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Marketing Plan
Executive Summary
MSH Brands is offering a new premium pet food product to the market. This paper describes the business context in which the product exists, a situation analysis, and a discussion of the marketing strategy and tactics that will be used. It concludes with a discussion of how effectiveness of the strategy will be measured.
Business Context
In recent years, there has been an increasing trend towards pet owners seeking out premium food products for their furry friends. In response to this trend, Company MSH Brands has developed a new pet food product that is designed to meet the needs of discerning pet owners. The new food is made with high-quality ingredients and provides a complete and balanced diet for dogs and cats. In addition, the food is fortified with vitamins and minerals to support optimal health. The company reason for bringing this product to market is to provide pet owners with a premium option that meets their needs and expectations. The corporate objectives for this product are to achieve market leadership in the premium pet food category and to generate significant revenue growth for the company.
Situation Analysis
The pet food industry has grown, but so too has the variety of products available. So while there are still many generic and budget-friendly options on the market, premium pet foods have become increasingly popular in recent years. This new product is a premium pet food that is designed to complement the existing product lineup of MSH Brands by enhancing the range of products from basic or budget-friendly to high-end or premium so as to enhance brand equity (Farquhar, 1989).
The premium pet food product is targeted at pet owners who are looking for a high-quality food that will provide their pets with all the nutrients they need. The competitors in this market are other premium pet foods, as well as the generic brands. However, this product differentiates itself with its unique blend of ingredients and its affordable price point. As a result, it is well-positioned to capture a significant share of the market because it can be sold as a premium productbut not one that is so pricey that its price discourages discerning consumers from purchasing it.
Marketing Strategy
MSH Brands overall marketing strategy is based on the principles of the 4Ps: price, product, promotion, and place. In terms of price, the company seeks to offer a competitively priced product that is still profitable. In terms of product, the company focuses on offering a new high-quality product that meets the needs of both pets and pet owners. In terms of promotion, the company relies heavily on pet owner word-of-mouth to generate interest in its products. Word-of-mouth marketing is both zero cost and effective, especially on social media, where the company embraces the idea of user-generated content by posting on its Twitter feed videos and Instagram posts of pet owners showing how their pets love the Brands pet food products (Ki et al., 2019).
And finally, in terms of place, the company sells its products through a variety of channels, including pet stores, online retailers, and select...…company will be able to differentiate its product from other pet foods on the market and attract customers who are willing to pay a premium for a high-quality product.
Effectiveness
Marketing plans are designed to achieve specific goals within a given timeframe. To assess the effectiveness of a marketing plan, it is necessary to consider both the objectives of the plan and the results that have been achieved. In the case of a premium pet food product, some key objectives include increasing brand awareness, driving sales, and building customer loyalty. To measure the effectiveness of the marketing plan in achieving these objectives, a number of metrics can be used. Brand awareness can be assessed through measures such as online search volume and social media engagement. Sales can be tracked through data such as sales figures and market share. And customer loyalty can be gauged through measures such as customer satisfaction surveys and repeat purchase rates. By monitoring these and other relevant metrics, it is possible to get a clear sense of how well a marketing plan is performing. The goals here will be:
To increase social media engagement 30% by Period 3.
To increase sales 10% by Period 4.
Summary
MSH Brands is offering a new premium pet food product to the market. The company wants to offer this product to satisfy consumer demand for high quality pet food. The company will differentiate the product, use word-of-mouth and social media marketing (especially with respect to user-generated content) to drive sales, and will measure effectiveness of brand awareness by monitoring social…
References
Farquhar, P. H. (1989). Managing brand equity. Marketing research, 1(3).
Ki, C. W. C., & Kim, Y. K. (2019). The mechanism by which social media influencerspersuade consumers: The role of consumers’ desire to mimic. Psychology & Marketing, 36(10), 905-922.
Trout, J. & Rivkin, S., (2006). Differentiate or die. In The marketing Gurus (ed.
Murray). NY: Penguin.
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