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General Mills New Product Introduction Marketing Plan

General Mills New Product Introduction Marketing Plan. Locker Number 632. Section 202 Team 4 Jay Curran James Gaskin G.T. Hollett Steve Holley Kurt Knaub Marty Wick. Concept Creation. Concept Evaluation. Positioning. Gap Analysis. Concept Creation and Evaluation.

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General Mills New Product Introduction Marketing Plan

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  1. General MillsNew Product IntroductionMarketing Plan Locker Number 632 Section 202 Team4 Jay Curran James Gaskin G.T. Hollett Steve Holley Kurt Knaub Marty Wick

  2. Concept Creation Concept Evaluation Positioning Gap Analysis Concept Creation and Evaluation Successful Product Launch Sales Projections Positioning Two Concepts Chosen } } } } • Potential Buyers • Market Analysis • Market Influencers • Purchase Estimation • Revenue Projection • New Segments • Existing Concepts • Attribute Importance • New Market Space • Brainstorming • Concept Selection • Psychographics • Asset Compatibility • Gap Analysis • Profitability • Consumer Feedback • Consumer Focus • Packaging • Price • Marketing Process Outline Phase I Phase III Phase IV Phase II

  3. Sales Projection MethodologySummary View External Factors Identification and analysis of comparable launches Review of existing markets and market shares Projections Year 1 Year 2 Year 3 Anticipation of competitor and market dynamics Internal Factors Evaluation of GM marketing and distribution

  4. Price Brand Strength REVENUES Relative Product Type Sales Projections Detailed View Identification of Potential Buyer Segments Identification Of Direct Competitors (Market Analysis) Market Influencers Revenues (Units & Pricing) Total Potential Buyers Competitors Distribution Power Competitor and Market Dynamics “Correction Factors”

  5. Mexican Food • Convenience • Kids Market • “Fun” Food Concept • Your kids will love these delicious bites of flour tortillas, filled with meats and cheeses and surrounded by Old El Paso’s rich enchilada sauce. These single-serve meals bring the flavors of Mexico to your school or home with the great taste you’ve come to expect from Old El Paso. Just pop them in the microwave and enjoy your meal. Concept 1Old El Paso: Fiesta Ench-a-lottas

  6. Placement Packaging Price Mktg. Segment Product PositioningFiesta Ench-a-lottas Ench-a-lotta’s packaging is similar to Chef Boyardee’s. It will be microwave- ready after the metal pop-top is removed. Old El Paso branding will be prominently displayed to leverage the significant brand equity already enjoyed in the Mexican food category. Ench-a-lotta’s will be offered in a 7.5 oz size. Ench-a-lotta’s are targeted at children and teens. The product will be placed in the supermarket where microwave-ready kid’s single-serving segments are found. Competitors include: Chef Boyardee, Kid’s Kitchen, Ragu Express The marketing campaign for Ench-a-lottas will use Old El Paso’s established brand equity. Advertising through print will communicate the authentic Mexican flavor as well as the ease of preparation. Ench-a-lottas will be shown as fun and tasty way to eat lunch at home or at school. Ench-a-lottas will be priced competitively with single serving Chef Boyardee offerings, at $1.29 for a 7.5 oz. container. The target market segment for Ench-a-lottas will be children from the age of 5 to 15. Research and surveys show that Mexican food is popular with kids.

  7. 675,000 HH 24,300,000 $1.29 $31,347,330 24,300,000 Bought 7.5% 9,000,000 HH Sales Projections Fiesta Ench-a-lottas – Sales (Year 1) Buyer Segments Market Share Analysis Purchase Calculation Revenue (Year 1) BASE SEGMENT MARKET SHARE Kids: 40,000,000 Kid Households: 20,000,000 EZ Macaroni: 10 % Lunchables: 55% Chef Boyardee: 15% Spaghettio’s: 5% X CONSUMPTION (monthly) Percentage of Homes Who Buy “Mexican” (6 month time-frame) 45% OLD EL PASO Repeat+ Repeat Single (0.34) (0.34) (0.34) 4+ 2 – 4 0 - 2 17% Market Share of All Mexican Foods MARKET SIZES TOTAL SEGMENT (0.45) x (20,000,000) $ 50,000,000 - $150,000,000 3 Per Household / Month Source: “Meat & prepared meals report, Mediamark Research Inc., 1994 “Meat & prepared meals report, Mediamark Research Inc., 1997

