SNHU Marketing & Frequency of Evaluating the Plan Discussion

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zrt94

Business Finance

Southern New Hampshire University

Description

For this discussion, you provide an overview of your implementation and evaluation plan. Include a description of your plan to implement your marketing plan. This should include information on what resources you will need, the timetable, and any roadblocks that need to be overcome. Identify your internal and external stakeholders. What relevant legal and ethical considerations must be made?

For your evaluation plan, include a description as to how you will measure the effectiveness of your marketing plan. Consider the following:

  • How frequently will the plan be reviewed?
  • What metrics will you be using to define success?
  • Which relevant legal and ethical considerations may need to be updated or modified?

Respond to your peers with feedback that they can consider adding to their final project.

To complete this assignment, review the Capstone Discussion Rubric document.


Reply 1: Brooke Phillips

Product Description: DigiDine is a Wifi enabled pet feeder with built in camera that can be controlled by any mobile device through an app. The product is available for both dogs and cats and is designed for busy pet owners to maintain a consistent feed schedule for their pets. Pet owners can set consistent feeding schedules, as well as alter the schedule at any time through the mobile app.

Marketing Plan Implications:

Market Research with surveys, focus groups, interviews, customer observation to gain more product and consumer insight

Product testing with beta testing to ensure that the product software is efficient, AB testing will be used to maximize the efficiency of the company’s digital marketing efforts.

SEM/SEO efforts, both paid Google ads of buying relevant keywords, PPC ads, and organic exposure with keyword rich content such as blogs, and website articles

Social media engagement with channels such as Facebook, Instagram, Snapchat, and Twitter by hosting social media contests and offering product promotions

Evaluation:

The marketing department will review the sales progress weekly to ensure that the company is on track to meet set goals and to identify any opportunities. The sales progress will be reviewed monthly by the company departments, the reviews will be weekly touch bases to ensure that all departments are on the same page and up to date on the current sales status. There will be quarterly reviews with investors and shareholders in order to report essential information to them and allow them to stay informed on the company’s progress.

Metrics:

Due to our focus on early digital marketing development, the metrics that will be implemented will be focused on monitoring the digital traffic.

Metrics include overall website traffic, traffic by source, new visitors vs. returning visitors, sessions, average session duration, most visited pages, and bounce rate. The metrics will be tracked using Google AdWords and HubSpot to identify consumer behavior trends and identify opportunities.

Legal and Ethical Considerations:

Privacy Concerns and data collection: Although data collection is not illegal, companies should ask permission before using consumer data, and be very cautious of consumer privacy. Brands will face public scrutiny and negative press if consumer privacy doesn’t remain a focus (Goodyer, 2017).

Dissemination of information: Some examples include door-to-door sales, telemarketing, and unsolicited emails. There are many unenforceable laws that marketers could unethically take advantage of such as the hours and days that they are allowed to approach consumers through sales tactics.

Misleading Advertising: By advertising false claims to consumers, brands could face lawsuits and damaged customer relationships (Goodyer, 2017).

Goodyer, M. (2015, February 25). Ethical and legal issues in marketing. Retrieved July 11, 2020, from https://www.b2bmarketing.net/en/resources/blog/eth...


Reply 2:
Ama Selassie


Love Is Essential is a family business, so our internal stakeholders is just ourselves. We create products together. I will be incharge of the marketing for the most part. This is good because we don't have to be concerned with the legalities of employment at these beginning stages. The draw back is that everyone including myself is busy with school and or work. This has been a challenge to grow the company. However, I'll have a little extra time when I graduate, although I'll be working my fulltime job still. Our intention is to start our marketing campaign in October, which is a good time for the holidays.

The campaign will address some of our external stakeholders, such as our customers. We intend to gain feedback from our existing customers and create incentives for them to remain loyal to our brand. Love Is Essential will continue to research our suppliers standards of sustainability and broaden our base of suppliers.

  • How frequently will the plan be reviewed?

A marketing plan should be reviewed at minimum every month. This gives the plan enough time to see if strategies implemented are truly working without taking too long to make neccesary changes, that could waste time and money. That being said monitoring metrics and KPI's on a weekly basis is also important. This way when the plan comes up for review, there's an idea of what the new game plan might entail before the one month mark. The weekly monitoring will help to make smooth changes because it's not a suprise that something is not working. I would equate the weekly monitoring like a heads up, so to speak.

