Impact Of Promotional Strategies In Marketing New Product Assignment Sample

Introduction Of Impact Of Promotional Strategies In Marketing New Product In Food And Beverage Industry

The food and beverage business is widely regarded as one of the sectors with the highest levels of both competition and innovation worldwide. Because of the growing number of new items and the consistently shifting preferences of customers, it is absolutely necessary for businesses to devise efficient promotional methods in order to successfully launch and promote their newly created goods (Santoroet.al 2017). When it comes to the marketing mix, promotional techniques are a crucial component because they enable businesses to communicate the benefits, features, and value proposition of their product to their target audience, which in turn drives brand awareness and sales.

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The purpose of this study is to investigate the impact that different promotional methods have on the process of introducing new products to the market in the food and beverage sector. The purpose of this study is to investigate the ways in which promotional methods effect customer behaviour, contribute to the image of a brand, and drive sales. The findings of this research will help businesses in the food and beverage industry establish effective promotional plans that may maximise the impact of their marketing efforts. These strategies can be developed with the assistance of the findings of this research.

Advertising, sales promotions, public relations, personal selling, and direct marketing are just few of the various types of promotional methods that can be implemented. Advertising is a common form of marketing that businesses utilise in order to disseminate their message to a large number of people through a variety of channels, including television, radio, print, and digital media. Sales promotions are temporary incentives that have the goal of increasing sales by offering consumers with additional value or discounts on purchases (Freemanet.al 2016). Managing a company's reputation and improving its brand image can be accomplished through the use of public relations, which entail cultivating connections with a variety of stakeholders, including the media. The goal of face-to-face communication between a salesperson and a consumer in the context of personal selling is to convince the consumer to make a purchase of the goods or services being offered by the salesperson. Direct marketing entails engaging with customers in a one-on-one setting via means such as postal letter, electronic mail, or text messages (Chambers et.al 2015).

The nature of the product, the demographics of the audience, and the financial resources available to the organisation are all important considerations when selecting an appropriate promotional strategy. However, the efficacy of a promotional plan is dependent on how well it matches with the marketing objectives of the firm as well as how well it resonates with the audience the company is trying to reach.

The food and beverage market is a very competitive one, and businesses need to employ efficient promotional techniques in order to differentiate their products from those of their rivals in the industry (Sudariet. et al 2019). The ability of the promotional plan to effectively communicate the value proposition, features, and benefits of the product to the target audience is a critical factor in determining whether or not a new product launch will be successful. When executed well, promotional methods have the potential to build a positive image for a company, raise brand recognition, and ultimately boost sales.

The influence of promotional methods on consumer behaviour, brand image, and sales in the food and beverage industry has been investigated by a number of researchers in a number of studies. For instance, it is discovered that advertising has a considerable impact on the behaviour of consumers, particularly when it comes to products that are believed to have a high level of risk. According to the findings of the study, advertising has the potential to raise customers' levels of awareness and interest, as well as to affect their purchasing decisions.

In a similar vein, Li and Liang (2016) conducted research to investigate the impact of sales promotions on consumer behaviour. They discovered that sales promotions had the potential to boost sales and improve customer loyalty. According to the findings of the study, customers have a tendency to have a favourable response to sales campaigns that offer additional value, such as free samples or discounts.

Another study that looked at the impact of public relations on brand image was conducted by Jiang and Rosenbloom (2005). They discovered that positive media coverage can improve brand image and boost brand awareness. According to the findings of the study, businesses that put effort into their public relations can improve their reputation and grow their share of the market.

There is a gap in the research on how businesses can develop effective promotional strategies that align with their marketing objectives and resonate with their target audience. These studies do provide valuable insights into the impact of promotional strategies in the food and beverage industry; however, there is still a gap in the research on how businesses can develop promotional strategies (Reyes et.al 2020). This research intends to bridge this gap by investigating how businesses may establish effective promotional tactics that maximise the effectiveness of their marketing efforts. Specifically, the research will look at how organisations might develop these strategies.

