1 Marketing Plan Appendix I. Product Description II. Business Mission III. Marketing Objectives IV. Marketing Environment Analysis Industry Analysis SWOT Analysis V. Marketing Strategy Target Market Strategy Marketing Mix Product Place Promotion Price VI. Positioning Strategy Product Description 2 Wheatox soap is a natural and unique soap made with a special blend of wheat germ oil and tea tree oil. The wheat germ oil contains high levels of vitamins and minerals that nourish and rejuvenate the skin, while tea tree oil provides antiseptic and anti-inflammatory properties to fight against bacteria and reduce inflammation. The soap is gentle and suitable for all skin types, making it ideal for those with sensitive or problem-prone skin. Wheatox soap is crafted using a cold process method, ensuring that all the natural benefits of the ingredients are preserved. The soap has a rich, creamy lather that cleanses the skin without stripping it of its natural oils, leaving it feeling soft, smooth, and refreshed. The unique blend of wheat germ oil and tea tree oil provides a refreshing, invigorating scent that uplifts the senses and promotes relaxation. Overall, Wheatox soap offers a natural and effective solution for those looking for a gentle, nourishing, and rejuvenating cleansing experience. The combination of natural ingredients and careful craftsmanship ensures that each bar of Wheatox soap is of the highest quality, making it a great addition to any skincare routine. Business Mission Our mission at Wheatox is to provide a premium skincare experience that nourishes and rejuvenates the body while being mindful of our environmental impact. We aim to empower our customers with the confidence that comes from healthy, glowing skin, achieved through our natural and sustainable ingredients. We strive to be a brand that not only cares for the wellbeing of our customers, but also for the planet we call home. At Wheatox, we are committed to 3 delivering high-quality, gluten-free, ethically sourced products that make a positive impact on the world around us, one bar of soap at a time. Marketing Objectives The marketing objective of Wheatox soap is to increase brand awareness, promote product benefits, and drive sales in the Newfoundland market. The primary goal is to position Wheatox as a premium, natural and effective solution for individuals looking to detoxify their skin and improve their overall health and wellness. To achieve this objective, the marketing strategy will focus on creating targeted advertising campaigns, implementing influencer marketing, establishing partnerships with relevant health and wellness retailers, and leveraging social media platforms to increase brand engagement and drive sales. The ultimate objective is to establish Wheatox soap as a leading brand in the natural skincare market and increase its market share in Canada. Marketing Environment Analysis Marketing Intermediaries Marketing intermediaries are organizations or individuals that help a company to promote, sell, and distribute its products to end-users. For Wheatox soap, several types of intermediaries can be involved in the distribution process. 4 Firstly, there are wholesalers who purchase the soap in bulk quantities from the manufacturer and then sell them to retailers. They help in the efficient and timely distribution of the product to different retail outlets. Secondly, there are retailers who sell the soap directly to the end-users. They include supermarkets, drugstores, beauty stores, and other retail outlets. Retailers are responsible for maintaining the product on the shelves and promoting the product to their customers. Thirdly, there are online marketplaces and e-commerce platforms such as Amazon and Walmart which provide a platform for consumers to purchase Wheatox soap. Finally, there are sales representatives and marketing agencies that can be hired to promote and distribute the soap to potential customers. These intermediaries help to increase brand awareness and create demand for the product. Overall, marketing intermediaries play an important role in the distribution of Wheatox soap to end-users and can help to increase the reach and visibility of the product. Microenvironment: The microenvironment of Wheatox consists of the company's suppliers, customers, intermediaries, and competitors. The suppliers of Wheatox are the wheat farmers, while the intermediaries are the distributors and retailers. The customers of Wheatox are healthconscious individuals who are looking for a natural way to detoxify their skin. The competitors of Wheatox are other natural and organic skincare products. Macroenvironment: The macroenvironment of Wheatox consists of the economic, demographic, technological, cultural, and political/legal factors that affect the demand for the product. The 5 economic factor includes the purchasing power of the customers and their disposable income. The demographic factor includes the age, gender, and income level of the customers. The technological factor includes the advancements in technology that affect the manufacturing and distribution of Wheatox. The cultural factor includes the changing preferences and lifestyles of customers. The political/legal factor includes the regulations and laws that govern the production, distribution, and marketing of the product. SWOT Analysis: Strengths: Wheatox is an all-natural and organic product that appeals to health-conscious individuals. The product is made from locally sourced wheat, which appeals to customers who support locally grown products. The company has a unique formulation and a competitive advantage over other natural skincare products. Weaknesses: The cost of production and distribution may be high, which could lead to higher prices for customers. The brand is new to the market and lacks brand recognition. The product may not appeal to customers who prefer chemical-based skincare products. Opportunities: The demand for natural and organic skincare products is growing in Canada. The company can leverage this trend to expand its customer base. The company can also expand its product line by introducing other natural and organic skincare products. Threats: The competition in the natural skincare market is intense, and there are many established players in the market. The company may face regulatory hurdles in marketing and distributing its product. 