KINNAIRD COLLEGE FOR WOMEN

FINAL PROJECT
PRINCIPLES OF MARKETING (MAJOR)

STEVIA PROTEIN BARS

 
Submitted by:
Rafia sajjad (F20BBAM058)
Emaan Jameel (F20BBAM011)
Arooj Ishtiaq (F20BBAM069)
Syeda Muzna Khalid (F20BBAM058)

Submitted to:
Ms. Sadia Arshad

Submission date:
December 1st, 2021
Contents

Vision Statement.........................................................................................................................................3
Mission Statement......................................................................................................................................3
Introduction.................................................................................................................................................3
Modification................................................................................................................................................3
Designing a Customer Value Driven Marketing Strategy.....................................................................4
Companywide Startegic Plan:..............................................................................................................5
I. Market Oriented Mission:................................................................................................................5
II. Setting Company Objective and Goals:............................................................................................5
III. Designing the Business Portfolio:.................................................................................................7
Developing Strategies fro Growth and Downsizing:............................................................................7
IV. Planning Marketing: Partnering to Build Customer Relationships...............................................8
Marketing strategies and marketing mix:....................................................................................................8
Product/service:................................................................................................................................10
Price:..................................................................................................................................................11
Placement:.........................................................................................................................................11
Promotion:.........................................................................................................................................11
ASSESSING THE MARKET ENVIRONMENT..........................................................................................11
Targeted audience.....................................................................................................................................12
Marketing enviroment...............................................................................................................................12
Strategies for the development and the life cycle stages of the products:........................................12
Product development:...............................................................................................................................12
Test marketing:..........................................................................................................................................13
Commercializing:.......................................................................................................................................13
Customer centered new product development:.......................................................................................14
Product life cycle strategies:......................................................................................................................14
Introduction:......................................................................................................................................15
Growth:.....................................................................................................................................................15
Maturity:...................................................................................................................................................15
Decline:......................................................................................................................................................15
Pricing strategy:.................................................................................................................................16
 Product Name: NURTIBARS
(Protein bars)

Introduction

Protein bars help maintain a healthy diet. It is the best way to add carbs, proteins,
vitamins and, minerals to your diet. Protein bars are good for weight loss and maintaining
strength, muscle, and body composition. Excess of protein is not beneficial as it may be harmful
in some cases. Protein bars are made of sesame seeds, nuts, and other flavoring sweeteners like
high fructose corn syrup, cane sugar or, honey.

Modification

Stevia is a natural sweetener and sugar substitute derived from the leaves of the plant
species of Stevia. It can sweeten up foods without the negative health effects linked to refined
sugar. It also has some other benefits like reduced calorie intake, blood sugar levels, and risk of
cavities. Therefore, adding stevia in protein bars can prove to be much safer and healthier than
regular protein bars.

Designing a Customer Value Driven Marketing Strategy

We have met the needs of the actual and potential customers and, as a result, delivered

the objectives of providing the best protein bars, for designing a winning marketing strategy we

have determined which customers we will serve, and how we will provide them with the best.

For designing a Customer Value-Driven Marketing Strategy, we have

 1. Selected customers to serve

The product we sell to the target market can be of two types. If we sell our goods direct to the

consumer then it will be a Business to Consumer type of business. And if we sell our goods to

the whole sellers first the whole seller will store our goods and then sell the goods to the

consumers, this will be considered as the second type. We in our case we’ll use both types this

will provide us with more suitable products.

2. Choose a value proposition

By continuing and maintaining the quality of our products. And providing exceptional

products at very good prices. And to be honest with the customers and to co-operate with the

customers can help us gain the trust of the customers. We have to fulfill the promises we did

with them from day one till the day our business deceases.

For marketing management orientation we have used the product concept, which says that

consumers will favor a product that offers the best quality, performance, features, therefore we

have devoted our energy to making continuous improvements in our product.

Companywide Startegic Plan:

The long-run survival, growth, opportunities, objective, and resources following is our

strategic planning which is the process of developing and maintaining a strategic fit between the

organization's goals and capabilities and its changing marketing opportunities.

It sets the stage for the rest of the planning in the firm.

I. Market Oriented Mission:

Mission Statement

Nutri plus offers a unique experience for elderly women, bodybuilders, and, athletes., by

delivering the finest protein bars with low sugar content.

Our mission statement is market Oriented and is defined in terms of satisfying basic customer

needs. Our mission is meaningful and specific yet motivating. Our mission is not to make or

sales or profit, profits are just a reward for creating value for the customer. Our mission is

focused on customer and customer experience.

