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Take home Test Marketing Mix Strategy Assignment Sample

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Take-home Test Marketing Mix Strategy Assignment

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1.0 Introduction

The report will assist in the perceptive of Australian Dairy Goods’ new product launch that is the launch of smoked and fat-free cheese in India and its 4Ps marketing mix strategies. A sales plan for the first year will also be provided in this report. This report will demonstrate its scope linking to assessment one and assessment two, and also a set of objectives and KPIs. Reasons behind the superiority of the proposed plan will be discussed in the report's breadth, which will aid in a successful understanding of its marketing operations in India and in also ensuring that the new product of the firm will achieve its success in the competitive business ambiance of India.

2.0 Scope of Report

From assessment one, it can be understood that the research shown there has been devoted to analyzing how the Australian Dairy Goods Corporation operates. The report's primary objective was accomplished since it was able to give clarity on the company's situation analysis and operations. Additionally, it has attempted to emphasize that some of the elements that operate in favor of the organization have been highlighted, and a summarized image has been provided in the swot analysis. All of this evaluation would aid in proposing a more effective plan of action for the organization to follow when working as a marketing consultant for the firm.

The study depicted in assessment two is derived from the previous evaluation, is effective in developing the segmentation, target, and position analysis for Australian Dairy Goods' new product, fat full milk powder 26/24. Segmenting the target market into those with appetites for yogurt and desserts and those searching for healthier options that allow them to indulge in sweets without succumbing to gluttony is an efficient way to boost attention and market share through niche marketing. Accessibility and performance are the factors that contribute to the product's superior position inside the Australian market when compared to yogurt texture improver and nature base 20/15.

3.0 Objectives and KPIs

The objectives are-

  • Develop a comprehensive and rational strategy for the item's release the first year of sales
  • Justification of the superiority of the proposed plan over the other alternatives

Each business—and each product—is unique, which means that the KPIs used to assess the success of a new launch will almost certainly differ from those used by another firm in a different industry. Several pertinent key performance indicators include the following:

Launch campaign metrics

Launch metrics consist of:

  1. Website traffic/page views: Australian Dairy Goods must ensure that it measures views of all launch material, which encompasses website traffic or page views to new product pages, landing pages, and associated content (Abuelo et al., 2019).
  2. News coverage: For significant launches, Australian Dairy Goods could choose to seek PR publicity for its new product (Dun & Bradstreet, Inc. 2021). Evaluating the quality and quantity of these pieces or mentions in order to determine the efficacy in obtaining publicity.

Product adoption metrics

Several common product adoption measures include the following:

  1. Customer usage: Establishing and tracking goals for customer usage over time - not even just clients who try the product of Australian Dairy Goods but also those who continue to use it over a specified time period - is an effective way to determine whether the product is meeting a customer need and whether the marketing of Australian Dairy Goods is effectively guiding them to that product (Talukder et al., 2021).).
  2. User retention: Whereas the primary objective of the launch of Australian Dairy Goods products may be to raise interest and exposure for the new product, it also is critical to keep those customers in order to have an effect on key business metrics such as revenue.

Market impact metrics

Among the key market impact measures are the following:

  1. Revenue: If the Australian Dairy Goods wants to charge separately for its new product, revenue would be a crucial metric for determining the success and effect of its recent product launch. This is how consumers demonstrate that the new product release actually added value.
  2. Competitive win rate: The competitive win rate is another indicator of the performance in beating competitors in the market. If the new product competes directly with existing market solutions, a successful launch should increase the competitive win rate (Prokopenko et al., 2020).

Qualitative feedback

  • Internal feedback: Australian Dairy Goods must collect input from internal audiences, such as sales representatives, marketing, executives, and marketing specialists (Grand View Research. 2021). Ascertaining their targeted results prior to the launch will result in the implementation of a better plan to fulfill its goals.
  • External input: Australian Dairy Goods has to gather customer feedback and prospects to elicit reactions and constructive comments regarding positioning, platforms, and other launch components. It may even identify areas where it may follow up post-launch to sustain momentum, for example by developing more customer support documents or marketing content.

4. Marketing Mix

Product:

The company's new product, smoked and fatless cheese will be a useful item for dairy customers in the new market, where milk and milk-based products occupy a significant role in the overall diet. Smoked and fat-free cheese is an excellent source of the minerals contained naturally in milk, including calcium (Talukder et al., 2021). Additionally, smoked cheese is high in other vital minerals such as phosphorus, zinc, riboflavin, vitamin B12, and vitamin A. As a member of the “fatless” category, this cheese will appeal to those concerned with their health and fitness (Santhanam-Martin, Bridge & Stevens 2019).