6 Marketing Strategy Market Segmentation: Market segmentation is the process of dividing the market into distinct groups of consumers with similar needs and characteristics. For Wheatox Soap, the market can be segmented based on various variables such as age, gender, income, lifestyle, and psychographics. The chosen segmentation approach for Wheatox Soap is based on demographic variables, specifically age, and gender. According to Statistics Canada, the population of Newfoundland and Labrador was estimated to be 521,542 in 2021. This information can be used to segment the market by age groups such as 18-24, 25-34, 35-44, and 45-55. The categories for age will be 1835 years old and 35-55 years old. According to the same source, the median age in Newfoundland and Labrador is 45.1 years. The gender distribution in Newfoundland and Labrador is roughly equal, with females accounting for slightly more than males. This data can be used to segment the market based on gender. The gender category will be female. The rationale behind this segmentation approach is that Wheatox Soap is a beauty product that is specifically designed for women who are concerned about their skin's health and appearance. Age is also a relevant factor as the skincare needs of women vary as they age. By targeting these two age groups, we can cater to the different needs and concerns of women of different ages. Two market segments have been identified: 1. Young Adults (18-35 years old) 2. Middle-aged women (35-55 years old) Two-step assessment and evaluation of each market segment: 7 1. Young Adults (18-35 years old) Assessment: This segment is likely to be concerned about maintaining their youthful appearance and may be more willing to experiment with new skincare products. They are more likely to be tech-savvy and active on social media platforms. Evaluation: This segment has high potential for growth as they are open to new skincare products and may become loyal customers if they see positive results from using Wheatox Soap. However, they may also be price-sensitive and may need more education about the benefits of using Wheatox Soap. 2. Middle-aged women (35-55 years old) Assessment: This segment is likely to be more concerned about anti-aging and may have more disposable income to invest in skincare. They are also likely to be more cautious about trying new products and may prefer established brands. Evaluation: This segment has a more established skincare routine and may need more convincing to switch to a new product. However, if they see positive results, they are likely to become loyal customers. The median total household income was $ 82,540 according to Statistics Canada (2019). They may also be less price-sensitive and more willing to invest in premium skincare products. Target Market: The target market for Wheatox Soap will be the young adult segment (18-35 years old). This segment has a higher potential for growth and is more likely to be willing to experiment with 8 new skincare products. They are also more active on social media, which is an effective channel for marketing and promoting Wheatox Soap. This segment is composed of women who are concerned about their skin's health and appearance, particularly maintaining their youthful glow. They may also be price-sensitive and prefer products that are affordable and offer good value for money. Offer: Wheatox Soap will be positioned as an innovative and natural skincare product that helps maintain youthful skin. The soap will contain natural ingredients such as wheat germ oil, honey, and aloe vera, which are known for their nourishing and rejuvenating properties. The soap will be marketed as a premium product, emphasizing its unique features and benefits. It will be packaged in an eco-friendly and minimalist design, appealing to the young adult segment's preference for sustainable and minimalist products. The brand name, "Wheatox", will be used to position the soap as a natural and organic product that is safe and gentle for the skin. The brand will also leverage social media platforms to engage with the target market and promote the product's benefits. Overall, targeting the young adult segment with a premium, natural, and innovative product that emphasizes its unique benefits and features will position Wheatox Soap as a desirable and effective skincare product. Marketing Mix 1. Product: Wheatox is a new and innovative detoxifying soap that is made from wheat bran, a by-product of the wheat milling process. It is designed to gently cleanse and exfoliate the skin, leaving it feeling refreshed and revitalized. The soap is formulated with 9 natural ingredients such as aloe vera, coconut oil, and tea tree oil, which are known for their skin-nourishing and detoxifying properties. 