Product Name
The name of MSH Brands’ new weight-management product should reflect its properties as a premium and quality dog food designed specifically for obese and overweight pets. Clients have to know exactly what the product is capable of simply by looking at it. Therefore, the new product will be called NutriHealth Canine. The name consists of three key parts which tell the customer exactly what the product does. “Nutri” stands for nutrition, conveying the meaning that the product is essentially food. “Health” refers to the qualities associated with a well-balanced diet, such as healthy, nutrient-packed, and low-fat. “Canine” defines the fact that the product is intended only for dogs. Thus, the name NutriHealth Canine can be ideal for the new offering since it is both short, convenient, and descriptive of the product’s properties.
Role in the Brand Portfolio
The current brand portfolio consists of affordable dog food and snacks, which nevertheless does not provide the company with a competitive advantage. Essentially, there is a substantial risk that a new entrant will start making their own product of the same quality but will lower the price, which will lead to MSH Brands losing its market share. NutriHealth Canine plays the role of the first premium product of the business, which has to open new prospects for it. Namely, it has to establish MSH Brands as a business that has a share in the premium dog food market. Additionally, NutriHealth Canine has to become one of the best-selling products of the company and earn a reputation as an effective weight-management solution establishing the brand’s presence in the new segment.
Target Market
The primary target market of the new product will be people who own dogs with weight problems and who can afford to spend extra resources on premium solutions. The product will be priced slightly above its competitors’ alternatives; thus, the company has to address a relatively affluent clientele. The reasonable decision would be to define the target market as middle-class individuals who seek an effective way to help their pets lose weight. In terms of age, the brand has to promote its product among people aged between 25 and 65. These individuals tend to have stable jobs which provide them with substantial income, part of which they can allocate to their dogs’ needs. NutriHealth Canine’s exemplary customers will be a middle-aged person who wants their dog to return to normal weight through a healthy diet.
Product’s Objectives
As it was mentioned earlier, one of the main objectives of the offering will be opening new prospects for the company. In other words, with the help of NutriHealth Canine, MSH Brands has to enter two new markets. First, it has to demonstrate to the customers that it can also manufacture premium products, as well as provide the company with a market share in the pet weight-management industry. In 2018, the size of the pet obesity management market was valued at more than six hundred million dollars (Grand View Research, 2019). Thus, securing a one percent market share over the first two years can be an attainable objective with the product in question. In five years, the market share has to reach at least three percent, and at this point, additional products can be introduced.
Product Position
MSH Brands has to envision correctly the qualities customers will associate the new offering with. Product position is ultimately a summary of what clients think of the product (Baack et al., 2018). The pet weight-management market already has numerous options available to dog owners. Therefore, MSH Brands has to persuade clients that its product is better than the alternatives. The excellent quality and ingredients of NutriHealth Canine are the properties that give this product a competitive advantage. Therefore, MSH Brands has to position the new offering as a unique solution that is able to guarantee positive results to clients. Such a differentiation strategy will complement the objectives by helping the company establish itself in the new market of weight-management solutions with a one-of-a-kind product.
Pricing Strategy
The new product will be made only of healthy and organic ingredients such as meats and vegetables. Moreover, it will not contain grains since diets without them have been proven to increase digestibility in dogs which is essential for effective weight loss (Pezzali & Aldrich, 2019). As a result, NutriHealth Canine will have a higher price than those of its alternatives which use grains. Yet, the company has to implement the penetration-pricing strategy to attract new consumers during the first months after the launch. Specifically, MSH Brands can reduce the price of NutriHealth Canine to sixty-five dollars and then gradually increase it to the standard level of seventy-five dollars (Kotler & Keller, 2016). Such an approach will complement the objectives by making the product more accessible to customers and letting them explore its qualities.
Packaging
The differentiation strategy should translate into packaging, which will reflect the unique properties of the product. Namely, NutriHealth Canine’s package should contain key information on its ingredients. It should clearly state that the product does not use grains in its recipe. Additional information on the effectiveness of grain-free diets for weight management should be placed on the back of the package. There must also be a “100% organic meat” label to draw the attention of clients to the fact that NutriHealth Canine does not contain any steroids and additives. There is also a necessity to put several photos of dogs engaging in physical activities on the package. Such arrangement can potentially create a link in the customer’s mind between the product and the well-being of their dog. The packaging will complement the objectives by listing all of the benefits of the new product.
Promotion
Promotion is an indispensable part of the whole process of introducing a new product to the market. Similar to the packaging, promotion should reflect the differentiation strategy chosen for NutriHealth Canine. In other words, during promotional activities, the audience must learn about the qualities of the new offering and become certain that it is better than any other alternative. The promotional strategy should address different groups of customers based on age. The first tactic the company has to use is to partner with various Internet personalities such as bloggers whose blogs and channels are dedicated to pet care and other related topics. MSH Brands have to develop a campaign together with these people, which would highlight the importance of weight management in dogs and the benefits of a grain-free diet. Such a tactic will target younger audiences since they tend to use social media more frequently than older people.
The second tactic which will be used during the promotion will target people aged over forty years old. It will involve providing a free sampling of the new offering in supermarkets and discount stores. This tactic aims to make people familiar with the product and give them a chance to test its quality for free and encourage them to buy it in the future. Such a two-fold strategy will allow the company to achieve the corporate objectives by exposing people to the benefits of a high-protein and grain-free diet for dogs. Moreover, the described promotional strategy will complement the objectives by making potential clients familiar with the product and benefits of using a grain-free diet for weight management in dogs.
Placement
The placement strategy for the new product should involve selling it through different channels, both traditional and modern ones. Supermarkets and discount stores still constitute the largest sellers of dog food (Bedford, 2020). Pet-food stores are also important for sales, as well as inline channels such as Amazon. A multi-channel strategy will complement the objectives by making the product available to the maximum number of people.
References
Baack, D., Czarnecka, B., & Baack, D. (2018). International marketing. SAGE.
Bedford, E. (2020). Where do you purchase most of your pet food and supplies? Statista. Web.
Grand View Research. (2019). Pet obesity management market size, industry report, 2019-2026. Web.
Kotler, P., & Keller, K. (2016). Framework for marketing management (6th ed.). Pearson.
Pezzali, J. G., & Aldrich, C. G. (2019). Effect of ancient grains and grain-free carbohydrate sources on extrusion parameters and nutrient utilization by dogs. Journal of Animal Science, 97(9), 3758–3767. Web.