Marketing Management Assignment: Product Planning for Proti Health

Question

Task: Your Role: Due to disappointing sales of a new high protein bar the product manager has been fired and a new marketing Manager (you!) has been hired to sort out the product’s future. You must turn the situation around with a new Marketing plan.

Product:As you probably know protein bars are a real product, sold in various shops, gyms and vending machines today, so real world attributes such as the strength of various competitors or the types of people who consume protein bars apply. Assume that your product is currently sold in Ireland and the UK only. It costs your company €1 euro an item to produce and store in the warehouse. It retails for €2.50.

Time Frame: You are designing a 12 month marketing plan that will commence 01/01/2022. Please ignore the current Covid-19 environment and work off the assumption that the world is the way it was pre Covid.

Budget: You can assume that if your plan is approved that you will get whatever budget you need so clearly detailed rationale is necessary in order to persuade top management of the efficacy of your plan. For example, if you decide to advertise on television you must explain why you are opting for that particular media. If your justification is solid and you make a strong case you will get the money.

Marketing Management Assignment Deliverables: You are required to design a marketing plan. The marketing plan has been broken down into three detailed sections. You should stick as much as possible to these sections as they are in chronological order i.e. you will not be able to decide on your target market (stage two) without first understanding who your customers are (stage one).

Answer

Introduction
This marketing management assignment will focus on designing a new marketing plan for a new high protein bar produced and sold by an imaginary company named Proti Health. The marketing plan will be focused on increasing the sales of the protein bar and improve the revenue of Proti Health. An in-depth analysis of Proti Health and its product will be done with the view of collecting adequate information so that an accurate marketing plan can be made. In the current business scenario, marketing is said to be an important factor for enhancing business operation and boosting business performance. Conversely, marketing management helps Proti Health to discover the opportunities that are profitable and make these opportunities by increasing consumer experience. As per the study, it has been found that marketing management is said to be consumer-oriented; thus, the overall new marketing plan for protein bar has been focused on the services that can satisfy the consumers and the products or services that fail to meet the expectations and needs of the consumer. However, considering the product, time frame, and budget of the Proti Health, the overall new marketing plan has been made with stage one: situational analysis that includes a theoretical rationale, stage two-targeting, positioning and objectives, and the stage threw with the final marketing program.

Stage One: Situational Analysis along with a theoretical rationale
Industry Review
The industry of protein bars involves nutritious food items that can provide the human body with essential protein supplements. In the context of the modern-day world, there is a growing consumer preference towards ready-to-eat meals that are also replacing the packed food items. In the year 2019, the protein bar or nutritional bar market in the United Kingdom was valued at $1.1 billion, and by the year 2015, it is projected to cross $1.5 billion (Berkshire Hathway, 2020). The main driver for the growth of protein bars in the national and local market is based on the emergence of a requirement for workout support along with the increased awareness among consumers about being health conscious. The market of protein bars in Ireland has been growing by 200% every year since 2015; however, the main concern regarding the protein bars is the presence of highly processed artificial sweeteners (Irish Examiner, 2018).

As a result of the growing consumer awareness regarding the heath benefits of protein bars, the competition situation in the protein bar industry is becoming intense. In Ireland, Kerry Group Plc is a major player in the protein bar market as Proti Health has established a strong market hold in Ireland. In addition to that, Fulfil is a company that was launched in 2016 has rapidly emerged as a top player in the market of protein bars in Ireland. On the other hand, in the United Kingdom, there are several top competitors in the industry of protein bars, among which MyProtein and Optimum Nutrition are the top competitors in the market. All the protein bar companies in Ireland and the UK operatein market segments based on distribution channel and product type. The major protein bar companies sell their products through distribution channels as the distributors tend to have a better idea of the local market and retailers.

External forces affecting the industry (PESTLE)
Political: The influence of a government plays a vital role in the overall economy of the protein bar industry (Cepel, Belas, and Dvorsky, 2018). The tax policies in the UK and Ireland play a vital role that affects the protein bar industry in this region. The governments in both Ireland and the United Kingdom can potentially raise the VAT (value-added tax) and corporation, and this can significantly affect the business of the protein bar industry.

Economic: There are various economic factors such as interest rates, inflation rate, and patterns of economic growth, and foreign exchange rates that affect the protein bar industry (Cepel et al., 2019). The economic factors determine the financial performance and thus tend to cause long-term effects on a Proti Health. For example, if there is an increase in the rate of inflation in the economy, then it causes an effect on the price of the products.

