BusinessHABMarketing Plan for Retail Food Product :To create a marketing plan for a food retail product.
You need to analyze your product using the Product, Positioning, Price, Place — or “4 Ps” — method of marketing.
An effective plan ensures that your marketing and advertising strategy is consistent.
When you hand off the plan to your advertising employees.
Without an in-depth marketing plan.
Your business risks marketing your food product to the wrong demographic.
In the wrong marketplace, for the wrong price.
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1. Marketing Plan for Retail Food Product :Get your Marketing Objectives
Example:
- Maintain positive steady growth each month.
- Increase market penetration every quarter.
- Generate increased brand awareness quantified by reactions/ feedback of customer sat the trade shows.
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2.Marketing Plan for Retail Food Product :Get your Financial Objectives
Example:
- Decrease customer acquisition costs by 1% a quarter.
- Continue to decrease variable costs through efficiencies gained from experience.
- Increase profit margins by .5% per quarter.
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3. Marketing Plan for Retail Food Product :Get the targeted Markets
Try and market your product in three distinct market segments:
Example:
- End Users- Operators that have their own vending routes who wish to expand their product selections. Included in this category are large institutional food service companies that engage in vending operations as part of their overall food service business.
- Distributors- Companies that supply operators with machines and supplies for their operations.
- Branded Sandwich Manufacturers and Branded Juice Companies- By working closely with these companies, Chef will customize the machines to meet the company’s specifications and to allow them to “brand” our machines with their products.
They will either supply the machines or sell them to their customers who will buy product supply for the machines from these companies.
Chef has two markets for the equipment business:
- Restaurants and Hotels – End users who benefit from the equipment purchased.
- Equipment Supply Companies- These are large supply houses that offer a variety of equipment to the food and beverage industry.
The following Market Analysis table and chart are broken down by general market segments, versus the specifics listed above.
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4. Marketing Plan for Retail Food Product :Get the retail food product and determine its benefits and characteristics
Study your retail food product and determine its benefits and characteristics.
You and your employees must agree on what the food product actually is.
Before you can complete the other elements of your marketing plan.
For example, if your food product is a food bar.
Ask yourself what the bar actually does.
The food bar may be a meal replacement, dietary complement or quick energy booster.
Once you agree on the principle characteristics of the bar.
Write down any other features.
For instance, your food bar might feature five different kinds of nuts.
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5. Marketing Plan for Retail Food Product :Get a position statement for your product
Write a position statement for your product that touts its advantages in the marketplace.
For instance, your positioning statement might say that.
Your food bar is the lowest priced meal replacement energy bar for active adults currently in the Nigerian market.
Your positioning statement describes exactly.
Where you stand with your retail food product.
To position your product accurately, you must research your competition thoroughly.
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6. Marketing Plan for Retail Food Product Get the price for your retail food product
Choosing the price for your retail food product.
The price should be competitive.
And mark up your product enough to cover expenses and turn a profit.
Additionally, if your position statement places an emphasis on low price.
You must modify your final price to fit it.
For instance, if you have a new food energy bar that must cost at least #1.50 to turn a profit.
And the competition charges #2 for their bars.
You have a #0.50 window for pricing.
7. Marketing Plan for Retail Food Product :Get a suitable position
Find the place that is most appropriate to sell your retail food product.
The place you choose is derived from what you know about your product.
For instance, if you know that your food product is a dietary supplement for active adults.
Your marketing place is health stores and the supplement section of grocery stores.
You would not place your product in gas stations.
Because it is not intended for their clientele.
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8. Marketing Plan for Retail Food Product :Get a comprehensive records for the business
Compile your marketing plan elements into one written report.
Your advertising employees need a clear.
Concise plan to create their own advertising campaign.
A marketing plan needs an executive summary at the beginning.
That briefly describes the elements of the plan.
Then a section devoted to each element of the plan.
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