A)The specific target group the product should focus on is the upper-class individuals and those in the middle class but living in the posh areas. For the product, it is organic, grain-free, and one that is fresh. This alone means that it is of high quality and one that will not be cheap. The people who are able to afford that are the upper-class people who have well-paying streams of income and can be able to pay for such treats for their dogs comfortably. The product will therefore, be primarily found in the malls since the product needs to be refrigerated to be kept fresh until the pet owners are able to sample the treat if there are promotional services that are happening in the different stores(Alexander et al.,2020). The malls have different stores, whereby one tends to find everything under the same roof. It means that as the target market comes to buy the different things they may need, they will also be in a position to see the treats being sold and even advertised all around the mall. It may mean that the target audience will be interested to know more about the food and even end up buying it once they have read about the uniqueness of the pet food and how it will be of benefit to their pet.
The product can also be found in massive retail stores that deal with other fresh produce dog food that needs to be stored in the refrigerator and also small luxury stores for pet foods since these are places where different varieties of pet food are sold as opposed to the three dollar stores which have the different varieties of pet food(Cravens&Baldauf,2019). The target market will be mostly made up of upper-class people who own pets since they have the money to buy the food, they live near most of these high-end shops that will have stocked the product, and also in terms of their lifestyle, they may want to buy the best quality food for their pets there is the market given that this is a treat that is considered healthy and this is a social status to the upper-class people not forgetting that they can also afford to buy fridges. Some have considerable fridges in their homes where they can store the pet food once the dog has started eating the fresh produce.
b)The cost of an 8-ounce bag is $2.97.
40% is the contribution margin, which is to be added to the price. So it will be 2.97*1.4, and it will be 4.16$
The price of the wholesalers is 4.16*1.32, which will be $5.49.
For the retailers, it will be 5.49*1.25, which will result in $6.86.
The price is $5.49, which is the price of the wholesalers.
It is also the same price that I recommend.
c)It is usually said that a dog is a man’s best friend. It is not a secret that pet owners are emotionally connected to their pets. When it comes to advertisement, it is also great to ensure that the pet owners are able to relate to what is being advertised. In this case, for a promotional campaign, there will be a heavy investment in online and print media(Dibb & Simkin,2019). The first one will be through video advertisements. The video advertisement can be a short, one-minute video that will introduce the product to the audience. The videos can be circulated through different social media platforms, digital billboards around the malls, and even on the television screens in the different retail stores. The video will target the target market since most of them own smart devices and also frequently go to shop in other malls.
When they are driving on the road, they are also able to see the different digital billboards, and this will get their attention. Video advertisements have higher engagement since they get the attention of the target market, and this is in the form of movement and sound. The message that’s being passed through in this case is also personalized. For example, a pet owner feeds his dog, and the dog suddenly becomes playful; this becomes something that many owners can relate to and even would want to experience with their pets. The message being passed will, therefore, be curated persuasively, and this will significantly attract the target market to want to try out the product(Narisamhan,2018). The setting of the video can also be in a place where most of the target market can relate. For example, the dog can snack on the teats as they go on a walk with the owner, and the benefits of the pet food can be outlined in the video, and this will attract a lot of people to buy the pet food. The message that would be focused on here is to show how unique this pet food is and how it will be of benefit to the pet while also stipulating how it is stored for it to be of great help to the pet. I also ensure that I have free samples to use as a method of sales promotion. When the free samples are given to different consumers, I will ensure that I am able to create more awareness about the product and its benefits. I am also able to introduce the product to members of the target maker who may need to learn about the product and even ensure there is brand loyalty among the consumers who already know about the product. In the same way, the business is able to capitalize on its reputation.
d)When it comes to differentiation, the organization has to ensure that it is able to stand out from the thousands of pet foods that the target market can purchase in the market. One of the things that will help set the organization apart is the packaging choice. The packaging that the company has allows the food to be stored in bags as long as it is not opened, and this means that one can easily find it on the shelves(Samu & Smith,2019). However, once the packaging is opened, it means that one has to refrigerate the food to ensure that it does not go wrong. Along the same line, the packaging should be done in a way that will attract more consumers. When an individual is at the pet store, and there are all the different products, there is a particular packaged food that tends to catch the eye of the consumer, and this means that there is a high chance that the consumer will buy them and take them home to their pet.
