Final Marketing Project - ledesma.weebly.comledesma.weebly.com/uploads/5/7/6/0/5760661/triple_j_final_paper.pdf · Situational Analysis Strengths ... Babycakes cupcake maker SWOT

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Triple-J's Bake Ware

November 28, 2012

Final Marketing Project Brooke Ledesma-Marketing 1030

Corbin Midgley, Jez Rodriguez, Junior Medina, Jason Dalley,

and Betty Schwindt

Final Marketing Project

Brooke Ledesma-Marketing 1030

Corbin Midgley, Jez Rodriguez, Junior Medina, Jason Dalley, and Betty Schwindt

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Contents Introduction .................................................................................................................................................. 3

Bake Ware with a Purpose: ....................................................................................................................... 3

We're on a Mission! .................................................................................................................................. 5

Situational Analysis ....................................................................................................................................... 6

Strengths .................................................................................................... Error! Bookmark not defined.

Weaknesses ............................................................................................... Error! Bookmark not defined.

Opportunities ............................................................................................. Error! Bookmark not defined.

Threats ....................................................................................................... Error! Bookmark not defined.

Market Research ........................................................................................................................................... 7

Primary Research ...................................................................................................................................... 7

Secondary Research .................................................................................................................................. 7

Findings ..................................................................................................................................................... 8

Limitations ................................................................................................................................................ 9

Conclusions ............................................................................................................................................... 9

Marketing Mix ............................................................................................................................................. 10

Segmentation .......................................................................................................................................... 10

Targeting ................................................................................................................................................. 11

Positioning .............................................................................................................................................. 12

Promotion ............................................................................................................................................... 12

Growth Strategies ....................................................................................................................................... 13

Conclusions and Recommendations ........................................................................................................... 14

Bibliography ................................................................................................................................................ 16

Appendices .................................................................................................................................................. 17




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Introduction

We at Triple J’s Bakeware like to make our customers feel like close friends and family. We have

a philosophy, which the best meals and the most memorable eating experiences are with those we love.

We continue that philosophy with the idea that some of our fondest memories are in the kitchen,

helping mom make cookies, or your great Uncle Frank make his famous crumb muffins. It is these

memories, and idea that we bake with love that helped create our new “Lovin’ from the Oven” muffin

tin line.

We started this company to add a much needed zest to a very tired and traditional bake

ware industry. Our first mission was to provide innovation towards the common muffin tin,

adding the feature of a fill line to create ease of use with the more novice baker, and a helping

hand to our seasoned baking veterans. We will continue this company with the mindset of

creating lifetime relationships with all of our customers, and new, innovative products for all

generations to come.

Bake Ware with a Purpose

Why start a bake ware company? Why attempt entrance in a very saturated industry,

with a myriad of already well trusted brands? These are questions we had to ask ourselves

when starting this venture. We realize that we are taking a risk, but would only do so with full

confidence that we have something viable. We are certain that our “Lovin’ from the Oven”

muffin tin line is a step above the rest.




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While we are a very young company, we are aware of, and wish to make our objectives

clear. Within the next year, we must work towards:

Creating an industry standard in quality of product.

Continuously creating innovation, and new alternatives in bake ware product options.

Forming new relationships with well-established companies in the industry.

Providing the gold standard of customer care.

Ensuring our price points are competitive, yet make sense.

At this time, we feel our product already boasts a higher quality than the other competition

available. While our first objective may be met, it is an objective we must be constantly in mind

of. We are a company that refuses to sell a sub-par product.

We should also note that some extensive research has gone into our new product line,

and continues to be evaluated. While research has already been done, we still must strengthen

our demographic data, and provide wide product testing, so we can be certain we are

marketing to the correct target group, and providing nothing short of the best muffin tin on the

market.




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We're on a Mission!

Triple J’s Bakeware would like to offer the following mission statement:

“Triple J’s Bakeware Inc. strives to bring an easier, more user friendly solution,

to an over saturated, traditional, bake ware supply market. We will do so by

providing innovative solutions to your mom’s traditional bake ware, allowing a

fun, convenient, stress-free baking environment.”

As Milan Kundera, Czech author, and Nobel Literature prize nominee says: “Business has only

two functions — marketing and innovation.” We as a company make it our highest priority to

introduce new ideas to existing solutions. We function on innovation, and rely on creative

minds. Well, that and an immense love for delicious baked

goods. Why not bend the rules, why not make something

functional more functional. Why not make the art of

baking, an art available to everyone?

We started with the idea that food brings us

together. It creates moments, and lays the foundation for a

lifetime of memories. We are here to help build that

foundation, and create unforgettable memories for everyone. We will do so by providing the

newest and best options available for your bake ware needs.

