MBA FPX 5012 Assessment 1 Marketing Plan

• MBA FPX 5012 Assessment 1

Executive Summary

The pet product industry in the United States has grown exponentially, fueled by a rising number of pet owners and increasing demand for natural ingredients. MSH Brands is seizing this opportunity by introducing a new line of high-quality, all-natural pet products designed to promote pets’ well-being. Targeting millennials, representing the largest group of pet owners, we aim to position our products as premium yet affordable. MSH Brands is poised to carve a niche in the competitive market through a strategic combination of online advertising, promotional codes, and print campaigns. This comprehensive MBA FPX 5012 Assessment 1 plan focuses on effectively addressing market demands.

Business Context

The pet product market is projected to reach $74.32 billion by 2027, driven by 235 million U.S. households that own pets. American families spend $1,120 annually on pet care and products. As pet ownership rises, MSH Brands aims to expand its reach, offering accessible products tailored to the evolving needs of pet owners. Our commitment to delivering premium, natural products ensures pets live healthier, longer lives, setting MSH Brands apart in this rapidly growing industry.

Situation Analysis

Understanding the Target Market

Millennials aged 25-45 are at the forefront of the pet product boom. This demographic prioritizes natural, health-conscious options for their pets, treating them as family members. With annual incomes exceeding $30,000, millennials are willing to invest in high-quality products that promote their pets’ health. MSH Brands’ new product line directly addresses these preferences, ensuring alignment with this key market segment’s values and purchasing behavior.

Marketing Strategies

Leveraging Digital Platforms

MSH Brands will use social media to engage its target audience effectively. Eye-catching visuals and informative content will emphasize our products’ all-natural ingredients and benefits. Promotional codes and direct website links will simplify the purchasing process. Commercials will feature heartwarming stories of families and their pets enjoying healthy lifestyles, resonating emotionally with viewers.

Expanding Print Media Presence

Print campaigns, including flyers, newspaper ads, and magazine features, will complement our digital strategy. These materials will highlight the advantages of our products and provide coupons to encourage first-time purchases. MSH Brands will boost awareness and drive sales by reaching audiences across multiple platforms.

Marketing Mix

Pricing Strategy

Our pricing approach balances affordability with premium value, ensuring competitiveness while reflecting the high quality of our products. By selling directly through our website and selected retail stores, we minimize operational costs and maximize accessibility for our target market.

Push-and-Pull Strategies

To generate demand and awareness, MSH Brands will employ a combination of push-and-pull marketing tactics. Emotional advertising will connect with pet owners’ desire to provide the best for their pets. Coupons and promotional codes will track customer engagement and incentivize purchases, reinforcing brand loyalty.

Effectiveness of the Marketing Plan

Tracking Success Metrics

MSH Brands will use tools like Google Analytics to monitor website traffic, customer interactions, and sales conversion rates. ROI metrics will evaluate marketing efficiency by analyzing revenue growth and customer acquisition costs. Initially, 20% of the total revenue will be allocated to marketing efforts. As brand recognition grows, this budget will be adjusted to 10% of revenue, ensuring sustainable investment in promotional activities.

Summary

MSH Brands’ marketing plan is designed to meet the needs of health-conscious pet owners, particularly millennials, by providing high-quality, all-natural pet products. By utilizing social media, print media, and emotional advertising, we aim to build a loyal customer base. MSH Brands is committed to achieving significant success in the pet product industry through ongoing evaluation and adaptation. This strategic approach, outlined in MBA FPX 5012 Assessment 1, highlights our focus on accessibility, information, and effectiveness.

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/ 

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