Price

"To earn a profit, managers must choose a price that is not too high or too low—a price that equals the perceived value to target consumers." (Lamb, H.  Fundamentals of Marketing 9th Edition 20-1b)Each standard box of Pumpkinettes will be sold at $7.00 per box. This is an affordable price within the vegan food category. Not only that, but the average shopper in stores like Whole Foods make an average of $125,000 or more annually. For a box of healthy iron packed, chocolate covered vegan pumpkin seeds $7.00 is more then affordable. Vegans tend to run into iron deficiencies when they first began because their not used to finding alternatives."Price is an important competitive weapon and is very important to the organization because price multiplied by the number of units sold equals total revenue for the firm." (Lamb, H.  Fundamentals of Marketing 9th Edition 2-9d). This treat is not only sweet and tasty but can help the eager vegan sustain enough iron in there bodies through out the day. At $7.00 per box and low overhead cost, we can manufacture enough of these treats to provide at least 25% of Americas healthy consumers and generate $612,500,000 in total revenue on the first year after manufacturing plants are in place. "Price is what a buyer must give up in order to obtain a product. It is often the most flexible of the four Ps. The quickest element." (Lamb, H.  Fundamentals of Marketing 9th Edition 2-9d.

Promotion

Our packaging will be bio degradable and eco friendly. This here alone will be a promotional strategy, to build a relationship with our health conscious, eco friendly vegan friends. The name Pumpkinettes comes from the same concept as Raisenettes. The book states that "A good promotion strategy, like using a beloved cartoon character such as Sponge-Bob SquarePants to sell gummy snacks, can dramatically increase sales." (Lamb, H.  Fundamentals of Marketing 9th Edition 2-9c).  This will raise a sudden curiosity with potential consumers, because of the similarities in name. The box will be shaped in a square box filled with tasty chocolate covered pumpkin seeds."Promotion includes advertising, public relations, sales promotion, and personal selling. Promotions role in the marketing mix is to bring about mutual satisfying exchanges with target markets by information, educating, persuading and reminding them of the benefits of an organization or a product." (Lamb, H.  Fundamentals of Marketing 9th Edition 2-9c)You can punch a hole in the top of the box and easily pour a handful while on the go. According to www.infoscout.com the average income of shoppers who shop at Whole Foods is $125,000 and more annually.

Distribution

"A strategic alliance, sometimes called a strategic partnership, is a cooperative agreement between business firms. Strategic alliances can take the form of licensing or distribution agreements, joint ventures, research and development consortia, and partnerships. They may be between manufacturers, manufacturers and customers, manufacturers and suppliers, and manufacturers and channel intermediaries." (Lamb, H.  Fundamentals of Marketing 9th Edition 7-3a) Pumpkinettes will be sold in specialty stores, such as Whole Foods, Trader Joes, and Sprouts. You can also find these delicious treats in markets such as Albertsons and Smiths, but merchandised in the healthy, non GMO, non preserved, vegan friendly food aisle. We want to build a partner relationship with these markets and keep the distribution exclusive until we see a higher demand. According to The Fundamentals of Marketing, "Place, or distribution, strategies are concerned with making products available when and where customers want them." (Lamb, H.  Fundamentals of Marketing 9th Edition 2-9b) They will be packaged in bio degradable, economy friendly boxes. It all ties into the vegan life style, and decreases overhead cost on packaging. The Manufacturing companies can be domestic based in the Illinois area. We chose this geographic area because this is where most of the pumpkins are farmed and grown at. This will also decrease our overhead cost by a substantial amount, due to short distances with importing and exporting. "Increased fuel and transportation costs associated with long-distance shipping, coupled with falling United States energy costs, have given impetus to inshoring, returning production jobs to the United States." (Lamb, H.  Fundamentals of Marketing 9th Edition 5-1b). We can also create partnerships with the farmers by buying large amounts of pumpkin seeds from them. I'm sure there isn't a huge demand on such a product so they will be happy regardless to build a relationship with a company that can increase there sales. "A part of this P—place—is physical distribution, which involves all the business activities concerned with storing and transporting raw materials or finished products." (Lamb, H.  Fundamentals of Marketing 9th Edition 2-9b).