As Milan Kundera, Czech

author, and Nobel

Literature prize nominee

says: “Business has only

two functions —

marketing and

innovation.”




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Situational Analysis

Strengths

Full Patent

Focus on all customer types

Great discounts

Expansion

Competitive Pricing

Locally owned and operated

Easy to use

Dependable products

Quality assurance on all products

Sold at Wal-Mart, a highly reputable company

Weaknesses

Weak brand identity

Presence

Maintain low prices

Slower delivery time

Not an eco friendly company

Profits

Lack of investors

Similar products

Poor customer reviews

Website is not user-friendly

Opportunities

Partner with current baking good companies

Get product placement in movies and tv shows

Morning show and other tv programs Expand into other areas such as fill cups Sell units in Wal-Mart as well as Costco

Sell on Amazon.com

Partner with manufacturing companies

Donations for schools/scholarship

We get free commercials to help our image. Sponsor restaurants it baking competitions

Threats

KitchenAid

Silicone Solutions

Norpro

Chefmate

Wilton

Kitchen Essentials

Rachel Ray

Duncan Hines

Bella Cucina Maker

Babycakes cupcake maker

SWOT




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Market Research

Primary Research

While we lacked an actual product to show to potential customers, we decided to get some

first-hand opinions on our Lovin' From The Oven muffin tin. I created a seven question short survey to

determine exactly what kind of interest there was for this product at various prices and using different

materials. In order to be sure that our surveyed customers understood the product we added a short

paragraph describing our Lovin' From The Oven bake ware.

We challenged everyone in the group to survey 10-15 people and we also surveyed a

Wednesday night Marketing 1030 class to get student opinions. We got 66 survey responses and while

some questions were left blank, the majority of them were fully answered. In order to analyze the data

we put together some charts and graphs.

Secondary Research

There aren't many serious professional reviews of muffin pans, but we found plenty of owner

opinion on which pans turn out a better muffin. When we called the current bake ware companies, none

of them would respond and there were no statistics that anyone could find regarding bake ware sells.

We did however find that many customers have been requesting for handles to be put on the tins and

we hadn't thought of this idea. Thanks to this secondary research we can now consider adding yet

another feature that are consumers would enjoy.




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Findings

Based primarily on the survey findings we deducted several results that were then evaluated.

First we figured out who would be interested in our product and we got a whopping 70% of customers

that like the idea. Secondly we

wanted to check our pricing

strategy against what

consumers would pay and we

discovered that our product was

valued to high according to our

survey: Our original price was

$12.99, but with only 9

responses out of 66, we decided

that we were shooting too high.

$9.99 was the most popular with 48%.

Another result we were able to determine from our research was the average number of muffin

tins for an American household and it was much lower than I expected. Most of our customers (19)

didn't own any tins and our average was 2. As far as materials, metal and silicon are both very popular

at 44 and 34 respectively.

0

5

10

15

20

25

30

35

$9.99 $10.99 $11.99 $12.99 $13.99

Question 2 Price




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Limitations

When conducting research, especially on a product yet to exist, you are met with a lot of missed

opportunities and lack of information. The thing to consider is: research takes time, a lot of time. As we

all know, time is money, so a mistake, or a forgotten element, or opportunity can really set you back. It

can prohibit your findings and make or break your product depending on what the research does for

you as a brand. With Triple J’s Bake ware, our biggest limitations came from a lack of time, vague

demographic data, and no actual product to test.

Ideally, we would have had weeks, if not months to do adequate research for our product. We

would be able to survey a myriad of people, at different times of day, and in different locations. We

could take more time to find market studies on up and coming bake ware companies, and their success

rates. We would be able to test other products to find their flaws to ensure ours provided a resolution

to these issues. Because we only had a few days between our busy work and schooling schedules, we

were only able to do a limited survey, and various online searches to obtain the data we currently have.

Knowing your demographic is essential, and necessary. Lacking to obtain that crucial

information could potentially destroy any potential product or business plan. We did conduct a survey

regarding our product, and we got some very usable information, but we failed to secure much needed

gender and age information. This information could be the difference between our product taking off,

and slowly going the way.

Conclusions

We have discovered that people generally like our product, but not at the price that we are

offering it. This is why need to reduce our price to $9.99 while maintaining a high quality product. We




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have shown that the types of materials that people would prefer are metal and silicon so we should

definitely produce these. It would definitely be wise to add on handles after discovering that this is in

high demand through our secondary research. This could possibly encourage more customers to

purchase our product even at a higher price.

