Executive Summary
Rapid urbanization and highly stressful lifestyles are factors driving the increased demand for healthy foods. Individuals have had new health-related diets that preclude them from consumption of sweetened and calorized products such as chocolates. Others have decided to be cautious about what they take in to have such health issues. Healthy carob bars have been introduced to ensure such individuals have the sweet experience brought by chocolate, which serves the same purpose as chocolates. Carob bars are candy types made from carob powder extracted from the carob plant. Carob bars are extensively known for their low levels of fat and calories, compared to chocolate bars, and they do not have any caffeine content. The primary target market for these bars is individuals looking for a sweet yet healthy substitute for chocolate bars.
With the changes in consumer purchase habits mainly caused by the need to stay healthy and change lifestyle due to things like earning, the worldwide market of carob bars is increasing. According to a recent report, it is expected to reach a value of 44 billion dollars by early 2026.in addition to its being a safe place for diabetic persons, carob is highly reached in fibers due to its high concentration of polyphenol antioxidants; a compound said to protect humans from cancer.
The increase in consumption of carob bars by heath-aware individuals globally calls for an increased supply. My essay outlines a marketing plan for a company, Cyber Colloid, entering the carob bars market to take advantage of the health-conscious persons and the rise of the bars’ demand.
Company Description
Cyber Colloids Limited is an autonomous, research (specialized and market), business-driven, and product specialization team specialized in hydrocolloids, and nutrition, focusing on food and industrial applications. The company prides itself on its devotion to creativity and manufacturing high-quality products. Carob Colloid is made up of researchers and scientists who continuously work on innovative and new ways of generating products that serve the needs of the industry. With the company’s experience in nutrition, carob gums, and hydrocolloids, Cyber Colloids is resolving to create healthy and delicious carob bars to substitute chocolates. The company is now seeking to maneuver into the carob bars marketing to take advantage of the increased demand for delicious yet healthy treats and snacks. The firm will utilize its expertise in nutrition and industrial application to build carob bars that are nutritious and delicious. With the assistance of its innovative work group, Cyber Colloids is confident that it can make a carob bar that will be a hit with well-being cognizant shoppers.
Strategic Focus and Plan
a. Mission/Vision Statements
The company’s mission statement is “To take a business-led approach and have the ability to bridge the gap between the factory laboratory and consumer.” However, the company should aim to adopt a vision that says, “To provide sweet, healthy snack which delights the taste buds and nourishes the body” as a way of reaching its target market for the carob bars. The company is devoted to establishing products manufactured from high-quality ingredients so that every individual gets to enjoy a healthy indulgence.
b. Goals
the firm aims at taking a business-led technique and having the capability to connect consumers to factories and laboratories. The company believes that these strengths and opportunities set them apart from its competitors, fuel its business success, and make the firm an ideal industrial partner. The company aims to provide a sweet yet healthy snack that delights the taste buds and nourishes the body. In addition, the firm also proposes to create awareness of the need to consume only what is healthy for the body to avoid future health complications.
c. Core Competency and Sustainable Competitive Advantage
the core competency and sustainable competitiveness of Cyber Colloids are that the firm has a great experience and expertise in research and experimental development of natural science. The firm has highly innovative individuals that have worked in the food and nutrition fields, which promises excellent delivery when it comes to the new product.
Situation Analysis
a. SWOT analysis- Internal Strengths and Weaknesses
The company offers attractive product features in the local and global markets. The company provides health-friendly products customized to meet the needs of consumers. Cyber Colloids has excellent management with solid and strategic leadership and vision. In addition, the firm offers diverse products of high quality. The firm’s marketing system is quite promising as it involves effective and innovative campaigns conducted by an experienced team. With cutting-edge research and development, the company’s strong financial performance facilitates its state-of-the-art manufacturing.
b. External Opportunities and Threats
Although the company has increased demand for its high-quality products, the company has a potentially negative public perception. The new product, healthy carob bars, will likely face negative public perception from individuals who do not understand its worth. In addition, the firm has adequate access to new systems and tools that help it maneuver through the global markets. In addition to competition from its competitors, the firm has a threat of suffering from the changes in regulations impacting operations.
c. Industry Analysis
Cyber Colloids is a top-ranking supplier of biotechnological products with a significant focus on natural materials from the food, health, and beauty industries. The firm provides a broad range of innovative services and products, ranging from custom formulations to consumer-based research and development. His company’s experience in the field permits them to offer products and services of high quality with a focus on customer satisfaction.
d. Competitor Analysis
Although Cyber Colloids and its competitors do not compete head-to-head, they are on the same level. Cyber Colloids’ rivals offer similar product lines with varying quality, customer care, and pricing levels. They additionally have different dissemination models, with some having broad worldwide organizations while others have more localized operations. Cyber Colloids should stay competitive by checking and assessing their competitors to remain in front of the pack and stay an ideal choice for their clients.
e. Customer Analysis
The customers of Cyber Colloids are mainly small to middle-sized businesses. The customers value the firm’s innovative and reliable products, competitive pricing, and effective customer care services. The company’s customer base is significantly growing, as it bases its operations on establishing a long-term relationship with the consumers.
