Difference between revisions of "Team:UCL/Entrepreneurship2"
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− | < | + | <h4>Two Markets, Two Marketing strategies</h4> |
− | < | + | |
− | < | + | <p>“The global functional foods market was worth an estimated USD43.27bn |
− | < | + | in 2013. This figure has increased in value terms by 26.7% compared with |
+ | 2009, and continues to demonstrate annual growth in excess of the world | ||
+ | food industry as a whole.” Market Report - Future Directions for the Global | ||
+ | Functional Foods Market - Leatherhead Food Research</p> | ||
+ | |||
+ | Our minimum viable product(MVP) is a combination of probiotic strains and prebiotic substances that have been shown to promote mental wellbeing. Our vision is to target two very different but complementary markets by using two different approaches to sell our product. | ||
+ | |||
+ | <h3 id="1">Stratified</h3> | ||
+ | <p>The first is the stratified approach, which consists of creating a range of probiotic chocolates designed to | ||
+ | target particular groups of people. Differentiation on the base of age, gender, diet and body type means that we | ||
+ | can create a product that is specific to the user while at the same time still being able to mass produce it. This | ||
+ | business to business (B2B) wholesale strategy targets chains of shops that focus on a health conscious clientele | ||
+ | such as Whole Foods in the US and Planet Organic in the UK as well as large retail stores with sections that cater | ||
+ | to similar markets.</p> | ||
+ | |||
+ | <h3 id="2">Personalised</h3> | ||
+ | <p>The second, and most interesting, is the personalized approach. This product is the best way for the customer | ||
+ | to extract the most benefit from our product, as it is tailored to him personally. Using a proprietary algorithm | ||
+ | we would use information the patient provides about himself along with data from advanced diagnostic testing to | ||
+ | design the best probiotic that current scientific knowledge allows us to create. The probiotic chocolate bars are | ||
+ | made to order every month, with the information and recipe being updated accordingly. This product requires a | ||
+ | certain degree of commitment because of the information that needs to be collected for the patient to take the | ||
+ | most advantage of the product, notably regular microbiome sampling and analysis to provide information of the | ||
+ | identity and size of different microbial populations in the gut.</p> | ||
+ | |||
+ | <p>Our marketing strategy is composed of two elements for each of our commercial approaches, the first being common | ||
+ | to both and the second specific to the stratified or personalized approach.</p> | ||
+ | <p>The common strategy’s primary focus is brand awareness and the introduction of the concept of prebiotics as an | ||
+ | aid to achieving and maintaining mental wellbeing. This involves participating in competitions, being featured in | ||
+ | the media and engaging with social media constantly. Rather than intending to promote sales directly these | ||
+ | endeavours are meant to increase the visibility of our product and company.</p> | ||
+ | |||
+ | <p>Our stratified range is sold to other businesses, so in order to increase our sales they need to be targeted as | ||
+ | much as the final consumer. We will do this by attending events and fairs within the health and wellness industry | ||
+ | and produce media content aimed at these businesses. We commit to active personal engagement and the formation of | ||
+ | long term business partnerships with our most valued customers.</p> | ||
− | + | <p>In order to increase the demand for our product we will target consumers while iterating through a variety of | |
− | + | strategies, performing experiments designed based on lean management principles. Using targeted advertising and | |
− | < | + | ads that feature different selling points we will be able to elicit the values of each market segment and find |
− | </ | + | what is important to them (backed by scientific studies, ethical, fairtrade, green, etc.). We will also bring the |
− | < | + | product into public awareness by combining product placement with targeting influencers and thought leaders.</p> |
− | </ | + | <p>One of our strategies is to make consumers aware that Prokao is a healthy chocolate treat, something which we |
+ | believe will be seen as highly desirable among both parents and their children. </p> | ||
+ | |||
+ | <p>Our personalised product targets a very narrow market of high value customers: those who are both willing to | ||
+ | make permanent commitments in the name of their well being and those who can afford to do so. In an initial phase | ||
+ | we will target customers that belong to specific interests groups by using podcasts and liaising with community | ||
+ | leaders in order for word of mouth to produce viral growth. Features on specialty magazines and presentations at | ||
+ | relevant conferences are also ways in which we can target this niche market. </p> | ||
</div></div> | </div></div> | ||
Revision as of 10:48, 18 September 2015
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