  • What metrics will you be using to define success?

Metrics that would define success are brand awareness and loyalty, lead generation, conversion rate, monthly revenue, bounce rate, and ROI.These metrics work together to formulate a clear understanding of what direction the campaign needs to go in and lay the foundation for future campaigns.

  • Which relevant legal and ethical considerations may need to be updated or modified?

Our company will need to check with the FDA.gov and sustainability resources to ensure our products are compliant. We'll continue to research how our raw materials are being sourced. We are looking at certifictions in the future that mandate sustainable standards, such as Cosmos logo on our labels that demonstrate our efficacy in sustainability.




Below is information about the product to help assist you with the assignment. I also attached two files.


information about product:

In this blog, you will identify at least two tools that can help marketers to define their target market and explain why this information can be used in the development of a marketing plan. This research will help you identify the target market for the new product or service that you will be peer reviewing in this module’s discussion.

In this document, you will find a Getting Started Blogging document to help you setup your blog and a Blogging Best Practices document. Both of these documents are standard for all marketing courses. Use the discussion area to submit the link to your Wordpress blog.



information about product:

New Product

Our company, Nutin Ltd., is a beverage company specialized in the sale of packaged coffee and fruit juices. The current product line that is introduced is a carbonated drink, Nutin Soda. The distribution of the new product will start in California and spread to other states where the firm operates.

Differentiating features

In the dynamic market, new products are being introduced in the market to meet the changing consumer needs. However, Callan (2019) provides that new products must be improved to ensure they compete effectively with those from other brands. In the case of Nutin Soda, the product has been improved to make it attractive to the target market. For instance, the ingredients and flavors for Nutin Soda have been developed innovatively to ensure the best taste. Also, various Nutin Soda products have been produced to give customers choices and preferences. This includes orange taste, coke, and lemon. Also, the products have varying sugar content, including Nutin Zero sugar, Regular (which is tasty with sugar), and Vanilla flavor. The expectation of that the large product portfolio will attract a large segment of target customers, including cautious health customers. The taste is differentiated in that there is no other company that offers carbonated drinks with similar taste to that of Nutin products.

The other differentiating factor is the price since a competitive price has been agreed upon to ensure that customers get the value for what they pay for. In this case, our strategy is to ensure that we sell not only the product but also happiness and experience. In this case, the value proposition will be essential in ensuring attractiveness and give customers perception of what our brand stands for.

Marketing Challenges

According to Lumen Learning (n.d), firms invest a significant amount of money in developing new products, but the challenge lies in convincing customers to try the out. Although Nutin Ltd operates in various states in the U.S, Nutin Soda is expected to face various challenges. For instance, there exist high competition, with leading companies taking a large share of the soft drinks market. This includes companies like Coca Cola and Pepsi Co. This means that we will have to conduct a thorough market analysis to determine the best approach to market the new product (Mouhanna, 2018). Understanding other firm’s competitive positions will help determine the areas that we can improve to ensure success.

The other challenge lies in the fact that Nutin Ltd is still new, and this means high spending on brand awareness. In this case, financial challenges may hinder our marketing efforts, and this could impact sales. This means we have to direct funds to the marketing channels that are likely to result in more leads.

The reason Nutin Soda Product Line is a Good Addition

Nutin Ltd has been in existence for about five years and has been involved in the sale of fruit juices and packed coffee. Considering that these products have helped the company achieve organic revenue and growth, we think this addition will help improve the company’s position in the market. The company also holds a significant market share in California and other states, and this can be leveraged to introduce the new product. The past three years have seen an upward trend in shareholder value, and this shows that the company is on track. Adding the new Nutin Soda will give customers a wide range of choices, which will help improve sales.

References

Callan, J. (2019). The New Product Development Process (NPD) – 8 Steps. Marketing Insider. Retrieved from https://marketing-insider.eu/new-product-development-process/.

Lumen Learning. (n.d). Products: New Product Development. Retrieved from https://courses.lumenlearning.com/boundless-market...

Mouhanna, A. (2019). What Is a Market Analysis? Market Research. Retrieved from https://blog.marketresearch.com/what-is-a-market-a...

