TamTam Cereal Market Strategy Implementation Plan

Introduction

With the market plan for the company's new cereal product TamTam in place, it will be my joy to develop the implementation plan that the company will use to actualize the market plan as well as achieve the objectives and goals of the company (Gottschalk, n.d.). Identifying the target market, the appropriate pricing strategy, estimating the costs involved in the development of the new product, looking for the best market entry strategy as well as identifying ways that the new product can be accepted in the market will make up the market implementation plan. (Mothersbaugh, 2015).

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The first step to implementing the market plan strategy developed by the company will be identifying the target market that the company intends to sell its new product to and whether the product will be in the position to be successful in the market (Yankovskaya, 2016). To know the ideal market for the product we are going to divide the entire market into segments to understand how the various customers perceive the new product. This segmentation of the market will be based on various factors such as demographics, geographical factors as well as the psychological influences that exist in the market. Among those demographical factors that enabled the segmentation of the market include age, sex, occupation, and income of the various customers in the market (Kolodko, 2000). Based on demographics the ideal market for TamTam cereal will be parents that have children who have children aged between 5 to 15 years as they will consider the cereal as a child's breakfast.

Another segment that will help in the identification of the target market will be based on geographical factors such as those customers that live in the urban areas and those in the rural areas. Mothers living in urban areas happen to prefer cereals as breakfast as compared to their counterparts in the rural areas. This tendency by mothers in the urban areas to consider cereals as breakfast for their children arises from their unchanging tendency to feed their kids on light meals in the morning. Additionally, the target market of mothers with children aged between 5 and 15 years qualifies as the target market for this product because of the psychographic influences that exist among them such as preferring cereals over other breakfast snacks (Kolodko, 2000). Also, the activities that such mothers get engaged in in the morning such as preparing themselves for work make the preparation of a simple cereal meal like the TamTam an ideal solution. Therefore, based on the behavioral, demographic, geographic and psychographic factors identified among mothers with children aged between 5 to 15 years, they happen to constitute the ideal market for the new cereal product.

Another way of actualizing the market plan for the TamTam is taking the right strategy of pricing the TamTam new cereal product. This is because if the price of the new product is not set properly, it might be hard for the product to become successful as the target market might find it expensive as compared to the existing cereals (Feurer, Schuhmacher, & Kuester, 2018). Using a survey plan that will capture data regarding the desired results that the target market expects TamTam cereal will help in determining the market's taste and preference and also help the manufacturers acquire the recommendations from the market regarding how the product can be priced to meet their needs. Considering the demographics that exist in the target market such as age, sex, income, occupation, and income it is possible for the company to know how they can price the product.

Considering the average income, occupation and age of the mothers with children aged between 5 to 15 years as medium income, some of the mothers being employed informally and being aged between 25 to 35 years, the company will be in a position to identify a price that will favor the target market (McCann & McCarren, 2012). This price can be based on the levels of income, responsibilities that the parents have to meet at their age in life and also the ability of the price to cover both the production and distribution costs by the company. Another factor that can provide insights to the company when determining the price of the new TamTam cereal is the geographical locations of the targeted market. This is because mothers in the urban areas happen to spend more on foodstuff as compared to other products.

With such knowledge, then the company will identify a price that will be favorable to the customers who have other goods to buy. If the product is highly priced, then customers may opt for other cheaper cereals that will lie within their budgets ("Market Strategy the Business Plan's Cornerstone," n.d.). Also, the psychographic factors such as the opinions the customers have about the product will determine the price of the TamTam cereal. If the target market considers the product as a remedy for the high priced cereals, then the company will have to set a price that is lower than that of the existing products (McCann & McCarren, 2012). The comparative criteria will also help in determining the price as TamTam cereal will be compared with the existing cereals on different aspects including a price that will see if the proposed price is high or low.

The cost estimates for the TamTam Cereal will also be an important aspect of implementing the market plan for the product. This costs will be in the form of the expenses which the company will incur in promoting the product and how the costs will be spread through the life cycle of the product. Such costs will be informed of media advertisements, packaging of the product and the special features that will be impeded in the product. The media advertisements are anticipated to run for one year while the sales promotion activities like roadshows will take less than year spreading throughout the year (Shi & Xu, 2009). For the realization of the intended success of the product, the expenses on promotion need to be in line with the various segmentations of the market. For instances, with the target market being women with children aged between 5 to15 years, the packaging of the product need to be pleasing to the children so that they can love the product.

