Marketing Mix and Market Segmentation - Research Paper Example

Marketing Analysis Research Report Executive Summary The purpose of this report is to present a marketing analysis of healthy beef burgers that the company intends to start producing. The product will be branded H-beef burgers, a brand name that represents the healthy aspects of the beef burgers because the product will have remarkable nutritional values and appropriate calorific values. Many Americans have exhibited their preference for beef burgers. However, the American market is yet to produce healthy beef burgers that do not present consumers with adverse health effects (Harrington, 2004). From the research conducted, it emerges that healthy beef burgers will target consumers between the age of 12 and 60. They will be priced at $3.00 for the 250-gram burger. The company will establish restaurants in different locations where the burgers can be marketed. Customers will also have the opportunity to order the burgers from online platforms, both television and billboards will be used as the main marketing strategies integrated closely with digital marketing. Environmental factors such as social, economic, competitive, regulatory, and technological factors will affect the strategies developed in the marketing of the beef burgers. Evidently, there are ethical issues associated with the sale of beef burgers such as the need for companies to consider self-regulation in food advertisements as well as the promotion of quality and healthy foods. The business will also need to exhibit social responsibility by participating in the campaign against obesity (Košútová & Jarossová, 2014). If the business succeeds in the local market, there are opportunities for expanding into foreign markets after a critical market analysis. After considering the facts in this report, it is recommended that the beef burger business is a viable product that will register increased profitability in the future. Marketing Mix The 4Ps represent one of the commonest and regularly used marketing mix approaches. The 4Ps approach was developed in 1960, and has been in use over the years. The 4Ps denote the product, price, promotion, and the place. Product: The beef burgers that will be sold will promote healthy eating and will have a diverse nutritional composition with the brand name H-beef burgers. The burgers will comprise of 100% pure ground beef that will be seasoned using pepper and salt. Other varieties will have cheese, onions, and other types of seasonings. The beef burger will provide energy, protein, carbohydrates, sugar, fat, dietary fiber, and sodium (Mckeown & Werner, 2010). The smallest size of the burger will be 250 grams, which will represent a single serving. The beef burgers will have an outstanding taste and will provide the right amount of calories for a single serving to conform to the healthy eating directions. Price: The prices of the beef burgers will vary according to the size. The smallest will be 250 grams, which will cost $3.00. A 500-gram burger will cost $5.00 (Swimberghe & Wooldridge, 2014). The largest size will be 600 grams, which will cost $5.50. Pricing of the burgers will ensure that they are relatively cheaper but healthier. Promotion: Different strategies of promotion will be used to increase the sales for the beef burgers. Television advertisements and billboards will define the main strategies of promotion to create awareness of the healthy beef burgers. Moreover, internet marketing will be used and potential customers will be able to order their burgers online (Mckeown & Werner, 2010). The promotions will take place during the holiday season because many people are more likely to settle for take away foods. In all advertisements, the healthy ingredients of the beef burgers will be emphasized as well as the affordable prices and remarkable taste. Place: The product will be marketed in a food service restaurant established by the business owner. Moreover, the beef burgers will be marketed by franchisees who own fast food restaurants in different locations. Online platforms will also serve as virtual places for placing orders (Swimberghe & Wooldridge, 2014). Market Segmentation The expected demographic profile of the potential customers for the beef burgers will be: 12 to 60 years of age Individuals from working class families, especially the two income households Different ethnic groups On the other hand, potential customers will be defined by the following psychographic factors: Preference for take away foods Health-conscious customers Individuals seeking high-quality foods Individuals who hand out with their families Environmental Scan Different environmental factors will affect the sale of beef burgers. Social factors such as the campaign against obesity, healthy eating activism, as well as the adverse effects associated with beef consumption will affect the sale of the beef burgers. Moreover, economic factors will affect the sale of the beef burgers because customers must be willing to spare a minimum of $3.00 to access a single burger. When economic times are hard, only a few people can afford to buy beef burgers. Technological factors will affect the strategies adopted in marketing as well as the strategies used in agriculture, which is the source of the beef. With the recent biotechnology advances, there are techniques for ensuring that the beef sold to Americans is healthier than in the past (Mckeown & Werner, 2010). Other environmental forces include competitive factors because there are several fast food restaurants that focus on the sale of beef burgers and other related products. To survive in such a competitive environment, the beef burgers must be healthy and retailing at a cheaper price, a factor that is likely to attract more customers. Regulatory factors, especially those surrounding the sale of food products will also affect the business. Notably, the beef burgers must pass through all the quality checks to ensure that they are healthy and that under the labeling conforms to the real nutritional values of the burgers. Other regulatory requirements include the acquiring of a health certificate that qualifies an individual to participate in the food business services. Ethical Issues One of the potential ethical issues that will affect the product is the mandate for food companies to undertake self-regulation in advertising to minimize the effect of food advertisements on children and adolescents (Swimberghe & Wooldridge, 2014). Therefore, this aspect will affect the advertising strategies adopted. Moreover, maintaining high-quality standards of the beef burgers and obtaining the ingredients from high-quality suppliers is an aspect that will determine the overall quality of the product. Social Responsibility There has been an increased criticism over the consumption of beef and its contribution to the development of obesity and other non-communicable diseases. Therefore, the selling of beef burgers must promote the interest of all the stakeholders especially the public. To promote the general wellbeing of the public, the beef burgers will be healthy since unhealthy foods are likely to trigger obesity (Mckeown & Werner, 2010). Additionally, the calorific value of the beef burgers will have to conform to the required amounts for both men and women. The sale of the beef burgers will also be associated with healthy eating campaigns that will urge Americans to adopt a healthier lifestyle. Global Marketing and Internet After the introduction of the beef burgers to the market, the performance in the market will be monitored closely. If the products register a remarkable performance in the local market, efforts of global marketing can be adopted. The internet is a powerful resource in global marketing and can help the business attract customers from different (Mckeown & Werner, 2010). Moreover, the internet will help the business develop favorable customer relationships through social media pages. Global expansion will require a critical consideration of cultural factors that may affect the sale of beef burgers. Therefore, if the product succeeds in the United States market, the business can venture into the European market. Recommendations After a rigorous research, it is evident that the American population prefers beef burgers. However, the population has not been able to access healthy beef burgers that conform to the healthy eating guidelines. Therefore, there is a remarkable market for individuals who need access to healthy burgers in their effort to adopt a healthy lifestyle (Harrington, 2004). Since many competitors in the market have attached high prices to their burgers, the business should focus on quality and reduced prices a factor that will trigger increased sales. If the product is properly marketed, it will become a preference for many Americans since it has limited adverse health effects. References Harrington, R. J. (2004). The environment, involvement, and performance: implications for the strategic process of food service firms. International Journal of Hospitality Management, 23317-341. Košútová, T., & Jarossová, M. A. (2014). Ethics And Corporate Social Responsibility On The Food Market. Engineering Sciences & Technologies / Nauki Inzynierskie I Technologie, 3(14), 34. Mckeown, E. G., & Werner, W. B. (2010). Content Analysis of Consumer Confidence in Food Service in Relation to Food Safety Laws, Publicity, and Sales. Journal of Hospitality Marketing & Management, 19(1), 72. Swimberghe, K. R., & Wooldridge, B. R. (2014). Drivers of Customer Relationships in Quick-Service Restaurants: The Role of Corporate Social Responsibility. Cornell Hospitality Quarterly, 55(4), 354. Read More