Social: Demographics, cultural trends, and population comprise the social factors that exist in a market environment. Over the last two decades, there has been an increase in consumer preferences towards healthy diets and exercise, so these factors also affect the industry of protein bars.

Technological: This external factor is related to innovations in technology, and it tremendously affects the business and operation of an industry. In the protein bar industry, the technologically advanced production line has been shaping the manufacturing and production of protein bars efficiently.

Legal: This represents all the external laws that affect the internal policies and businesses of an industry or a company. The industry of protein bars in Ireland and the United Kingdom has to comply with legislation such as labor laws, health and safety standards, and consumer laws. These legal factors affect the way of business operation in the protein bar industry.

Environmental: This factor does not drastically affect the business of the protein bar industry by sometimes climatic challenges can lead to shipping delays.

Detailed Customer Analysis
a) The consumers who buts protein bars are mostly health-conscious consumers, among which the majority of them are involved in physical training or are involved in daily exercises. The age demographic of the consumers of protein bars is 18-45. The income of the consumers who purchase protein ranges between middle to high income. The lifestyle of the consumers associated with the purchase of protein bars is based on regular exercise and sporting activities.

b) Consumers purchase protein bars to gain the necessary protein components in their bodies. In addition to that, protein bars are easy to consume nutritional gains, and the convenience of the products attracts health-conscious customers (Kårlund et al., 2019). In terms of value proposition, the consumers look for convenient ways to add protein, carbohydrates, minerals, and vitamins to their diet. The value proposition that the consumers look for also boosts the workout energy along with supporting muscle repair after exercise.

c) It is the natural tendency of consumers to choose a brand or a product over another based on several factors such as availability, quality, reputation, price, etc. (Laja, 2019). In the context of protein bars, the consumers look for the quality and pricing of the protein bars in the first place and then go for the brand reputation. d) A buying process refers to the series of steps that are taken by a consumer before making a purchasing decision. A typical buying process of protein bar consumers will include the steps of recognition of wants and needs, search for information, evaluating the choices, purchase, and then evaluating the product post-purchase.

Competitor Analysis
In terms of substitution, the consumers of the protein bars are targeted few companies with san meal bars. This substitute of protein bars can be considered as one of the best options of whole food, and each bar consists of various nutritious ingredients. In addition to that, SANS is a top seller of san meal bars in the United Kingdom, and this company is proving intense competition to protein bars by providing an effective substitute for protein bars. The marketing approach of SANS in terms of pricing and marketing communications is based on running advertisements on the internet and television so that they can make people aware of the benefits of san meal bars, which can allegedly replace protein bars. The pricing of San meal bars is a bit higher, and thus the marketing approach of the company is based on ensuring communication with people regarding the health benefits it.

The strength of SANS in terms of product is based on the fact that they are free from added sugar, free from dairy, free from soy, free from gluten. In addition to that, the competitors in Ireland and the UK who are selling protein bars have gained a competitive advantage based on emphasizing digital or social media marketing, which has shaped the marketing environment of today's world. The weaknesses of the competitors are that they have not included any vegan protein bar as there are increasing sections of the consumers who are switching to a vegan diet.

The competitors in the protein bar industry have differentiated themselves on the basis of pricing, ingredients, and marketing approach in the marketplace. It has been observed that some of the protein bars contain higher calories as compared to others, whereas some of the protein bars have differentiated themselves based on high pricing and reputation.

SWOT analysis of the competitors
Strengths: The competitors are the industry’s leading organizations and thus possess several strengths. One of the major strengths of the competitors is reliable suppliers that help them in the effective supply and distribution of protein bars. The next major strength of the competitors is a high level of consumer satisfaction. Over the years, the competitors have established a reliable network of distribution, and they possess a highly skilled workforce that has been created through successful learning programs and training. Lastly, the competitor companies have strong cash flows that provide them with the right amount of resources.

Weaknesses: The competitors in the protein bar industry lacks in terms of USP and positioning despite the success in terms of sales. In addition to that, financial planning is another major weakness of the competitors as they are not able to use cash efficiently. In addition to that, the companies have achieved limited success outside their core business. Lastly, the companies have not invested adequately in technologies based on the scale of expansion.

