BusinessEssay. For the locals, the cereal needs to be affordable, convenient, healthy and tasty. For the rural segment, it has to be affordable and accessible in order to be used regularly (Philip Kotler, 2008). Figure 1. The factors in favour of marketing such a product on the Australian market reside in an aging population as proportion of total population, forcing the government to focus on nutrition as a means to slow down health care expenses (IGR, 2004); the local market being a stable and developed one; the countrys technological development enabling advanced marketing and logistics techniques; and an increased concern for 21st century nutrition trends, pointing to an alarming growth rate of child obesity. As for the local rural population, the classes applicable would be between the middle and lower upper class. The marketing mix Product This strategy pays respect to the characteristics of the final product, namely the extent to which it matches the customer requirements, the quality, the brand name, functionality, styling, safety, packaging, warranty, reparations & support and accessories & services (NetMba. Marketing Strategies - Breakfast Cereals in Australia. These can retailers who sell products at local shops, wholesalers who sell the product in bulk at low prices to retailers and other customers, distributers that distribute the product to wholesalers and retailers as well as other large customers, franchises, that are independent businesses that operate a particular brand and pay royalty and finally agents who sell products and earn a commission on the sales. Australian Demographic Statistics. Therefore, the distribution will be done via at least one distributor and one retailer. Historical Market Size Value (US$ Bn) & Volume (MT) Trend Analysis By Market Taxonomy, 2017-2021, 9.2. 16261 Words ; 66 Pages; Powerful Essays . It is an important concept because it is responsible for creating an image for the product. December 8, 2022. https://business-essay.com/marketing-strategy-for-huskys-breakfast-cereal/. Nestle SA is a Swiss multinational food and beverage conglomerate operating its business in India under the name of Nestle India. Out of the three psychographic variables, a social class would be the most significant in this case. This trend is expected to grow as more customers opt for a more natural breakfast option. You may use it as a guide or sample for Market Attractiveness Analysis By Region, 9. The same CHOICE study mentioned previously identified 4 dimensions that Healthy Co. Pty Ltd should consider for Nutri Mix: dietary fibre, saturated fat, sugars and salt. Recent developments include: North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa. Breakfast Cereal Market by Nature, Product Type, Sales Channel & Region - Forecast 2022 - 2032. Advertisement. "Breakfast cereal marketing plan" Essays and Research Papers. Packaging plays a big role in cereal products. The target market refers to the senior consumers and children. For the tourists, it needs to be of good quality, priced economically but higher compared to the local version, and marketed effectively to attract customers through advertising and promotion. Profitability by Market Segments (Product/Age /Sales Channel/Region), 18.1.11.3. Market Size Value (US$ Bn) & Volume (MT) Forecast By Market Taxonomy, 2022-2032, 14. Target market. Sales of Ready-to-Eat Breakfast Cereals to Remain High. The pricing strategy has to be planned carefully because it is the one that supports the cost structure. Sales promotion refers to short-term incentives to boost the sales of a given product/service. The initial research was focused on six local macro-environment factors that could potentially impact the product. Historical Market Size Value (US$ Bn) & Volume (MT) Analysis By Sales Channel, 2017-2021, 7.3. The objective seeks to maximize the quantity of products/services sold or the number of customers in order to reduce costs in the long-term as predicted by the learning curve, also known as the experience curve. You will receive an email from our Business Development Manager. North America Market Analysis 2017-2021 and Forecast 2022-2032, By Country, 9.1. Elements of a Marketing Strategy of Nestls Breakfast Cereal Division The findings from these two reports further validate the true potential of the over 50s market segment since it was noted that they have a high spending power which means that demand for Nestle's breakfast cereals , which are specifically prepared for this market segment will . (Macro environment). It will not irritate customers with unwanted advertisements and promotions and let the customer opt-in to receive and look at advertisements (Philip Kotler, 2008). According to American Marketing Association (AMA) - Marketing is a set of activities that an organization (both for profit & non-profit) undertakes to create, communicate, deliver, & exchange products & services that have value for the - customers, supply chain partners, clients, other stakeholders, and society at large. Y-o-Y Growth Trend Analysis By Product Type, 2017-2021, 6.5. Public relations (PR) refer to the building of good relations and company image with the companys public. "Marketing Strategy for Huskys Breakfast Cereal." (2017, Mar 04). Marketing objectives The marketing objectives for Nutri Mix refer to product awareness, target market and market share. Current and Future Market Size Value (US$ Bn) & Volume (MT) Analysis and Forecast By Sales Channel, 2022-2032, 7.4. The tourists would appreciate a taste of the local heritage and food culture based on the idea of a vacation which is to experience something new and at the same time taste well and be nutritious. The tourist population would normally consist of people from the middle class and above, that is because most of the people going on vacations need to afford travel expenses, etc. The company is aiming to increase product awareness through intensive targeted promotional campaigns over a period of 6 months. The product wont have a line of cereals for specific medical problems (e. g. gluten free), so there wont be any highly priced product in the initial phase. Huskys business is located a few miles out of the Southwest tourist district, where the facility is located. A pull strategy lets the customer pull information at will and based on their requirements and convenience. In the long-term this objective aims to maximize profits by reducing costs and increasing market share. There are several components to a product that