Executive Summary
The marketing plan of Nourish’d, a business seeking to penetrate the Australian market and boost sales and market share, is evaluated in this study. To pinpoint the strategic elements of the marketing strategy, the study offers industry and competition analyses, customer analyses, and corporate analyses. The report also uses the 4Ps Framework to examine the tactical facets of the marketing plan. The strategic and tactical components must be evaluated for alignment to determine any gaps or misalignments that could be filled in to improve the marketing strategy’s efficacy and help it accomplish its strategic goals.
Introduction:
Nourish’d’s business focuses on giving its clients wholesome, plant-based meals. In order to grow its customer base and market share in Australia, the business wants to expand there. In order to accomplish this goal, Nourish’d have created a marketing plan emphasizing targeting, positioning, and segmentation. The strategic and tactical elements of the marketing strategy are assessed in this report to find any gaps or misalignments that may be fixed to make the marketing plan more effective.
Industry and Competitor Analysis:
The market for plant-based foods in Australia is expanding quickly, with more consumers choosing to lead a plant-based lifestyle, according to Nourish’d’s analysis of the industry and its competitors. The market is fiercely competitive, with many firms providing comparable goods and services. Soulara, Youfoodz, and Thr1ve are some of Nourish’d’s key rivals. A five-forces competitive analysis was performed to assess the strengths and weaknesses of competitors. Because Australia’s market for plant-based foods takes a lot of investment and knowledge, the analysis showed that the threat of new competitors is low (Australian Bureau of Statistics, 2021). Due to the scarcity of providers of substances made from plants, suppliers’ negotiating strength is moderate. Customers have many options, which gives them a lot of bargaining power. Since customers can switch to alternative healthy food options, the threat of substitutes is moderate. Due to the market’s intense competition, competitiveness among businesses is intense.
Customer Analysis:
Customer research is essential to every business strategy, and Nourish’d be no exception. The business caters to consumers concerned about their health and searching for simple and reasonably priced meals made from plants (Healthy Meals Delivered | Home Delivery Meals | Nourish’d. (n.d.). These consumers are typically interested in healthy lifestyles and are prepared to spend more on goods that share their ideals.
Age, income, lifestyle, and values are just a few of the demographic and psychographic criteria that Nourish’d has used to divide the market into segments so that it may better meet the needs of its target market. Millennials and Generation X, who are time-constrained, tech-savvy, and concerned with their health, are the company’s primary target demographic (Healthy Meals Delivered | Home Delivery Meals | Nourish’d. (n.d.). They often range in age from 25 to 45, make a higher salary, and are prepared to spend money on goods that share their ideals.
According to the results of the customer analysis, Nourish’d concentrate on enhancing its value proposition to meet its target market’s needs better. In order to meet the changing demands and tastes of its clients, the business should offer additional customization possibilities and roll out new items. For instance, some clients could like more protein meals, while others would favor a gluten-free or ketogenic diet (Healthy Meals Delivered | Home Delivery Meals | Nourish’d. (n.d.). More customization choices will enable Nourish’d to meet the individual requirements of its clients better and deliver a more tailored experience.
To sum up, customer analysis is essential to every business strategy. Nourish’d have done a great job segmenting its target market based on demographic and psychographic criteria. Nourish’d enhance its value proposition by releasing additional goods and providing more customization possibilities to meet its clients’ demands better and foster greater client loyalty (Healthy Meals Delivered | Home Delivery Meals | Nourish’d. (n.d.). In order to reach its target market more efficiently and increase its customer base, the business also needs to develop its digital marketing strategies. These tactics can help Nourish’d solidify its industry position and achieve long-term success.
Company Analysis:
A solid brand reputation, a devoted customer base, and a wide selection of products are just a few of Nourish’d’s assets and abilities that provide a competitive edge. To save expenses and boost profitability, the organization must enhance its operational effectiveness and supply chain management. The health advantages of Nourish’d’s goods are effectively emphasized, and a sustainable lifestyle is supported by the company’s brand positioning (Healthy Meals Delivered | Home Delivery Meals | Nourish’d. (n.d.). Nevertheless, to stand out from the crowd, the business must create an extraordinary value proposition that appeals to its target audience.
