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Key Topics
Requirement
Premise: After deciding to withdraw completely from the golf equipment market, Nike believes a broader market and a natural brand extension can be found in the energy bar market. This is an idea that has been brought up before, but was never fully followed up on. Many managers have wondered why they have not pursued this concept before, preferring the company focus on “fitness” rather than “sports.” You have been asked to provide some answers regarding the initial marketing plan being crafted for this undertaking’s initial release in the mainland United States.
Questions to be answered in your report/project:
Your report should be broken down into the following subtopics:
PRODUCT: What will differentiate Nike’s energy bar from the competing energy bars already in market? What gaps will it fill in the existing market; i.e., why is this idea good from a marketing perspective? What value would this product bring to the market? A SWOT analysis of this product would be a good
thing to include here.
PRICE POINT: What retail price would you recommend this sell for? Why?
TARGET SEGMENT: Who is your target segment (-s) and why? Be as detailed as you can here, citing demographics, psychographics, etc.
MESSAGE: What is the message you want to send to your targets? Why? Feel free to use visuals.
COMMUNICATION: How would you send this message to reach these segments and why is your choice the best (what communication strategies/mixes would you use?
BUDGET: You have an initial advertising budget of $50 million to use in television (including cable, satellite, and streaming), radio, print, online, mobile, and/or event sponsorships. If you can engage in co-ops with another company, assume it will be a 50/50 cost split.
Solution:
Product
Nike has produced a new product called the ‘You Bar’ which is an energy bar. The energy bar will be differentiated from the competing energy bars that are already in the market as it contains the nutrition insufficient amount that can give the consumers a combination of all those nutrients that he consumes in the entire day and are required by the body to work efficiently. Some of these nutrients are vitamins, minerals, whole grains, and fibers. Thus, no other food item will be able to provide all these nutrients in one dish, food item or bar. It will help in filling the gaps in the existing market because people do not take care of their health and they eat a lot of junk food. So, they do not get the nutrients in proper amounts in the entire day. This bar will help them to consume all the essential elements of diet and will keep them fit with good taste and not much effort. Therefore, it is a good idea from the perspective of marketing. The value that the product will bring to the market is that it will help the consumers in solving their fitness-related issues. The consumers will get something unique and healthy. The product will fulfill the needs, wants and preferences of the consumers.
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SWOT of the energy bar:
Strengths:
- Healthy product
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Easy to consume
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Affordable
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Solve the health-related problems of consumers
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Easily accessible
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Portable
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Avoid the consumption of junk food.
Weaknesses:
- High cost of manufacturing
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Does not fight hunger
Opportunities:
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The health-conscious people will consume more.
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The growing children can be targeted.
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Can be sold in a wide variety of markets all over the world.
Threats:
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High level of competition
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May not get adopted by the people easily.
Price Point
The company has planned to keep the prices at $5 per bar. The company has planned to keep the prices low because it faces a threat from a few of the competitors and also the company has planned to attract more people by keeping the prices low as it is new in the market. The lower prices will help the company in gaining more profits in the future (Solomon, 2014). This is the penetration pricing strategy that the company is pursuing.
Target Segment
The target market for this product is the growing children who require nutrients in sufficient amount and the youth who are health conscious. So, the people in the age group of 10 years to 30 years will be targeted. Also, the people who are very much concerned about their health, their growing weight, their unhealthy food habits, patients of diabetes, etc. who suffer from the mental pressure and stress to become healthy will be targeted.
Message
The message that I want to send to the target market is that the product that is introduced by the company is useful for their health and it has the essential components and features that will help the people in maintaining their fitness and in remaining healthy. Also, the product has the ability to keep them free from many of the related health problems, and it is very different from the other health products that are available in the market.
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This message will be sent to the targets by way of advertising. It is the best possible methods because it will help the message to reach many of the people in one go. The advertisement will be able to explain to the people about the benefits of the bar in a much better way (Shimp, 2012). The celebrities and other famous personalities can be shown in the advertisement so that people can relate to the product in a much better way. Also, the consumers will be able to understand the functions and the features of the bar properly when they will see the visual in the advertisement.
Another way that will be used here is the website promotional strategy in which the website of the company will be developed, and the visitors will be able to visit it. Also, the company will spread the message by using the other food websites like it can put a logo on the bar on the website, or it can put a video related to the bar on the website of other companies.
Budget
Activity Cost
? Advertising on television $30 million
? Advertisement in print media- newspapers and magazines $7 million
? Websites promotion $13 million
Total $50 million
References:
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Shimp, T.A. and Andrews, J.C., 2012. Advertising promotion and other aspects of integrated marketing communications. Cengage Learning.
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Solomon, M.R., 2014. Consumer behavior: Buying, having, and being. Englewood Cliffs, NJ: Prentice-Hall.
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