Introduction
Natural Evolution Food Company was established in the year 2013. The main purpose of the firm is to deliver the best healthy food products in West and Perth Australia. These products are specially made for the people who follow the Paleolithic Diet but the good can also use by the folks who wish to spend a clean eating lifestyle. The mission of a company is to conduct different meal programs which will help individuals in maintaining a healthy lifestyle. It is crucial for every person to make a plan for his meal but due to a busy lifestyle, no one has time to prepare it. Natural Evolution Food Company offers an opportunity for people that they do not have to make a plan for their meal because the firm helps to make it for people. The corporation offers freshly prepared meals which include 40% proteins, 30% carbohydrates and 30% fats. All the meals are made by the culinary team and used the best quality and fresh ingredients (Evolutionfoodco.com, n.d.).
The foods of a company are hormone free which saves the time of people because they do not need to go to purchase food. They can easily enjoy the nutritious and perfectly balanced meal at their homes. The paper has discussed the information about the segmentation, targeting and positioning approach of the underlying company. Every firm has made some marketing and financial objectives for its success. Natural Evolution Food prepares its financial and marketing objectives to become competitive in the market of Australia.
Segmentation, Targeting, and Positioning
In marketing, STP is an effective approach which was introduced in those years in which marketing was totally dependent upon products and not customers. STP helps a company to convey its messages to multiple audiences. Segmentation provides assistance to evaluate the needs of a market, find the new customers and make effective marketing for the product. The segmentation of the audience is to divide clients into the following areas:
Demographics
Natural Evolution Food Company divides the individuals on the basis of age, income, gender, marital status, ethnicity, education, profession or education of people, size of the market etc. The division helps to easily identify the needs and desires of customers because the needs of a young person are different from the wants of a child. The division of a market into demographics will help the firm to easily fulfill the wants of customers.
Psychographics
It includes the behavior of people because the nature of every person is different, therefore; the company divides the market on the basis of hobbies, lifestyle, attitudes, and leadership and personality traits. Psychographics help the corporation to analyze that why the customers will buy the products. The firm has used different ways to collect the customer opinions about its products. Some methods include interviews of individuals, surveys conducted by a company and collection of the customer data.
Targeting
Market targeting needs to attract commercial and potential customers from diverse segments such as criteria size (the market of Australia is larger so that the company can easily make different segments of customers), difference (in each segment, there must be a large difference between the needs and demands of customers), Money (the company will spend amount on the marketing of its products but it is crucial that the profit must be greater than the cost of advertising), accessible (each segment must receive the marketing message of a company and it is crucial that the team members can easily reach to the market).
Positioning
It is the last process in STP. It helps to define the current position of a company and also guide that how a company can make a strong position in the market. Due to more competition, it is a difficult task for every company to survive but when it has used diverse strategies, it can easily provide tough competition to the competitors. The products of Natural Evolution Food Company are available in each city in Australia because it has a famous brand and more customers are aware of the products. The firm also used different strategies that how it can create a positive image of its products in the minds of customers because when customers will become satisfied, they will be attracted towards it.
Marketing Objectives
The most important marketing objectives of Natural Evolution Food Company are as follows:
Increase Sales
It is one of the most important objectives of a company because when the sales will increase, it will also increase the profitability. The main purpose of marketing is to increase the return of a firm. The management of Natural Evolution Food Company is involved in the marketing of its products to enhance its sales. Increase in the sales requires more marketing so that the cost of advertising the products will also rise. The business has decided a percentage of each year and provides more efforts to raise the sales at that level (Kaho, 2018).
Improve Product Awareness
The main focus of a company is to increase the knowledge of people about its products because several folks in Australia are unaware of the products of a company. The firm also involved in the marketing of its goods to attract a larger number of customers. It also uses multiple media channels for the advertising of its products such as TV, newspapers, social media etc. Individuals in Australia used the social media channels to communicate with each other. They can easily watch the advertisements of a company and also refer the products to others.
Build Customer Loyalty
Natural Evolution Food Company needs to maintain good relationships with its existing customers because when they will satisfy with the services, they will purchase the products again. It is a difficult task for a company to attract new customers rather than to retain the existing customers because they already aware of the goods of a company. The firm delivers the best services to its patrons and also offers the products which are full of proteins and carbs (Wickford, n.d.).
Financial Objectives
Natural Evolution Food Company wants to increase its profitability by selling its products to more customers. The most important financial objectives of a firm are as follows:
Revenue Growth
The most important financial objective of a company is to increase its revenue. The revenue growth is totally dependent upon the sales of the underlying corporation because when the sales will enhance, it will earn more revenue which will make the strong financial position of a company. The firm also set its revenue target for each year. Revenue indicates the growth of a firm, therefore; an increase in the revenue is a positive sign for the health of a corporation.
Financial Sustainability
The main target of the underlying company is to become financially stable. It has used the advanced technology which helps to reduce per unit cost and also the company saves the cost of labor. The firm paid and receives all of its debts on time which helps to maintain a balanced level of income. After the establishment, the profitability of Natural Evolution Food Company has increased which also increase the earning of its shareholders (JACKSON, 2017).
