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Write a marketing plan on Vegemite
1. Situation analysis
Vegemite is an Australian food spread product that is a yeast-based product manufactured by Fred Walker & Co. Introduced first in the year 1922, Vegemite has become a part of Australian culture over the decades (Ausfoodnews.com.au, 2015). In the current market structure of spread products in Australia, Vegemite still retains a dominant position. However, as the SWOT analysis (Appendix A) of the Vegemite product indicates, there are some issues facing the product in terms of sales. The business revenues and market share of the product are satisfactorily high, but rival companies are constantly gaining increasing market share (Brook, 2017). Growth in sales of yeast-based spread products is decreasing, which is concerning for the Vegemite product sales.
It is notable for the Vegemite product that there are many major opportunities that Vegemite can achieve with the help of a marketing campaign to increase sales. As clear from the CDSTEP analysis (Appendix B), the majority of factors are helpful and growth influencing for Vegemite brand. For a marketing plan, it is vital to overcome the weaknesses of the current positioning of the Vegemite brand. Issues with Vegemite is that its entire product line relies on Australian-born people and has only three products in the entire company catalogue, failing to capitalise on the brand name and reputation (Durie, 2017). Furthermore, among the children today, a taste of traditional Vegemite is displeasing, which increases the need for an effective marketing plan. There is increasing competition from other major spread brands – Nutella and Kraft. There are plenty of strengths of the Vegemite brand to base its marketing plan on in order to gain a competitive edge over rival companies.
2. Marketing goal
The goal of presenting a marketing plan for the Vegemite brand is to increase sales of Vegemite products by 20% year-on-year for the years 2018, 2019 and 2020.
3. Marketing strategy
With the help of SWOT analysis and CDSTEP analysis, the strengths and weaknesses of the Vegemite brand have been identified with a good deal of accuracy. The most concerning issues for the Vegemite brand include- decreasing popularity of Vegemite taste among children due to displeasing taste complaints, a minimal variety of products offered in the Vegemite product segment and growing competition from other brands (Zafar, 2012). Considering the weaknesses and a negative perception of the company in some aspects of market trends (CBS News, 2017), it is important to take a marketing step that helps promote the Vegemite brand among more customers, expanding Vegemite presence in the market in a similar fashion to iSnack 2.0, and increase appeal among children as well.
Keeping all of the objectives with the marketing plan into consideration, the strategy for marketing and expansion of the Vegemite brand is to launch two new products in the Australian market that are based on the Vegemite speciality spread line. The first product is to launch a new flavour of the Vegemite product that is not based on the conventional and traditional taste of Vegemite spread. This new Vegemite spread, titled 'Vegemite Neo', is a sweetened chocolate flavoured spread and a snack that can either be used in bread or eaten separately on its own. The second product that will be launched is an instant ready-to-go packaging of ‘Vegemite Neo’ for a quick bite anywhere and anytime. In selecting the flavour of the new product, the goal was to appeal to market segments not currently dominated by the Vegemite brand and to increase the product variety offered by Vegemite.