Marketing Plan for New Product Launch of Candy Flakes - Assignment Example

MARKETING PLAN FOR NEW PRODUCT LAUNCH ‘CANDY FLAKES’ Introduction The paper would elaborate the branding plans for the ‘Candy Flake’ with brand logo and slogan with its other major extension ‘ChocoFills’, a chocolate éclairs. The Gantt chart for the product’s branding period along with branding plans is designed. The perceptual map in context of the competitors is prepared to relay the brand’s position in the market. The Consumer’s purchase decision making for the target market with justifications is elaborated. Company introduction and its mission statement are developed along with the feasibility study for the ‘Candy Flake’. Candy Flake: The Branding Strategy The ‘Candy Flakes’ is the 8gram candy from the Best Town, Illinois. The business has also developed its product extension ‘ChocoFills’ a chocolate based éclairs of 10grams each suitable for all ages over and above its candy product line. The mission that the business started with was to be one of the most prominent brands of Candy Manufacturer in the US and Canada market with the most competent products of consumer’s choice. The ChocoFill is been chosen as the growing trends of high calorie chocolate bars are getting less appreciated by consumers of today. The branding strategies for the product are analyzed from the marketing framework concept of 5C, STP and 4Ps (Cui et al. 2011). 5C’s of Marketing Strategy: Candy Flakes The product CandyFlake with its extension of chocolate filled éclairs is analyzed to develop its marketing plans. Customer: The product ‘Candy Flakes’ is made to attract children of 14 years of age. The business to attract a more variety of consumers has developed ChocoFill, a chocolate filled éclairs of 10 grams each. The product is targeted for a larger audience who loves a bite on chocolate. Collaborators: The Candy Flake is not only producing the product for the US market but is keen in selling them to the larger audience abroad. The e-commerce channels along with Social media channels are used to promote the product outside US markets to have an international supply chain for itself. The launch of ChocoFill aims to target the School children and their parents by organizing state level quiz competition on annual days with a sponsorship of free Disney Land trip for winners and their family for 2 days and 3 nights. Competition: The competing brand in the US Candy market is very intense. The Candy Flakes is facing competition from its various candy manufacturer already present. The business thus formulated ‘ChocoFill’ éclairs to attract a wider range of people towards itself. The US markets along with international markets are kept open to balance the sales for CandyFakes and Chocofills. Context: The Candy Flakes has its 5 distinct fruit and mint flavours. However, the flavour and taste of chocolates is always appreciated by consumers of all age. The business wants to attract them who are keen to taste chocolate but not in a bar form with a longer aftertaste. The éclairs of 10grams is a good substitute for the chocolate loving health conscious people of all age. Company: The brand is based out of Illinois therefore the business would target the North Eastern States of US in the first phase. The competition in the market is huge and the single location presence in Best Town makes it more prone to the competition from ‘Jelly Belly’ and ‘Health Bar’. However, the brand has adopted a pricing and product dimension to match the competition of both these existing brands. Candy with a Fruit and Mint Flavour and éclairs with chocolate fills to attract the consumers of all age (Lyndell, 2014). Segment, Target and Positioning of Candy Flakes The CandyFlake with its CocoFill would target the market based upon the following dimensions: Segmentation: The Segmentation is the selection of the group of people who are most suitable for the product as consumers. The segmentation would give the promotion an idea of the content which suites best for the targeted audience. The CandyFlake would have a segment of School Going Children within the age of 14 years. ChocoFill would have a wider audience of all age who loves the chocolate flavour. The Target market for the ChocoFill would be people of all age especially Target Market: The Target market for the CandyFlake would be the state of Illinois in the initial phase with international supplies. In the longer run the brand wish to establish its presence among the North Eastern State along with Canadian market within 3 years of the product launch. People of all age group are targeted with specific message about the health, price and product size in the brand communication (Corstjens & Vanderheyden, 2010). Positioning: The positioning for the Candy Flakes is done based upon the product price, quantity and its benefits (Hemphill, 2003). The basic target of the positioning is to make people aware of the offerings. The school children of 14years and less for the CandyFlake’s candy range and ChocoFills for the people of all age group who loves chocolates are the target audience. The product have the benefits of price over its Illinois Competitor of Chocolate bar which are big and are prone to have high amount of calorie. The taste of chocolate with a long aftertaste can be provided by éclairs at a cost that would be very cheap once the bar is compared with same chocolate flavour with lesser calories to worry. The 4Ps of Candy Flakes Product: The product of CandyFlake and ChocoFlake has the ability to have a larger audience. The product is in both hard and soft candy product line with a brand extension to makes people of all age group aware of the CandyFlakes product line. The Candy Industry of US is expected to grow by another 6 Million Dollars with additional 4 Million Dollar Chocolate sales in the next five years (Lyndell, 2014). The feasibility of the product in the US market is thus high where the product wishes to create its own share in the projected future. Price: The pricing is within the reach of Children from the pocket money and in context to the available competing brand’s offerings. Again, the