Gourmet Foods Company is the strong retailer of Pakistan. Their product line is Retail, Bakers, Sweets, Beverages and Milk. To fulfil their aim to be the best company of the Pakistan they need professional marketing plan which will help the company to achieve its objectives more successfully and resourcefully, and getting a strong position in the market. When establishing a proficient marketing plan every phase of the marketing plan must be significantly examined and comprehensively researched. This consists of examining
market research and check-up current situation. Once we have carefully evaluate the internal and external business environment and observe the business in broad the most appropriate marketing strategies will be selected and these strategies will be managed by effectively monitoring outside problem and opportunities and modifying internal competence procedures.
The Challenge
Introducing a new product in the market. The product will be low priced drink “gourmet mix fruits” providing the best quality with a satisfaction of customer. The product will be from major stock and it will be no doubt a customer-centred product. Gourmet introduces its new product gourmet mix fruits with 1 billion of marketing support.
Situation analysis
Company Analysis:
Goals:
The main goal of the company is to get the strong and secure position in the market.
Focus:
The focus of gourmet is introducing new products in the market as gourmet cola, gourmet lemon UP, Malta, soda ice cream, gourmet apple, and other products of bakers and sweets.
Environment:
The environment is neat and clean and well organised. However some people have some affair regarding their quality but it is generally accepted that their environment is healthy and their products no doubt are quality products.
Strengths:
Gourmet has a strong position in Pakistan’s market. And it has covered Lahore’s market as it has 90 outlets only in 1 city.
Weakness:
There are some health issues regarding Gourmet’s drinks like teeth problem, throat problems. Moreover lack of outlets in other cities of Pakistan.
The Market Analysis
Check up both the inside and outside business environment. It is very important that Gourmet carefully analyse both the internal and external aspects regarding its business as both the inside and outside environment and their individual effects will be important qualities in relation to Gourmet’s success and strength in the food industry.
Internal Business Environment:
The inside business environment and its impact is that which is within the control of business. The main part in the internal environment is effectiveness in the production, through management skills and effectual channels. To efficiently control and monitor the inside business environment, gourmet should have an eye on its operations and should take actions on factors which may affect it.
External Business Environment:
The outer business environment is also strong aspect that that can affect a whole business and, a whole market indeed, whatever it do not affect the company directly.
There is no doubt that changes in the outside environment can possibly provide the chances or can create threats for Gourmet Foods and it should be well aware of it. A continuous change in the market, changes customer attitudes and values, and demographic example reliably impact the achievement of Gourmet food’s production the market and
the reaction they get from their consumers. Another aspect that has a great impact on its production is technological atmosphere so Gourmet should have met the latest technological standards.
SWOT Analysis
SWOT is an abbreviation of Strengths Weakness Opportunities and Threats. SWOT analysis is a organized and proper method much used in general management as well as marketing
circumstances. SWOT analysis consists of exploratory the present activities of the company to evaluate its Strengths and find out its Weakness and then using this and external
research data to put out the Opportunities and Threats that exist in the market.
Strengths:
Gourmet has been a main part of Pakistan’s market for a long time. The product’s position is loaded with sloppiness, and this is an position many people have taken it deeply as it has covered the market of Lahore which is considered a most prominent city of Pakistan due which it’s becoming familiar. It has almost 90 outlets in Lahore so people have to travel a little to get gourmet drinks. This familiar branding is one of gourmet’s best strengths. It is providing the best quality and enjoyment to their customers and its supply is continuously increasing day by day because of its wide variety of tastes. Furthermore, Gourmet’s bottling system is one of their extreme strengths. It allows them conduct business in all over the Pakistan; bottling companies are locally measured and controlled by independent business people who are allowed to sell products of the Gourmet food company. It is just because the Gourmet Company does not have absolute ownership of its bottling network.
Weaknesses:
It is generally accepted that the weaknesses for any organization require to be both minimised and scrutinized in order to successfully attain effectually and efficiency in their
business’s performance, gourmet is no exemption. Although domestic business
as well as many others markets of Pakistan are flourishing. Gourmet didn’t open its outlets in others major cities like Gujarat, Jhelum, is just because they have low consumer power. Moreover major part of its customers are the universities and colleges which shows that the general public customers are less in number this is because other brands are also available with more market share and goodwill than gourmet.
Additionally, Gourmet has an issue of having a teeth problem which cause health problems. It also has got sugar by which constant drinking of Gourmet may also cause health trouble. Being addicted to Gourmet is a health problem, because drinking of Gourmet daily has an effect on your body as well.
Opportunities:
Product identification is the considerable factor affecting Gourmet’s competitive
position. Gourmet’s brand name is known well throughout Pakistan today. The most important concern is that above the past few years has been to get this name product to be even better standard. Packaging changes have also affected determinant of productivity. In other markets the product life series is in more of a progress trend Gourmet’s advantage in this area is mainly due to its business powerful branding and it is able to utilize this area of constant effectiveness to finance the domestic warfare.
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Threats:
Currently, there are many threats the Gourmet foods is facing. One of the major threats is the threat of new businesses and companies in competition for which the management of gourmet is thinking more on securing their market position. In addition to it rivalry is among challenging firms in industry. Its direct competitors Marat Cola (in beverage) nestle have strong impact on its market share because these are also good reputed businesses. Another and very familiar threat which almost every business faces is the threat of substitute product. The units in which Gourmet deals are very common due which it’s almost every unit have its substitutes like Pepsi, Coca Cola, united king sweets etc are also dealing in the same products. The market share to the competition is low.
