Marketing Plan for Kellogg Cornflakes- Free Marketing Essay

Question: Discuss about the Marketing Plan for Kellogg Cornflakes. Answer: Introduction: The Kelloggs company is a fast growing company that produces various consumable goods to the Canadian and international market. The company has a good reputation of producing products that suit its targeted consumer needs. The company has recently introduced the Kelloggs Cornflakes (440g size) to the dynamic Canadian market. The product is yet to generate good sales to the company. However, most Canadian citizens are not aware that such product exists in the market. Only a few individuals are aware of the product. This fact calls for an initiative to create a marketing plan to enlighten consumers in the market for the availability of this product in the market and reasons why they should choose it over other similar competitive products sold in the market. A SWOT analysis was done to plan an effective marketing strategy to promote Kelloggs Cornflakes (440g size) to millennials in Canada. The following results were found: STRENGTHS Good Quality. Low Fat. Strong Brand. WEAKNESS Little knowledge by consumers. Low export orders. OPPORTUNITIES Growth prospect. Profitability to consumers. Advertisement to consumers. THREATS Availability of similar products in the market. Competition from competitive companies. The company is expected to maintain the standards of their strengths, improve on their weaknesses, explore the available opportunities and work on strategies to outshine its threats on the consumer market. Targeted Market The Kelloggs Cornflakes (440g size) are distributed to mini-supermarkets, Supermarkets, retail shops and malls in customers for customers consumption. The targeted market for this product aims at selling their products Children, teenagers, and adults. Children on age group (5- 15) years. This group of individuals consumes most of Kelloggs Cornflakes (440g size) Millennials in Canada. The product was initially developed to suit their consumer needs. Most children consume cornflakes at least two to three times daily. The Kelloggs company can identify geographical regions where there are more children of this age and promote their products in such potential markets. Teenagers of age group (16 - 30) years. This psychographic group of individuals is great prospects of consuming Kelloggs Cornflakes (440g size) for breakfast. Individuals of this group always look for something delicious and easy to prepare for their breakfast. When a strong marketing strategy is developed to reach this grou ps of individuals the product is likely to do well. Teenagers are the prime consumers for Kelloggs Cornflakes (440g size). Adults of age group (30 60) years. The consumption rate for this group is of individuals high. Kelloggs Cornflakes (440g size) contain high energy. Individuals of this age group will go for this product to for breakfast to give them the energy to work until lunch time. The table below shows a targeted market for Kelloggs Cornflakes: Segment Name Active millennials Targeted to individuals who prefer easy to prepare breakfast. Benefit Sort High energy. Kelloggs Cornflakes is rich of high energy Demographics Age, Taste, and preference. It is consumed by individuals of (5- 60) years old age bracket. Cohort Millennials. The easy to prepare a strategy for Kelloggs Cornflakes works best for millennials. Psychographics/ Lifestyle/ Vals Activists. It is suitable for individuals who engage in activities that require the high energy of operation. Usage Rate Twice daily. Consumers can take Kelloggs Cornflakes twice daily. In the early morning and in mid-morning. Usage Situation For Breakfast. Kelloggs Cornflakes are designed to be consumed for breakfast. Example Competitive Nutritional Facts. It contains Corn (89%), vitamins, salt sugar, vitamin E [soy], barley malt extract, (vitamin C, riboflavin, niacin, thiamin, folate), minerals (zinc, oxide, iron). Marketing strategy Marketing strategy is the key to running a successful campaign to promote new/ existing products to the consumers market. An effective marketing strategy to promote Kelloggs Cornflakes (440g size) involves the use of data analyzed in the SWOT analysis to create an effective promotional marketing campaign to reach the consumer market. The marketing team can embrace the use of paid media (TV), social media and through campaigns rallies to advertise their product. Positioning Strategy Effective positional strategies can be developed by looking at the competition in the market, nature of the product being initiated in the market and consumer response to the product sold in the market. There are two main positioning strategies approaches to be used in promoting the Kelloggs Cornflakes (440g size) in the consumers market. They Include: Using the characteristic of the product i.e. packaging and quality of Cornflakes sold to the consumers, price factor and promotion of the product. Product The production team is expected to outshine the quality that its competitors offer in the market. This factor can be done by using the best flavor in the production of Kelloggs Cornflakes (440g size). The marketing team is also expected to develop more attractive packaging materials of the Kelloggs Cornflakes (440g size). Most consumers buy a product that is more attractive to the eye and later analysis the quality of products they purchase. Promotion The most effective means of promoting Kelloggs Cornflakes (440g size) to millennials in Canada is through the use of the paid media (TV). The management should budget on issuing funds for promotion of Kelloggs Cornflakes (440g size) in news commercial during morning news, in breaks before breaking news is announced, in lunchtime news and evening news. Most individuals in Canada are attached to their media sources during this time. Chances that more individuals will be enlightened about Kelloggs Cornflakes (440g size) to millennials in Canada are high. By using this strategy, sales of the product to the consumer market is likely to increase. The marketing team should also embrace the use of Social media such as Facebook, Instagram, and Twitter to reach more potential prospects to purchase their products. Promotional rallies are also effective promotional management skills that boost sales of products to the market. The marketing team is expected to send its marketing agents into the m arket and organize rallies to promote the Kelloggs Cornflakes (440g size) to millennials in Canada. The company is likely to make more sales by using face to face interaction with their customers. Price placement Price factor will put Kelloggs Cornflakes (440g size) in a better position to make more sales compared to its competitor products on the same shelf life. The marketing team should be assigned to research on the price its competitors sell similar products to the Kelloggs Cornflakes (440g size) in mini-supermarkets, retail shops, and Canadian Malls. One's analysis is presented to the marketing manager, the price for the Kelloggs Cornflakes (440g size) is to be revised to offer the best price in the market. Consumers will purchase products with the best lowest price in the market and is of good quality. Bibliography Martin, M. (2016). How to Create an Effective Marketing Plan. (Online) Retrieved From: https://www.businessnewsdaily.com/4-creating-effective-business-marketing-plan.html Retrieval date: 12th01/17. The trademark of Kellogg Company. (2016). Kellogg's* Corn Flakes* cereal. (Online) Retrieved From: https://www.kelloggs.ca/en_CA/kellogg-s-corn-flakes-cereal-product.html?gclid=Cj0KEQiAzNfDBRD2xKrO4pSnnOkBEiQAbzzeQa9SHpE2v12Ko7S7WTLnrezVJrB1EB-I9t5x8YJRwHQaAur38P8HAQ Retrieval date: 12th01/17. Nawabzade. (2014). Full Project on SWOT Analysis of FMCG Industries. (Online) Retrieved From: https://nawabzade.com/full-project-on-swot-analysis-of-fmcg-industries/ Retrieval date: 12th01/17. Bradley, S. (2012). How Businesses Selling a Consumable Consumer Product Can Easily Increase Their Sales Using Twitter Search. Online) Retrieved From https://brilliantbusinessadvice.com/how-businesses-selling-a-consumabl-consumer-product-can-easily-increase-their-sales-using-twitter-search/ Retrieval date: 12th01/17. Lauren, L. (2017). What Is Positioning in a Marketing Plan? (Online) Retrieved From: https://smallbusiness.chron.com/positioning-marketing-plan-22983.html Retrieval date: 12th01/17. Lombardo, J. Positioning and Differentiation in Consumer Marketing. (Online) Retrieved From: https://study.com/academy/lesson/positioning-and-differentiation-in-consumer-marketing.html Retrieval date: 12th01/17.