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Marketing Plan
Nash Logistics is a company based in New York City. The company operates in the hospitality industry. More specifically, it is a specialty food company; the primary focus of the organization is to provide consumers with food made of natural products and containing no artificial food additives. Recently, healthy food has become a trend. In the past, people were less attentive to the origin of the food they buy in hotels, but, due to environmental and health concerns, they consider companies which deliver healthy products. Additionally, the working class and students depend on fast food while performing their daily tasks; therefore, Nash Logistics` mission is to break the harmful habit and encourage more people to consume healthy products. The aim of establishing the company was to provide the consumers with food products which are unique and contribute to their health and physical well-being. Also, the packaging of the food uses materials which are environmentally friendly and recyclable, thus reducing adverse environmental effects. Nash logistics is a company providing additive-free food products to encourage better healthy lifestyles among the consumers.
Competition
The hospitality industry has a lot of investors since consumers use their products daily. Nash Logistics provids their customers with high quality additive-free products and enjoys the competitive advantage of uniqueness. However, Nash Logistics is currently facing stiff competition in the hospitality industry. The company`s products have a high cost of production, which results in higher prices in comparison to its competitors. The issue is a significant concern; thus, the company must ensure that the price gap is not very high. Nash Logistics faces competition from companies that offer lower prices since 60 percent of customers consider cost before quality (Cicerali, Cicerali, & Saldamli, 2017). Similar companies, such as Baldor Specialty Foods and MarDona Specialty Foods processing and distributing natural food products are emerging. So, the company needs to take measures to ensure its sustainability due to increasing competition.
Economic Forces
The success and growth rate of a company depends on particular financial factors within a countries economic system. Economic growth, affects the purchasing power of consumers as a result, sales volume, profit, and market share of a company could fluctuate. According to Bearth, Cousin, & Siegrist (2016), production of natural food and elimination of artificial additives is relatively expensive in comparison to products that contain them; thus, during a period of hard economic times a company will experience lower sales. Other financial factors, which affect business growth include the cost of production, labor cost and availability of raw materials among others.
Political and Legal Environment
The government`s efforts to create awareness about the dangers of excessive consumption of food with artificial additives and flavoring have been put in place. Therefore, Nash Logistics, a company offering natural food products, is working in a politically favorable environment. It should ensure that the products sold are under the regulation of the Food and Drug Administration (FDA) (Bearth, Cousin & Siegrist, 2016). Acting in accordance with the FDA requirements favors the company since it gives customers assurance on quality and standard of the company’s products.
Technological Forces
Developments and innovations in technology have significantly impacted the business culture, which cannot be ignored. By using advanced technology, Nash Logistics can impact their marketing strategies, production, and distribution through making the operations more efficient. Currently, about 60 percent of the consumers access information on the internet. Therefore, the use of social media such as Facebook, Twitter, and Snapchat are ideal strategies to market any company (Calheiros, Moro, & Rita, 2017). The target market is the upper class, and the platforms would help target these and other potential customers by providing relevant information about the products, which are a benefit to the company.
Sociocultural Forces
The company`s strategic location helps in targeting the chosen segment. Most of the people living and working in the city are upper-class citizens who are potential customers of the company. The group has a positive attitude towards natural food products. They also have the necessary purchasing power dictated by the company’s product, which makes the chosen location a favorable environment. According to Bearth et al., (2016), today people pay attention to their lifestyles, especially eating habits, and refuse buying products which might harm their health. Therefore, the strategic location also favors the company by addressing the needs of the customers.
Target Markets
The primary target market of the company are high class clientele, whom quality and standard are more significant than price. Market trends show that about 30 percent of wealthy people consider quality of products before price (Bufquin, Dipietro, Park, & Partlow, 2017). Nash Logistics offers food products of high quality; thus, it can enter the target market. The youth, especially school students are the secondary target market. They access information on the internet, more specifically on social platforms. On these social networks healthy lifestyles are becoming very popular. For example, users actively discuss the adverse effects of artificial additives and flavorings in foods. Most of the colleges in the city, such as the University of Columbia and New York University, are among the top-rated universities, and their students come from rich families giving them the necessary purchasing power. The customers are willing to spend more on natural food products.
Marketing Framework: 4Ps, 5Cs, and STP
Nash Logistics effectively communicates with its customers by using the 4Ps strategies (product, position, place, and price) thoughtfully. The company`s products meet the expectations and satisfy requirements of both the primary and secondary target markets by ensuring quality and high standards. Research by Bufquin et al. (2017) shows that more than 80 percent of the target market prefer natural food products to those with artificial additives. The thoughtful branding, quality services, and environmentally friendly packaging determine the market share of the company. Nash Logistics is a growing brand that provides efficient customer services and makes sure that the products do not harm the environment.
4Ps
The promotion strategies used by Nash logistics to market its products include online advertisement, face-to-face communication, and offering discounts on large purchases. The central idea behind the advertising strategy is to attract more customers and retain the existing ones.
The strategic position and customer services of the company enable it to reach the target market through efficient distribution of the products. Nash Logistics has ensured that it has several outlets in the city; also, prepared and packaged food products are available in local retail shops and supermarkets. Customer loyalty is increased by ensuring that they can get the products at their convenience.
Nash logistics is venturing into a highly competitive market where price is a determining factor significantly affecting the sales volumes. Though the competitors may offer their products at a lower price, the company has the advantage of providing unique products and services. The customers appreciate efforts of the company to provide natural food products and, therefore, associate the higher price with quality and their wellbeing and health. Finally, the company provides discounts and promotions to their customers occasionally.
