Mission College Bestie Snack Marketing Plan 4Ps Strategies Paper Download the required template and answer the following items. If you do not have Microsof

Mission College Bestie Snack Marketing Plan 4Ps Strategies Paper Download the required template and answer the following items. If you do not have Microsoft Word, upload template to GoogleDocs then download as PDF after completion. Submit the completed PDF to assignment upload link below). There should be no more external research. Must incorporate Part 1 and 2B research results to support your strategy. Do not use another textbook, a different business, or submit an arbitrary marketing plan. Let’s focus on applying your chapter readings on 4P’s into this Marketing Plan:

Product Strategy

(1) Describe your product features/differentiators

(2) Types of Consumer offering (section 6.2)? Explain your answer.

(3) Why do you think your product/service can be successful? Refer back to your primary & secondary research, market trend, competitive environment, and product differentiators (do not discuss price, promotion and place).

Pricing Strategy

(1) Select one pricing objective (chp15.1) out of the 4 listed (“Status Quo” is not applicable in our case since it is a new product/service) and justify. Make sure you quantify (make an assumption about your target ROI %, profit$, sales $, or market share% you hope to achieve.)

(2) Select the major pricing factor out of the 4 factors from Chp 15.2 and explain how they impact your pricing decision process. Make sure to refer back to your Part 1 paper on market research and segmentation strategy.

(3) As a new product/service offering, you should first set an introductory pricing. Choose 1 of the 3 listed (Chp 15.3 “Introductory Pricing Strategies”) and explain/justify based on your market research on competitors.

(4) On an on-going basis, what are the pricing approaches for your business (Chp 15.3 “Pricing Approach”)? Identify the approaches and explain how they fit with your target customers, your product/service offering, and your pricing objectives and are consistent with your introductory pricing strategy.

Do not just arbitrarily pick a price and such as you are following xyz pricing. You must be able to justify your pricing strategy based on your market research and assessment in Parts 1&2 of your marketing plan.

Distribution (downstream channel) strategy (do not discuss supply chain)

Describe your distribution strategy: Based on Chp 8.2 Figure 8.2 with 5 potential B2C distribution strategies, select 2 of the strategies that best fit your business. If you choose direct channel, please add on at least one more channel where you can leverage the channel partners for access to customers. Justify based on your competitive information, customer segment and pricing strategy.

Promotion strategy

(1) Select one or more promotion objectives (chp11.4 ) out of the 9 listed in your chapter reading (ie. list/ write the objectives as listed in the textbook- do not make up your own or use another textbook) and justify based on your market research, target customers, pricing and distribution strategies.

(2) Promotion Mix

Select 2 or more components out of the 6 in the Promotion Mix chapter reading (Chp11.2) (ie. list/ write the components as listed in the textbook) . Explain and give examples of the contents for the promotion components (e.g., what ads, sales promotions, PR messages). Explain how they adhere to your business’ IMC.

(3) Influencing Factors for Promotion Mix

Select and explain at least 3 factors from your chapter reading (Chp11.3 Figure 11.1) (ie. list/write the factors as listed in the textbook) that influenced your selection of the Promotion Mix components.