II. Setting Company Objective and Goals:

We have Objectives for each level of management. Each every manager have objectives and

they are responsible for reaching them.

The primary objectives of consuming protein bars are to feed the body with enough protein

and eliminate sugar intake in the form of chocolates, candies, and desserts.

Eating high-protein foods has many fitness benefits, including:

 Speeding recovery after exercise and/or injury.

 Reducing muscle loss.

 Building lean muscle.

 Helping maintain a healthy weight.

 Curbing hunger.
Our business objective are as follow in the figure

Our marketing objective is as follow

As we know that protein bars are widely sold at the various convenience foods stores as a

supplement product along with other food grocery items. ... Besides this, rising marketing &

communication campaigns of such products on the various television and digital media will also

help generate significant revenues in the forecast period.

III. Designing the Business Portfolio:

 Business Portfolio which is the collection of businesses and products that make up the

company. The best business portfolio is the one that best fits the company's strengths and

weaknesses to opportunities in the environment.

The business portfolio is just made up of one company which is our startup company name

Nutri plus. We don’t have a complex portfolio. Our business portfolio planning involves two

steps

 Our company has analyzed its current business portfolio and has determined which

business should receive more, less, or no investment in it.

 We have shaped future portfolios by developing strategies for growth and downsizing.

Developing Strategies for Growth and Downsizing:

For achieving profitable growth for the company and identifying growth opportunities the

device we have used is a product-market expansion grid. In this, we have four options

1. Market penetration

2. Market development

3. Product development

4. Diversification

The strategy we have used is product development because we are offering a new product to

current market segments.

IV. Planning Marketing: Partnering to Build Customer Relationships

This is the final step of Strategic planning the purpose of using this is that the marketing plan

details the strategy that a company will use to market its products to customers. The plan

identifies the target market, the value proposition of the brand or the product, the campaigns to

be initiated, and the metrics to be used to assess the effectiveness of marketing initiatives.

Marketing plays a key role in a company’s Strategic planning in several ways. First,

marketing provides a guiding philosophy, the marketing concept that suggests the company

strategy should revolve around creating customer value and building a profitable relationship

with the important consumer group.

Marketing strategies and marketing mix:

Marketing startegies:

In Marketing strategies we have used the customer value driven marketing strategy

A customer driven marketing strategy refers to meeting customers’ needs in a more

personalized way and helps businesses to optimize marketing return on investment (RoI). By

identifying and targeting customers with higher lifetime value, businesses can strengthen

relationships by crafting solutions to fit their wants.

 We know that we cannot profitability serve all consumers in a given market- at least all

consumers in the same way. Thus we have divided up the total market choose the best segments,

and designed strategies for profitably serving chosen segments.

The process involves the following

1. Market segmentation

2. Market targeting
 3. Market differentiation and positioning

Through market segmentation, we have divided the market into distinct groups of buyers

who have different needs, characteristics, or behavior’s and who might require separate products

or marketing programs.

Through market targeting, we have evaluated each market segment's attractiveness.

Through positioning, we have arranged our product to occupy a clear, distinctive, and

desirable place relative to competing products in the minds of the target consumer.

We have used differentiation for creating superior customer value.

Product/service:

The main objective will be the product we serve to the market it should be in demand and

the quality of the product should be the best and it should be different from the other people

doing the same task. And to keep our product most hot selling in the market we have made some
innovations in our product, like most of the people who do this business do not focus on the

gluten-free and lactose-free products or sugar-free products, and our main focus is those people.

We have used gluten-free hazelnut flour, stevia is a natural sweetener.

Price:
The price of the product direct links with the quality of the product and where the product

is placed. We have to keep our prices relatively low than our competitors because is the

beginning of our business if we keep our prices high then the customers will not be attracted

towards our products.

Placement:
We have to make sure that our product should be placed in the right place. For example,

if I am selling my product directly into the market where people can directly buy our product can

be right placement, and if we place our product to the whole seller and then he will sell our

product to the customer, so people have both options to buy our products.

Promotion:
To promote my products we will use different mediums like electronic media, print media, etc.

We will use electronic media and print media. We will use electronic media to promote

my products on social media pages by adding pictures of our products on different sites. Or by

sending our product to different bloggers so they can review our product taste and advantages.

ASSESSING THE MARKET ENVIRONMENT

Targeted audience
 The targeted audience of this product is a wide range of people. It is a great supplement

for bodybuilders and fitness enthusiasts. These proteins bars prove to be very helpful for people

suffering from diabetes and obesity. Elderly men and women can also consume these bars

without fearing their sugars levels. In Pakistan especially it is overserved that every woman

above 65 is a victim of diabetes and obesity. People do not care about their deists whole their

lives and become a victim of various diseases and eventually die before 70. When athletes come

out of a race, swim, or any other sport they can take these bars without gaining extra calories.