I gained a lot of confidence when I saw that nobody thought that this product would fail. We got

some very good comments and the majority of the people are willing to purchase this product and see a

demand for it. With this new surprising data that a lot of potential customers don't own tins, we can

market towards the beginner that hasn't baked before which goes along great with our handles.

I really believe in this product and like the majority of our customers surveyed, I think we will be

successful. We can really use this information to better our product and increase sales.

Marketing Mix

Segmentation

When thinking about how to properly analyze segmentation for our product, we had to be

realistic. Triple J’s bakeware will never be a top brand, or a well-known entity to the bulk of the male

demographic. We will have a harder time appealing to women over 50, because they are set in their

ways, and we will not really appeal to anyone under the age of 18. With this information in mind, we

have decide to focus on female demographic from the 18-35 age range, with a smaller focus on the 35+

age range.

Alongside our set demographic, we would like to focus on certain key psychographics. We want

to portray a product that is easy and carefree for those who live a similar lifestyle, while also appealing




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to young mothers portraying a product that can bring a family closer together. One way we can do this is

showing product/recipe demonstrations on morning shows like Good Things Utah. This program appeals

to women, especially the mother type who might see this and think of the easy clean up, and the perk of

a perfect uniform muffin or cupcake.

The final segmentation we would like to focus on: is in regards to the benefits of our product.

The Triple J’s Bakeware “Lovin’ from the Oven” line offers convenience, plain and simple. We provide a

muffin tin with a fill line, and — after urgent cries from our consumers — an easy access handle to help

insert and remove the tin from the oven without burning yourself. That paired with its high quality, and

non-stick surface offers a muffin tin with quality above the rest.

Targeting

By now, it seems we have clearly defined our target audience as young women in the 18-35

range with a focus on mothers. We are taking a concentrated

targeting strategy. While we understand the potential of other

consumers of our product, we must focus on the higher

probability, which we have deemed at this time, as young

mothers. Mothers generally love kids, especially their own. We

hope to bring in consumers by holding a “Cupcake Wars” style

competition. The mothers would use our products, and the

winner would receive a $1,000 scholarship to start their child’s

college fund. We also hope to help solidify trust with our

consumers by donating all products used in the competitions to

We hope to bring in

consumers by holding a

“Cupcake Wars” style

competition. The

mothers would use our

products, and the

winner would receive a

$1,000 scholarship to

start their child’s college

fund.




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schools in need to help support, and keep cooking programs in our schools. While we are concentrating

our marketing strategy on the younger mother type, we do hope to keep it broad enough to pull in all

potential consumers of our product.

Positioning

This brings me to the positioning of our product. We want to make it beyond clear that

our “Lovin’ from the Oven” muffin tin line is easy to use. To do so, we hope to partner with

major bakeware companies like Pillsbury for their muffin mix, and Betty Crocker for their cake

mix. We would like to put together a package with our six cup tin, and either Pillsbury Blueberry

Muffins, or Betty Crocker Yellow Cake Mix. We feel that both Pillsbury and Betty Crocker

provide products that promote an, anyone-can-do-it attitude. This attitude will help solidify

what we are all about, while still targeting our main demographic. We are confident that this

partnership, along with our 1-year exclusivity contract with Wal-Mart will help solidify our

name in the market.

Promotion

We have created a 1 minute infomercial which will be run during television shows that

our target market are known to watch. We would really like to also get featured on the QVC

shopping network where we sell our product to them at a discounted price for them to sell. We

would also be interested in getting a celebrity chef to endorse our product such as Rachael Ray

or Curtis Stone. Both chefs have huge followings of fans and an endorsement would really help

us expand to other markets.




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Growth Strategies

Turning a small business into a big one is never an easy thing to do. Typically, if a business starts

small, it will stay small and it is very difficult to make the transition into a big business. Triple J has

recognized that staying small does not guarantee that our business will survive. For that reason, we are

planning to implement some new strategies and marketing techniques that will help us grow more

rapidly.

When studying about how to implement an efficient growth strategy, we directed our attention

to the McKinsey Growth Pyramid. The McKinsey Growth Pyramid focuses on growing a business by

concentrating on operational skills, privileged assets, growth skills and special relationships:

Operational skills: Our operational skills are dependent upon our human resource management.

With our vast skill set and wide range of knowledge, together we can overcome any challenge that

might present itself. Our successful operational plan will give us a strong advantage over other

companies and allow us to stay in business through any setbacks.

Privileged asset: We will continue to improve upon our line of muffin pans. We believe that our

new handles will be a convenience feature in our new line.

Growth Skills: We will develop “The Great Handler”. After extensive research, we now know that

this will be a great addition and a feature that we need to add to the majority of our products. We will

also be partnering with Belgian Springs which will help broaden our customer base.

