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Marketing Plan For New Product Launch Candy Flakes - Assignment Example

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This work "Marketing Plan For New Product Launch ‘Candy Flakes" describes the development of the strategic marketing plan for a new product launch called ‘Candy Flakes’ which is an assortment of different fruity flavored candies in one pouch, operating out of West Town, Illinois. The author outlines the company's promotion and marketing budget. …
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Marketing Plan For New Product Launch Candy Flakes
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Download file to see previous pages The business is dependent upon factors like PESTEL as briefed below those have to impact the strategy formulation for the marketing launch plans. Hassanien et al. (2010) opined the market’s behavior is dependent upon factors that the business takes into consideration prior to the formulation of the launch strategies. The business targets to cater to the UK market starting from the town of Best Town, where the dynamics that the researcher finds from different sources are as follows:
Political: The political issues of the market that the business operates in having a direct effect on the way the business grows (Miles, 2011). The political will of the US Legislation or political forces supports the way the small businesses grows or support in every possible way for the development of small business with possible financial, Infrastructural supports and also provides the guidelines for ethical business practices. The recent 2013 survey of IBIS world suggested 1.3% of the industrial growth but no such increment in the 21st Century commodity prices.
Economical: The economic scale of a market determines the purchase capability of the consumers in those markets (Sachdev, 2004). Nevertheless, the economy of the market also determines the pricing of the product, profit, and pricing strategies for the business where the equitable purchase power determines the pricing in those markets. Since the target audience is children therefore the cost would be determined in a way that suits the children’s spending limits (GNOINC, 2014). However, the hike in US-wide commodity prices would leave the profits low for the next 5 years but the scope to increase the market share would be greatly strategized for.
Society as a whole has a vast effect on the business where the business houses choose a product mix that is taken well by society as a whole. The acceptance of Flavored candy for children should have hygiene, packaging, and composition that have no mal effects upon the users, therefore making the social acceptance a huge factor in the business market planning. However, the recent US-wide trends in the decrease of the children’s age of lesser than 14 years of age have made the business consider a wider choice of audience. ...Download file to see next pages Read More
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