Name: Course: Lecturer: Date: Canned Soup Marketing Plan Introduction The product for the marketing plan is salt-free soups. This product is salt free without the bitter taste and is used for substitutes of salt in food. The product has low sodium diet, great taste and it healthy. Its major ingredients include potassium and lysine that are natural and are crucial to good health. One does not necessarily remove the salt from the diet but replace it with essential nutrients. This product can be used in cooking, baking or sprinkled directly in food to give a good taste.
Situation Analysis Different factors that might have impact on marketing strategy includes, first, market share. This may affect marketing strategy due to operational problems. Market share can be evaluated on what measures of sales would be used in the present marketing system. If there is competition in the market, the company will be forced to incur expenses in product promotion in order to outdo competitors. Secondly, environmental analysis such as socio-cultural factors may have an impact on marketing strategy. This is because some people may have their own lifestyle, taste and specific cultural components on consumption of salt-free soups. Marketing Objective If the market plan is to succeed, a marketing objective should be invented and firm objectives invented.
Therefore, the company may change the perception of its market and strengthen the relationships with their existing customers together with finding new clients. The company may target to achieve specific goals through creating a market period. Practical and realistic period in marketing strategy is essential because it will enable the company to meet reasonable expectations. The company may increase revenues through increasing their services to the already existing customers and introduce various techniques to determine their budget in an effective way. Market objective should reflect the competitive values and introduce market campaigning programs through creating new marketing ideas. Marketing Strategy Target market Those people involved may include workers, managers and consumers of the product.
This people will be aimed at marketing mix because they are the consumers of the product and they have good knowledge about the services that the company offers. Marketing mix Product strategy The company may introduce unique product features such as, price differentiation, unique packaging and free product samples. These features are essential because they enable the company to overcome their competitors in the market. Use of product strategy will create more market because product differentiation from those of other companies and unique packaging will attract more customers hence increasing the product sales. Price strategy The company will be required to either increase or decrease price of the product incase other stores have similar product.
Incase the company has competitors with the same product they will set the price below the equilibrium point. This will enable them to get more consumers of the product hence increase their sales. Distribution Distribution methods are essential in marketing strategy. The product will be distributed to wholesalers.
The sales of the product will be distributed to the intermediaries who are the whole sales. They will in turn distribute the product to the retailers who will eventually do self-service retail methods of product distribution. The reason for distributing to the wholesalers is because the company may be able to make more profits within a short period and it is a convenient way unlike distributing directly to self-service or full-service retail sales. Promotion Promotion elements to which communications may be made should be included in marketing mix such as press release, internet adverts or through media prints.
The promotion tools that will be used to communicating with the target market are internet advertisements and special events on advertising the products. The reason for using internet as a promotional tool is that they cover a wide range of targeted customers within a short period. Another reason for choosing special events is that some people may not be aware of the product hence the company may carry out special events to communicate with customers directly about the new product.