Including cartoons and other drawings that excite children will aid in ensuring that the product is received well by the consumers. The media adverts need to come immediately after or before those programs that are either loved by mothers or their young children to ensure that they reach the target population (Shi & Xu, 2009). Additionally, based on the prevailing psychographic needs of the consumers, including nutrients that help in child development will not only contribute to the general acceptability of the products but in a great way play a role in determining the costs that the company will incur in developing the new product. Nutrients such as carbohydrates and fats need to be incorporated into the product as parents are always after such nutrients for their growing children. The packaging needs to display all the preferences that the parents need in the cereal for them to be convinced that the product will cater to their needs. Demographics also happen to play a major role in determining how much the company will spend on the product as those people that are highly educated will seem to look for the value of the product more.

Entry to the market will be an important aspect of the implementation of the market plan. The first thing that will have to be done is to first visit the target market and inform them of the new product while asking for the improvements that they would need to be done to the existing ones ("Creating an Entry Strategy into a Selected Market," 2017). A comparative analysis of the existing products and TamTam will be important to identify the most unique way of entering the market. By comparing the new product to the existing ones the company will be able to know the weaknesses of the existing markets as compared to what the customers need (Gottschalk, n.d.). The second step to enter the market will be giving free samples to the consumers to test the products before buying them. Advertising will also help inform the customers about the features of the products as well as help the company identifies whether the product meets all the psychographic, demographic, behavioral and geographic needs of their prospective customers.

The final step to the implementation of the marketing plan for TamTam cereal will be researching for the consumer acceptance of the product upon entry into the market (Mothersbaugh, 2015). The company will conduct surveys using questionnaires and mobile phones messaging where the target market of women with children aged between 5 to 15 years will answer questions about how the product is satisfying their needs. The company can then analyze the results to know whether they can improve on areas of concern that the customers have highlighted so that the product acceptance levels can improve. Also, through a comparative criterion that involve other competitors, the company can identify those areas that improvements need to be done on the product to meet the needs of the customers better.

Conclusion

Therefore it is clear that the success of the new product will in a great way depend on the ways in which the market strategy is implemented. Identifying the appropriate market for the product will ensure that the company makes sales while having a good pricing strategy will aid in making the product competitive in the market. Additionally, it will be important for the company to be aware of all the costs that it will have to incur to fully develop the new product as well as promote it in the market. Such costs may include the packaging costs, advertisement costs as well as survey costs that will be important for the actualization of the product's marketing strategy. With all these factors having been considered in the market strategy implementation, the company will have to conduct a comparative analysis between the existing products with the new product to see whether their new product is likely to solve some of the existing problems in the market.

References

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Feurer, S., Schuhmacher, M. C., & Kuester, S. (2018). How Pricing Teams Develop Effective Pricing Strategies for New Products. Journal of Product Innovation Management. doi:10.1111/jpim.12444

Gottschalk, P. (n.d.). Strategy Implementation. E-Business Strategy, Sourcing and Governance. doi:10.4018/9781599040042.ch006

Kolodko, G. W. (2000). Transition from Plan to Market: Concept and Implementation. From Shock to Therapy, 154-170. doi:10.1093/acprof:oso/9780198297437.003.0008

Market Strategy the Business Plan's Cornerstone. (n.d.). Business Planning and Market Strategy, 15-28. doi:10.4135/9781483399799.n2

McCann, J., & McCarren, D. (2012). Emerging market strategy development and implementation. J. for International Business and Entrepreneurship Development, 6(3/4), 244. doi:10.1504/jibed.2012.049799

Mothersbaugh, D. (2015). Consumer behavior: Building marketing strategy. McGraw-Hill Education.

Shi, K., & Xu, J. (2009). Entry cost, the Tobin tax, and noise trading in the foreign exchange market. Canadian Journal of Economics/Revue canadienne d'economique, 42(4), 1501-1526. doi:10.1111/j.1540-5982.2009.01555.x

Yankovskaya, V. V. (2016). Development and implementation of the differentiation strategy in the insurance market. Krasnoyarsk Science, 0(3), 205. doi:10.12731/2070-7568-2016-3-205-222