Youngs Tomato Ketchup Relaunch

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Information about Youngs Tomato Ketchup Relaunch
Marketing

Published on February 15, 2014

Author: hiranust

Source: slideshare.net

Description

Relaunch Of Youngs Tomato Ketchup

Relaunch of Young’s Tomato Kétchup

Introduction The house of Young’s started its operations in 1988 as a food processing establishment. The first product launched by Young’s was Mayonnaise.

International Markets • Today, Young’s Private Limited has entered into the following International Markets: • Asia • Europe • North America • Africa

Corporate Philosophy: All the benefits come from the Creator of whole Universe “Allah”. Our organization is responsible to: • our Creator • our people • our business partners.

Vision: • TO become a brand of choice for consumers seeking Halal ,healthy and hygienic food.

Mission Statement: “ Our mission is to provide our customers Halal, Hygienic, Healthy, Nutritional, and Convenient food products through our customer driven and service oriented dynamic team.”

Product Range           Real Mayonnaise Mayonnaise Mayo Garlic Light & Egg Free Mayo Chicken Spread Sandwich Spread Chocolate Spread Olive Spread Pizza Spread Natural Honey

Reasons for Failure of Young’s Ketchup in Pakistan • There are two major reasons for the failure of Young’s Ketchup in Pakistan. Lack of variety in ketchup Lack of Promotion

Our Proposed Marketing Strategy: We propose that the Company should adopt Product Development Strategy. This can be done by launching new flavors in the product brand. • The Company should introduce flavors, like • Chili Garlic ketchup • Chili Ginger ketchup • Hot and Spicy ketchup

Swot Analysis Strengths Weakness Swot Analysis Opportunities Threats

Strengths • • • • • • Higher Brand image Quality and Taste Strong brand loyal consumer base New flavors Best quality in low price Attractive trade promotion

Weaknesses • • • • Hard core loyals Unimpressive packaging Higher pricing than local brands Narrow range of distribution channel

Opportunities • Improvement of product • Improvement of packaging quality • Changing preference of consumer towards fast food. • Decreased operational cost • Developing foodservice industry

Threats • Price war with competitors • Strong presence of regional competitors • Modest economy

Porter's Five Forces Model

Porter's Five Forces Model • Threat of New Entrant: A new entry of a competitor into your market also weakens your power. Threat of new entry depends upon entry and exit barriers. It is low because there are already many brands in the market. • Industry rivalry: Industry rivalry mean the intensity of competition among the existing competitors in the market. Intensity of rivalry depends on the number of competitors and their capabilities. So in this situation it is high.

Porter's Five Forces Model: Bargaining Power of supplier : Bargaining Power of supplier means how strong is the position of a seller. How much supplier have control over increasing the Price of supplies. So in this case it is low. • Bargaining power of Buyers: Bargaining Power of Buyers means, How much control the buyers have to drive down your products price. . So in this case it is low

Porter's Five Forces Model • Threat of substitutes: • Threat of substitute products means how easily customers can switch to your competitors product. It is high because there are many substitutes in market.

Porter's Five Forces Model Bargaining Power of buyer Low Bargaining Power of supplier Low Competitive Rivalry High Threat of Substitution High Threat of New Entry Low

Target Market • Young’s target market consists of middle and upper-income household as well as foodservice sector for example; restaurant.

Target Market • Middle to upper class households for family • They want lower- priced product with high durability and preservation ability. • To serve three or 5 restaurant chains who want ketchup with a different but wonderful taste, more preservation within a reasonable price.

Segmentation

Demographic Segmentation: Gender – Male and Female Age – from 5-50 Years • Singles and families. • Mostly females and children. • Have a household income of more than 10,000 per month • Middle-income and upper-income household.

Geographic Segmentation: • • • • Country – Pakistan Province— Sindh City – Karachi Population about 18.3 million

Psychographic Segmentation: we have targeted the middle to upper class households who need ketchup for family and their children to add extra taste to their eating. We have targeted the consumers who are food loving and they heavily consume the Fast food.

Behavioral Segmentation: • Paying a premium for higher quality, tastier ketchup. • Special offers at Eid and other occasions • Health consciousness • Potential consumers • Medium product users • Shifting loyals

Positioning Positioning is the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market. Actually our strategy is to grab an unoccupied position.

Positioning Company& Product Target Consumers Benefits Value Proposition Young’s ketchup Quality conscious consumers of ketchup More preservation ability and tasty Tastier, spicy ketchup from the pure ingredients at a moderate price.