Opportunities: The new taxation policy in the United Kingdom and Ireland has provided the competitors with new ways of doing business and, in turn, lead to more profitability. In addition to that, the decreasing cost of transportation provides an opportunity to lower shipping prices that can also bring down the cost of the protein bars. Lastly, the company has an opportunity to gain new customers from online platforms based on the opportunities provided by digital marketing.

Threats: The rapid changes in consumer buying behavior and various substitute products such as sans meal bars pose a significant threat to the companies. There are also threats associated with rising prices of raw materials as this can hamper profitability. In addition to that, the protein bars are easily imitable, and thus a counterfeit low-quality product poses a major threat to the competitors.

Stage Two- Targeting, Positioning, and Objectives
Market segments
Market segmentation theory has been taken into consideration in order to identify the market segment to target the customer. This theory focuses on the short and long-term rates that are not associated with one another as it states that established interest rates for short, intermediate, and bonds for long-term need to be viewed individually like items in diverse markets for securities of debt. However, the market segments for protein bar has been categorized into four segmentation, and they are demographic, geographic, behavioral, and psychographic.

In demographic segmentation, Protein bars focused on age between 18 to 45 years old, both the gender that is male and female with higher monthly expenses and middle up social class. Also, Protein bars targeted consumers who are conscious about their health and live a healthy lifestyle. However, the reason behind choosing the mentioned age group is because this age group is generally the age wherein people are more conscious of what they consume and try to get their regular nutrition with benefits towards their health (ltd, 2018).

In geographic segmentation, protein bars will be operated within the city areas of the UK and Ireland, where there is an intense population, as well as in the areas where the living standards of the people are high. The geographical location will also focus on areas with a major number of gyms and sports activities (Cockburn et al., 2014).

In psychological segmentation, a target has been made for the consumers who are health conscious as well as athletes consuming supplements to maintain their diet. Hence, dietary supplements are said to be the leading request segments of the market, accounting for more than 60% of worldwide volume (Leonarda et al., 2018). The product will attract the vegan consumer who does not prefer products produced from animals as well as the consumer who has allergies from so or nuts that restrict consumption of proteins bars.

In behavioral segmentation, the protein bars have been made considering the behavior of the target consumer wherein the consumers will be buying the product in either singular or bulk. The singular package comes with a size of 8-quarter protein bites, and the bulk package will have 12 pieces in a single box.

Marketing objectives
Protein bars looks forward to meeting three key marketing objectives, and they are:
1. Increase productivity
2. Meet long-term objectives
3. Meet short-term objectives

Increase productivity- The protein bar has the key objective of boosting the company's productivity by adding this fresh product line and increasing the market to a new consumer.

Long-term objectives- The Company is seeking the value of a high consumer, loyal consumers, satisfaction, and growing competitive advantages of the product, making product differentiation with a rule of 80/20.

Short-term objectives- Considering the market segmentation theory, the short-term objectives make a productive awareness campaign, make brand equity with the product, and go beyond anticipated break-even evaluation in productivity within the initial year.

Value Proposition
The value proposition of the protein bars will be based on their quality and richness of texture as well as their taste with high vitamins and minerals. Thus, the value proposition will be “Never be hungry, refuel yourself in a go with high energy protein with minerals and vitamins’’.

Differentiation of product from competitive offerings
The major competitors like Kerry Group Plc, Fulfil (Ireland) and MyProtein, and Optimum Nutrition are the major players in the UK and Ireland markets. These companies have been leading the market with their high-quality nutrition products, but they focus on nutrition such as milk protein, pea protein, plant protein, protein hydrolysates, and rice protein. However, our product is portable and can be carried anywhere as it is pocket-friendly and is hassle-free to carry. The protein bars are made up of several vitamins and minerals as well as has reasonable wherein every individual can buy, and they can choose the flavor as per their preferences. Hence, it can be said that our product is different from a competitor because it has been made as per the consumers' demand and requirements in the market to maintain a healthy lifestyle for the target consumer. There are several options for the consumers who are allergic to foods like peanuts; they can choose any of the different flavor bars as well as for vegan consumers; also, it is beneficial as our products do not contain animal products as well.

The competitors such as Kerry Group Plc and MyProtient generally make products for an adult, but our protein bars can be consumed by any age, and there is no side effect for the same. Therefore, it can be said that all these factors make our product different from the competitors as our product has been mostly focused on the needs and demands of the consumers who are conscious about their health and wellbeing.

