Marketing Strategy and Planning
Executive Summary
The report will centralize the marketing analysis and strategic analysis of a biscuit company in Italy. The company chosen for this purpose is Galbusera, which has a broad market in Italy and plans to expand its market in the UK. For this purpose, the report will draw attention towards market and competitors analysis of the company along with the suitable offerings of the company in the UK market. The report will also highlight the different strategies for the success of the company in the new market and the strategic fit of the company in the UK market. In the last section, the report will discuss the opportunities, challenges, and competitive advantage of the company among its key competitors in the UK market.
Table of Contents
Critical issues raised from the findings. 6
Introduction
The main objective of the report is to bring about marketing analysis of a biscuit company of Italy named Galbusera, which is currently planning to tap the market of the UK. In this context, the report will provide a market and competitor analysis of the company, along with its current offering. Further, the keys to success will be highlighted, along with the strategic fit of the organization.
Discussion
Situational Analysis
Current Market Summary
(Source: https://www.bakeryandsnacks.com/Article/2017/03/27/UK-leads-Western-European-savory-snacks-market-report-shows)
The current savory market of the UK has good prospects as the savory snacks have high demands among the health-conscious consumers, who aim to control calories. The growth has been 1.9% currently in the retail chains but is expected to double with a CAGR of 4.7% in the next five years (Schmidt et al. 2018). The demographic consumption pattern and critical consumer trends can be studies for determining the growth areas of the savoury market in the UK. Due to an increase in the per capital expenditure on savory snacks, changing lifestyles of the consumers, the savory market is likely to witness substantial growth in the coming days.
Competitors Analysis
Four key players of the UK savory market can pose a threat to the Galbusera group while entering the market.
- Jacob’s – The Company holds several lines of biscuits and crackers in all parts of Great Britain. However, the market share of the company has dropped in the past two years by about 6%.
- Ritz – Ritz crackers s can be uniquely identified for their features and having normal constituents such as protein and fat (Goethals, 2018). In 2017, the company’s sales were about $485 million.
- Nairns – This is also a popular cracker brand in the UK. The market share has risen by 5.6% in the last two years.
- Ryvita – The Company is well-recognized in the savory market. The market share has dropped down by 4% in the last two years.
Current Offer
From many studies, it has been observed that the customers of the UK prefer a combination of sweet and salty savories (Amankwah-Amoah et al. 2018). Thinking about this consumption pattern, the company can come up with products related to popcorn and nuts. Some of these products can be honey roasted peanuts and sweet, salty popcorn.
Keys to success
Some of the key factors possessed by Galbusera that are distinct from its competitors can be its popular brand name in the Italian industry, healthy product line, and catering to the needs and preferences of the consumers. The company can easily tap the UK market consisting of health-conscious customers through its gluten-free, sugarless, and whole-grain products.
Summary of strategic fit
Many market opportunities can be witnessed in the UK market, which will allow the company to devise suitable strategies for fitting in the market. As the products of the company are healthy and gluten-free, it can easily satisfy the customers. The company can also try to make healthier options for customers (Armstrong et al. 2018). The UK savory market has a high penetration rate. As a response to this, the company can make price adjustments, market development, increased promotion, and better distribution channels for entering such a market.
Insight
Key issues raised from the findings
From the survey, the sample of the population has been provided with any question related to their consumption habits and patterns (Nunes, 2020). Through the data analysis, it has been found that biscuit is the most popular snack among UK consumers. Taste and health are the two most important attributes that influence the buying decisions of the consumers.
The company can follow the seven-step decision-making process while formulating strategies for its growth and development in the new market. Through this model, the company can identify the needs of the customers and come up with suitable alternatives for satisfying the needs.
Implications for client
Through the survey, it has been observed that the company has a good market prospect in the UK due to the eating habits and consumption patterns of UK consumers. The healthy product options, brand name, dynamic growth in its market, and unique products can be elements of competitive advantage for the company. However, the company is likely to face intense competition from the local players of the UK market, which are well-recognized among UK consumers. Other players might offer tastier products, which would be advantageous for them. For combatting this threat, the company can come up with tastier product options for satisfying the taste buds of the consumers.
Key recommendations
The company can carry out effective promotional strategies for its newly launched products in the UK market. The products should be able to grab the attention of a large number of customers as the market and should be focussed on the health-conscious consumers. The company should also come up with another segment of tastier product options so that consumers can get both taste and health in the products (Rimmer, 2018).The company can devise effective plans for pricing its products and keep the prices low as compared to the customers. The retail stores can be located throughout the UK, covering most of the parts, while concentrating mostly on the urban regions.
Conclusion
From the above report, it can be concluded that the company has good opportunities in the UK savoury market and can enter the market with the recommended strategies for further growth and expansion.
Reflection
Learning about working with a client
The main attributes I have learned while working with a client are the establishment of a trustworthy relationship, good communication, anticipation of the needs of the client for reaching the goals, solving the problems in situations of crisis, and working in collaboration.
Learning about working in a group
By working in a group, I have learned to tackle complex situations, share diverse ideas and thoughts, and pool knowledge and skills from all the members of the group. I have also understood the importance of roles and responsibilities as specific tasks were assigned to specialized members of the group.
Ways of getting feedback from the client
I have devised many methods for getting feedback from the client. We have created an online group, where the client his thoughts or ideas. I have also sent personalized e-mails to the clients seeking their feedbacks.
Responding to the client
In response to the feedback, we have analyzed our strengths and weaknesses and focus on working towards them in future projects.
My work in the future
In the future, I will try to develop better ways of working efficiently with the client such that we can come up with better quality work. I will also respond to the client’s feedback effectively such that the client has a good impression of our team and select us for further projects in the future.
Changes I will make in my work
I have observed specific conflicts of opinion arising between the members while working in a team, which I will try to avoid in the future. I have also realized some miscommunications that led to problems in this project. I will try to bring about transparency in communication to improve our work.
References
Amankwah-Amoah, J., Boso, N. and Debrah, Y.A., 2018. Africa rising in an emerging world: an international marketing perspective. International Marketing Review.
Armstrong, G.M., Kotler, P., Harker, M. and Brennan, R., 2018. Marketing: an introduction. Pearson UK.
Goethals, M., 2018. BUSINESS PROSPECTS OF THE FIRST VEGAN PASTRY IN LUXEMBOURG: Market Research, Risk Analysis & Concept Creation.
Nunes, J.M.F.D.A., 2020. Private label brands in Romania: a study focused on soft drinks and savoury snacks (Doctoral dissertation).
Rimmer, A., 2018. Industry must cut calories in savoury food products by 20%, says Public Health England.
Schmidt, C., Geweke, I., Struck, S., Zahn, S. and Rohm, H., 2018. Blackcurrant pomace from juice processing as partial flour substitute in savoury crackers: dough characteristics and product properties. International Journal of Food Science & Technology, 53(1), pp.237-245.