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In order to implement a successful marketing strategy, several necessary steps have to be followed. First of all, market segmentation has to be performed; secondly, the participants of the purchasing process, e.g. those who determine buying decisions have to be identified (Luther, 2001, p. 240). Further, relative importance of these stakeholders needs to be identified. Finally, such steps as defining the positioning statement, i.e. deciding a) what features are sought, and b) what features will be delivered should be taken (Luther, 2001, p. 245).
The aim of this essay is to consider the marketing planning steps made by the Canadian candy maker in order to determine the product for market expansion. Market segmentation took part when three possible products – chocolate bar (A), plastic bags of pastel chocolate (B) and chocolate covered fruit (C) – were determined. Then, as a result of market research, main participants of the market were identified (male and female buyers, common features and distinctions). Then, analysis of relative importance showed that it would be better to focus at female group of customers.
Then, the positioning statement can also be clearly identified in the actions of selected Canadian candy company: the sought features (women’s preferences concerning diet and calories) were considered, and analysis of capital outlay for each variant was performed. Basing on the expenditures that will be incurred by each possible new product, preferences of the target group and buying power of this group, the decision on the features that would be delivered was made.
In general, such planning process is essential for any company that is willing to present a new product and organize a marketing campaign. Substantial research and analysis is necessary for the success of the future product and is the feature that allows optimizing costs as well.
Luther, William M. The marketing plan: how to prepare and implement it. AMACOM Div American Mgmt Assn, 2001.