  8. Year 2 $34,000,000 Year 3 $35,000,000 2.6 – 3.4 Purchases 4% - 10% 9,000,000 HH 7.5% Sales Projections Fiesta Ench-a-lottas – Sales (Year 2 and Year 3) Buyer Segments Growth Market Share Growth (Responses) Purchase Calculation (Sensitivity) Revenue Growth 675,000 HH Growth (Year 2): 1.03 – 1.10 Growth (Year 3): 1.03 – 1.10 CONSUMPTION (monthly) • Growing Ethnic Influence • Growing Cultural Influence • Population Growth Repeat+ Repeat Single (0.20 – 0.40) (0.20–0.40) (0.20–0.40) 4+ 2 – 4 0 - 2 • Growth in Market (No response) • Growth in Market (New Segment) • Market Contraction (Price War) • Market Contraction (Product Into) Source: “Meat & prepared meals report, Mediamark Research Inc., 1994 “Meat & prepared meals report, Mediamark Research Inc., 1997

  9. Expected Case – Baseline Projection (mean – 50th percentile – projected sales) Market Contraction Case – Pessimistic Growth Projection (20th percentile projection) Growth Case – Optimistic Growth Projection (80th percentile projection) Sales Projections Fiesta Ench-a-lottas – Sensitivity Analysis Sales Projections – Sensitivity Analysis (Monte Carlo Simulation) Sales (Thousands) 80% 80% 50% 50% Baseline 20% 20% 20% Year 1 Year 2 Year 3

  10. Cake Snack • Convenience • Indulgent • Quality Concept Concept 2Betty Crocker Single Bakes • Now it’s easier than ever to enjoy fresh-baked Betty Crocker cakes. Betty Crocker introduces Single Cakes – quick bake treats that offer you a wholesome reward with minimum effort. Just pop a cake in the microwave, watch it rise, then spread on Betty Crocker’s delicious icing or spread. It’s just like made from scratch – but its ready whenever and wherever you are!

  11. Placement Packaging Price Mktg. Segment Product PositioningBetty Crocker Single Bakes Betty Crocker Single Bakes will be offered in 3 packs. The product will contain a topping, a utensil and a single serving cake. It will be microwave ready after the top is taken off, and the plastic cover for the bowl is pulled back. The Betty Crocker branding will be prominently displayed to leverage it’s significant brand equity. Betty Crocker Single Bakes will be placed in the snack aisle in the supermarket. Competitors include: Sara Lee, Hostess, Otis Spunkemeyer Betty’s Single Bakes will be priced competitively with snack alternatives such as candy bars. The suggested price point is $2.69 for the 3 pack offering. The marketing campaign for Single Bakes will emphasize the wholesome quality and flavor of the Betty Crocker products. Single Bakes will provide the tastiness of Betty’s best offerings with the ease and convenience of a prepared food. The target market for Betty Crocker’s Single Bakes is working women who are looking for a better solution than a candy bar between meals. Market research has shown that this segment is seeking an alternative to “junk food” for snacking.

  12. $ 0.90 $17,652,330 19,613,700 Bought 1% 44,175,000 HH Sales Projections Betty Crocker Single Bakes – Sales (Year 1) Buyer Segments Market Share Analysis Purchase Calculation Revenue (Year 1) BASE SEGMENT MARKET SHARE 441,750 HH 19,613,700 Nothing: 25 % Candy: 40% Pretzels: 8% Chips: 7% Popcorn: 5% Workforce: 190,000,000 % Workforce (Women): 88,350,000 X CONSUMPTION (monthly) Bring Lunch From Home Average: 50% Repeat+ Repeat Single (0.50) (0.35) (0.15) 4+ 2 – 4 0 - 2 TOTAL SEGMENT (0.50) x (88,350,000) 3.70 Per Household / Month

  13. Year 2 $25,000,000 Year 3 $35,000,000 1% - 3% 1% 1.55 – 4.00 Purchases 44,175,000 HH Sales Projections Betty Crocker Single Bakes–Sales (Year 2-3) Buyer Segments Growth Market Share Growth - Response Purchase Calculation (Sensitivity) Revenue Growth 441,175 HH Growth (Year 2): 1.00 – 1.20 Growth (Year 3): 1.00 – 1.20 CONSUMPTION (monthly) • Growing Women Workforce • Use as Dinner Dessert Repeat+ Repeat Single (0.20–0.55) (0.15–0.35) (0.10–0.20) 4+ 2 – 4 0 - 2 • Growth in Market (No response) • Market Contraction (Product Into)

  14. Baseline Expected Case – Baseline Projection (mean – 50th percentile – projected sales) Market Contraction Case – Pessimistic Growth Projection (20th percentile projection) Growth Case – Optimistic Growth Projection (80th percentile projection) Sales Projections Single Bakes – Sensitivity Analysis Sales Projections – Sensitivity Analysis (Monte Carlo Simulation) Sales (Thousands) 80% 50% 50% 80% 50% 20% 20% Year 1 Year 2 Year 3

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