Marketing Assignment Question Answers Sample

Marketing Assignment Question Answers

Question

You have been asked by your Managing Director to develop a new market offering for the organisation. Targeting the UK market, you need to design and deliver a new product* offering into an already cluttered marketplace. This means that you need to create a specific market space for your new product with a clear target audience and strategy. Firstly, you need to research the macro-environment to determine current trends in the UK market. Then you need to develop the company’s strategy and positioning. Finally, you must recommend what your company must do to attract customers and how the customer experience will be developed.

The report should include:

• A tailored macro-environmental (PESTEL) analysis showing sources of information from acceptable and reliable sources AND highlighting the key issues facing the company 

• Identification and justification of new product/market offering (Ansoff) • The development of  your company’s marketing strategy (think about the segmentation, targeting and positioning and long-term strategic direction) • Specific recommendations in relation to the market offering for the proposed target audience. (What will you be marketing? Think about how you communicate and distribute your offering. What sort of pricing point will you use given your position in the marketplace?

* this could also be an extension of an existing product to a new consumer market.
Example of new products offering can include

1) New drink from an existing company ( Vitamin water for red bull)

2) Muesli snack bar for Cadbury (Healthy option)

3) A company that produces organic food. This would appeal to consumers who are concerned about the environment and their health.

4) Snacks that are healthy and convenient for a food chain in UK.

Topics to be covered in the report

1) Introduction
2) PESTLE Analysis
3) Ansoff Matrix
4) Marketing Strategy - Segmentation, Targeting, Positioning ( Should include charts and Diagrams to support the report)
5) Marketing Mix
6) Conclusion

Solution

Introduction

The need of the hour is to binge into health served on a plate as food every day. The health-related disturbances are causing a toll on the lifestyles of the world population adversely (Bonku, 2020). The world population, especially the people of first world countries, faces the challenges of including ready-to-eat foods in their everyday meals. As per MBA Assignment Expert, The time management procedure ultimately makes the foods unhealthy because of their adverse impacts on the consumers. People choose their food not based on nutritional values but rather on time-cutting features. Popular foods can be eaten in a very short time. The cooking process needs to be cut to avoid wasting time every day. Today's people rely on cooking semi-cooked foods that must be heated before consumption. However, Nutree Life will present a new product called Peanut Avocado Protein Bars for its health-conscious customers in the UK. The discussion shall focus on improving the food-related habits of people around the globe.

Business and New Product Description

Nutree Life is known for contributing to its share of health in the world through its products. The products of Nutree Life are all vegan products manufactured using plant-based proteins (Atik, 2022). The protein bars manufactured by NUTREE LIFE are healthier than other protein bars because the hormones injected into animals to increase their milk production also seeps into the produced milk. These hormones reach the body of the consumers and show adverse health conditions in them. The world is committing to becoming vegan by consuming a plant-based diet to make them stay healthy and fit. However, the vegan foods available now are very limited in numbers (Gallagher, 2022). 
 

Figure 1: Increase in veganism across UK
Source: (Statista, 2022)

Societies worldwide conform to food items that mix vegetarian and non-vegetarian aspects. The problem of finding pure vegan food is significantly higher in the world. People worldwide are becoming health conscious by primarily changing their food habits. That's why companies are manufacturing Peanut Avocado Protein Bars. The increase in the vegan population worldwide is a good sign for a healthy future generation. The service of manufacturing custom-made vegan protein bars for people across the globe is a noble initiative by Nutree Life. The Peanut Avocado Protein Bars can help vegan people to enjoy a healthy snacking time.

PESTLE Analysis

3) Ansoff Matrix

Nutree lite is a huge organisation with business operations in over 100 countries. That's why the company can sell only some products to each market. The company has to face various situations regarding its marketing in several stages. The organisation will manufacture Peanut Avocado Protein Bars for customers in the UK markets. That's why assumptions and analysis are essential for understanding the present and future scope of marketing of this organisation from various perspectives.

Existing Products

Market penetration  

It measures how much consumers use a product or service compared with the total estimated market for that product or service. It is easy for an organisation to penetrate its products into its existing market. However, the existing markets will help the companies to increase their customers' attraction toward new products called Peanut Avocado Protein Bars. As in business infrastructure has been built previously. In the case of this organisation, it will be quite easy to expand its existing products in its existing operational markets. More competitiveness, more cost efficiency and more reach of the market, including both rural and urban areas, can increase the organisation's total output (Udriyah, Tham and Azam, 2019).

Market Development

A good understanding of other competitors helps to explore more opportunities. In this scenario, Nutree Life is approaching a new protein bar product that will be marketed in new markets, so special consideration regarding the marketing strategy is needed. A good promotional activity regarding its products will be helpful for it. Existing product sales in existing markets can help companies to increase their revenues and customer base. The prosperous areas of London, Manchester, Leeds and Surrey will be selected where the protein avocado bars will be sold to the respective clients. The areas near sprawling supermarkets, busy areas will be selected as the particular places. The organisation should not only use the conventional media of marketing, but also it should use entities of digital marketing. Entities of digital marketing like SEO (Search engine optimization) and AI-based chatbots will help advertise its products and understand consumer choices (Langan, Cowley and Nguyen, 2019). According to consumer feedback, the organisation can segment its consumer base based on several criteria like demography and net disposable income.

Product Development 

The company has to face all kinds of situations regarding its marketing. On that behalf, it is producing its protein bar as a new product in its already existing market. However, Nutree Life will launch Peanut Avocado Protein Bars in UK markets. It should develop its product based on the choices of its consumer (Yu et al., 2019). Whereas the organisation already knows the choices of their existing consumers, then it becomes essential for that company to produce customised products according to that existing market.