Pricing:

Australian Dairy Goods has an economic pricing approach. In the cheese category, it maintains competitive pricing for ordinary cheese and premium pricing for other specialty flavors. The consumer loyalty of the Australian Dairy Goods is determined by price and quality (Shahbandeh, 2021). Australian Dairy Goods’ massive infrastructure will enable them to offset expenses through high output quantities.

Place: Australian Dairy Goods must have a significant presence throughout India. Distribution is important in the dairy sector, and so the company has to have a minimum of 500 retail stores and 300 exclusive shops in place to reach out to diverse locations around the country. Due to the fact that suppliers are growers, it must avoid the costs associated with other middlemen (Shahbandeh, 2021). It has to build a good relationship with Local Area Distributors for distributing its products to exclusive shops, convenience shops, supermarkets, and other smaller merchants (Dairy Australia. 2021).

Promotion:

The advertising and promotional approach of the marketing plan of Australian Dairy Goods is as follows:

Australian Dairy Goods has to adopt a delicate yet efficacious marketing strategy as it will experience strong competition from national competitors Amul, Mother Dairy, etc (Desai, 2021). It has to shift onto a clever marketing approach whereby it is focusing on improved communication methods. The Australian Dairy Goods’ USP is going to be its smoked and fat-free cheese. It must team up with Google Pay, Paytm, and UPI for cashless transactions at its outlets and therefore proving it is technologically upgraded (Datausa. 2021). And it must choose social media for promoting its products.

4.1. 4PS marketing mix of Australian Dairy Goods

The marketing mix is required for the development of strategies that will enable the Australian Dairy Goods to accomplish its objectives in the markets it serves and intends to serve (IBISWorld. 2021). It will be able to execute its complete marketing strategy by developing strategies that address the numerous elements of each area. The marketing mix of Australian Dairy Goods examines the brand/company in terms of the four Ps (“Product”, “Price”, “Place”, and “Promotion”) and explains the marketing strategy employed by Australian Dairy Goods (Dairy Australia. 2021). Numerous marketing strategies, including “product/service innovation,” “marketing investment,” and “customer experience,” have all contributed to the brand's success.

A marketing strategy allows organizations to achieve their goals and objectives, and the marketing mix (4Ps) framework is commonly used to define such plans (Rural, 2021). The following section discusses the Australian Dairy Goods’ product, pricing, promotion, and place strategies.

  • The sales plan for the first year is as follows-

Units to be produced in the first year

100,000

Cost per unit

1.25 (in AUD)

Total projected sales

125000 (in AUD)

4.2. Reasons behind the superiority of the proposed plan

In order to justify the choice of the marketing plan, it is important to analyze the alternative strategies. In the following sections, the selected pricing and promotional strategies will be compared with the other available options, and their superiority will be rationalized.

4.2.1 Pricing strategies

In India, the Australian Dairy Goods must come up with the strategy of economy pricing, as it is designed to appeal to the most price-sensitive consumers (Kienzler & Kowalkowski, 2017). Numerous firms employ this technique. This strategy keeps product prices low and as a consequence, clients acquire the items they require from the companies implementing it.

While price skimming entails artificially inflating prices during the initial period to assist businesses in increasing sales of new products and services. Once the items or services are offered, the firm steadily reduces the prices. It will not work in the market of India in the sector of dairy business as people might think that the low costing has the relation with the deteriorated quality (Indian Dairy. 2021).

And, penetration techniques are designed to entice customers by offering discounted goods and services. Companies frequently end up increasing their pricing in the long term after properly entering a market. This is may lead to reduced sales (Economic Research Service U.S. DEPARTMENT OF AGRICULTURE. 2021).

Businesses that use premium pricing raise their expenses greater than their competitors. A firm must strive diligently to establish a sense of worth. This is because buyers must believe that the increased price tag is justified. But for dairy products, people will always not go for premium-priced goods in India.

4.2.2 Promotional strategies

For the strategies of its promotion, Australian Dairy Goods's tactic is to go for social media marketing. Print media, in comparison to electronic media, most notably the Internet, does not have a worldwide reach (Bara et al., 2021). Advertising on the mass media platform is too costly. Because media time is so expensive, the expense of making high-quality ads is extremely significant. Apart from the cost of airtime, there were significant production expenditures associated with the commercial. Even local advertisements can be costly to make and are frequently of poor quality. The high expenses involved with television advertising deter small budget businesses.

Advertisers seeking to reach a highly particular, tightly defined, and frequently tiny target demographic discover that television results in overexposure, lowering its cost-efficiency (Dairy Australia. 2021). For instance, it would be tough to contact only a subset of the population. Any television advertising is certain to go well beyond the intended audience. Though marketers are striving to enhance selectivity, television still falls short of radio, magazines, newspapers, and direct mail in terms of selectivity. In comparison, the Internet allows for the creation of information that only has to be published once yet may be spread globally (Yasa et al., 2020). Thus, anybody with internet access may access online material. It's as simple as touching the finger a few times to have access to all of the world's knowledge.