Aims/objectives of the research followed by research questions:

Objectives

• The objective of this study is to gather primary data from participant in the food and beverage sector to investigate the control of promotional tactics on consumer behaviour and brand status.
• The study aims to recognize the key variables that contribute to the achievement of promotional initiatives in the food and beverage industry by collecting firsthand insights from participants.
• To analyze the returns on investment of a range of promotional approaches utilized by businesses in the food and beverage industry, based on the response provided by the participants.
• To develop a structure that enables business in the food and beverage sector to effectively market their new products through the use of promotional tactics, base on the primary data collected from participants (Chowdhuryal 2020).

Questions/Hypotheses for Further Research

• In order to successfully advertise new products, businesses in the food and beverage industry employ a variety of promotional methods. What exactly are these various types of strategies?
• In the food and beverage business, how does the use of promotional methods influence the behaviour of consumers as well as the image of brands?
• In the food and beverage business, which elements have the greatest impact on the degree to which promotional techniques are successful?
• How do the various promotional techniques that businesses in the food and beverage industry utilise affect their Return On Investment (ROI)?
• How can businesses in the food and beverage industry create promotional plans that are both effective and efficient for their new products?

Hypotheses:

• When it comes to the effective marketing of new products in the food and beverage business, making use of advertising as a form of promotional strategy will have a substantial and beneficial impact on the overall outcome (Kanteret.al 2019).
• When it comes to the effective marketing of new products in the food and beverage business, the utilisation of sales promotions as a promotional strategy will have a big positive impact on the outcome of those efforts.
• When it comes to the effective marketing of new products in the food and beverage business, making use of public relations as a promotional strategy will have a substantial and beneficial impact on the overall outcome.

Brief Literature Review:

This literature review aims to examine the impact of promotional strategies on the marketing of new products in the food and beverage industry. Because the food and beverage industry is a highly competitive market with a continuous influx of new products, marketing strategies play an essential role in the success of a product launch.

Kotler et al. (2017), state that promotion is an important component of the marketing mix. This component comprises advertising, sales promotion, personal selling, direct marketing, and public relations. Advertising, or sponsored communication through various forms of media with the purpose of swaying the actions of consumers, is one of the promotional methods that is utilised the most frequently. In order to encourage consumers to make purchases, sales promotion may contain coupons, discounts, or free samples that are valid for a limited amount of time (Popkin et al., 2021) Face-to-face persuasion of a prospective buyer to purchase a product or service is an example of personal selling, which refers to the process of making the sale in person. Direct marketing entails making personal contact with consumers by means of telephone, fax, email, or text messaging. Through participation in events and publicity in the media, a firm or brand can cultivate a favourable public image through public relations efforts.

According to research, the success of promotional tactics is dependent on a number of different aspects, including the product, the target demographic, and the sort of promotional approach that is employed. For instance, Chen et al. (2020) discovered that sales promotions are more effective for new items with a low degree of familiarity among consumers, whereas advertising is more effective for the marketing of products that are already well-known to consumers. According to the findings of yet another study conducted by Khalifa and Ahmed (2019), advertising on social media is more effective for products that are marketed towards younger people.

In addition, a number of studies have demonstrated the significance of an in-depth knowledge of customer behaviour to the accomplishment of marketing goals. According to the findings of a study conducted by Lee and Yoo (2021), the efficacy of promotional methods has a positive correlation with the perceived worth of a product. A similar finding was made by Liang et al. (2020), who discovered that the emotional response of consumers to advertising has a favourable influence on the buying behaviour of those consumers.

The return on investment (ROI) is yet another essential component of promotional campaigns. According to the findings of a study conducted by Chen and Liao (2020), sales promotion yields a higher return on investment (ROI) than advertising does in the food and beverage industry. Nevertheless, the efficiency of promotional methods is equally dependent on the company's brand image as well as the company's reputation. According to the findings of research conducted by Oh and Kim (2019), the perceived ethicality of a corporation has an effect on the success of promotional methods.

