Introduction
This paper provides a discussion on the possibility of introducing a new line of wild turkeys, the associated marketing mix, potential competition, as well as the group of customers to target.
Turkeys are consumed in various parts of the world. However, the introduction of a new line of offering wild turkeys in the US will be determined by a number of factors. For example, the market conditions, prevailing prices, availability of enough consumers as well as enough supply of the wild turkeys. As such, to introduce a new line of production of wild turkeys, one would need to establish the target market in terms of consumption of this product, assess the level of competition, as well as available resources to ensure that the venture is successful.
In addition, it would be important to set up necessary measures for the venture to succeed such as establishing competitive prices, effective product promotion, and ensuring that the products offered to the customers are of high quality. Such an approach would serve to attract and retain many customers.
Marketing Mix of a New Line of Wild Turkey
It is important to carry out an analysis of the marketing mix for the purpose of ensuring that all the necessary resources are available to set off the production of wild turkeys.
Product
The new venture will focus on the provision of wild turkey meat to consumers in the United States of America.
Price
The pricing strategy plays a significant role in ensuring the competitiveness of a given business when compared to its competitors. The current price of wild turkey weighing about 5-7lbs is about $87.99, while one that weighs between 8-10lbs and 15-20lbs is around $124.99 and $299.99 respectively.1 In the case of the new line of wild turkeys, the prices ought to be set guided by the optional, as well as bundling approach, as well as with respect to the prevailing market prices. As such, the price will be 5% lower than the competitors’ price to attract more customers. In addition, a variety of offers should be available to entice customers.
Place
The new line of wild turkey production will be started on a small scale in areas that have a high number of wild turkeys such as Kansas, before moving to other areas upon stabilization. However, considering the high population in the US and the high supply of wild turkey in areas such as Kansas, Oklahoma, Wisconsin, Nebraska, among others, it will be easy for the business to break even within a short time.
Promotion
The promotion of any products is important for market penetration. As such, promotional activities will be carried through offering kids meals, T-shirts, gift coupons to customers. In addition, adopting LCD displays inside and outside the line’s premises can be an effective promotion of the products being offered.
Potential Competition
Competition in business is healthy in that it adds pressure on the owners of the business to adopt effective strategies of ensuring that their products stay at the top of the market. In the case of the new line of wild turkey, it is expected that there will be stiff competition from other parties in the industry. The food and the restaurant industries in the US are faced with a lot of competition in terms of prices, quality of foods, location, services, promotions, as well as value.2 Such competition is not only from companies in US but also from outside companies.3 For this reason, the introduction of a new line of wild turkey is expected to receive equal share of competition. As such, the new venture will receive competition from the numerous players in the market offering beef, and poultry products.4
Given the fact that it is a new venture, the sales volume within the first three months is expected to be low. As such, the target sales volume for the first three months is $200,000. However, as time moves on, the business expects to make sales of about $600,000 within the first six months in operation, and more than $2M in the second year. The upward trend in the sales volume is based on the fact that there has been an increase in the sales of turkey meat within the restaurant and food industries of the US over the last year.
Target Consumers
The production of turkey in the United States of America has been experiencing an upward trend since 1970.5 This is attributable to the increasing demand for turkey among people in US. In 2013, the average consumption of Turkey in the United States was 7.4kg. In general, the average consumption of turkey in the US decreased from 2003 to 2006, before increasing between 2006 and 2007, and decreasing considerably between 2007 and 2012.6 With the highlighted statistics, it is evident that there is a need to market the consumption of turkey among different people in the US. Therefore, the target consumers for the new line of wild turkey will include the general public in US, as well as the processors of turkey meat in the country.
Bibliography
“Competition in the restaurant industry in general, and specifically within the upscale casual segment of the restaurant industry, may adversely affect guest traffic at our restaurants. For Cheesecake Factory (CAKE).” Wikinvest.Com, Web.
Dwyer, Kevin. “Slaughter House Blues: The Meat and Poultry Industry In America”. Food, Culture and Society: An International Journal of Multidisciplinary research 17, no.1 (2014): 167-169. Web.
“Global Poultry Trends 2013: More Turkey Meat Eaten but Less per Person.” The Poultry Site. Web.
Gokalp, Goktolga. “Analysis of Import Demand for Meat and Meat Product in Turkey”. Journal of Agronomy 5, no. 1 (2006): 98-100. Web.
“Turkey Business Statistics | Eatturkey.Com.” Eatturkey. Web.
“USDA ERS – Turkey Sector: Background & Statistics.” Ers.Usda. Web.
Footnotes
- “USDA ERS – Turkey Sector: Background & Statistics,” Ers.Usda.Gov, Web.
- “Competition in the restaurant industry in general, and specifically within the upscale casual segment of the restaurant industry, may adversely affect guest traffic at our restaurants. For Cheesecake Factory (CAKE),” Wikinvest.Com, Web.
- Goktolga Gokalp. “Analysis of Import Demand for Meat and Meat Product in Turkey”. Journal of Agronomy 5, no. 1 (2006): 98-100. Web.
- Kevin Dwyer. “Slaughter House Blues: The Meat and Poultry Industry In America”. Food, Culture and Society: An International Journal of Multidisciplinary research 17, no.1 (2014): 167-169. Web.
- “Turkey Business Statistics | Eatturkey.Com,” Eatturkey.Com, Web.
- “Global Poultry Trends 2013: More Turkey Meat Eaten but Less per Person,” The Poultry Site, Web.