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Marketing 468

Marketing 468. Marketing Strategy Term Project Section 1 Team 3. Dhananjay Agarwal Nancy Dennis John Pang Peter Woodson Hiro Yamabe. November 19, 2001. Project Overview. Phase 1. Phase 2. Phase 3. Market Analysis. Strategy & Concept Development. Concept Testing

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Marketing 468

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  1. Marketing 468 Marketing Strategy Term Project Section 1 Team 3 Dhananjay AgarwalNancy DennisJohn PangPeter WoodsonHiro Yamabe November 19, 2001

  2. Project Overview Phase 1 Phase 2 Phase 3 Market Analysis Strategy & Concept Development Concept Testing (Sales Forecast) • Market Survey • Posted on BBS • 16 samples • Usage • Price • Sampled HeaterMeals • Market Survey • Created web survey • 40 samples • Obtained customer needs and perceptions • Sampled Products • Reviewed Nielsen Data • Reviewed Current Positioning • In depth interview • 2 target segments • 10 samples • Refined our strategy and product concepts • Strategy Meetings w/ C&P

  3. Most Important Needs N=40

  4. Current Market Positioning

  5. Our Strategic Positioning

  6. Strategy Strategic fit to GM • Prego Bake Sauce -- success of hyper-convenience, great taste & heat • Progresso Soups – great tasting, hot, shelf-stable food • Green Giant – great tasting, shelf-stable vegetables Hyper-convenient great tasting, hot meals

  7. Two Product Concepts Self heat technology GM food expertise Personal Chef Fireside Feast Target Customer Professional Outdoor(Hunters/Fishermen) Heating Time 7 min 15 min Size 8-10 oz 10-12 oz Healthy Calories - med Calories - high Nutrition – med to high Nutrition – med to low Price $4 $4 Brand Family Betty Crocker General Mills

  8. Top View Cutaway View Fresh Water Food Mix Salt Water Magnesium Chip Press, Snap & Heat One Step to Hot Food in Under 7 Minutes. 147°F 147°F Press, Snap & Heat Personal Chef

  9. Top View Cutaway View Protein & Carb Veggies Salt Water Magnesium Chip Press, Snap & Heat One Step to Hot Food in Under 15 Minutes. 147°F 147°F Press, Snap & Heat Fireside Feast

  10. Tactics for Both Products Promotion Issue Action Plan Need to show hyper-convenience TV ads, Magazines Need to show safety Branding In store trial, TV ads Process description on packaging In store trials Co-branding with Green Giant & Evian water Need to show good tasting meal Need to build awareness Give away free at high traffic office areas Place in end aisle Distribution Easily accessible Use existing channels: grocery, mass merch and c-stores Take home out of equation Distribute via internet orders for delivery to office desk. Sale of multipacks.

  11. Source of Sales • Bowl Appetit • Use at home andwork • Personal Chef • Use at work • Fireside Feast • Use outdoors Bowl Appetit Frozen Hot Dogs Sandwiches Restaurants Other Shelf Stable Other Shelf Stable Current Market 1) Low Cannibalization of Bowl Appetit 2) Switching Tactics

  12. Personal Chef Sales Forecast

  13. Fireside Feast Sales Forecast

  14. Action Plan for Sustainability Continuous differentiation necessary to counter market forces. • Enhanced food product: • New Flavors • Heatability • Innovation in self-heating technology • Design patents • Continued brand building • Market to new audiences • construction, landscaping, agriculture, trucking, airlines

  15. Quotes from Real People “Don’t you think that’s the neatest thing – I could see using that a lot.” (overheard speaking to other in-depth interviewee secretary after they both had completed their individual interviews) “I would definitely try it!” “This would be an attractive product, if the taste were good.” “The biggest merit is that I would not have to buy a lunch! Restaurants and convenience stores are always crowded at lunch time.” “Good because I don’t need to get up at work.” “It would be great on the road.” “I have to go to the kiosk to use the microwave at work, so I end up not using it (the microwave) that much.” “I would buy it for camping to try it out, and if it’s good, then I would buy it a few times a month and keep bringing it for camping.” “Right. I can just throw it in my pack quickly for a hot meal while fishing.”

  16. Summary • Create hyper-convenient product that leverages GM’s expertise with quality foods • Introduce Personal Chef to working professional market • Introduce Fireside Feast to outdoor market • Grow total revenues by 50% per year.($420MM)

  17. Questions

  18. Surveys • 1st Web Survey • Purpose: Better understand market needs and perceptions. • Process: Emailed message with URL to friends and family. • Clearly not a fully representative sample, but this is a class exercise! • See http://survey.fuqua.duke.edu/cgi-bin/ssvws?surveysaid/course/marketng_361/team02/survey.htm • See Appendix Q for survey results. • In-Depth Interviews • Purpose: Better understand specifics of concept design and positioning. • Process: Sit down interviews with Fuqua secretaries and professional and hunting/fishing friends. • See Appendix W for sample interview. • 2nd Web Survey • Purpose: Get pricing and usage data for target market • Process: Posted messages on hunting/fishing bulletin boards, and emailed professionals. • See posting at http://www.huntingbbs.com/forum/topic.asp?TOPIC_ID=49015&FORUM_ID=18&CAT_ID=2&Topic_Title=Academic+Project&Forum_Title=Off+Season • See survey at http://www.duke.edu/~psw2/personalchef/ or http://www.duke.edu/~psw2/soloheat/ • See Appendix Z for survey results.

  19. Personal Chef Taste Quality Convenient Prepared for you Fireside Feast Hot Hearty Convenience Taste Naming: Why these names?

  20. Revenue Forecast

  21. RTE Meal Competitive Landscape Supplier Power: Short Term: Big Long Term: Low Buyer Power: Short Term: Low Long Term: High Substitutes: Short term: High Long term: High Industry Rivalry: Short Term: Low Long Term: High • Barriers to Entry: • Short Term: High • Long Term: Low

  22. Competitor Reaction Suppliers Unless General Mills chooses to purchase and manufacture the heating technology – there is the possibility of being ‘held-up’ by the supplier. In the long run, General Mills will need to vertically integrate to acquire the manufacturing of the technology. Rivals - when the Fireside Feast and Personal Chef hit the market, we anticipate that other competitors will enter the market – see next slide Buyers - Depth interviews indicate that the initial thought of self-cooking may be thought to be unsafe, however when the consumer is assured of products safety, they believe the product would be extremely useful. Substitutes - Many forms of lunch or snacks are substitutes for Personal Chef, however our survey and interviews indicates that for Hunters/ Fishermen substitutes are ‘cold’ meals (e.g.., sandwiches), pre-packaged snack products (e.g.., granola bars), or foods that require a stove or fire to cook (e.g.., soups and hotdogs). • Barriers to Entry • Patents • Alternative technology to heat meals needs to be developed and manufactured • Distribution networks • Quality of food

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