A marketing plan presented to the Soup of the Day Company
Magnesium MSM is a product of Soup of the Day, which aims to alleviate different kinds of ailments like muscle pains, cramps, arthritis, and more. To be able to maximize the opportunity the product can tap in to, based on research and analysis we decided to choose a niche market as a target market a...
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| Main Authors: | , , , |
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| Format: | text |
| Language: | English |
| Published: |
Animo Repository
2013
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| Subjects: | |
| Online Access: | https://animorepository.dlsu.edu.ph/etd_bachelors/18144 |
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| Institution: | De La Salle University |
| Language: | English |
| Summary: | Magnesium MSM is a product of Soup of the Day, which aims to alleviate different kinds of ailments like muscle pains, cramps, arthritis, and more. To be able to maximize the opportunity the product can tap in to, based on research and analysis we decided to choose a niche market as a target market and rebrand the product. The new brand name will be PowerMag which still has the same formulation but gives more emphasis on the performance enhancing quality it brings to consumers along with its pain relieving effects. In line with rebranding the product, we also developed a new packaging. Moreover, the new primary target market will be composed of sports enthusiasts, fitness enthusiasts, and athletes. Since the health and wellness industry is booming and the popularity of sporting events and sports enthusiasts are increasing, it would be a great time to take advantage of the opportunity. One of the concerns for rebranding the product is to gain product awareness. The group came up with a strategy of using events, sponsoring sporting events more specifically, to be able to introduce, gain awareness and achieve high trial rate of the product. Production of a smaller variant 50 ml size is also proposed which will be cheaper, compact, and more convenient for consumers.In addition to these, there were also computations, based on the Usage, Attitude and Image surveys conducted, included for the estimate expenses and profitability the owner would encounter upon the proposed changes, innovation, and marketing efforts for the product. Monthly and yearly evaluations should be conducted in order to ensure that the product innovation is monitored and the marketing efforts are successful. |
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