pricing for the ChocoFill was made to cater a larger audience with chocolate éclairs at a very cheap price. The product is a major offering for the health conscious people who loves the flavour but are not buying them due to the size and calorie content in the bar. The option is cheap, convenient and has a long aftertaste of chocolate at a nominal price once compared with a Chocolate bar. Promotion: The promotion for the product is designed for the larger audience as the business wish to develop the CandyFlakes influence among people. The Chocofill is for all age group and CandyFlake for Children within 14years of Age. The promotional campaign in the initial phase would be Illinois based with school and surrounding based advertising. The second year of the ChocoFill launch would encompass a larger audience and go via Social Media within the Limits of US and Canada. Communication of Children and ChocoFills would be frames separately. Chocofill would be a Sub Brand of CandyFlakes. Therefore the Candy Flakes would have the brand name common in all Advertisement campaigns to promote the brand name with its product ChocoFill. Place: The First Year would be dedicated for the Illinois state business development along with north eastern states of US. The business would also venture into the International Supply via e-commerce in its first year. Perceptual Map: CandyFlakes The perceptual map for the product CandyFlake would have 3different position to perceive the viability of the product in the Market (Talke & Hultink, 2010). Based upon the consumer behaviour of purchase decision making the perception map is build. The perceptual Position of Candy Flake The Self Position: The preference starts exploring the perception from three different views. The self or the Business’s internal assessment of the Product in terms of its flavour, taste and price is the self position. The needs of one own self or the Entrepreneur in the case would have the individual choices and taste. The Candy flake matches the researcher’s taste and with the same reason must be liked by many others in the market. Other’s Position: The Second view is from the other person or the business tries to identify its aspects with others as if ‘trying to fit in their shoes’. The perception of the product Chocofill would be great if thought from a wider angle as the substitute for bigger chocolate bars is the éclairs. The others view helps the business to consider or perceive about how the product is going to suite others. The health and taste factors of the logo would be assessed based upon the dynamic strategies for Candyflake’s sales is made (Kuester et al. 2012). Observer’s Position: The way the market may feel in general or the third person’s view where the taste, likings are perceived without much emotional involvement. The Candyflakes’s case along with Chocofill would approach from an angle of the third person with lesser emotional involvement trying to guess the perspective of the independent observer. Gantt Chart: CandyFlakes Activities Year 1 Year 2 Year 3 Year 4 Year 5 Brand Extension » » » » Logo-Brand Quote-Slogan and Promotion » » » » » Domestic Market Targeting » » » » » Internet Marketing (US and Canada) » » » International Market targeting » » » » Activity Gantt Chart Candy Flakes: Brand logo (The brand logo projects the star shaped sign to depict the Biblical land of Honey and Milk with a Cursive written CandyFlake sign depicting the brand logo in a Milk and Honey colour background). Candy Flake: Mission Statement The mission statement for the business would be “to produce the most competent varieties of candy product and grow as the most prominent candy brand in the US and Canada markets”. Based upon the mission the production and operation orientation for the brand would be designed. Brand Slogan: ---The Heavenly Delights-Anytime every time. The brand Slogan would suggest the delights of Honey and Milk that have a healthy essence. The slogan insists upon the repurchase and availability of the product with every time in the slogan added. Conclusion The Candy market along with the chocolate is supposed to have an increment of 10 Million dollars in the next 5 years. The Candy Flake is planning to venture the wider market based upon the projections by the next five years. Consumer’s love for the chocolate flavour along with their health concerns of high calorie intake is well exploited for the new product extension of Chocofill. The tentative plan for marketing and its activities is plotted on a Gantt chart with yearly timelines for each activity. Bibliography Cohen, W. (2006). The marketing plan. Hoboken, NJ: J. Wiley & Sons. Kotler, P. (1988). Marketing management. Englewood Cliffs, NJ: Prentice Hall. Pruitt, J., & Adlin, T. (2006). The persona lifecycle. Amsterdam: Elsevier. Randall, G. (2000). Branding. London: Kogan Page. References Candyindustry.com,. (2014). Confectionery market. Retrieved 10 February 2015, from http://www.candyindustry.com/keywords/4569-confectionery-market Corstjens, M., & Vanderheyden, L. (2010). Competition, Risk and Return in the US Grocery Industry. Review Of Marketing Science, 8(1). Cui, A., Zhao, M., & Ravichandran, T. (2011). Market Uncertainty and Dynamic New Product Launch Strategies: A System Dynamics Model. IEEE Transactions On Engineering Management, 58(3), 530-550. Hemphill, T. (2003). Self-regulation, public issue management and marketing practices in the US entertainment industry. J. Publ. Aff., 3(4), 338-357. Kuester, S., Homburg, C., & Hess, S. (2012). Externally Directed and Internally Directed Market Launch Management: The Role of Organizational Factors in Influencing New Product Success. Journal Of Product Innovation Management, 29, 38-52. Lyndell, C. (2014). NCA: U.S. confectionery market to grow $6 billion in 5 years. Candyindustry.com. Retrieved 10 February 2015, from http://www.candyindustry.com/articles/86485-nca-us-confectionery-market-to-grow-6-billion-in-5-years Talke, K., & Hultink, E. (2010). The Impact of the Corporate Mind-set on New Product Launch Strategy and Market Performance. Journal Of Product Innovation Management, 27(2), 220-237. Read More