I. Executive Summary
With the success of the newly added product Gold Honeyscone to the Walter Foods inventory, the company is in need of a bigger market. Gold Honeyscone being a considered a luxury biscuit and are meant for the upscale buyers, has opened up opportunities for the company to achieve its business mission of achieving a C$50 million sale level and a wholesale exporter. New marketing plans must be developed in order for the company to seize the moment of this opportunity. Two strategic options have been developed for such occasion: Strategic Option 1: Expand targeted group. Due to the fact that upscale buyers are willing to pay premium price for the product, the quality of the product must high and acceptable for the rest of the targets. Strategic Option 2: Associate Gold Honeyscone with Walter Foods product. This option will allow existing customers to view everything else the company has to offer. It also allow non existing customers to have a wider initial view at start what the company has to offer.
II. Problem Statement
In order to continue to run on the momentum of the success of a new product to benefit the company, that product’s awareness must be expanded to more people and it must be known to be associated with the company. The two strategies that will be mentioned will ensure a new target of consumers is met and that the company’s name will be known.
III. Analysis
External Analysis
Economic Factors: Due to the health issues the world is now facing, the Overall retail sales of biscuits rose 2% in current values, totaling approximately C$1.3 billion (appendix 2). This means ...