needs to be considered when on the subject. Marketing Idea. To make Huskys cereal the most widely used breakfast cereal at hotels and tourist resorts. Psychographic segmentation refers to the process of dividing the market into groups based on variables such as social class, lifestyle or personality type. T: +1-845-579-5705, Future Market Insights is registered in the state of Delaware as Future Market Insights, Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware - 19713, United States, A MARKET ACCESS DMCC Initiative - Dubai, United Arab Emirates. What is the anticipated market value of the breakfast cereal market by 2032 end? Many cereals come in colorful, eye-catching packaging that is designed to stand out on store shelves. Developing Footprint 17.3.2. Good Essays. A common trait in all nationalities would be the move towards healthier cereals. The package for all consumers will display the nutritional content according to the latest food regulations. The availability of a wide range of high fiber and protein breakfast cereals such as Clusters & Seeds Cereal,Kellogg's Special K Protein Nuts and One Day More Protein Muesli in Germany will push sales in the market. com (a)). Changes in consumption patterns, changing lifestyles, and migration of people from rural to urban and metro cities in shaping the demand analytics of the ready-to-eat products whether it is cereals, bakeries, pastries, or any other item. Whenever the market situation is in decline or at overcapacity, a company may choose a pricing level that covers the costs and allows it to remain in the market even though the profits may be affected. Between 1985 and 1995 the child obesity grey almost 50% in both genders (Parliament of Australia, 2006). Traditional methods include telephone selling, mail order or door-to-door selling. The local segment on the other hand is much more homogenous. Pharapreising and interpretation due to major educational standards released by a particular educational institution as well as tailored to your educational institution if different; 'Nutri Mix' breakfast cereal is the product developed by the company for this market and it's focused on nutrition and healthy life choices. Apart from that, it is the nearest lace available to the southwest region which is the main market. The reason these elements are important is that the cereal will sell itself based on them. us: [emailprotected]. 1. Generally, penetration pricing is used when entering a new market or attempting to increase a relatively small market share. Demographic segmentation refers to the process of dividing the market into groups based on variables such as age, gender, income, occupation, education, religion, race, nationality, family size, etc. How can you develop stable and lucrative revenue streams? Historical Market Size Value (US$ Bn) & Volume (MT) Trend Analysis By Market Taxonomy, 2017-2021, 10.2. Advertisements are strongly related to advertising. For this, the cereal ingredients need to be balanced and nutritious, consisting of fiber, carbohydrates and local fruits. (2006). A product can be a personal care item; going further into the category it can either be a hair care item or a skincare item there can be numerous levels of classification. Upon trying out the product, Huskys job is to make sure that the customer likes and enjoys the taste, quality and value in order to make them switch over to the new product. Choose skilled expert on your subject and get original paper with free plagiarism Correct writing styles (it is advised to use correct citations) With just a section on the packaging dedicated to tourism like a history section on each box would work well with tourists, explaining about a certain landmark or recommending a tourist spot. ? The children segment is chosen due to the parents increased concern regarding child obesity in Australia, whereas the senior segment is chosen due the governments increased concern for growing health care expenses generated by an aging population and a shrinking taxation base generated by a slow down in natality rates. Agents usually sell on behalf of the producer and work on commission. Therefore the pricing strategy makes sure that the product is priced correctly and according to the products life cycle stage which changes the pricing strategy. Pricing strategy is the planning and implementation of what amount of money to charge from the customers for the particular product being sold. According to FMI, ready-to-eat breakfast cereals are estimated to dominate the global market in 2022. Examples can be unwanted direct email and postal mail. The first refers to selling the products at a very low price meant to drive competitors out of the market or create barriers to enter the market, while the second refers to setting lower prices for the products in order to attain a larger, if not dominant market share. The category includes items such as cornflakes,bars, biscuits andcookies, and others. Breakfast cereals with a high fiber content are gaining traction. The sales promotions will cover each product line at the time to give customers a change of trying each product line with a buying incentive before becoming used to them. Profitability by Market Segments (Product/Age /Sales Channel/Region), 18.1.13.3. Special deals and promotions can be developed to partner with local tourist resorts and hotels that generate mutual benefit. Copyright 2022 service.graduateway.com. The product awareness will be increased via multiple channels, both with above the line and below the line sales promotions. The breakfast cereal product will be launched in Western Australia, more specifically Queensland, third state in the country as size of the population with 4,35 million inhabitants (Queensland Government, 2009). Personality type segmentation can be useful at a later point in time for designing targeted promotional activities. The reason for this choice is because the cereal is a simple product with a relatively long shelf life and since the factory is located nearby and there are well enough road networks connecting the market to the factory site, road transport seems to be the ideal choice. These include variety, quality, features, packaging, etc. A distributor is a company that markets or sells merchandise, especially a wholesaler. Retailers, wholesalers, resorts, and hotels will be the main outlets for the cereal and will serve as the place where customers will have access to Huskys cereal. 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