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Running Head: MARKETING PLAN
1
Marketing plan
Name
Course
Date
MARKETING PLAN
Marketing Plan Part 2B – Primary Research Results (select 5 of your questions)
Business Name: Bestie Snack
Business Overview (1 sentence summary of Part 1, 25-35 words):
The Bestie Snack business operates on the sale of salty snacks and thus the sale of the
spicy carrots chips. The business goal is to promote healthy dietary habits in the community
through the production of a new product snack in the market.
Question #1 Summary (1-2 sentences, 25-70 words):
What is the age of the highest number of snack consumers in the market?
Screenshot of the question result from Google Forms:
2
MARKETING PLAN
3
Implications (3-4 sentences, 100-150 words):
70% of the responses argued in support of the business operation as most of the
consumers aged between 25-35 age, whereas the rest of the 30% aged between 15-25 years. As a
result, the business is well supported and thus no need to change the initial plan concerning the
implementation of the business. Also, as the operation’s main target is to promote healthy eating
habits, its applicability is likely to impact the exact targeted group and thus a positive influence
in the market (Hill et al., 2017). Besides, the commodity is likely to achieve a large market value
as most of the consumers are middle-aged.
Question #2 Summary (1-2 sentences, 25-70 words):
Is one’s religious belief impactful in the business? What is your religious belief?
MARKETING PLAN
4
Screenshot of the question result from Google Forms:
Implications (3-4 sentences, 75-150 words):
Cultural practice diversity is a significant influence on consumer behaviour in the market.
Thus the entrepreneurs need to ensure, that their products are neutral and fit in the community
strategically for the sustainability of consumerism (De Mooij, 2019). Based on the results, 60%
of the consumers are Christians and thus make an excellent market for the product to thrive
sustainably in the market as most of the Christians, are not restricted to the consumption of the
products. As per the achieved results, the business operation is supported and thus no need to
change the operation. Instead, one needs to focus on its implementation and expansion.
Question #3 Summary (1-2 sentences, 25-70 words):
Which is the most favourable snacks to the customers in the market?
MARKETING PLAN
Screenshot of the question result from Google Forms:
Implications (3-4 sentences, 75-150 words):
Based on the response from the Google Forms, 50% of the respondents indicated that
candy was their favourable snack, while 30% settled for chocolate. However, the chips snack
was not left out having 20% of the respondents settling for it. Based on the analysis one may be
coerced to change the initial business idea, as the overall turn out of the respondents does not
support chips consumption in the market meaning the completion is high (Tidd, & Bessant,
2018).
Question #4 Summary (1-2 sentences, 25-70 words):
Which is the preferred packaging style for the product by the customers?
5
MARKETING PLAN
6
Screenshot of the question result from Google Forms
Implications (3-4 sentences, 75-150 words):
The satisfaction of the desired customer needs, especially on the services offered to them
helps to attract more customers to the business enterprise (Solium, & Fernandes, 2018).
According to the responses concerning the preferred packaging box by the customers, 60% voted
for the display box style and thus the application of the most affordable and reliable packaging to
the customers. Based on the responses, one is adequately guided on the best means to offer the
packing service to the customers and therefore in support of the business one is motivated to
implement it.
Question #5 Summary (1-2 sentences, 25-70 words):
Which is the most attractive product promotion preferable by the customers?
MARKETING PLAN
7
Screenshot of the question result from Google Forms:
Implications (3-4 sentences, 75-150 words):
When companies are deciding on the best means to promote their products in the market,
the management team needs to analyze to conclude on the most effective means to avoid
incurring unwanted costs in the company (Dean, 2019). Based on the responses received, 50%
making the majority responses argued for a buy five get one free, making one of the most
effective sales as it is adequately promoting more of the company sales. As a result, the business
is well supported for effective operation.
MARKETING PLAN
8
References
Dean, N. (2019). Product promotion promotes uptake. Nature Energy, 4(7), 531-531.
De Mooij, M. (2019). Consumer behaviour and culture: Consequences for global marketing and
advertising. SAGE Publications Limited.
Hill, L., O’Sullivan, C., O’Sullivan, T., & Whitehead, B. (2017). Creative arts marketing.
Routledge.
Solimun, S., & Fernandes, A. A. R. (2018). The mediation effect of customer satisfaction in the
relationship between service quality, service orientation, and marketing mix strategy to
customer loyalty. Journal of Management Development.
Tidd, J., & Bessant, J. R. (2018). Managing innovation: integrating technological, market, and
organizational change. John Wiley & Sons.
Marketing Plan Part 1 – Business Overview and Secondary Research
Business Name: Bestie Snack
Business description
The Bestie Snack will operate in the salty snack sector; the company wills
produce quality spicy carrot chips. Its emphasis will be ensuring that it creates a high
demand for the product in the market. The aim is set to promote healthy eating and
diets in society by offering a new product. In this effort, Bestie needs to create a
strategy that will allow it to conquer and penetrate a competitive market it operates
currently. In such a case, it will need to create the need to motivate the sales and
demand for the new product.
Goldman video summary
Behaviours keep on changing, which includes the trends in snack consumption;
people no longer eat on the table at home but highly attracted to snacks, which is a
global behaviour (GoldmanSach, 2019). The market has shaped snack production, and
salty snacks have become popular. Also, it is looking for organic products, and
families seem to have high interests in them. For instance, customers are now
changing their demands. As a result, the manufacturers are working hard to meet the
market demand.
Article 1
Summary
Fortune insights report offers an excellent review of the snack sector about the
global market and investigates perceived results of increasing demand for healthy
