1) Three months ago you joined the marketing team of a Mid-Western food processo
ID: 1211516 • Letter: 1
Question
1) Three months ago you joined the marketing team of a Mid-Western food processor. Some 90% of the business is private label and goes to major grocery chains, as well as Target and Wal-Mart. A new, "take-charge" CEO arrives on the scene. After a week, he summons you to his office and you are expecting to be terminated as he has cut staff immediately on being appointed. He surprises you by saying that he is going to take the company into branded products and, five years from now, their brands will be 50% of company sales. He wants you to be the product manager of a breakfast cereal that will be the biggest initiative of his grandiose five-year plan. The boss is clearly on board but what do you need to do as a marketer to make this product seem viable to the grocery trade and your peers within your own company? Remember, you are taking on Kellogg's and General Mills. Give me a ch issues that you have to consider to market the new breakfast cereal.
Explanation / Answer
The following steps must be followed by the marketer to make his product seem viable to grocery trade:
· Collect relevant data from past market trends and the competitors marketing strategy
· Find out the target consumers and target market areas
· Do not expect to get good sales in the initial phases, and infact expect high costs initially
· Launch the new product line under a new banner and engage in heavy advertising
· Keep the prices low so as to attract more customers
· Give promotional offers and scheme discounts to grocery stores to display and sell your products to the customers
· Only after a sizeable amount of sales have been successful, prices can be raised to start making profits
If the above steps are followed, the marketer can be successful in launching the new product.
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