This product can prove to be very valuable

Marketing environment

Due to the high cost of protein bars, they cannot be sold at small markets. Stevia protein

bars will be placed in stores like Al-Fateh and Decent Store. People who are willing and can

afford to buy these often visit such stores. Moreover, these bars can be sold in gyms and sports

clubs where high fitness-maintained people come.

Strategies for the development and the life cycle stages of the
products:

Product development:

After screening the idea, it's time for us to execute our imaginative product into a

physical product. That will serve the target market and make a source of our profits.
 This strategy is also important because it will let us see the actual position of our product

in the market or this is the way to find out where does our product stands out in the market.

We’ll get to know whether the product we have introduced is a workable market offering or not.

Test marketing:

After the manufacturing and production policies, we have then passed the product into

the testing phase. We will propose our product into different markets and then test the realistic

market settings, whether the product we are selling is effectively working in the market. Like we

are producing stevia nutria bars so we’ll have to check whether the target audience likes our

product or not.

Commercializing:

This is the process of introducing a new product into the market. Introducing the product

at the right time is also a very important factor. Like we do not have to introduce our product into

the market when the economy is down.

We can also commercialize our products by advertising them on social media platforms,

for this we can hire some of the bloggers to review our product or we may also make the

pamphlets or distribute them into the market along with its advantages

Customer-centered new product development:

 Our product will be customer-centered. By looking up to the customer's demand and by

knowing their needs and requirements we will produce our products. We’ll try our best to create

a product that will satisfy customers' demand and their requirements, like our products contain

gluten-free flour which is hazelnut flour, or we have used a source of natural sweetener which is

Stevia. Like this is especially used by diet-conscious people like someone who needs an instant

energy booster, or for someone who needs to get rid of their craving instantly.

Our main purpose is to solve the customer problems they are facing like the people who

are suffering from diabetes can not eat normal casual bars that are available in the market or they

don’t have a quick solution of their cravings, so this is the reason we have introduced these

Stevia Nutri Bars.

Product life cycle strategies:

This is the stage where we will get to know about the sales and the profits of the products

we have produced, following are the steps or strategies:

Product development begins:

When we have developed the product idea, our sales will be zero we will be gaining no

profits. So the investments and the assets our company will be utilized in this stage.

Introduction:
In the intro phase, the sales of our products will be very low. As our product is just

introduced in the market, the competitors can also trigger us in many ways but to overcome all

these things we have to innovate our product the way it is very different from them.
The profit at this stage will be nonexistent, we have to make a proper backup or have enough of

the assets before introducing the new product into the market.

Growth:

This is the period where our product will be accepted by the markets, and our sales will

be increased gradually.

When customers start trusting us and start buying our products the growth of our sales will be

increased.

Maturity:

This is the period where our products will achieve acceptance by the potential buyers, but

it's also the stage of danger we in this our profits could also decline because we have a risk that

the competitors can also copy our products with relatively low price than us can lead in

decreasing our profits.

Decline:

This is the phase when our sales will fall off, and the profits decline. It could happen

because of some reasons like the excess supply of our products or customers stopping buying our

products or prioritizing our product over others.

Pricing strategy:

To set our price, we have to look at a similar product which is already on the market. Due

to the fact we are using stevia as our main ingredient so the competition in this market will be

minimal. The price range will be between Rs 150-300 per bar. At this price, we are including all

our costs. Our prices are a bit higher than others as stevia is our main ingredient which makes

our product 100% sugar-free.

Product line pricing:

All kinds of protein bars range between 150-300 depending on their flavors and customization.

Discount and allowance pricing:

Customers will be given 5% off when buying 5 packs of our protein bar.

Promotions:

With each big packing of protein bars, the buyer will be given a free protein bar of a different

flavor.

Online pricing:

Discounts will be given to online customers. 10% off will be given on the first online purchase of

the buyer.

Price finances:

Intermediaries
Wholesaler= M1 (15% markup)

Distributors= M2 (25% markup)

Retailers= M3 (40% markup)

Price= (Desired retail price) / [(1+M1) × (1+ M2) × (1+ M3)]

Price= 400 / [(1+0.15) × (1+0.25) × (1 + 0.40)]

Price= 400 / (1.15 × 1.25 × 1.40)

Price= 400 / 2.0125

Price= Rs 198.8