According to the existing body of research, there appears to be a requirement for additional investigation into the development of a complete framework that would enable businesses in the food and beverage industry to build efficient promotional plans for new goods. As a result, the purpose of this research is to close this gap by building a framework that takes into consideration the elements that influence the success of promotional techniques in the food and beverage sector (Bresciani, 2017). Specifically, this research will focus on the food and beverage industry. This study's research questions and hypotheses aim to determine the many types of promotional techniques that are effective in the food and beverage business, as well as the factors that influence their effectiveness and the return on investment (ROI) of various promotional strategies.

In terms of research methodologies, the strategy that will be used for this study is referred to be a mixed-methods approach, and it will incorporate both qualitative and quantitative data analysis. Primary data will be collected for the study by conducting interviews with industry professionals and surveys of general consumers. A Likert scale will be utilised in the survey in order to gauge consumer impressions of various promotional techniques, as well as their purchasing behaviour and the value that they perceive the product to have. Insights into the elements that determine the effectiveness of promotional techniques and the return on investment (ROI) of various strategies will be provided as a result of the interviews.

In summing up, this literature study emphasises the significance of promotional techniques in the food and beverage business when it comes to the marketing of new items in those categories. According to the existing body of research, there appears to be a requirement for additional investigation into the development of a complete framework that would enable businesses in the food and beverage industry to build efficient promotional plans for new goods (Kelly et.al 2015). This research intends to close this knowledge gap by constructing a model that takes into account the elements that determine the efficacy of promotional activities in the food and beverage industry.

Methodology:

The purpose of this study is to investigate the impact that different promotional methods have on the process of introducing new items to the food and beverage market. A multi-pronged strategy will be utilised in the effort to realise this objective. The pragmatic method, which emphasises the practical application of research findings and the significance of combining qualitative and quantitative data in order to acquire a deeper knowledge of the study problem, is the philosophy that underpins this research. This research is based on a pragmatic approach, which emphasises the practical application of research findings.

Technique of Research: The research technique for this study will use both qualitative and quantitative approaches to data collection and analysis. The impact of promotional tactics on consumer behaviour will be investigated using qualitative methods, while the influence of promotional strategies on the sales of new items will be evaluated using quantitative methods.

Design of the Research: The research design that will be used for this study will be a sequential mixed-methods design. This design calls for the collection and analysis of qualitative data to come first, followed by the collection and analysis of quantitative data. The qualitative data will be gathered by conducting in-depth interviews with customers and marketing managers, while the quantitative data will be gathered by conducting a survey of customers who have recently made purchases of new food and beverage products.

Sampling: For the purposes of this investigation, a representative sample will be drawn from the population of consumers who have made recent purchases of novel food and beverage items within the last half year. For the purpose of selecting the sample, a technique known as convenience sampling will be utilised because it is both time- and money-saving. In addition, the sample will include marketing managers from a variety of different food and beverage firms. These individuals will be chosen for the sample using a method known as purposive sampling.

Data Collection: Qualitative information will be gleaned from in-depth interviews with customers and marketing managers to be used in the data collection process. Depending on the location of the people being interviewed, the interviews will either take place in person or over the phone. This decision will be made after careful consideration. For the sake of analysis, the interviews will be recorded and transcribed.

A poll that will be conducted online will be used to acquire quantitative data. The purpose of the survey will be to gather information on the impact that promotional methods have on the behaviour of consumers as well as the sales of new food and beverage products. The poll will be made available to respondents through a variety of internet channels, including email and social media.

Participants will be recognized through purposive sampling, which involves selecting persons who assemble specific criteria relevant to the study. For this study, participants will be certain based on their knowledge and participation in the food and beverage industry, mainly in promotional and marketing activities.