Product

"The product includes not only the physical unit, but also its package, warranty, after sale service brand name, company image, value, and many other factors." (Lamb, H.  Fundamentals of Marketing 9th Edition 2-9) The product is called, "Pumpkinettes". These are chocolate covered vegan friendly pumpkin seeds. They're manufactured and packaged in a form similar to Raisenettes. You can open up the lip of the box, poor some Pumpkinettes in your hand and eat them on the go. This is vegan friendly, non allergenic, non dairy, non preserved and non GMO. This does not have to be just dark chocolate. There are plenty vegan organic ingredients that can be used now to substitute the dairy product in standard chocolate sweets in the market. This will be packaged in Eco-friendly, bio degradable boxes. This all ties into the vegan friendly lifestyle. "The heart of the marketing mix, the starting point, is the product offering and product strategy" (Lamb, H.  Fundamentals of Marketing 9th Edition 2-9a) I found a interesting fact from The Fundamentals of Marketing book. It states that, "A Nielsen study found that while eighty-three percent of consumers worldwide believe companies should have environmental programs, only twenty-two percent would pay more for an eco-friendly product." (Lamb, H.  Fundamentals of Marketing 9th Edition 1-2d.

Marketing Mix

"The term marketing mix refers to a unique blend of product, place (distribution), promotion, and pricing strategies (often referred to as the four Ps) designed to produce mutually satisfying exchanges with a target market." (Lamb, H.  Fundamentals of Marketing 9th Edition 2-9). Target market can be the ages between 18 and 50. Its a pretty broad age range, but the healthy eating lifestyle doesn't necessarily have a age limit. This can be a healthy vegan friendly (non GMO, non preservatives) treat, parents can pack in their child's lunch box on the way to school. This can also be a treat for young adults, who are vegan and want to eat a delicious sweet treat without feeling guilty. "This comparison of sales and market orientations is not meant to belittle the role of promotion, especially personal selling, in the marketing mix."(Lamb, H.  Fundamentals of Marketing 9th Edition 1-3e). Not only will this treat be appealing to young children, adults and parents, but also for older adults that have certain health issues that prevent them from eating the typical sweet treats you find in general stores. This treat will have no preservatives, non GMO, and contains plenty of iron (pumpkin seeds).  They're non allergenic and dairy free. According to the book, "In contrast, market-oriented organizations recognize that promotion decisions are only one of four basic marketing mix decisions that must be made: product decisions, place (or distribution) decisions, promotion decisions, and pricing decisions." (Lamb, H.  Fundamentals of Marketing 9th Edition 1-3e).

Implementation Evaluation Control

The Fundamentals of Marketing book states that "The target market strategy identifies the market segment or segments on which to focus." (Lamb, H.  Fundamentals of Marketing 9th Edition 2-8a) The target market is health conscious and vegan consumers who shop in specialty supermarkets that carry products within the healthy, non preserved, or vegan category. "Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets." (Lamb, H.  Fundamentals of Marketing 9th Edition 2-8). These supermarkets would be markets such as Whole Foods, Trader Joe's and Sprouts. Shoppers at these markets tend to be very aware of the type of products they consume, and make over $125,000 average a year. "Product development is a marketing strategy that entails the creation of new products for present markets." (Lamb,H. Fundamentals of Marketing 9th Edition 8-3)" Now that we have our target market under control we now know exactly what we are looking for. We will have manufacturing companies, distributors, warehouses, warehouse management, drivers, and a marketing department. Implementation is the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives. Implementation activities may involve detailed job assignments, activity descriptions, time lines, budgets, and lots of communication. Implementation requires delegating authority and responsibility, determining a time frame for completing tasks, and allocating resources. Sometimes a strategic plan also requires task force management. A task force is a tightly organized unit under the direction of a manager who, usually, has broad authority. A task force is established to accomplish a single goal or mission and thus works against a deadline. (Lamb,H. Fundamentals of Marketing 9th Edition 2-10a)"