snacks in the market. The leading players need to have lead in the new move that will
see better and robust products available in the market (Olayanju, 2019). The
production of healthy snacks is set to become the order of the market as the demand
shifts to such reflections. The article exploits some of the changes observed in the
market in connection to the changing lifestyles. It considers how many people have
taken a rural-urban migration. Hence there is a surety of the demand to raise. The
market is also reducing the carbohydrates demand despite increased consumer
incomes.
Implications
Understanding the trends in the market is a crucial aspect of the influences that
will allow Bestie Snack to have a better approach in approaching the marketing
concerning its dynamics (Mellor, 2017). Understanding the expansion aspects of the
market offers an excellent move to ensure that its planning process concurs with
reality. Such identification will allow the Bestie Snack to automate some of its
operations to meet the rising demand owing to the high population. The changing
aspects of the market reflect on the reality of the given demand hence making it
possible to meet the production of quality in large quantities.
Source/clickable URL link:
https://www.fortunebusinessinsights.com/industry-reports/snack-food-products-marke
t-100259/
Article 2
Summary
The report explains a research set on determination and investigation of the
global market trends in the snack-based sector and considers the possibilities and
expectations of the industry in the next few years and makes a prediction of the 2025
market characteristics explicitly. The article identifies the trends that will lead to the
changes in the demand that includes: people seeking healthy products, lifestyles
getting significant changes; hence the demand for new products arise and, health
concerns observed through various diseases will call for better diets (GVR, 2019).
The article suggests that the global market is shifting towards healthy foods that are
based on controlling weights.
Implications
Good market understanding allows the company to have a platform that will
promote the strategies for the company to adapt to the new demands in it. Bestie
Snacks needs to take advantage of such insights that will allow it to move forwards
with effective market strategies in its aim to satisfy market demand and meet its
objectives (Gorecki et al., 2019). A company can undergo huge losses that can limit
them to making profits that will make it possible to ensure it meets its
objectives. Thus, enhancing targeted to increase the value and quality of the new
products. Using the projection will allow the Bestie Snacks to remain at par with the
trends.
Source URL link:
https://www.grandviewresearch.com/industry-analysis/snacks-market
Article 3
Summary
The report investigates to snacks’ future from various perspectives on the market
case scenarios and how the snacks industry must set on a trend that responds to the
changing demands for products (Fotune-Insights, 2020). It identifies that the current
trends are associated with availing healthy products. In addition to its reliance on the
aspects of changing consumer perspectives. It considers the industry leaders as the
leading players who are supposed to shape production in the way customers want and
consider having a great insight into the market trends. The author suggests that the
move to produce healthy products will promote regulation and avoidance of high
blood pressure and diabetes, among many other issues.
Implications
Bestie Snacks needs to apply the information provided by the article in
formulating competitive strategies. Its present and future strategies need a
re-evaluation on whether they meet the demand of the market. The estimation of the
strategic moves and their results is possible through a reflection on the stages applied
by the business and formulation of the future strategies will need to reflect on the
changing market dynamics that represent what the consumers want. Generally,
understanding consumer preferences is a core aspect of success. Again, the company
needs to apply differentiation of the products so that its market offers will have a
competitive advantage over the others (Amara & Landry, 2017). Also, it will apply
the report in making the strategies better through a formulation of innovation.
Source/clickable URL Link:
https://www.forbes.com/sites/juliabolayanju/2019/10/07/perspectives-on-the-future-of
-snacking/#7937fe653148
References
Amara, N., & Landry, R. (2017). Sources of information as determinants of the
novelty of innovation in manufacturing firms: evidence from the 1999 statistics
Canada innovation survey. Technovation, 25(3), 245-259.
Fotune Insights. (2020). Snacks Market Analysis Report. Fortune Business insights.
Retrieved from
https://www.fortunebusinessinsights.com/industry-reports/snack-food-products-marke
t-100259
Górecki, J., Núñez-Cacho, P., Corpas-Iglesias, F. A., & Molina, V. (2019). How to
convince players in construction market? Strategies for effective implementation of
the circular economy in the construction sector. Cogent Engineering, 6(1), 1690760.
GoldmanSach. (2019). The Snack Attack. Retrieved from
https://www.goldmansachs.com/insights/pages/the-snack-attack.html
GVR. (2019). Snacks Market Analysis Report. Grand View Research. Retrieved from
https://www.grandviewresearch.com/industry-analysis/snacks-market
Mellor, J. W. (2017). Cities, Consumption, and Marketing Dynamics. In Agricultural
Development and Economic Transformation (pp. 195-205). Palgrave Macmillan,
Cham.
Olayanju, J. (2019). Perspectives On The Future Of Snacking. Forbes. Retrieved from
https://www.forbes.com/sites/juliabolayanju/2019/10/07/perspectives-on-the-future-of
-snacking/#2e4120173148
Marketing Plan Part 3– 4P’s strategies
Business Name:
Business Overview: (1 sentence summary, 25-35 words)
Product strategy 10-15 sentences (200-450 words)
•
Product descriptions (features & differentiators)
•
Types of Consumer offering? Explain your answer.
•
Why product can be successful
Pricing strategy 10-15 sentences (200-450 words)
•
Pricing objectives
•
Pricing factors
•
Introductory pricing
•
Ongoing pricing
Distribution (downstream channel) strategy 10-15 sentences (200-450 words)
•
Distribution channel 1
•
Distribution channel 2
Promotion strategy 10-15 sentences (200-450 words)
•
Promotion objectives
•
Promotion Mix
o Promotion approach 1
o Promotion approach 2
•
Influencing factors
o Factor 1
o Factor 2
o Factor 3

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