5Cs
The 5Cs (company, customer, competition, context, collaborators) are critical in the analysis of the company while developing a marketing plan. The company, after identifying their target market, needs to address the issue of reaching it and, at the same time, encouraging customer loyalty to the products. Nash Logistics is not the only chain providing natural food products in New York City; thus, to remain relevant in the industry, it must address customer needs by retaining quality and ensuring that it gives reasonable prices.
The company employs different strategies such as advertising and ensuring customer satisfaction and loyalty through communication and efficient customer services. The management of the company gives workshops to train its employees and make sure that customers receive the best service, and thus, ensuring a unique outlook of the company.
Competition from the local companies is the major threat to Nash Logistics, so the company should develop strategies to address the issue. Trade promotions in the neighboring community and excellent customer service are a good response to the issue. The company can be innovative and deliver food to their customers` offices. It can attract more clients and overcome the issue of competition.
Involvement of business collaborators helps increase the performance of the organization. Collaboration can have different forms, which include partnership with local retailers to acquire display space, involving customers in providing feedback on the areas that require improvement. Therefore, collaboration is an effective method of increasing sales volume and promoting the company.
The company’s context entails the products, distribution, and advertisement. Nash Logistics requires keeping updated on the market trends and growth of the industry to ensure that the services and operations within the company match customer expectations and needs. Achieving the set goals and promoting well-being of the employees is also of utmost importance to ensure its sustainability.
STP (Segmentation, targeting, and positioning) is essential in preparation and analysis of a marketing plan. A company segments its market through consideration of the average income and the age brackets of their consumers. Nash Logistics ensures that their products are affordable to their customers. For example, the students may not have a high source of income, so the company has developed strategies to ensure that this group gets the necessary products at lower prices. Effective segmentation and consumer targeting help the company attract new and retain existing customers (Cicerali et al., 2017). The company has ensured strategic positioning through establishing its distribution centers near the biggest hotel chains, universities, and corporate offices. Finally, management makes sure that it has good relations with retailers so that the products are easily accessible by customers.
Goals
Nash Logistics requires long- and short-term goals to boost its market share. According to statistics by Bearth et al. (2016), the growth rate of hotels using natural food products is approximately at 20 percent. The short-term goal for the company is to increase sales by 12% by the end of the year. The company intends to achieve this goal through online marketing. A web designer will change the outlook and appearance of the website. The new design will help the company to attract more visitors. By tracking downloads of the web content and checking the number of people who visit the site, the company will be able to achieve its goals. For example, a 20% increase in website traffic indicates the company’s growing popularity, which will positively impact its sales volume (Calheiros et al., 2017). Also, the number of downloads and visits are a measure of market growth and customer satisfaction. The website is also a measure of the rate of growth of new products. It can also show the retention rates of customers. Further, the company’s long-term goal is to increase the income by 150% in five years. The goal can be achieved by increasing the product margin if the company succeeds in changing the perceived value of the products, for example by convincing the customer in the product`s uniqueness and distinguished quality. The steps will increase the customer value of the product and will help in attracting new customers and retaining the existing ones.
SWOT Analysis
The strengths of Nash Logistics are the health benefits of their products, which are safe for human consumption and have nutritional advantages. The products are environmentally friendly, especially the packaging. Further, the products have a competitive advantage of eliminating artificial additives, which customers associate with quality. Another strength of the company is its strategic location: near big hotel chains, colleges, and offices to allow easy access. On the other hand, the company`s weaknesses include the higher pricing in comparison to the competitors, unpopularity among the middle class. The products may not attract people of all age groups. Opportunities include: expansion to other regions, addressing economic disparities in pricing, product uniqueness and differentiation, and creating of a new entry product. Finally, threats to Nash Logistics include: stiff competition, emergence of new companies providing natural food products, limited availability of raw products, and price competition.
Needs Analysis
A clear definition of the needs of the customer is essential in improving and creating a successful brand. To get a breakthrough in the market, the company needs to use customer inputs including feedback on the quality, product pricing, and customer service. The inputs can be gathered differently. For example, customers’ preference for competitors’ products, which have a lower price, gives a feedback on the effect of the price gap between the products. Also, the company should receive comments or suggestions where customers can leave compliments or complains about the services or quality of the food. The input can also be obtained through the company’s website Comments Section and other social media platforms.
References
Bearth, A., Cousin, M. E., & Siegrist, M. (2016). “The dose makes the poison”: Informing consumers about the scientific risk assessment of food additives. Risk Analysis, 36(1), 130-44. doi: 10.1111/risa.12410
Bufquin, D., DiPietro, R., Park, J., & Partlow, C. (2017). Effects of social perceptions and organizational commitment on restraint performance. Journal of Hospitality Marketing & Management, 26(7), 752-69. https://doi.org/10.1080/19368623.2017.1293580
Calheiros, A. C., Moro, S., & Rita, P. (2017). Sentiment classification of consumer-generated online reviews using top modeling. Journal of Hospitality Marketing & Management, 26(7), 675-93. https://doi.org/10.1080/19368623.2017.1310075
Cicerali, E. E., Cicerali, L. K., & Saldamli, A. (2017). Linking psycho-environmental comfort factors to tourist satisfaction levels: Application of a psychology theory to tourism research. Journal of Hospitality Marketing & Management, 26(7), 717-34. https://doi.org/10.1080/19368623.2017.1296395
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