Product positioning map

As per the product positioning map, it can be said that protein bars are higher in quality and reasonable in price, which also makes the product different from its competitors. The above-mentioned competitors of protein bars are said to be higher in quality and also have a high rate wherein most of the consumers may not buy their products if they get the same products with high vitamins and minerals, then they may prefer protein bars with reasonable price. Hence, the above product-positioning map has been drawn as per the position of products with an in-depth study on the products of the competitors and their use and demand in the Ireland and UK market.

Stage Three – Final Marketing Programme including a Theoretical Rationale
Marketing Mix
Product: The protein bar will be redesigned with the preferences of the consumers in the market. Proti Health can do this by conducting consumer-focused interviews to find out what the consumers prefer. Along with that, the protein bars will be produced in different flavors to buy the product as per their taste. This will help the company to differentiate itself from other protein bars in the market. Several people have allergies to some food items, which will be considered while listing the ingredients for the protein bar. The protein bar ingredients will be redesigned so that the ingredients from which maximum consumers have an allergy can be eliminated. The protein bar will also be a vegan bar so that vegan people can also consume the bar. On the other hand, the product has been made by targeting vegan consumers, wherein 1.16% of the population in the UK does not use dairy products or products that are extracting from animals (Chiorando, 2021). Therefore, considering the consumer's needs and demands, protein bars are free of animal products and mostly focused on the health factors of the consumers. This will increase the product's sales because all the consumers can buy the product without being concerned about their allergic reactions.

Promotion: The protein bar will be promoted through different channels because this will increase the chances of consumers being familiar with the product and gaining more information about the product. With the use of multiple channels, the familiarity of the product can be ensured so that when the product is launched in the market, the consumers will know what to expect from the product. Social media will also be used for promotion because social media is one of the most robust promotion platforms in the present time. As per Appel et al., (2019), since the market for the protein bar is competitive, it is essential to gain the trust of the consumers. The promotion of the product can be done by creating pages on different social media platforms and reaching a maximum number of people. This will increase sales chances because many people will be aware of the product before its launch in the market. In the current business scenario, it can be said that social media plays an important role, and thus, in order to promote our product, all the popular social media sites will be used. This will help to expand our product and help to make the consumer aware of the quality, features, and benefits of protein bars. Place: The key place that will be targeted for the protein bar is the urban areas where the people are more health-conscious. The metropolitan areas will be targeted because people living in rural areas are rarely attracted to products like protein. Vaishar, Vidovi?ová, and Figueiredo (2018) points out that this is because they live a simple lifestyle and they consume whatever they can grow in their fields, and live a naturally healthy life. However, people are inclined towards health and fitness in urban areas because of their lifestyles and food habits. People living in urban areas do not have time to plan their meals and include all their nutrients. Therefore, the people living in the urban areas will be interested in buying protein bar and consuming it. This makes the metropolitan area the most suitable target place to sell the protein bar, increase its sales, and increase its revenue. However, the metropolitan city has been targeted for a better place to promote as in city areas most the people are busy on their work and do not have time for them be eat healthily. Therefore, a protein bar can help them to get sufficient nutrition in their busy schedule and hectic work environment.

Pricing: Initially, the retail price of the protein bar was €2.50. The new price of the protein bar will be fixed using the Price Theory. Weber (2016) asserts that this theory is a microeconomic principle, and it suggests that the price of the product is determined by the two market forces, i.e., demand and supply. The theory suggests companies should try to achieve equilibrium by equating the quantity demanded with the quantity supplied. This theory allows the marketers to adjust the prices of the products and services as per the changes in the market condition. Since the protein bar failed in the market, it is evident that the demand for the protein bar is low in the market. Using the concept of the theory, it is a logical decision to decrease the price of the protein bar. However, there will be price differentiation according to the flavors of the protein bar. The product price has been set differently because the different ingredients have had different prices in the market and production process. Therefore, every flavor has different prices and as per the preferences of consumers.

Pricing as Per the Flavours

Marketing Communication Plan
As per Shrivastava and Dawle, (2020), a marketing communication plan is a strategic process through which a company informs the target consumers about the products or services. A marketing communication plan must be inclusive of a proper communication mix to identify an appropriate and effective medium of communication through which it can reach its target consumers. The communication process for the protein bar will commence when its production starts. This is because the consumers need to be effectively informed by the time the protein bar is re-launched in the market.