7 days ago

seen




New Product NUTIN LIMITED SWOT ANALYSIS

Strengths

  • The market territory span from California to otheroffshore terminals
  • Availability of various Nutin soda products such as orange taste, coke, and lemon
  • Fantastic marketing strategies; Nutin products can be consumed by also most everybody.
  • Good returns and capital expenditure. The company is successful in the execution of their projects, which is why it is widening its market space.

Weaknesses

  • The high cost of marketingandadvertisement development
  • Low product diversification, unlike Pepsi, which has diversified into manufacturing snacks such as lays, Nutin limited only manufactures soft drinks.
  • Health concerns in consuming carbonated soft drinks; doctors and scientists a close link soft drink as a significant cause of cancer.
  • Demand for investment to focus on developing technologies such as online marketing.

Opportunities

  • The company can bring an advanced supply chain system.
  • Diversification; The company also focuses on distributing snacks together with soft drinks.
  • Market the lesser selling products toimprove on the company’s sales
  • Availability of new customers from online channels
  • New trends in consumer behavior can open up new markets for more products.

Threats

  • Coca-cola and Pepsi are the biggest competitors of the company. Indirect competitors such as Starbucks, which offer coffee chains can also prove to be a significant threat.
  • Sourcing raw materials; water is a significant raw material for manufacturing soft drinks, with climate-changing patterns and water pollution, clean water may soon be scarce.
  • New technologies developed by experienced competitors can be a severe threat in the long term future.



Gaps in the SWOT analysis

  • Sponsoring entertainment and sports events.Entertainment activities offer a massive platform for people to come together and thus increase the brand awareness of beverage products (Ajidarma, 2018).
  • Online technologies. Nutin company can improve its sales by distributing their products via online platforms.
  • Partnerships with other companies. In the modern business world, companies partner with other enterprises to complement their products. In this case, Nutin limited can partner with bakery companies to increase the sales of their products. For instance, a consumer would prefer to buy a cake and a soda at a lower price instead of buying them separately.
  • Advancing to the offshore terminals. Nutin company can start working on a strategy that will enable it to sell its products in other countries and not just the United States market.

Legal and ethical considerations

  • Harassment and discrimination.Sexual harassment and wage inequity are some of the critical ethical issues that some employees face daily. The company should ensure that each staff member is treated with fairness and respect despite their gender or level of education.
  • Health and safety.According to the International Labor Organization, about2.7 million workers die from work-related accidents and diseases.The company should focus on giving their employees proper working equipment such as masks and earplugs and appropriate insurance policies.
  • Compliance with Government and environmental rules.Nutin company should adhere to the correct mode of conduct in carrying out their business activities.All the environmental laws and financial reporting statutes should be about civil rights and regulations of the land.
  • Decision-making Issues. When it comes to solving ethical dilemmas in the workplace, collecting facts before making a decision is the most appropriate action to follow( Tat low-Golden,2017). Ethical decision-making platforms should be a critical factor in safeguarding the interests of employees and consumers.
  • Discuss social media awareness with employees to enhance cybersecurity.Employees should receive adequate training on what to post and what not to. This training will help them avoid disclosing private companies such as work projects which criminals use in their endeavors.

Reference

Ajidarma, P., Islamite, M., Hasty, F., & Oriento, D. (2018). Food Safety System Design Using Hazard Analysis Critical Control Point (HACCP) on Beverage Product X at a Milk Tea Producer. In SHS Web of Conferences (Vol. 49, p. 01006). EDP Sciences.

Tatlow-Golden, M., Verdoodt, V., Oates, J., Jewell, J., Breda, J. J., Boyland, E., & World Health Organization. (2017). A safe glimpse within the" black box"? Ethical and legal principles when assessing digital marketing of food and drink to children. Public health panorama, 3(04), 613-621.

Our company, Nutin Ltd., is a beverage company specialized in the sale of packaged coffee and fruit juices. The current product line that is introduced is a carbonated drink, Nutin Soda. The distribution of the new product will start in California and spread to other states where the firm operates.