Special relationships: Expanding our target market into the internet will make our process of

growing viable due to the high demand of products online.




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The least risky growth strategy in a small business is to continue selling to our existing

customers. We are also now offering our products to online customers. With this extension in our

market we are now targeting not only the group of women who watch our commercials in the mornings

but everyone who would be interested in buying our product. With this fantastic addition to our

marketing, we are also announcing our new feature in the muffin pan “The Great Handler”. These new

handles are an innovative way of taking the muffin pan in and out of the oven without the high risk of

burns or accidents. This new pan will also include an extended warrantee. For all customers who order

online we will provide a speedy delivery. Our new product can be at your home, ready to use within 2

short business days.

Conclusions and Recommendations

After working on this project for a period of time now, we have learned that our products will

definitely be a helpful tool to use especially for beginner bakers. We learned that there is a market need

for our product out there. Consumers would like an easier, stress free and even a fun environment when

they bake. Triple J’s Bakeware products will bring that to our customers.

We want to maintain focus in finding solutions to an over saturated market, and we believe we

can accomplish that by continuing our research in current bake ware supplies and see how we can re-

design or come up with our unique products. We agree that there is a lot of work to do still in finding

those innovative products that will separate us from the rest of the bake ware supply companies out

there. We have to put our main focus in doing strenuous research if we even want to stay afloat and

compete against the other giant companies that are doing that right now.




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Finally we concluded that even with our lack of experience in the subject, we were able to work

together and come up with great ideas of products that are not in the market yet, but we know that

they can be successful with an appropriate marketing strategy; therefore we are very satisfied with the

results from this project.




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Bibliography

Dent, H. (Performer) (2012). Demographics is destiny-harry dent [Web]. Retrieved from

http://www.youtube.com/watch?feature=player_embedded&v=d3EZlY-29Ss

Perot, R. (2001-2012). Products quotes. Retrieved from

http://www.brainyquote.com/quotes/keywords/products.html

http://www.youtube.com/watch?feature=player_embedded&v=d3EZlY-29Ss

http://www.brainyquote.com/quotes/keywords/products.html




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Appendices

Survey

Triple J's Lovin' From the Oven Bakeware

Thank you for taking this survey and helping us with our market research. We are a small Salt Lake based bakeware company that creates products for the regular baker. We know that everyone isn't an expert in the kitchen and we haven't been able to find anything on the market that caters to the average American. Our Lovin' From the Oven Bakeware line features a Muffin/Cupcake Tin with 12 large cups that feature a fill line to make sure that you get the perfect batch every time. No more gooey, misshaped, or overflowing muffins and cupcakes with the Lovin' From the Oven Perfect Fill

Tins.

1. Are you interested in this product and would you consider purchasing this item if it was

competitively priced?

a. Yes

b. No

Comments:_______________________________________________________

2. What is the maximum price that you would consider purchasing this product at?

a. $9.99

b. $10.99

c. $11.99

d. $12.99

e. $13.99




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3. Do you see a demand for this product in the kitchen supplies market?

a. Yes- It will take off

b. Yes, but it won't make much

c. No, but it won't crash and burn

d. No- It will fail

4. How many muffin tins do you currently own?

a. ________________

5. Are you happy with the way your muffins/cupcakes come out of the oven?

a. Yes- They all are similar sizes and taste the same

b. No- I wish I could make perfect cupcakes every time

6. What types of materials would you purchase these tins in? (As many as apply)

a. Metal

b. Plastic

c. Silicon

7. Would you be more likely to support our company if you knew we donated thousands of our

goods to local schools to support their foods programs?

a. Yes

b. No




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Raw Survey Results

Interest

Yes 46 69.70%

No 20 30.30%

Price

$9.99 31 48.44%

$10.99 16 25.00%

$11.99 7 10.94%

$12.99 9 14.06%

$13.99 1 1.56%

Demand

Yes A. 26 39.39%

Yes B. 26 39.39%

No C. 14 21.21%

No D. 0 0.00%

Number of Tins

0 19 22.09%

1 17 19.77%

2 14 16.28%

3 9 10.47%

4 12 13.95%

5 6 6.98%

6 9 10.47%

Currently Happy w/ tins

Yes 43 70.49%

No 18 29.51%

Materials

Metal 44 48.35%

Plastic 13 14.29%

Silicon 34 37.36%

Donate to Schools

Yes 42 64.62%

No 23 35.38%

Documents

Final Marketing Project - ledesma.weebly.comledesma.weebly.com/uploads/5/7/6/0/5760661/triple_j_final_paper.pdf · Situational Analysis Strengths ... Babycakes cupcake maker SWOT