Following are the communication mix that will be used:
Advertisement: The advertisement for the protein bar will be given on televisions and newspapers because the target consumers for the product are older people, and they then read the newspaper and watch television. Along with older people, the target consumers for the protein bar are young adults as well, and for them, the advertisement will be done on social media because they are active in social media, and they watch less television and do not read newspapers.

Exhibitions: This communication mix is a trade show through which consumers are given an opportunity to compare the price, quality, and other factors of the protein bar with the others in the market. The protein bar will be exhibited for three days in the trade shows of Ireland and the UK so that the target consumers will be informed about the product and they can execute a comparative study and make their purchase decision. Public Relation: Another communication that will be used is public relations, as this is associated with turning the messages of the companies into stories that will convince the target audience. The PR for the protein bar will appeal to the media and try to convince them into buying the product.

Sales Promotion: This communication mix is the process of convincing the target consumers by giving discounts and samples. The marketing team for the protein bar will set up stalls in different locations of Ireland and the UK and distribute free samples to the people and create awareness about the product.

Budget for Communication Mix

Distribution Plan
With a distribution plan, strategies can be made so that products can be made available to the consumers using a proper supply chain. There are three distribution strategies that can be used by a company, and they are exclusive, intensive, and selective distribution. The protein bar will be available in all the major grocery stores such as Sainsbury, Tesco, Waitrose and Partners, and Morrisons. These groceries have been chosen because these are the leading stores and people tend to shop more from these stores. The distribution strategy that will be used for the distribution of the protein bar is selective distribution. Hosseinpour (2016) states that through this distribution strategy, the grocery outlets can be selected in specific areas, and the protein bars can be sent to those areas for sales. This strategy will also allow the management to identify their price points and focus their targets through these price points. This method is considered to be the most effective strategy of distribution because this will help the Proti Health to focus on their target geographic location and improve their sales in those areas.

Since the protein bar will be sold through grocery stores, the selective distribution strategy will allow the company to select the most appropriate store in the locality to sell the product. Along with that, the freedom to choose the price point according to their target consumers is beneficial for the company. The cost of distribution is also lower in this type of strategy, and this means the company can increase its revenue through the use of this strategy. With the increased revenue, the company can focus on developing its products so that it can attract more new consumers to the market. The brand image can also be improved because with selective outlets for distribution, the company can maintain a smooth flow of the protein bars, and they can re-stock the stores whenever there is a shortage of products. Optimum coverage of the market can be ensured through this strategy because when the companies select grocery stores at different locations, the company can create consumers in varied locations. This will eventually benefit the sales of the company and increase its revenue in the long run. The number of intermediaries will be lesser in number when the selective distribution strategy is used by the company.

The distribution of protein bars is done through the grocery store because selling through a retailer is beneficial. This will help the company to build better relations with the consumers and increase their sales. Maintaining a proper relation with consumers is important because, through this, the company can gain better insights into the consumers. With the improved collection of better consumer insights, the company can improve the protein bar and produce the products as per the likings of the company. This will increase the sales and popularity of the products among the consumers because the consumers will get what they are looking for in the protein bar. Therefore, selling through retailers is a better and appropriate choice for the company because the protein bar had failed previously in the market. If the company chooses to use the direct sales method, then it might face difficulties in attracting consumers. This issue can be solved using the distribution of the products through grocery stores. ?

Yearly Sales Budget for the Protein Bar
The annual sales budget for the Protein Bar has been estimated as per the sales unit, per unit rate, gross sales and discount and allowance.

For the Year 2021-22

Conclusion
In conclusion, it can be said that based on the needs and demands of UK and Ireland consumers, the overall new marketing plan has been made for further business growth and productivity. In addition, the overall plan has been made by considering the market needs and the main competitors of both the markets and how they are leading the market with their exceptional products. Hence, the report has been focused on three stages that generally focus on the demand for protein in the market and annual rise. The report covers the industry review, examination of external factors that are affecting the industry, consumer analysis, competitor analysis, and SWOT analysis. Additionally, stage two has been focused on market segmentation, marketing objectives, value proposition, competitive offerings, and product positioning as well. Moreover, the third stage focuses on the overall marketing plan with the use of marketing mix tools to meet the set objectives as well as marketing communication plan, distribution plans, and the pricing of the product has been discussed accordingly.

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