SWOT

Strengths: Pumpkinettes are a healthy and vegan friendly treat with a good source of iron. This is also allergy free and lactose and tolerant friendly. The packaging is eco friendly and biodegradable. Over head cost is minimal and import / export is minimal due to domestic manufacturing plants based in Illinois.

"Marketers must understand the current and potential environment in which the product or service will be marketed." (Lamb, H.  Fundamentals of Marketing 9th Edition 6-5)

Weaknesses: Not being able to reach a higher population of our target market due to funding. This can be changed if we find a partner capable of doing so.

Opportunities: Opportunities in building relationship with agriculture community (specifically pumpkin farms). This will definitely increase there growth and profits in pumpkin farming based in Illinois. Illinois is the main source of pumpkins in America. We will also build customer relationships by being eco friendly. There is an obvious growing trend in health conscious eating, veganism, and global warming awareness. By keeping our product, non preserved, non GMO, vegan friendly packaged in bio degradable boxes we can gain consumers who are in this lifestyle.

"When examining internal strengths and weaknesses, the marketing manager should focus on organizational resources such as production costs, marketing skills, financial resources, company or brand image, employee capabilities, and available technology." (Lamb, H.  Fundamentals of Marketing 9th Edition 7-5)

Threats: There are other vegan chocolate treats out there. They can be considered a threat, but what we don't see yet are vegan chocolate covered pumpkin seeds. The fact that pumpkin seeds are very high in protein will entice consumers (vegans for example in this case) to consume this product. Our other threats will be other candy or chocolate treats, but because of the fact that were vegan friendly makes us stand out from the rest.

Objectives

The Fundamentals of Marketing book says the  "Objective must be consistent with and indicate the priorities of the organization. Specifically, objectives, flow from the business mission statement to the rest of the marketing plan." (Lamb, H.  Fundamentals of Marketing 9th Edition 4-7). Based on that my objective is To introduce "Pumpkinettes", to major specialty stores nation wide. This will be sweet delicious chocolate covered vegan friendly pumpkin seed treat. We expect to generate $612,500,000 million in total revenue by the first year. According to the U.S Census Bereau we have a population of about 350 million people in the Untied States of America. Healthy eating and veganism is a growing trend right now and all we need is 25 % of that population to purchase these delicious chocolate covered healthy treats to reach that figure. Over head cost will be tremendously low, while keeping our manufacturing plants domestic. Health consciousness and veganism is a trending lifestyle and people will love it regardless.  The Fundamentals of Marketing Book also states
"Objectives also serve as motivators by creating something for employees to strive for." (Lamb, H.  Fundamentals of Marketing 9th Edition 5-3)

Business Mission Statement

According to the Fundamentals of Marketing Book, "A mission statement should focus on the markets the organization is attempting to serve rather than on the good or service offered." (Lamb, H.  Fundamentals of Marketing 9th Edition 2-4). My business statement is to manufacture, distribute and sell the the most healthy, vegan friendly chocolate treats. Pumpkinettes, will be a treat for healthy conscious, vegan friendly consumers, who still want to enjoy a sweet treat without feeling guilty.These will be sold in specialty supermarkets such as Whole Foods, Trader Joe's, Sprouts etc.. They will be packaged in boxes similar to Raisenettes and merchandised on the shelves along with many other healthy sweet treats in these specialty stores. Another statement I would like to add straight from the book is that, "Business mission statements that are stated too narrowly suffer from marketing myopia—defining a business in terms of goods and services rather than in terms of the benefits customers seek." (Lamb, H. Fundamentals of Marketing 9th Edition 3-5)