Objectives and issues
Gourmet’s objectives are:
Its goal is to achieve 15% market share in one year Jan,2011 to Dec,2011
To achieve almost 30% returns in starting 1 or 2 months.
Promoting the product and increasing the acknowledgement.
Compete for the survival.
Marketing Strategy
Gourmet is going to compete in the market where it has many direct and indirect competitors who have large number of customers. Customer-Driven Marketing Strategy is strategy.
Market segmentation
Dividing the market into minor groups with separate needs, features, or actions who might want separate products or marketing mixes. The division is on the basis of geographic, demographic, psychographic and behavioural methods.
Targeting market:
The product we are going to offer is suitable for which market. After analysis Gourmet found that the city of Punjab (Gujarat) is the market where there are more chances of growth of gourmet’s new product. As the market is big and already have other brands but the opportunity is that the targeted customers are more interested in their local brands than international or other brands.
As this is the targeted market so a major part of sales of gourmet mix fruits will be distributed to this market which will be approximately 60% and other 40% of sales will be distributed in other cities of Pakistan. The price would be reasonable as compare to its competitors and easily affordable. There is no authorized outlet of Gourmet in Gujarat so this product will be easily available at almost every retailing shop.
Positioning
When the process of market segmentation is done and it is decided which segment of the market Gourmet will compete in developed a clear picture of its targeted segment and defined its product, Gourmet will be able to develop the positioning strategy. Gourmet would arrange a perfect, unique, and desirable place relative to challenging product in the minds of directed consumers. Company will differentiate it’s product (Gourmet mix fruits) by adding some distinct features like a divers and quality taste in the same price range.
The company will get the competitive advantage.
Marketing Mix
After deciding on its overall strategy Gourmet is ready to create planning the elements of marketing mix, one of the major concepts in modern marketing. The marketing mix is established for manageable, strategical tools that a firm mergers to create response it wants in the target market. The marketing mix consists of everything that a firm can do to influence the demand of its products.
The tools are divided into 4 broad categories which are:
Product
Price
Place
promotion
Product:
Gourmet Foods is introducing a new product in the market which is a soft drink of mix fruits. It will be a different flavour than other soft drinks available in the market. The soft drink is going to launch with the brand name “gourmet mix fruits”. The packaging would same as before it has launched its existing carbonated drinks because it protects the product during
shipping, and when it assemble in the shelf and when the customer is using it, it
endorse the product and differentiate it from its substitute products offered by other companies. It also allows the business to plan promotional method, which can produce additional returns and advertisements.
The drink would have a wide range from 240ml, 1 litter, 1.5 litters and 2 litters, it will also available in 5 litter family pack. No doubt the drink would have the best quality with lovely, nice and satisfying taste. After sales services would b given if there is any kind of problem regarding its quality like unpleasant taste or smell than it will be taken back and consumer ought to have his full payment back. However their will be a warranty 3 months within which the product should be used.
Price:
Marketing penetration means to sets a low primary price in order to breach the market quickly and deeply to attract a large number of consumers rapidly to increase market share
Price sensitive market
Inverse relationship of production and distribution cost to sales growth
Low prices must keep competition out of the market
Pricing strategies are vital to Gourmet because the price decides the
total of sales and earnings per unit sold. Businesses should have to set a price that is more
attractive and smart to their patrons and offer the business with an excellent level of
profit.
The product will be sold on ideal selling price which will be easily affordable. The cost of the product offered will depend on cost of production, cost of distribution and plus a fair rate of return. There will be no discount.
Evaluating the cost
Quantity
Fixed cost
(PKR)
Variable cost
(PKR)
Total cost
240ml
8
7
15rs
1 litters
8
27
35rs
1.5 litters
8
37
45rs
2 litters
10
50
60rs
5 litters
20
85
110rs
Place:
The product would be distributed in the targeted market Gujarat, as it is manufacturing in Lahore so there would be a need of transportation and other market intermediaries like resellers and marketing services agencies. A van will be allocated distributing the stock to the targeted market well in time to save the customers from any inconvenience. Wholesalers will further distribute it to the resellers and finally the consumer will buy it. Company will hire the physical distribution firms that will also help it to move their stock from their point of origin to their final destination.
The orders would be taken on internet or by the financial intermediaries like banks, credit companies, insurance companies, and other related units that help finance transactions or insure against the threats linked with buying and selling of product.
Promotion:
It includes all the means and ways through which a product can be promoted. One of the strongest way of promoting its product is product’s advertising. There are market intermediary that are the research firms, advertising companies, media firms, and market accessing firms that help the company goal and its products promotion to the target market.
The ads will be given on famous Pakistani TV channels like Ptv, Ptv 2. It will also be advertised on news channels because this media have become so familiar and broad which will help the business in their product promotion. Moreover Gourmet also use another channel of advertising which is print media however it is not well developed but still is a useful mean of communication and selling activities.
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Conclusion:
In the nutshell I would like to state that the Gourmet foods is flourishing company of Pakistan which deals in Retail, Bakers, Sweets, Beverages and Milk. No doubt that the company have secured good position in the market of Punjab (province of Pakistan). Gourmet is going well and as their focus is on introducing new and new products in the market, so the management of Gourmet decided to introduce a new product of beverages “Gourmet mix fruits” in the market giving a quality taste of different fruits in signal bottle. The targeted segment is another city of Punjab province named Gujarat which seems most suitable market for this act. The segmentation is on the basis of geographic, demographic, psychographic and behavioural approaches.
Hopefully it will be appreciated in all age levels and mainly in youngster. The design of the bottle is same as it already have for their beverage products. Gourmet is going to launch this product with the investment of 5 million of market support which includes all the aspects regarding the production, packaging and promotion of the product.
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