for successful market positioning can be performed in the following steps, as shown in As noted above, the use of a benchmarking system contributes to the rational implementation of protein shakes organization best practices and increasing the Consumers trademark popularity.

References

Azeem, S. and Sharma, R.R.K., 2015. Elements of the retail marketing mix: a study of different retail formats in India. The Business & Management Review, 5(4), p.51.

Baker, M. J. (2014). Marketing strategy and management. Macmillan International Higher Education.

Brohi, H., Prithiani, J., Abbas, Z., Bhutto, A. and Chawla, S., 2016. Strategic Marketing Plan of Nike.

Glatthorn, A.A., Boschee, F., Whitehead, B.M. and Boschee, B.F., 2018. Curriculum leadership: Strategies for development and implementation. SAGE publications.

Grant, R. M. (2016). Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.

Olson, E.M., Slater, S.F., Hult, G.T.M. and Olson, K.M., 2018. The application of human resource management policies within the marketing organization: The impact on business and marketing strategy implementation. Industrial Marketing Management, 69, pp.62-73.

Salwa, C.H. and Sudarsan, N., 2018. Conceptual Framework for Marketing Strategy in the Context of Small Business: A Review. IJAME.

Scarborough, N. M. (2016). Essentials of entrepreneurship and small business management. Pearson.

Scrinis, G., 2016. Reformulation, fortification and functionalization: Big Food corporations’ nutritional engineering and marketing strategies. The Journal of Peasant Studies, 43(1), pp.17-37.

Sethna, B.N., 2015. Extensions and testing of importance-performance analysis. In Proceedings of the 1982 Academy of Marketing Science (AMS) Annual Conference (pp. 327-331). Springer, Cham.

Shaw, S., 2016. Airline marketing and management. Routledge.

Wensley, R., 2016. The basics of marketing strategy. In The marketing book (pp. 75-107). Routledge.

Zailani, S., Kanapathy, K., Iranmanesh, M. and Tieman, M., 2015. Drivers of halal orientation strategy among halal food firms. British Food Journal, 117(8), pp.2143-2160.

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