Return on Investment
The desire of every shareholder is to increase the return on investment because it will help them to earn more dividends on their invested amount. The return of Natural Evolution Food Company increases in each year which also helps to increase the number of shareholders because when analyzing that the company provides them more amounts on their investment, they increase their investment which also increases the business of the underlying company (Ingram, 2018).
Marketing Mix Strategy
It covers the 4Ps of the Natural Evolution Food Company i.e. price, product, promotion, and place.
Product
The company delivers the ready to eat food products to the customers which have good quality. It serves the customers across Australia. The best product of a company is green banana flour. All the products are free from fat and manufactured using the original fruits. The firm has changed its goods with the passage of time because the needs and demands of customers have changed. The health supplement products of the corporation include dried lady finger bananas, gold sweet potato flour, natural vegan probiotic mulberry leaf extract powder, green banana resistant starch and organic vegan protein powder. The company also produces beauty products which are made by using natural fruits including banana ointment, evolve complete pack, evolve purifying moisturizer, evolve beauty mist and evolve beauty bar. The firm has changed the products according to the locations in Australia because the demands of people have changed with the passage of time and they need best quality products.
Price
Price of the products indicates that it is the best quality and cheap products in Australia. The prices of the products are similar to those of its competitors. The company has set the price by following some objectives such as profit maximization, return on investment, fulfill the sales target and achieve the targeted market share. The cost of the product of the underlying company includes the production cost, R&D cost, direct cost including the raw materials and transportation cost. The firm also analyzes the mind of people before selling its products to the customers, therefore; it can easily sell the goods to more people. The goods of the firm have the best quality and lower cost. The corporation also provides discounts on its products so that the customers feel that they are paying fewer amounts and get the best quality goods. Also, the weight of the goods is 20 to 30% extra which also increases the interest of buyers to purchase the products from a company. The price strategies followed by the underlying company attract the new customers and also retain the existing customers.
Place
The products of Natural Evolution Food Company have the presence in all cities in Australia. Robert who is the owner of the underlying firm uses diverse food processing techniques. It is the best business to use the waste bananas and convert them into a nutritious food source. The corporation purchases the bananas from the banana industry in which they are sold only for the purpose of flour production. The underlying company has only one production plant in Australia in which advanced machinery is used to prepare flour from bananas. The firm also takes transportation service from the third party who helps to deliver the goods from factory to the wholesale and retail stores. The business performs its functions inside Australia therefore; it includes lower transportation cost.
Promotion
It is the main source which is used by every company for the sale of its products. With the help of promotion, the underlying firm can easily sell its products to the customers. The promotion facilities which are used by the firm include online advertising through social media channels, TV advertisements, newspapers etc. With the help of a social media channel, the firm easily increases the number of its customers and it is also available in it. Individuals like the page of the company and also recommend others to purchase the products from the corporation. It also provides detailed information about its products so that the new customers can easily read out the details about the products of a firm. The corporation also gathers new information about its products and involved in research to include the advanced features in its goods (mbaskool.com, n.d.).
Budget Allocation for Promotion Mix
It is necessary for every company to set up a budget for the marketing mix. For instance, Natural Evolution Food Company is involved in the marketing of its goods with the help of newspapers and televisions; it has to make a budget for the advertisement of its goods. There are several methods which can be used by the underlying company for the promotion of its products. The simple method is to make a projection for the next year. For that method, the firm has to assume the constant changes in the market of Australia. Promotion of a product needs more amount because, without the promotion of products, it is a difficult task for a corporation to attract the customers. The company increases its spending on promotion and also compares it with the spending of competitors (Open.lib.umn.edu, n.d.). The main purpose to enhance the promotion is to increase the profitability because if the firm will spend more amounts on promotion, it can easily attract a larger number of customers.
The company has started its operations in the year 2013, it is necessary for it to spend more amounts on the advertisement of its products. When a new product introduced in the market, companies spend more money on it to increase its awareness. With the passage of time, more customers will aware of the new brand and the firm can reduce its budget on advertising. Promotion of product offers knowledge to the people that a new brand is introduced to the market and it can fulfill the needs and demands of customers. When the goods of Natural Evolution Food Company will get the maturity stage, the firm does not need to spend its money for advertising because at that time more people in Australia will aware about that brand and several customers will become loyal. At that stage, small budge on advertising will be suitable for the firm (Nithya, n.d.).
Conclusion
Natural Evolution Food Company delivers the best services to its customers. It is one of the most famous companies in Australia and several customers are loyal to the company. The firm also involves in the marketing of its products and use different channels to promote its goods. It attracts the larger number of customers with the help of social media because several people are unaware of the goods of a company but they become aware of the company by watching an advertisement on social media. The main purpose of a firm is to deliver the best quality products to the customers so that they will become loyal to the company. The firm can easily increase the number of its customers by providing the best quality products. The management of the corporation should involve in the research and development process so that they can easily identify the drawbacks of their goods and further improve it.
Bibliography
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