Given that the brand is unique on its own, it is excellent if other strengthening factors also support it. For example, the packaging could have transparent parts, as this will signify to the consumers that the product has an aspect of freshness. The consumer will also be in a position to see what is inside as opposed to the dog food that one wants to see appear, but one can only really know once they are at home and feeding the food to their pets. The consumer will be in a position to examine and see how it looks even as they read through the ingredients. The packaging can also be biodegradable as this will signify that the organization is invested in ensuring that it is able to be socially responsible by making high-quality food and also being environmentally conscious at the same time. It also becomes easy for pet owners to dump the waste once the food is over, and one does not have to really worry about polluting the environment. In the same line, the packaging has to be one that can be used till the last day when the food is done. Most of the time, when pet owners buy food, very few people transfer the food into containers, and many like to store the food in their respective packaging(Yasa et al.,2019). It ensures that there are minimal chances of cross-contamination. In this case, since the food needs to be stored in the refrigerator, it will be an excellent service since one will only need to keep it in its respective packaging till the last day when one can finally dispose of the packaging.
It, therefore, means that the packaging has to be sturdy to ensure that it does not get torn and spill everything in the refrigerator. It is also essential to ensure that the organization is able to keep up with the pet food trends that the target market is able to work with to ensure that the target market is able to purchase the product from them. For example, in recent times, pet owners are gravitating towards pet food that is more healthy, organic, and has benefits for the health of their pets. It means that the organization is able to be sustainable since the different products it chooses to produce and even introduce to the market are those that will be needed in the market, and this will ensure that the organization is able to have even more growth as time goes by.
e). The slogan that I chose for the product is The Real Taste of Love. I chose this slogan because of the type of food that the organization is advocating for. Choosing to give one’s pet organic food is the same decision one makes when it comes to living a healthy lifestyle. For example, when one decides to eat a balanced diet and drink water frequently, one may notice that their overall appearance tends to change and flourish. For instance, one will have s smoother skin, fewer stomach upsets, and even better sleep.
When one chooses the food for their pets, it means that they understand the importance of good health for pets and the many benefits that their pets will get to reap from the food. For instance, the pets will have better skin, a robust immune system, weight control, and even better digestion. The pet will be able to live an everyday healthy pet life whereby it will be able to play around and even get even more puppies when it is time. The owner of the pet also gets to live a more leisurely life since one is not always paying much money to manage the different health issues that their pet might be suffering from since organic food is able to provide the necessary nutrients to ensure that the pet is of optimal health.
References.
Alexander, P., Berri, A., Moran, D., Reay, D., & Rounsevell, M. D. (2020). The global environmental paw print of pet food. Global Environmental Change, p. 65, 102153. https://doi.org/10.1016/j.gloenvcha.2020.102153
Cravens, D. W., Piercy, N. F., & Baldauf, A. (2019). Management framework guiding strategic thinking in rapidly changing markets. Journal of Marketing Management, 25(1-2), 31-49. https://doi.org/10.1362/026725709×410025
Dibb, S., & Simkin, L. (2019). A program for implementing market segmentation. Journal of Business & Industrial Marketing, 12(1), 51-65. https://doi.org/10.1108/08858629710157931
McDonald, M.& Bass, M. (2023). Market segmentation. Marketing, pp. 41–65. https://doi.org/10.1007/978-1-4039-3741-4_3
Narasimhan, C. (2018). Competitive promotional strategies. The Journal of Business, 61(4), 427. https://doi.org/10.1086/296442
Samu, S., Krishnan, H. S., & Smith, R. E. (2019). Using advertising alliances for new product introduction: Interactions between product complementarity and promotional strategies. Journal of Marketing, 63(1), 57. https://doi.org/10.2307/1252001
Yasa, N. N., Giantari, I. G., Setini, M., & Rahmayanti, P. L. (2020). The role of competitive advantage in mediating the effect of promotional strategy on marketing performance. Management Science Letters, 2845-2848. https://doi.org/10.5267/j.msl.2020.4.024
write