You have been named the marketing director of a large pet supply company. Your company makes pet food, toys, and supplies that are sold in retail locations and via its online store. While the company has a robust website, it is not on any social media websites and prefers traditional media channels to promote its products.
Your first job is to help the company launch a new pet food line. This line will be for both cats and dogs, and the company is excited because the product is made of all natural ingredients.
The new pet food will be sold for about 10% more than its competitor’s pet food product. You will need to make some key strategic decisions about how to launch and promote this new product line. Assume you will have the budget that you need.
Your Final Project Part I: Product Overview will be a written document, 2–4 pages in length, in APA format. A template has been provided to give additional details on the paper structure and content.
Specifically the following critical elements must be addressed:
I. Initial Overview
a) Market Factors Describe the internal and external market factors the company should consider.
i. Complete the SWOT matrix and include information on the product strengths, weaknesses, opportunities, and threats. Provide necessary details to support each example.
ii. Explain the SWOT findings and how they can help you market your new product. Consider what the strengths of the products are and how you can leverage those to take advantage of opportunities.
b) Target Market Analysis Describe the target market for the new product. i. What is your company’s target market? What is the demographic, psychographic, and geographic breakdown of your target market? ii. What are the wants and needs of this target market? Why would the product either appeal to their wants or satisfy their needs?
II. Marketing Strategy Identify marketing strategies that you would suggest for the company.
a) Identify the most important marketing strategies that you would recommend the company use, and explain why you have chosen them.
b) Outline the 4 P’s (price, place, promotion, and product) for each of the strategies you have identified. How will you use the 4 P’s to inform your strategies?
c) Identify one marketing strategy you would recommend that the company avoid, and explain why.
d) Outline the 4 P’s (price, place, promotion, and product) for the strategy you are not recommending. Are there changes you could make to the 4 P’s that would make the strategy more likely to be successful?