Differentiating features

In the dynamic market, new products are being introduced in the market to meet the changing consumer needs. However, Callan (2019) provides that new products must be improved to ensure they compete effectively with those from other brands. In the case of Nutin Soda, the product has been improved to make it attractive to the target market. For instance, the ingredients and flavors for Nutin Soda have been developed innovatively to ensure the best taste. Also, various Nutin Soda products have been produced to give customers choices and preferences. This includes orange taste, coke, and lemon. Also, the products have varying sugar content, including Nutin Zero sugar, Regular (which is tasty with sugar), and Vanilla flavor. The expectation of that the large product portfolio will attract a large segment of target customers, including cautious health customers. The taste is differentiated in that there is no other company that offers carbonated drinks with similar taste to that of Nutin products.

The other differentiating factor is the price since a competitive price has been agreed upon to ensure that customers get the value for what they pay for. In this case, our strategy is to ensure that we sell not only the product but also happiness and experience. In this case, the value proposition will be essential in ensuring attractiveness and give customers perception of what our brand stands for.

Marketing Challenges

According to Lumen Learning (n.d), firms invest a significant amount of money in developing new products, but the challenge lies in convincing customers to try the out. Although Nutin Ltd operates in various states in the U.S, Nutin Soda is expected to face various challenges. For instance, there exist high competition, with leading companies taking a large share of the soft drinks market. This includes companies like Coca Cola and Pepsi Co. This means that we will have to conduct a thorough market analysis to determine the best approach to market the new product (Mouhanna, 2018). Understanding other firm’s competitive positions will help determine the areas that we can improve to ensure success.

The other challenge lies in the fact that Nutin Ltd is still new, and this means high spending on brand awareness. In this case, financial challenges may hinder our marketing efforts, and this could impact sales. This means we have to direct funds to the marketing channels that are likely to result in more leads.

The reason Nutin Soda Product Line is a Good Addition

Nutin Ltd has been in existence for about five years and has been involved in the sale of fruit juices and packed coffee. Considering that these products have helped the company achieve organic revenue and growth, we think this addition will help improve the company’s position in the market. The company also holds a significant market share in California and other states, and this can be leveraged to introduce the new product. The past three years have seen an upward trend in shareholder value, and this shows that the company is on track. Adding the new Nutin Soda will give customers a wide range of choices, which will help improve sales.

References

Callan, J. (2019). The New Product Development Process (NPD) – 8 Steps. Marketing Insider. Retrieved from https://marketing-insider.eu/new-product-development-process/.

Lumen Learning. (n.d). Products: New Product Development. Retrieved from https://courses.lumenlearning.com/boundless-market...

Mouhanna, A. (2019). What Is a Market Analysis? Market Research. Retrieved from https://blog.marketresearch.com/what-is-a-market-a...

