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Strategic Management – Keels Food Products PLC

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Strategic Management – Keels Food Products PLC

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Description

The Assignment 

Select a brand of your choice and evaluate the current marketing strategy, i.e. where are they now and how is it performing with reference to Key Performance Indicators (KPIs) in comparison to the objectives set.  Clearly identify the key marketing issues faced by the brand.  Develop a strategic marketing plan for this brand for the next two years that will set this brand apart from competition and grow top-line, bottom-line, and market share while delivering superior consumer value compared to competition. Remember, you also need to address the key marketing issues identified above as part of your marketing plan.  Students are expected to submit a fully-fledged marketing plan including objectives, strategies; Segmenting, targeting, and positioning, implementation details with time frames, budget required, and expected results (Key performance indicators based on marketing objectives).  The students are required to submit volume and value forecasts, profitability and market share forecasts, together with projected financial statements along with assumptions to justify their plan.  

Marks will be strictly awarded on the basis of the practicality of the marketing plan and its potential to deliver expected results, i.e. the marketing objectives set out in the plan. 

Note: Students are required to carefully the review the tutorial provided “Elements of a good marketing plan.”  

Marking criteria

  1. Demonstration of relevant knowledge/understanding of the current position of the brand (10%).  This section includes a good understanding of the market (Category that the brand competes, market size (volume and value), growth, consumer behavior and competitor analysis, and pricing, profitability, and value propositions and market shares of competitors, and your brand.  Also its present positioning compared to competition).
  2. Construction of the PLEST & SWOT analysis and identification of workable opportunities (15%).  Remember, opportunities need to be quantified.
  3. Quantification of opportunities via setting marking objectives (15%).
  4. Strategy development and justification. This part includes segmenting, targeting and positioning (STP) (40%). Clearly demonstrate how you propose your chosen brand take advantage of unmet consumer needs or satisfy consumer needs better than existing competitors. You will need use secondary marketing research data to justify your recommendations. 
  5. Development of an execution plan and marketing budget (10%).
  6. Identification of KPIs and suggested plan for performance management.  (10%).

Additional information

Table of Contents

1. Company Introduction and Overview of the Industry
2. Evaluation of Current Marketing Strategy and Recommendation of New Strategic Marketing Plan
2.1 S – Situational Analysis (Internal and External Analysis)
2.1.1 SWOT Analysis
2.1.2 PESTEL Analysis
2.1.3 Strategic Capabilities
2.1.6 Existing Marketing Mix Strategy
2.1.7 Porter’s Five Forces Model
2.1.8 Porter’s Generic Strategies
2.1.9 Key Marketing Issues Faced by KFP
2.2 O- Marketing Objectives
2.2.1. Corporate Objectives
2.2.2 Marketing Objectives
2.3 S – Strategy – Competitive strategy & Growth Strategy
2.3.1 Competitive Strategy
2.3.2 Market Development Strategy
2.3.3 STP Analysis – Segmentation, Targeting and Positioning
2.4 T – Tactics
2.4.1 Marketing Mix
2.5 A – Actions
2.5.1 TOWS Matrix
2.5.2 Promotional Plan
2.5.3 Marketing Budget
2.6 C- Control
References
Preview

Executive Summary

In today’s business context organizations have to face with lots of challenges due to the intense competition prevails in the market as well as high availability of alternative products in the market. Due to this reason it is really important for an organization to have a good strategic marketing plan as a weapon to face all these challenges.
Here in this assignment it is required to evaluate the current marketing strategy of an organization as well as to identify key marketing issues and then to suggest new marketing plan for the next two years.
Keels Food Products PLC has been selected as the organization to meet the requirement of this assignment. And Keels Food Products PLC has been referred to as “KFP” throughout this assignment.
SOSTAC Framework has been used to evaluate the current marketing strategy and to recommend a new one in this assignment. According to the SOSTAC framework first it has been carried out a situational analysis to get a clear idea about the current situation of the organization by using several marketing tools. Then set objectives for next two years and suggested a strategy to achieve the objectives. New marketing mix strategy has been introduced and then presented a time framework of the planned promotion strategy as well as the marketing budget for the next two years. And finally key performance indicators have been set using the balance score card to review the performance of the suggested strategy in achieving the objectives within two years.

1. Company Introduction and Overview of the Industry

Keels food product PLC (KFP) is the current market leader of processed meat industry in Sri Lanka. It was established in 1982 and throughout their journey it had come up with several efforts to raise up the Sri Lankan processed meat industry into a place where it is today. It offers varieties of processed meat products with superior quality, convenience and taste in order to meet the demanding lifestyles of people around the globe.
The vision of Keels Food Products is as follows;
“Our passion is to deliver pleasure and nutrition throughout people’s lives, through exciting and superior products, whenever and wherever they choose to eat and drink”
 To whom they serve in the Market?
Keells foods serves for B2B market as well as B2C market. Hotels, restaurants and catering establishments (HORECA) represent the largest customer segment of keells food products. In-home consumers and five star hotels and institutions are also include in their customer. It does not only serve the domestic customers but also serves the markets in India, Maldives and United Arab Emirates.
 What Keels Foods offers to its customers?
Keells offers wide range of products including sausages, meat balls, hams, bacon, cold meat, raw meat and etc. They have marketed their products under three brand names; Keells, Krest and Elephant house. “Keells” brand offers a range of processed meat products, “Krest” offers a range of ready to fry products and the “Elephant House” brand includes their premium range products
 Current Marketing Position and Competitors of Keels Foods
Keels Food Products currently holds the market leading position in processed meat industry of Sri Lanka and enjoys more than 70% of the market share. Keels foods have positioned their brands in a manner to be the first choice among customers. Keells and Krest range of products were positioned as a brand of mass market to satisfy a diverse variety of taste profiles and consumption occasions. Its premium brand Elephant House was positioned as a high end brand with unique taste properties to fulfill the needs of the high end customers.
Even though Keels Foods holds the majority of the market share in the industry of processed meat there can be seen an increasing competition from competitors such as Prima, Nelna, Weells, Goldi and etc.
 Certificates and Awards received by Keells Food Products for their Excellence Food Quality
Keells Food Products PLC is the 1st processed meat manufacturing company awarded with SLS certificate. Other than that it holds the standards of ISO 22000:2005, ISO 9001:2008 and OHSAS 18001:2007 for its product line and occupational environment.

2. Evaluation of Current Marketing Strategy and Recommendation of New Strategic Marketing Plan

In general terms marketing plan outlines the marketing efforts of an organization for the coming years. According to Leppard and McDonalds (1991), most of the organizations use the marketing plan as a guide to approach their market every year.
Marketing Planning involves in the analysis of competitive situation of the organization which leads to formulate marketing objectives and then to set and implement marketing strategies, tactics, actions and controls for the achievement of those objectives (Brooksbang, 1999).
In order to evaluate the current marketing strategy and to recommend a new strategic marketing plan for KFP, SOSTAC framework is being used in this assignment. SOSTAC framework is a step by step model which is being used for the implementation of new strategic marketing plan for KFP. Below is the step by step evaluation of SOSTAC framework on KFP

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