As the print media and the mass media promotions are slowly becoming outdated, the business chooses the option of marketing via various platforms of social media such as Instagram, Facebook, YouTube, etc.

 5. Conclusion

The subject matter discussed in the report aided in developing a thorough understanding of the Australian Dairy Goods's new product launch in India, which is the introduction of smoked and fat-free cheese, as well as its 4Ps marketing mix tactics. In this report, a sales plan during the first year is also included. This report outlined its scope in relation to assessments one and two, as well as a set of objectives and key performance indicators (KPIs). The report's depth conceived in it the reasons for the superiority of the suggested strategy, which further assisted in a successful understanding of the firm's marketing activities in India and in ensuring that the firm's new product succeeds in India's competitive business environment.

References

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Bara, A., Affandi, F., Farid, A. S., & Marzuki, D. I. (2021). The Effectiveness of Advertising Marketing in Print Media during the Covid 19 Pandemic in the Mandailing Natal Region. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences4(1), 879-886.

Dairy Australia. (2021). Dairy Australia: Investing in Farmers, Animals & Our Country. Dairy Australia: Investing in Farmers, Animals & Our Country - Dairy Australia. https://www.dairy.com.au/.

Dairy Australia. (2021). Milk Processing Overview. Dairy Australia. https://www.dairyaustralia.com.au/industry-statistics/milk-processing-overview#.YNTBX-gzbIU.

Dairy Australia. (2021). Production & Sales Statistics. Dairy Production Statistics | Dairy Australia. https://www.dairyaustralia.com.au/industry-statistics/industry-reports/production-and-sales-statistics#.YNS_zegzbIU.

Datausa. (2021). Dairy product manufacturing. Data USA. https://datausa.io/profile/naics/dairy-product-manufacturing.

Desai, P. D. (2021). The ICT Adoption in AMUL: An Easy, Innovative, Self-Sustainable Approach for Rural Regions. In Rural Entrepreneurship and Innovation in the Digital Era (pp. 143-158). IGI Global.

Dun & Bradstreet, Inc. (2021). Research Dairy Products Manufacturing Companies - Manufacturing - Dun & Bradstreet. https://www.dnb.com/business-directory/industry-analysis.dairy-products-manufacturing.html.

Economic Research Service U.S. DEPARTMENT OF AGRICULTURE. (2021). Dairy Data. USDA ERS - Dairy Data. https://www.ers.usda.gov/data-products/dairy-data/.

Grand View Research. (2021). Dairy Products Market Share & Growth Report, 2020-2027. https://www.grandviewresearch.com/industry-analysis/dairy-product-market.

IBISWorld. (2021). Industry Market Research, Reports, and Statistics. IBISWorld. https://www.ibisworld.com/united-states/market-research-reports/dairy-product-production-industry/.

Indian Dairy. (2021). Indian Dairy Industry's Complete Guide. IndiaDairy. https://indiadairy.com/.

Kienzler, M. & Kowalkowski, C., (2017). Pricing strategy: A review of 22 years of marketing Assignmnet research. Journal of Business Research78, pp.101-110.

Prokopenko, O., Shmorgun, L., Kushniruk, V., Prokopenko, M., Slatvinska, M., & Huliaieva, L. (2020). Business process efficiency in a digital economy. International Journal of Management (IJM)11(3).

Research and Markets, G. N. I. (2019, May 23). Global Dairy Market Database 2010-2017 & 2018-2023. GlobeNewswire News Room. https://www.globenewswire.com/news-release/2019/05/23/1841508/0/en/Global-Dairy-Market-Database-2010-2017-2018-2023.html.

Rural, S. (2021). Performance of Australia's dairy industry and the profitability of Australian dairy farmers since deregulation in 2000.

Santhanam-Martin, M., Bridge, P., & Stevens, L. (2019). Working with stuckness: lessons from an intervention to support intergenerational transitions on Australian dairy farms. Canadian Journal of Development Studies/Revue canadienne d'études du développement40(2), 254-271.

Shahbandeh, M. (2020). Topic: Dairy industry. Statista. https://www.statista.com/topics/4648/dairy-industry/.

Shahbandeh, M. (2021). Topic: Dairy industry. Statista. https://www.statista.com/topics/4649/dairy-industry/.

Talukder, B., Agnusdei, G. P., Hipel, K. W., & Dubé, L. (2021). Multi-indicator supply chain management framework for food convergent innovation in the dairy business. Sustainable Futures3, 100045.

Yasa, N., Giantari, I. G. A. K., Setini, M., Sarmawa, W., Rahmayanti, P., & Dharmanegara, I. (2020). Service strategy based on Tri Kaya Parisudha, social media promotion, business values and business performance. Management Science Letters10(13), 2961-2972.

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