MBA FPX 5012 Assessment 1 Marketing Plan

Student Name

Capella University

MBA-FPX5012 Marketing Management

Prof. Name

Date

Executive Summary

The pet product industry in the United States has seen significant growth due to the increasing number of pet owners and the demand for natural ingredients. MSH Brands recognizes this trend and aims to provide pet owners with high-quality, all-natural products for their furry friends. With our new product line, we assure customers that their pets will feel and act their best. As millennials represent the majority of pet owners, they will be our primary target market. We plan to position our products as high-value items while remaining competitively priced. Through strategic online advertising, promotional codes, and printed materials, we are confident that MSH Brands will stand out in the market.

Business Context

The pet product industry is experiencing remarkable growth, with the market expected to reach USD 74.32 billion by 2027. The average American household spends approximately $1,120 per year on pet products and care, with 235 million households owning pets in the United States. As the pet population continues to grow, MSH Brands aims to widen its market reach and make its products accessible to more pet owners. Our commitment to providing the best products for pets’ long and healthy lives sets us apart from the competition.

Situation Analysis

Millennials, who prioritize natural ingredients and pet health, are driving the demand for pet products. MSH Brands recognizes this and has tailored its new product line to cater to this generation’s preferences. As millennials’ financial capacity increases, so does their spending on pet products, especially those that are natural and beneficial for their pets’ well-being. By targeting millennials aged 25-45 with pets considered part of their families and an annual income of at least $30,000, MSH Brands aims to capture this market segment.

Marketing Strategies

MSH Brands plans to leverage social media platforms to reach its target market effectively. By showcasing our products through enticing visuals and highlighting their all-natural ingredients, we aim to capture potential customers’ attention. We will also provide promotional codes and quick links to our website, enabling customers to explore our offerings and make informed choices. Commercials will feature happy families enjoying outdoor activities with their pets, emphasizing the importance of providing healthy meals to pets. Additionally, print media, such as flyers and ads in newspapers and magazines, will raise awareness of our products and offer coupons for customers to try them.

Marketing Mix

MSH Brands will adopt a push-and-pull marketing strategy to generate awareness and demand for our products. Our pricing strategy aims to keep the value of our products high while remaining competitive with other market players. By selling directly to customers through our website and selected retail stores, we can lower operational costs and ensure our products’ availability to our target market. Advertising will focus on motivating pet owners by showcasing the benefits of our products through emotional appeals and offering coupons and promotional codes to track customer response.

Effectiveness of the Marketing Plan

To measure the effectiveness of our marketing plan, we will utilize online marketing tools like Google Analytics to track website traffic, customer engagement, and conversion rates. Return-on-Investment (ROI) metrics will help assess the efficiency of our marketing efforts by comparing revenue increase, customer acquisition costs, and short-term and long-term performance. Initially, we will allocate 20% of our revenue to marketing activities to establish our brand presence. As we become more established, the budget will decrease to 10% of total revenue.

Summary

MSH Brands’ marketing plan focuses on accessibility, information, and effectiveness. By targeting millennials and offering high-quality, all-natural pet products, we aim to meet the needs of pet owners who prioritize their pets’ health. Our strategies include leveraging social media, commercials, and print media to raise awareness, provide information, and motivate customers. By measuring the effectiveness of our marketing efforts and adjusting our approach accordingly, we anticipate significant.

References: 

Dog food industry 2020 market size, growth, revenue, global statistics, and COVID-19 impact analysis 2027| general mills inc, Hill’s pet nutrition, mars, ALPO, blue ridge naturals,  health extension – the courier. (2021, Feb 08). University Wire Retrieved from  

http://library.capella.edu/login?qurl=https%3A%2F%2Fwww.proquest.com%2Fwire feeds%2Fdog-food-industry-2020-market-size-growth-revenue%2Fdocview 

%2F2487180268%2Fse-2%3Faccountid%3D27965 

Miller. (2017, February 7). How Millennials Are Rapidly Changing The Organic Pet Food  

Industry. Packaged Facts. How Millennials Are Rapidly Changing The Organic Pet Food Industry packagedfacts.com

Envision Intelligence. (2018, February 19). Dog food marketing strategies – pet food distribution channels. https://www.envisioninteligence.com/blog/dog-food-market-strategies-nutritional-requirements/ 

MBA FPX 5012 Assessment 1 Marketing Plan

Miller. (2017, February 7). How Millennials Are Rapidly Changing The Organic Pet Food  Industry. Packaged Facts. https://www.packagedfacts.com/Content/Blog/2017/02/07/1- in-3-US-Pet-Owners-Millennials-What-it-Means-for-the-Pet-Food-Market