Diversifications

This is the most difficult for organisational management to market a new product in a new market. In this scenario, Nutree Life often collaborates with other organisations so that they can make customised products according to the choice of that market. Business collaboration increases the competitiveness of organisations. Increased competitiveness and resilience in the supply chain network can help the organisation to sell its products to its potential customers (Tien, Phu and Chi, 2019). The product will be launched in the sophisticated areas of London, Manchester where people are likely to make the best of the purchases. 

Marketing Strategy

The vast areas of London and Manchester will be covered for picking up the prospective clients. The homogenous grouping shall help Nutree Life to identify the interests of the customers they are marketing their product to. The segmentation should also consider the economic parameters of the homogenous group because the service provided by manufacturing Peanut Avocado Protein Barsis likely to be costly (Huang 2019). The age group and the cultural bias shall be handled while the product is manufactured. The target population should be made to trust the company that is Nutree Life as a competent health partner to rely on for meeting the goals for their health improvements.

Segmentation

Marketing segmentation is the strategy to refer to a target population of customers who are chosen for presenting the chosen service or product

Figure 2: Number of vegans across age group in UK
Source: (Statista, 2021)

Targeting

Targeting involves breaking down the homogenous group into smaller ones to reach the target easily (De Veirman 2019). Targeting aims to meet the marketing criteria among the target population by distributing the task into small achievable goals. The present research shall target the new innovative tool of customising vegan energy bars to its homogenous population to attract potential buyers' attention. The buyers should be made to believe Nutree Life's claims regarding their health issues. Nutree Life is a renowned brand of avocado protein bars manufacturer and so the targeting factor should be significantly easier to carry out. Market targeting aims to help refine the market while personalising the approaches made towards the customer. The customer base needs to be improved through the marketing targeting strategy (Morgan, 2019). Promoting the product will be done by implementing the marketing strategy of targeting. This is a way to build a trustworthy relationship with customers. The ads will voice the target population's needs so that they gain interest in availing the product. They shall find the concept innovative and benefit from it by meeting their daily energy needs. Size, competitive positions, compatibility, expected growth and the cost of transportation are the six factors that contribute to the targeting marketing strategies. As per Tien, Phu and Chi, (2019), the marketing capacity of a product increases when the targeting strategies are implemented. Targeting is a tool that can be used to reach individual customers by creating various ads and public campaigns. The targeting shall cater to the target population for Nutree Life by doing surveys in public places across geographical locations and doing online campaigns using social platforms. The targeting strategy shall help the brand to stand out among the rest.

Positioning 

Market positioning is a strategic exercise that establishes an image of a brand and products in consumers' minds. This can be achieved by determining the uniqueness of a company, identifying its current market position, doing the competitor positioning analysis and developing a positioning strategy. Nutree Life has promoted avocado protein bars to cater to the tastes of the 20-60 years. The products will launch in urban areas where the consumers are health conscious (Kaleka and Morgan, 2019). Nutree Life will retain its unique positioning through the ways of the marketing strategies that it will utilise to offer the products to the clients. 
 

Figure 3: Tactics of marketing
Source: (Xausa, 2021)

This is illustrated from the above graph that NutreeLife will use referral marketing, email marketing, search marketing, content marketing for adding to the effectiveness.  It will avail of the concentrated marketing strategy to attract the consumers who are pulled into the avocado used in the protein bars.
 

Figure 4: Positioning Map
Source: (Self- developed)

The clients have been segmented according to their purchasing habits and 24-60 years will be the selected segment which will be approached for the sale of the products. The protein bars will utilise avocado as the main ingredient growing the popularity of the products with the customers. The main competitors of the nutree life how have a huge market position is Post Holdings Inc and General Mills, Inc. Nutree life will position its market among the throbbing areas of Westminster, Manchester and Leeds. The positioning of Nutree Life will be advantageous for the behaviour segmentation to work out. Various flavours will be available that pertain to the tastes of the clients who have varying demands and according to their needs, the markets will be created by the company's positioning strategy (Sturgeon, 2021). Nutree Life will keep in mind the behavioural needs, aspirations and market demands. This is true that the market positioning of Nutree Life will be done according to behavioural, psychographic and demographic segmentation. 

Determining the uniqueness of Nutree Life to its competitors will be a key objective for organisational management. The organisation will contrast the differences between its products and other companies' products. It will make strategies to create a positive perception in the psychology of its consumers about its newly launched product perception. It will focus on its strength to exploit its opportunities. Identifying the current market position is beneficial for the organisation in market positioning.
Marketing Mix
 

Figure 5: Packaging growth
Source: (Lucía, 2022)

The seven key entities of the marketing mix are Product, Price, Place, Promotion, People and Packaging and physical evidence (Stone et al., 2020).

Conclusion

From the above study, quality and nutritious food are preferable to consumers. Less availability of vegetarian protein foods is a key concern for veteran people. On that behalf, the organisation is willing to promote its protein bar products worldwide. Consumer segmentation regarding their living status and socioeconomic and ethnic background is important for the successful promotion of products. Financial analysis of the market economy of particular business operational markets is essential for organisations. Customisation of products for organisations with a huge consumer base around the globe and various overseas subsidiary branches is very difficult. It will help the companies spread their promotional activities regarding Peanut Avocado Protein Bars all over the UK. In this scenario, it is also essential for organisation consumer segmentation based on demography and net disposable income. Good athletes and footballers as brand ambassadors for its protein bar product can make its branding more reliable. Getting a huge organisation is difficult because all the events around its global market are quite difficult.

Regarding this perspective, it will manage its event through event management organisations. This study also shows the importance of digital marketing in promoting products. Entities of digital marketing not only helps with branding but also helps in understanding consumer behaviour based on specified product.

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