Tactical analysis using 4Ps Framework:
Product: Nourish’d provide a selection of nutritious, plant-based meals created to satisfy its clients’ dietary requirements and preferences. The company needs to offer more customizability possibilities and cutting-edge items to set itself apart from its rivals.
Price: Nourish’d’s price policy is competitive with similar healthy food options. Prices are greater than those of fast food businesses but cheaper than those of fine dining establishments (Healthy Meals Delivered | Home Delivery Meals | Nourish’d. (n.d.). To appeal to a broader clientele, the business offers a variety of products at various pricing points. However, it is crucial to remember that because healthy meal preparation and components generally cost more, healthy food selections are typically more expensive.
Promotion: To reach its target audience, Nourish’d use various marketing strategies, such as influencer marketing, social media advertising, and email marketing. In order to draw in new clients and keep old ones, the business often organizes promotions and provides discounts. The marketing messages emphasize the foods’ positive effects on health and how convenient it is for customers to have wholesome meals delivered right to their homes (Australian Bureau of Statistics, 2021). Promotional activities support the company’s target market and positioning as a healthy food option.
Location: Nourish’d predominantly works online and delivers meals to consumers’ homes or places of business. Customers can pick up their orders from the company’s physical store in Brisbane or eat there (Healthy Meals Delivered | Home Delivery Meals | Nourish’d. (n.d.). The target demographic for the company—busy, health-conscious individuals looking for quick lunch options—is in line with this distribution strategy.
People: The meals are developed and made by a group of skilled chefs and nutritionists at Nourish’d. The business also includes a customer care division that responds to questions and comments (Healthy Meals Delivered | Home Delivery Meals | Nourish’d. (n.d.). Although there have been some concerns about delivery timeframes and order correctness, overall customer service quality has been favorable.
Processes: The entire procedure, from ordering to delivery, is outlined in Nourish’d’s well-established service plan. There have been specific weak points in the process, particularly concerning order accuracy and delivery times (Healthy Meals Delivered | Home Delivery Meals | Nourish’d. (n.d.). By strengthening its logistics and quality control procedures, the organization has addressed these problems.
Physical evidence
The physical facilities and packaging of Nourish’d reflect the brand’s contemporary and sophisticated aesthetic. The meals arrive in suitable and aesthetically pleasing recyclable packaging. Customers’ perceptions of the product’s worth may be impacted by some customers’ complaints about the food’s quality and portion sizes. Overall, Nourish’d have a well-coordinated marketing approach that aims to appeal to people concerned about their health and looking for quick and wholesome meal options. In keeping with its target market and positioning as a healthy food option, the company’s product options, pricing, promotion, and distribution techniques are all appropriate (Nourish’d – Products, Competitors, Financials, Employees, Headquarters Locations. (n.d.). However, there is room for improvement, notably concerning order accuracy and delivery delays. Additionally, to keep its competitive edge and expand its market share in Australia, the business may need to address portion sizes and food quality issues.
Conclusion
Nourish’d be a promising company with a strong basis and definite objectives. Their emphasis on sustainable operations and healthy, plant-based meals fits with current consumer trends, and their concentration on openness and community involvement makes them stand out in the market. Nourish’d’s excellent leadership, seasoned staff, and deliberate expansion strategy should position them well for success in the cutthroat world of meal delivery services, even if there are undoubtedly hurdles to be faced in developing the business and preserving profitability.
References
Australian Bureau of Statistics. (2021). 3101.0 – Australian Demographic Statistics, Mar 2021. Retrieved from https://www.abs.gov.au/statistics/people/population/national-state-and-territory-population/mar-2021
Healthy Meals Delivered | Home Delivery Meals | Nourish’d. (n.d.). Nourishd Co. https://nourishd.com.au/
Nourish’d – Products, Competitors, Financials, Employees, Headquarters Locations. (n.d.). Www.cbinsights.com. Retrieved April 17, 2023, from https://www.cbinsights.com/company/nourishd
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