this is the assignment. Under situation analysis complete that portion.
IMC Plan: Brand Campaign Check-In #2
Trying to make the right decision in every aspect of your business can be impossible unless you have structured input to add to your thought process. Situational analysis is where you use market research and other observations to drive decision-making. It can help structure your strategic marketing plan and determine its effectiveness, allowing you to make course corrections when your plan isn’t achieving expected results. Using market research, a situational analysis defines potential customers, evaluates projected growth, assesses competitors and makes a realistic assessment of your business. It involves targeting the specific objectives in the business and identifying the factors that support or hinder those objectives.
SWOT analysis for your new product (use the grid style)
Cover each of the elements and include the Industry analysis (1 paragraph)- i.e. what are some key points about the industry (e.g. $$ size of the industry, how many competitors, etc).
Competitor analysis (1 paragraph)
The primary competitors of Skittles are Starburst and Annie’s Fruit Snacks. Compared with Skittles, Starburst has several strengths such as better tastes and selectable flavors. Starburst is fruit chews with stickiness. Some customers love the taste of Starburst. Starburst has many fruit flavors like Skittles, the different part is customers can buy a pack of Starburst with only one favorite flavor. You can select the flavor you like. But if you bought Skittles, you would get a pack of candy with mixed flavors. For customers who do not like some fruits, Starburst is more attractive. The weakness of Starburst is that it has too many artificial flavors and colors. Each pack of Starburst contains 22 gram of sugar, which is higher than Skittles. With increasing health awareness of people, Starburst would be their worst choice. The strength of Annie’s Fruit Snacks is healthier ingredients. All candy of Annie’s Fruit Snacks are made with certified organic fruit juice. It does not contain artificial flavors and colors, but still provides many flavors and colors for customers who like the experience of “rainbow”. The weakness of Annie’s Fruit Snacks is the higher price. The retail price of Annie’s Fruit Snacks on Amazon is almost 50% higher than Skittles. Many customers may give up Annie’s Fruit Snacks because of its high price even though it is healthier.
The main target audience for our chocolate coated Skittles are teenagers and young adults. Of course, older adults will like our product too but if we are appealing to the younger market, the adults will make the purchase based on the kid’s suggestions. Generally, this age group consumes more candy than adults and Skittles already caters their advertising towards the younger group. Buyers of our product will like snacking. One that is looking for a quick treat that is conveniently packaged and easy to eat on the go. Skittles should target Millennials because they are the most likely to view the top five chocolate confectionery brands positively. In fact, 18- to 24-year-olds are 5-20 percent more likely to view the top five brands more positively than the average consumer. This target audience will be most open to promotions. Millennials love customized packaging because it caters to their strong sense of individuality. All age groups prefer chocolate candy over non-chocolate candy, so our product will give them both. Also, our product is vegan friendly. So those consumers that are looking for a healthier vegan option can choose our product.
When starting a brand campaign there are many important steps to analyze your product in the market to predict how it will perform. Using a situational or SWOT analysis allows you to assess your brand strengths, weaknesses, competitive threats, and your own brand opportunities. Using this market research and other observations will allow you to structure your marketing plan around what is optimized for your product. Competitor analysis allows you to compare and contrast your product with your competitors and from there you can then adjust your marketing to push your product beyond theirs. Lastly, customer analysis allows you to define the best target audience for your marketing. Understanding your customers and what they want is one of the most important steps within all of marketing. These three crucial steps can be more than influential in the success of your product and cannot be avoided. For more information on A Brand Campaign visit this: https://en.wikipedia.org/wiki/Advertising_campaign
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