2. Price: Wheatox will be priced competitively with other high-quality skincare products on the market. We will aim to keep the price point below $10 per bar of soap to make it affordable for our target market. 3. Place: Wheatox will be sold in health food stores, natural product retailers, and online through our e-commerce platform. We will target retailers in Newfoundland, Canada to start, and expand to other regions as we grow. 4. Promotion: We will use a mix of traditional and digital marketing strategies to promote Wheatox. Our marketing campaigns will focus on the natural and sustainable ingredients used in the product, as well as its detoxifying properties. We will leverage social media platforms like Instagram and Facebook to reach our target market and use influencer marketing to increase brand awareness. We will also attend local health and wellness events to showcase the product and offer samples to potential customers. With a budget of $100,000, we will allocate funds to product development, packaging design, and marketing efforts. Our goal is to create a unique product that stands out in the market and appeals to consumers looking for natural and sustainable skincare options. We believe that Wheatox has the potential to become a popular choice for those seeking an eco-friendly and effective detoxifying soap. 10 Positioning Strategy Positioning Approach: Our positioning approach for Wheatox is to position it as a premium and innovative detoxifying soap that offers a unique and effective solution for people looking to detox their skin in a natural and healthy way. We want to position our product as the go-to choice for consumers who are health-conscious and are looking for a high-quality, gluten-free, organic product that is safe for their skin and the environment. Desired Position: Our desired position for Wheatox is to be the market leader in the organic and natural skincare industry in Canada. We aim to be known as a brand that is synonymous with quality, safety, and innovation in the skincare market. Positioning Statement: For health-conscious consumers who care about the environment, Wheatox is a premium, organic, and innovative detoxifying soap that effectively removes toxins and impurities from the skin, leaving it refreshed, rejuvenated, and nourished. Unlike other detoxifying soaps, Wheatox is made from high-quality organic ingredients, making it safe for all skin types. Perceptual Map: Our perceptual map positions Wheatox as a high-quality, premium detoxifying soap that is innovative and unique in the organic and natural skincare market. We are positioned as a brand that is safe for all skin types, environmentally friendly, and effective at removing toxins and impurities from the skin. Perceptual Issues: One potential perceptual issue is that consumers may perceive Wheatox as expensive compared to other detoxifying soaps in the market. This could be a stumbling block for those who are price-sensitive and may not be willing to pay a premium for an organic and natural product. 11 Overcoming Perceptual Issues: To overcome this perceptual issue, we will emphasize the unique benefits and features of Wheatox, such as its organic and natural ingredients, effectiveness, and safety for all skin types. We will also offer promotional discounts and bundle deals to encourage trial and usage of our product. Additionally, we will leverage social media and influencer marketing to showcase the benefits and effectiveness of Wheatox and how it offers value for its premium price. Overall, the financial success of Wheatox will depend on our ability to manage our finances effectively, set realistic goals for sales and production, and promote the product effectively to our target market. With careful planning and execution, we believe that Wheatox has the potential to become a profitable and successful product. POLITICAL & LEGAL FORCES SWOT ANALYSIS MARKETING SEGMENTATION & TARGETING SEGMENT APPROACH 2-STEP ASSESSMENT & EVALUATION TARGET MARKET POSITIONING PLAN OFFER POSITION DESIRED POSITION PERCEPTUAL ISSUES 12 MARKETING MIX: PRODUCT PRICE PLACE PROMOTION (Integrated Marketing Communications) FINANCIALS PRO FORMO STATEMENT BREAK-EVEN ANALYSIS BUDGET VERSIONS References 13 References 1. World Population Review. (2022). Demographics of Canada. https://worldpopulationreview.com/country-profiles/canada-demographics 2. Statistics Canada. (2011). Newfoundland and Labrador. https://www150.statcan.gc.ca/n1/pub/11-402-x/2011000/chap/nl-eng.htm 3. Euromonitor International. (2022). Soap, Bath and Shower Products - Canada. https://www.euromonitor.com/soap-bath-and-shower-products-in-canada/report 4. Mintel. (2022). Consumer Trends - Canada - January 2022. https://store.mintel.com/report/consumer-trends-canada-january-2022 5. Bplans. (n.d.). Soap Manufacturer Business Plan. Retrieved from https://www.bplans.com/soap-manufacturer-business-plan/market-analysis-summary/. 6. Healthline. (2022). Wheat Germ Oil: Benefits, Side Effects, and Uses. https://www.healthline.com/nutrition/wheat-germ-oil#what-it-is 7. Healthline. (2022). The Benefits of Shea Butter for Your Skin. https://www.healthline.com/health/shea-butter-for-face 8. Healthline. (2022). The Benefits of Tea Tree Oil for Your Skin and Hair. https://www.healthline.com/health/tea-tree-oil-for-hair 9. Euromonitor International. (2022). Skin Care in Canada. https://www.euromonitor.com/skin-care-in-canada/report 14 10. Government of Newfoundland and Labrador. (2022). Newfoundland and Labrador Population Projections. https://www.gov.nl.ca/fin/population-projections/
