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The purpose of this essay is to consider the case of marketing strategy aimed at market expansion of a Canadian candy company, and use it for illustrating the five steps of marketing planning process. First of all, it is necessary to identify these five steps as they are described by researchers, e.g. by Wittmann and Reuter (2008, p. 85). These steps are:
Consideration of market participants which determine buying process
Identification of relative importance of these participants
Positioning statement, part 1 – identification of what features are needed at the market
Positioning statement, part 2 – identifications of features that are worth to be introduced
The considered case of the Canadian company allows to track the signs of each of these five planning steps. First of all, market segmentation took place, when the list of possible products for market expansion, such as chocolate bars, bags of pastel chocolate and chocolate covered fruit, was created. Secondly, major market stakeholders were identified; they were divided by gender and preferences (male and female groups, preference for healthy food and less calories). The identification of relative importance showed that the category which might have most influence on buying power is females who are concerning about healthy eating and diet.
Finally, it is possible to see how the positioning statement was chosen: the needs of the selected target group (i.e. the wish to have less calories in the product, and the preference for a variety of light tastes) was actually first part of the positioning statement, and in part 2 the costs of introducing each product to the market and promoting it together with possible revenue were considered. Finally, the decision to choose chocolate covered fruit as the optimal product for market expansion was made.
Wittmann, Robert and Matthias P. Reuter. Strategic Planning: How to Deliver Maximum Value Through Effective Business Strategy. Kogan Page Publishers, 2008.