Market-Product Focus
a. Marketing and Product Objectives
The proposed Cyber Colloid healthy carob bars are delicious and healthy snacks that combine carob, a naturally nutritious and sweet food, with other nutritious ingredients, including seeds and nuts. By mixing the sweet taste of carob with the health benefits, these products are excellent snacks for people who are busy seeking a nutritious substitute for the sugary chocolate snack.
The company’s main aim is to introduce healthy carob bars to the market and establish awareness of their nutritional benefits. To attain this goal, Cyber Colloids will have to plan to utilize several marketing strategies. These marketing strategies include designing engaging content to show the bars’ nutritional benefits and using influencers and social media to create awareness regarding the product. To create repeat buyers, the firm can design customer loyalty rewarding tools, such as rewarding loyalty with discounts or points redeeming for purchases. Cyber Colloids can also opt to search engine optimization, which creates free and organic traffic on the firm’s website. Through the marketing methods, the firm aims to create awareness of their new product, increasing sales which will afterward increase their profit and customer retention.
b. Target Markets
The main target customers for my proposed product (healthy carob bars) are health-conscious persons. Since the carob bars are natural and made to substitute chocolates, the company targets persons seeking a healthier yet sweet substitute for traditional chocolate bars (Levin, 2022). These people primarily seek healthy snacks with an indulgent taste but low sugar and calorie levels. Referring to demographics, the target customers mainly include adults between the ages of 18 years to 50 years. These are people who have a higher disposable income and access to specialty stores, natural food stores, and healthy food stores. In addition, this group is likely to be interested in health and wellness and understanding the health benefits linked to carob bars.
Points of Difference
Cyber Colloids’ carob bars are a remarkable and delectable bite that offers an assortment of medical advantages. They are made with carob, a characteristic natural product got from the carob tree, which is plentiful in fundamental minerals, nutrients, and dietary filaments. This blend of supplements make carob bars an incredible wellspring of energy and a solid nibble choice that can assist with reducing cravings.
With its remarkable flavor, Cyber Colloids’ carob bars are situated to stand apart from the rest. The bars are made with no added sugar and contain no counterfeit flavors or additives. This takes into consideration a better bite that is loaded with normal flavor and nourishment. Moreover, carob bars are gluten-free, making them an excellent choice for people with dietary restrictions.
Positioning
The positioning of Cyber Colloids’ carob bars is centered around giving a healthy bite that is both delicious and convenient. The bars are separately wrapped and can be taken anyplace, making them an optimal snack for busy lifestyles. Furthermore, the bars are accessible in various flavors, considering a large number of choices for those with various taste inclinations.
Overall, Cyber Colloids’ carob bars are an incredible snacking choice that offers an assortment of medical advantages and delightful flavors. With its exceptional situating assortment of flavors, Cyber Colloids’ carob bars are sure to be a hit in the snack industry.
Marketing Program 2.0
a. Product Strategy
To ensure that Cyber Colloids meets its marketing goals, the firm needs to customize the carob bars to meet the needs and wants of the target customers. The healthy carob bars should meet the existing need of the target market, and the company’s marketers should develop a clear concept that explains the bars’ position. Cyber Colloids needs to let the target audience understand that the bars are made as an alternative to chocolates. The target customers should be informed of the bar’s health benefits and how it differs from the other colorized snacks. In addition, the organization should acknowledge all four stages the new product is likely to undergo. For instance, the firm expects the sales to be low and grow slowly during the introduction stage and exponentially during the growth stage. When the carob reaches maturity, the market is expected to have grown to a capacity, and the sales will start declining. And lastly, the sales and profitability decrease at the decline stage. At this stage, the firm will come up with a new strategy for rekindling product sales.
b. Price Strategy
(i) Break-even Analysis
The price of a product is the monetary value the product has, and it is an essential component of what the company will gain. When setting the price of the carob bars, the Cyber Colloids will need to consider the perceived and the actual value the bars have. The firm must skillfully set the suitable price of the bars so that it is manageable and low to maintain the firm’s reputation. In attempts to make a consumer-friendly price for the customer, Cyber Colloids will also need to utilize the break-even pricing strategy by determining the amount of money for which the carob bars must be sold to recover the costs of manufacturing them. This will protect the firm from succumbing.
c. Promotion Strategy
promotion strategy includes all marketing tactics that will be employed by the Cyber Colloids, including direct marketing, social media marketing, public relations, and advertising, among others. The purpose of promoting the carob bars is to communicate the product information to the customers and reveal reasons why they need to purchase it. It is so fortunate for the company that the digital era has made product promotion easier, and marketers can reach big audiences by spending a lot of cash. Therefore, Cyber Colloids should take advantage of the internet and popularize the carob bars.
d. Place (Distribution) Strategy
place refers to the location whereby the healthy carob bars will be availed for sale.