Week 7 EOC: Final Project Pitch

I am going to pitch an exciting idea to you. Vegan chocolate covered pumpkin seeds. They’re going to be boxed up and manufactured like Raisenettes, sold at $7.00 dollars a box. This delicious treat will be called Pumpkinettes. Pumpkinettes will be sold in supermarkets such as, Whole Foods, Sprouts, and Trader Joes. They will be considered a healthy vegan treat and a great supplement for iron intake which most vegans lack in when they first start. A lot of people seem to be more health conscious these days. There are a lot of vegan friendly restaurants opening up now. I also notice a lot of new vegan friendly items on restaurant menus that didn’t have them before. There are more and more people that are concerned about their health now. So the target market will be health conscious, vegan friendly consumers, who still want to enjoy a sweet treat without feeling guilty. There aren’t too many competitors right now in the industry that I would consider a threat. Obviously all the chocolate candies are going to be a competitor to me. The difference would be the fact that this a healthy treat. There are some healthy chocolate products out there but most of them are not vegan friendly. Not only that, but there isn’t any chocolate covered vegan pumpkin seeds in the market. Illinois grows the most pumpkins out of any state in America. Therefore, our manufacturing factory's will be built around and in that state to save on import and export cost. Overhead cost will also be decreased because there aren’t many ingredients involved in the process of making a vegan friendly chocolate covered pumpkin seed. Packaging will bio degradable. An alliance business relationship can be formed with farmers who grow the pumpkins to create the seeds. There is no shortage in pumpkin seeds because it’s not much of a commodity compared to most Americas agriculture items, but that will work out in our favor. I think this would be a great idea and can be marketable in the chocolate treat industry.

Week 5 EOC: This is what has my interest

1.   http://www.soundonsound.com/news/arturia-unveil-drumbrute … New Analog Drum Machine By Arturia

      I like to stay relevant with new equipment released in today’s market. Equipment that can help me with my success in the audio industry.  Whether it’s a new analog drum machine, a synthesizer or new software. This is all something I need to consistently stay current on.

2.   http://www.soundandvision.com/content/audio-trend-report-finds-sound-quality-matters#gzq2kJeu69VZO1kR.97 … Latest report show consumers are starting to findout that sound quality matters.

      I also like to stay current on consumer’s reaction to certain products in the audio industry. This particular tweet elaborates on how consumers now are starting to recognize the value in quality sound. This is good news for someone like me, because it lets me know that there is a potential opportunity to come up with something innovative within the audio industry.

3. http://www.en-us.sennheiser.com/news-shape-the-future-of-audio-sennheiser-presents-ambeo-3d-audio-technology … Sennheiser is definitely keeping up with the advancement of technology in the market

      This is another example of an article that shows how big companies like, “Sennheiser” are coming up with creative and innovative ways to stay current in today’s fast growth in technology. Virtual reality and 3D sound is the next big thing in today’s multi-media industry and you can see Sennheiser working diligently on being innovative in this category.

4. NAMM (National Association of Music Merchants) Convention in Anaheim, Ca. on Jan. 19th - 22nd. https://www.namm.org/ 

      I also find it important to stay current on upcoming events that relate to the industry that I’m in. Here is an upcoming date of a convention that I can attend. A convention like this will help me learn about new equipment, in the audio industry. It will also give me an opportunity, to network with people that are in the industry.

5. Heres what a game audio engineer’s salary looks like in 2016. http://www.gameindustrycareerguide.com/video-game-audio-engineer-salary/ …

      Ever wonder what an audio engineer can make these days? Here is an interesting article about what a video game audio engineer makes in today’s audio industry. Staying relevant with articles like this, helps me understand what avenue is paying top dollar in today’s audio industry. Video games seems to be helping the audio industry become more innovative due to the new concept of virtual reality.