Financial Budget • Our total estimated budget is 7,8000,000. We will spend 30% on promotion and 60% and on production and 10% on distribution. • We are spending 45,000,000 on Production and 1,000,000 on Distribution.

Financial Budget Promotion Production Distribution

Financial Budget for Promotion Particulars Cost Television Cost Rs. 12,000,000 Newspaper Rs. 5,000,000 Magazines Rs. 3,000,000 Outdoor Rs. 2,500,000 Radio ads Rs. 1,500,000 Total Rs.23,000,000

TV Budget • Channel Timing No ads Price • Ptv home 7.30am 2 21,000,000(Rs) • 9.15pm 2 1,500,000(Rs) Geo 10 pm 2 4,000,000(Rs) • ARY 8 pm 2 3,500,000(Rs) Cable channels 9pm2 2,000,000(Rs) Total 12,000,000(Rs)

Print Ads News paper: Size Day Price • Dawn 27 4 Sunday 3,000,000(Rs) • Nawa-e-Waqt 27 4 Sunday 2,000,000(Rs) Total: 5,000,000(Rs)

Marketing Mix

Product The first and basic P of the marketing mix is product. Young's Tomato Ketchup provides an ideal relish for use with all types of foods especially fast foods.

characteristics of Product • The product Best quality • More durability • Posses no harmful chemical ingredient

Ingredients • Tomato concentrate from red ripe tomatoes, distilled vinegar • High fructose corn syrup • Corn syrup salt • Spice, natural flavors (bell pepper concentrate) • Onion powder • Dehydrated jalapenos

Product Differentiation • • • • • • Young’s Tomato ketchup should emphasize its differentiation on the basis of : Brand Quality Taste Variants.

Packaging • The brand name of young's tomato ketchup will be visible in packaging. • Colors will be according to the taste and quality of the product. • Packaging will carry the Product Attributes

Product Attributes: • The ingredients in the Tomato ketchup should contain all of the elements that are essential for a like: • Nutrition Information Serving size: 1 Tbsp (17g) Calories: 20 Fat Cal: 0 All elements should be used after a careful research about the preference of the consumers.

Amount/serving %DV* Total Fat 0g 0% Saturated Fat 0g 0% Trans Fat 0g 0% Cholesterol 0mg 0% Sodium 160mg 7% Total Carb 5g 2% Fiber 0g 0% Sugars 4g Protein 0g

Labeling: • • The label will identify the brand name. It will be attractive because of the use bright colors and graphics. • young's tomato ketchup will be written in the middle of the Packing.

Product Life Cycle

Pricing Strategy: • Pricing is an important strategic issue because it is related to product positioning. • For Young’s Tomato Ketchup the pricing objective is to maximize the market share. • price penetration strategy will be employed. So the prices will be a little lower than the major competitors.

Pricing Quantity Price 10gms 2 90gms 19 315gms 70 500gms 90 1kg 155

Distribution Strategy • Intensive distribution to have our product sold through well-known stores and shopping malls. • The major ketchup catalogs and Websites. • Detailed specification handouts, full-color photos and displays featuring the product. • We will also arrange special trade terms for retailers who place volume orders.

Distribution Channels Manufacturer Distributor Retailer Final consumer

Promotion Young’s tomato ketchup should be promoted using the ATL and BTL activities both. The blend of these activities is important to communicate the brand and message to the target market. • Advertising • Direct marketing • Sales promotion

Advertising • "Advertising is the non personal communication of information usually paid for and usually persuasive in nature about products, services or ideas by identified sponsors through the various media.“ • The goal of advertising is “Informative Advertising”.

Advertising • TV ads : T.V Commercials(ARY digital, Geo,Ptv home ,CABLE CHANNELS) • Radio ads: Radio FM 94.6, FM 100, FM 106 • Bill Boards • Print ads: Newspaper (DAWN, JANG) and magazines

Sales Promotion • Sampling program • Free trials • Point of purchase displays and demonstrations

Free Trials

Point of Purchase demonstration

Event and Experiences

Trade Promotion tools Incentive to Retailers: • These incentives are in the shape of: • Return Tickets • Free Transportation Services.

Incentive to Dealers: • The best dealer of the year will be awarded with a brand new Suzuki Pickup. • The second will be awarded with Motor Cycle. • The third incentive of Restaurant vouchers will be awarded to 10 dealers.

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