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The market for vegan hot dogs is a constantly growing market because the younger layer of the population is becoming more adherent to non-meat or vegan food sources. Therefore, the overall demographics and segmentation will mostly involve young vegan adults, but there is also a small proportion of older generations who are long-time vegans.
Market size is a challenging concept to calculate due to the lack of available information. However, it can be estimated for the potential revenue available in the market by adding estimated starting hot dogs for a projected five years and multiplying the number to the average price. Thus, 57,507,270 * 10$ = 575,072,700$ is a maximum market size for vegan hot dogs.
The main competitors are Qdoba and Twisted Foods, which serve Mexican grill and prepared meals, respectively. They also cater to their customers in order to appeal to them because the events are highly crowded, and catering poses a challenge for visitors. In addition, Pizza Hut and Burger King can act as indirect competition due to they sell fast food, which can be carried to sports events. The primary advantage of our company is that we offer a cheaper and healthier alternative compared to our direct competitors. In regards to big and indirect competitors, we solely serve vegan food, which makes it more appealing to our target customers.
The marketing strategy will be focused on putting an on-site poster, where the key information will be given about vegan hot dogs. By appealing to healthier and non-meat sources of food, we will be able to attract customers to the events directly. The main reason is that many vegans will pass the meat serving stands and go directly to vegan-only ones, which is us. Later social media advertising will be an effective tool to promote our company by gathering loyal vegan followers and expanding the business on sports event pages.
Primary Target Market
The primary target market is vegan individuals who do not consume any animal products. They are most likely going to be younger generations, such as millennials (Parker). In addition, it is clear that many non-vegan and non-vegetarian people will try vegan hot dogs. This is one of the critical opportunities to acquire loyal customers, who will not consume our products due to their nutritional choices, but because the vegan hot dogs are delicious.
Price: We will present ourselves as a cheaper and healthier alternative to our competitors. Therefore, prices will be lower with larger portions served, which is 10$.
Product: The sole products are meatless hot dogs or vegan hot dogs.
Place: The location will be dependent on the place of sports events in Arkansas, Missouri, Tennessee.
Promotion: Firstly, we will apply for on-site promotion by attracting customers nearby, but after we will gather some resources, we plan to establish a strong social media identity.
We plan to sell 500 kits at each game, which will result in estimated earnings of 1200$ per event. In order to simply return the investments, we will have to sell 278 kits, which is a break-even point. In addition, it is important to note that every three people must be willing to buy our hot dogs in order to achieve 500 kits sold. Also, every five people must be ready to purchase our product in order for us to the break-even point.
Parker, John. “The Year of the Vegan.” Economist, Web.