Marketing Plan: "Milklicious"
New product launching requires designing an effective marketing plan that details strategies for the marketing mix. By clearly and explicitly defining the marketing objectives, as well as the monitors and controls, management would be apprised on the direction and thrust of the recommended strategies towards future organizational goals.
Thereby, an effective marketing plan should assist and guide various departments toward the attainment organizational goals. ur new product will be a cereal flavored milk. In this regard, the marketing plan aims to present a draft specifically designed for new consumer product, a cereal milk product, named “Milkilicous”, that will be sold in the United States and Canada. The discourse would focus on two areas, to wit:
(1) marketing objectives and
(2) monitors and controls.
The name of our product is "Milklicious", a cereal milk product designed to combine the benefits of cereal and milk into a pack that is easy and ready to prepare and be consumed. The suggested price is $3.49 for a pack of 10 sold in retail stores and $7.99 for a pack of 30 sold in warehouse/club stores (Sams/Costco). The target markets for the product are parents and single college students. Parents with young children in school who could buy the product and could put in their kids lunchbox for recess. On the other hand, single college students who live in dorms are also potential customers because they could have a cereal milk packet for quick breakfast when they have to head out for an early class at a very affordable price. ...