Unformatted Attachment Preview

Marketing Mix Introduction • When marketing a new product, it is vital to evaluate key factors such as the price and quality of the product(Mouhanna, 2019). • In the evaluation other factors such as the competition in the market are crucial. • The analysis will therefore create a marketing strategy for Nutin Soda. • The strategy will look to facilitate smooth entry of the product into the market. Product Description • The new product Nutin soda is highly differentiated in comparison to other products in the market. • The soda is, therefore, likely to have a competitive advantage. • However, the market is flooded with similar products. • Therefore, there is need for aggressive marketing for Nutin Soda. Nutin Soda’s Price • The price of Nutin Soda falls within the market range. • The price ensures the customers get value for their money. • The primary strategy adopted by the firm will look to ensure the customer not only get the juice, but also satisfaction. • Therefore, the competive price will attract more customers. Product Promotion • Through product promotion, it will be easier to sensitize the customers on the new product. • There will be aggressive marketing to target potential customers. • The company will provide discounts to attract more customers. • Nutin Soda will also be advertised through social media and other basic media platforms(Mouhanna, 2019). Product Distribution • The product will be available in leading outlets. • The company will adopt an effective distribution strategy to meet the needs of the customers. • Therefore, the availability of the product will facilitate in its success in the market. • The company will invest in aggressive marketing to increase brand awareness. SWOT Analysis of Nutin Soda • Strengths include, high quality and availability of marketing and distribution avenues. • Weakness- the highly competitive market. • Opportunities, the ability to target new customers based on the highly differentiated product. • Threats, stiff competition from other producers of closely related products. References • Lumen Learning. (n.d). Products: New Product Development. Retrieved from https://courses.lumenlearning.com/boundlessmarket • Mouhanna, A. (2019). What Is a Market Analysis? Market Research. Retrieved from https://blog.marketresearch.com/what-is-a-market-a..., A. (2019). What Is a Market Analysis? Market Research. Retrieved from https://blog.marketresearch.com/what-is-a-market-a... Marketing Plan Presentation Draft Presented by: Megan Marshall Introduction • In this presentation, the focus is on the new product line that our company, Nutin Ltd, plans on introducing to the market • Nutin soda: a carbonated soft drink that comes in different flavors • To do so, we will look at: • • • • Product differentiation, Challenges of introducing the new product Success factors of the new product And a SWOT analysis of the new product Product summary: differentiation and strengths • carbonated drink, Nutin Soda • Will come in different flavours, including Nutin Zero sugar, Regular (which is tasty with sugar), and Vanilla flavor • The price will be lower than the competitor’s • the distribution of the new product will start in California • Positive brand image, and organic revenue to drive its marketing Product summary: Marketing Challenges • convincing customers to try the out • high competition from Coca Cola and Pepsi Co. • Determining the competitive position of the firm • high spending on brand awareness SWOT Analysis Strengths • Large target market • A wide variety of flavors • Effective marketing strategy • Profitable returns and income Opportunities • The possibilities of creating a diversified supply chain • Creating a large market for the lesserselling products • Acquiring new consumers from online marketing • Possibilities of getting new trends from new consumers Weaknesses • High marketing cost • Low product diversification • Health-related issues • Demand for technology in marketing Threats • High competition from established companies • Scarce raw materials • Developed technologies by competitors to market their products Target market analysis • the target market include • Both males and females • Healthy and diet people • Low income and middle income people • Individuals and organizations Marketing objectives • Improve awareness and demand around the new product by sponsoring entertainment and sports events • Shorten the sales-cycle through online technologies • Increase the lead quality through partnerships with other companies • Work towards increasing the brand awareness through increased online traffic and the number of clicks Conclusion • The marketing of a new product requires extensive market research and strategic marketing plan • The marketing plan need to focus on the characteristics of the target market • The marketing analysis provides the information required to understand the best measures to introduce the product in the new market References • Ajidarma, P., Islamite, M., Hasty, F., & Oriento, D. (2018). Food Safety System Design Using Hazard Analysis Critical Control Point (HACCP) on Beverage Product X at a Milk Tea Producer. In SHS Web of Conferences (Vol. 49, p. 01006). EDP Sciences. • Callan, J. (2019). The New Product Development Process (NPD) – 8 Steps. Marketing Insider. Retrieved from https://marketinginsider.eu/new-product-development-process/. • Lumen Learning. (n.d). Products: New Product Development. Retrieved from https://courses.lumenlearning.com/boundless-market... • Mouhanna, A. (2019). What Is a Market Analysis? Market Research. Retrieved from https://blog.marketresearch.com/what-is-a-market-a...
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Marketing Discussion Post
Our company is specialized in producing beverages. Therefore, when implementing our
marketing plan we would require resources such as time, adequate finances for the marketing
processes and also expertise. Our marketing plan, would also design a timetable that would go
hand in hand with occasions and holidays. For instance, the marketing plan will focus on peek
seasons when drinks are at high demand so that we can position our brand strategically in the
market. Also, this approach will help us to attract numerous customers.
Moreover, to attain success in our marketing strategy, there is a need to note the kay
roadblocks that could hinder our success. Such roadblocks include the coca-cola and Pepsi Co,
which are established companies and our major competitors in the sector of soft drinks. As the
manufactures of Nitin soda, we are the internal stakeholders, and our critical external
stakeholders would entail the suppliers and our esteemed customers.
Frequency of Evaluating the Plan
The marketing plan will be reviewed monthly to provide enough time for monitoring the
workability level of the strategy. Performing such evaluation will enable us to improve the
marketing strategy and avoiding unnecessary marketing expenditures (Lamb & Crompton,
2017). Ideally, the review would enable us to intensify the weaknesses and strengths of our plan
and therefore be able to work on them to better the plan.
Metrix to use in defining our success
The key metrics that would define our success will include a significant rise in monthly
profit level, an increase in customer brand inquiries, and an upsurge of demand level (Davis,

2017). Such metrics would provide us with valid data that would project our direction and the
areas that would require adjustments to boost our market ...


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