1 page/≈275 words
Business & Marketing
ProSup Marketing Strategy: Company Analysis, Marketing objectives (Coursework Sample)
write a marketing strategy of ProSup protein supplement in the Global market.
the protein powder was a new product in the market
Name of the Tutor
ProSup Marketing Strategy
Based on an evaluation of the protein powder market and our strengths, our company will introduce the ProSup protein supplement in the Global market.
Decades ago, the contemporary global market for protein supplements has witnessed a rise in demand. This phenomenon is attributed to increasing concerns and awareness of customers’ health concerns and the realization that food alone cannot provide complete dietary proteins required in their body normal functioning. Children need enough protein to be able to grow well. Amino acids got from protein to improve brain growth and functioning (Saxelby, 2014). Due to competition, the players need to introduce new and innovative products to the market which are appealing to the consumers and serve this health concerns.
At the growth stage, children organ need protein. The Institute of Medicine recommends that 10 and 30 percent of the calories a child over age 3 takes in should come from protein. The average requirement per day is 19 grams of protein for children aged 4 to 9. Those kids aged 9 to 13 need 34 grams of protein per day (Institute of Medicine. 2001).
Most of the protein supplements produced today doesn’t focus more on children under the age 5 years, who require special nutritional values due to the fact that they are growing and developing neurologically at a very rapid rate (Venne et al., 2013). Also is at this age children are more active in playing and other outdoor activities which require more protein intake. ProSup has been produced to fill this market gap.
What makes ProSup one of the most appealing product to the customers is the active ingredient which is easily ingested into the body of the user. The ProSup packaging and labeling designs will be creative and captivating to attract the interest of consumption by children.
We are looking forward and focus on customer intimacy as it competitive market strategy. This is because the protein powder market is flooded with products at all points of the pricing spectrum, yet the prospective customers want more than a product off the shelf; they want customized solutions. So, ProSup’s entry strategy is to know their customers’ needs requirements and try to deliver the correct solutions over time.
The company will work to achieve market leadership by strategically providing the best quality supplement in the market. We have noted that our customers care most about the quality and safety of the products they consume especially the prescription products. As the forward-looking target, the company aims at investment in market innovations and product quality for the achievement of market leadership after three years of operation (Marketing Strategy, 2013).In the recent times, the global market for protein supplements has witnessed a steady rise in its valuation. The increasing concerns of consumers over healthcare and the mushrooming of fitness centers, health clubs, and gymnasiums across the world are the main factors behind the significant growth of this market. Over the coming years, the market is likely to gain significantly from the increasing competition within the market that will impel player to introduce new and innovative products.
Having a superior brand with a unique niche in the marketplace, we are in a position to establish a three percent market share in the first years after ProSup launch. ProSup supplement will break-even by the year 2020. The company will introduce ProSup as a new product in the market, using penetration pricing, competitive positioning, brand strategy, and distribution channels in order to increase our revenues and growth rate (Marketing Strategy, 2013).
ProSup is at the conceptual stage as a viable innovative idea. Before the actual introduction to the market from the manufacturer, a research on the market will be conducted for a better understanding of the target segment and other market dynamics.
For the main marketing objectives of ProSup are:
* Positioning ProSup versus other similar products
* Maintaining high customer satisfaction
* Introducing ProSup in the selected market segment
* Building customers awareness about ProSup
* To create a cost-effective marketing plan
Generally, ProSup does not enjoy first entry advantage as there are already players in the market and the company is aware of that fact. The market is at the growth stage. All that is required is positioning in terms of product differentiation, targeting, and segmentation (Marketing Strategy, 2013). The already players in the market largely targeted customers with more than six years of age. ProSup target children of less than 5 years as its unique market niche, therefore it is not anticipating much competition in the market.
The major product competitors in the market are (SpotMeBro.com, n.d.):
* Whey protein
* Platinum kids
* Naked whey
For children under the age of 5 years and are running under low protein due to an imbalanced diet, who want protein powder supplement, the ProSup is the product that provides them with tastes, colors, and flavors uniquely blended to offer them a variety of choices depending on their preferences while retaining the same product quality and performance. Unlike Naked Whey, the ProSup offers high-quality protein concentrate, great taste, and flavor all in one at a good price.
Market segmentation and targeting
ProSup targets large pharmaceutical stores, physicians, and healthcare facilities. This is because the product is a prescription supplement by the health professional. The users will be children after prescription by the physician.
Being a new entrant in the market, in the short-run ProSup will face the challenge of marketing due to already established products in the markets. The major task here will be our capacity to communicate product value to the prospective customers (Keller, 2009). We will be required to explicitly make them appreciate the uniqueness and value accompanying ProSup. Though there are different pricing strategies, pricing ProSup will consider post-marketing evaluation report.
However, ProSup will use a mixture of three strategies, namely:
* Cost-oriented pricing
* Demand-oriented pricing
* Competition-oriented pricing
The above-mentioned strategies will be applied accordingly depending on the ProSup market cycle in both short-run and long-run. At the early stage, ProSup will be priced depending on the level of competition during product launch and the cost of production. The pricing approach will be penetration pricing to encourage high distribution of ProSup and customer exposed to the product in the midst of competing substitutes. In short-run, flexible pricing policy per the market segment needs and buying behaviors of the customers will be applicable, in the context of the prevailing product market cycle. In long-run other pricing methods and strategies will be used depending on the prevailing market needs and changes.
For ProSup to be competitive in the market, it has the following innovative features:
* Well, blended blue and pink color.
* Comes with a specially sculpted child drinker to entice children.
* Protein powder especially make for children
* The package is re-usable for other purposes.
* Extremely high biological value
* Fortified with glutamine peptides to further support muscle tissue integrity and immune system efficiency
* Aspartame free
* Rich in Branch chain amino acids and Glutamine
* Rich in immune system enhancing protein fractions
* Come flavors such as; chocolate, strawberry, vanilla, cinnamon bun etc
The above feature position ProSup as a superior product in that niche relative to other similar supplements. Provided that the contemporary Australian market is growing and changing, especially the need for protein supplements, the demand is becoming insatiable. ProSup is certified, safe and efficiently suited for consumption.
What is the brand architecture?
ProSup powder will come in different colors and tastes. ProSup has a mix of taste, flavor, and color which will be consistent and look appealing to the users, in our case children under the age of five years. It will be packed in a reusable container with a well-sculpted drinker for children. This will not only touch the emotional part of the user but also serve in easier and convenient usability.
What is the brand experience?
ProSup seeks to give excellent customer experience after usage. They also have a variety of choices to make with regard to their taste and preferences ranging from vanilla, strawberry, chocolate, groundnuts etc. Our customers will be sure of value for their money because they will always get the desired health results. This is true because ProSup has concentrates that a child requires for proper growth and development.
4Ps of Marketing
The 4Ps of marketing is a model for studying components of ‘marketing mix’. Marketing mix studies the ways the new product is introduced into the market using different kind of choices available to the organization. It helps in examining market options in the context of the product, price, promotion, and place so that the product addresses the customers’ expectations and needs (Jobber and Ellis-Chadwick, 2016).
Product – ProSup protein powder is made for children under the age of five years. It will be used to supplement their low protein intake. ProSup will have different packaging, tastes, color...
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