The firm is also working to ensure that the customers for Cyber Colloid carob bars not only have easy access to the product but also the product will be located conveniently. Cyber Colloid should not only consider selling online but also via physical stores with large numbers of snack consumers.
Financial Data and Projections
a. Past Sales Revenues
In 2021, a report composed by Grand View Research Inc. recorded that the worldwide Carob Chocolate market size was 183.78 million US dollars, and it is perceived to keep on growing. In the same year, North America represented the greatest portion of worldwide income. The rising number of health-conscious consumers in the district is supporting the carob bar demand as it is significantly advanced as a substitute for chocolate with no caffeine or theobromine content
b. Five-Year Projections
according to a new report by Grand View Research Inc., the worldwide demand for carob bars is forecasted to rise up to 1.31 US dollar billions by early 2028. This interprets to a CAGR of 6.4% over the estimated period. The growing product demand as a nutritious option, combined with the developing extension of online retail in the wholesome food varieties area, is going about as a significant driver. The growing buyer demand for food varieties of higher healthful and tangible quality has supported the presentation of carob ingredients in bakery products.
Organizational Structure
Cyber Colloids needs a dedicated marketing team for the marketing plan for the healthy carob bars to be successful. The senior marketing manager will lead the team, and it will include persons with great experience in marketing disciplines, including product management, public relations, digital marketing, and advertising. This team will operate for a smooth flow of designing, executing, and managing the marketing strategy.
The senior marketing manager will have the duty to oversee the whole marketing process, including evaluating the success of the promotion strategies and whether the marketing objective is met.
Implementation
The first stage Cyber Colloids should take in implementing this marketing strategy is developing an effective campaign. This campaign should be tailored to create awareness of the health benefits of the carob bars and establish a solid brand image of the product. The campaign ought to focus on health-conscious customers who are searching for healthy snacks. The campaign should emphasize its use of natural ingredients and their nutritional value.
The second step of the technique is to establish a strong presence for the product in the market. The organization ought to utilize different showcasing strategies like television and radio promotions, print media notices, and internet publicizing to expand the permeability of the item. The third step is to make a strong distribution network for the product. Cyber Colloids ought to collaborate with retail locations, general stores, and online stores to guarantee that the carob bars are promptly accessible to the clients. The organization should purpose at providing discounts and promotional offers to the customers. The fourth step is to invest in customer service. Cyber Colloids should give magnificent client care to guarantee that clients are satisfied and foster a reliable customer base. The fifth step is to gauge the progress of the marketing strategy. The firm should follow the sales of the bars, examine customer feedback, and monitor the performance of the marketing campaign to evaluate the success of the strategy.
Evaluation and Control
After implementing the marketing strategy plan, the company should design clear objectives and goals for it to be successful. The firm will also need to frequently identify new strengths and opportunities and utilize them to its benefit. Additionally, the firm should identify new weaknesses and threats and act upon them before they negatively impact the sales of carob bars. To ensure the plan goes well as scheduled, Cyber Colloids needs to allocate resources and wisely set a budget for the whole process and participate in relevant industry tradeshows and events to strengthen the brand’s visibility. Lastly, the firm should seek to track and analyze consumer information to understand their behavior, buying habits, and preferences.
In conclusion, by adopting the above-discussed strategy, taking advantage of the company’s strengths, opportunities, and digital ways of marketing, and minimizing the weakness and threats, Cyber Colloids will be able to introduce healthy carob bars to the market and dominate over their competitors.
References
Hill, B. (2017). Objectives in Marketing a New Product. Your Business. https://yourbusiness.azcentral.com/objectives-marketing-new-product-6336.html
Lachenauer, R., & Baron, J. (2016, September 20). The 5 Models of Family Business Ownership. Harvard Business Review. https://hbr.org/2016/09/the-5-models-of-family-business-ownership
Levin. (2022). The Carob Bar: A Healthy Alternative To Chocolate – Woodward Avenue. Woodwardavenue.org. https://woodwardavenue.org/the-carob-bar-a-healthy-alternative-to-chocolate/
write