The number of research participants are 10-15

Questionnaire 1: Demographic Information

1. What is your age?
2. What is your gender?
3. What is your educational background?
4. How many years have you been working in the food and beverage industry?
5. What is your current job position?

Questionnaire 2: Awareness of Promotional Strategies

1. Are you familiar with different promotional strategies used in the food and beverage industry?
2. What promotional tactics have you used or implemented in your previous marketing campaigns?
3. How effective were those promotional tactics in reaching your marketing goals?

Questionnaire 3: Influential Factors

1. What factors influence your decision to use a specific promotional tactic for a new product launch?
2. How do you measure the effectiveness of a promotional tactic?

Questionnaire 4: Social Media and Digital Marketing

1. Do you use social media for promotional activities?
2. What social media platforms do you use for promoting your products?
3. How effective are social media and digital marketing in promoting new products?

Questionnaire 5: Traditional Marketing

1. Do you still use traditional marketing methods such as TV and print advertisements?
2. How effective are traditional marketing methods in promoting new products?

Saunders onion

Mark Saunders, Philip Lewis, and Adrian Thornhill came up with the Saunders onion, which is used as a model for how to do study. The framework is split into three different layers, each of which represents a different level of scrutiny meant to help academic research.

The researcher's personal beliefs and assumptions about the nature of reality, their job as an investigator, and the dynamics of the relationship between the researcher and the participants make up the philosophical assumptions layer. Positivism, interpretivism, and critical realism are all logical approaches that could be taken. A key part of the research process is choosing a research approach that fits with the research question and philosophical premises. Research techniques include, but are not limited to, experiments, surveys, case studies, ethnographic research, grounded theory, and action research. The data gathering and analysis level includes the steps of choosing the right methods for collecting data and analyzing the data that has been collected. There are different ways to collect data, such as using quantitative, qualitative, or a combination of the two. Methods of deduction and induction can be used to classify the process of analyzing data.

Using the Saunders onion gives us a chance to look at how different promotional tactics affect the marketing of new food and drinks.

• The goal of this study, which is based on philosophical ideas of interpretivism, is to understand the subjects' irrational feelings and thoughts.
• The case study method is a popular way to do research because it makes it easier to look at the effects of marketing tactics in a specific food and beverage business setting.
• For the goal of collecting and analyzing data, a mix of qualitative and quantitative research methods, such as interviews, surveys, and sales data analysis, can be used. Data analysis can be done in both a deductive and an inductive way. Statistical methods are used to look at quantitative data, and theme analysis is used to look at qualitative data.
• Using the Saunders onion framework can help researchers organize their research design and methods in a more systematic and rigorous way when studying the "Impact of promotional strategies in marketing new products in the food and beverage industry."

The qualitative data that was gathered through the interviews will be subjected to a theme analysis in order to complete the study of the data. Following the coding and categorization of the data, it will be analysed to look for themes and trends. Analyses of descriptive statistics and inferential statistics, such as regression analysis, will be performed on the quantitative data obtained from the survey.

Validity and reliability: Both validity and reliability are essential components of every research project. In order to guarantee the correctness and dependability of the findings of this investigation, steps will be made to ensure that the data gathered is honest and accurate. For instance, we will do preliminary testing on the survey questions to determine whether or not they are easy to read and comprehend for the people who are being surveyed. Experts in the field of marketing will additionally validate the research instruments that will be used in the study.

Ethical Considerations: When conducting any kind of research, it is critical to give careful attention to ethical issues. The respondents in this study will be given information regarding the goal of the study, and their participation in the study will be entirely voluntary. The responders will also have the assurance that their responses will remain anonymous and confidential. Both the British Educational Research Association (BERA) and the American Psychological Association (APA) have developed a set of ethical criteria that will be adhered to during the course of the research project. The purpose of this study is to evaluate the impact of promotional techniques on the marketing of new goods in the food and beverage business. In order to do so, the research will make use of a mixed-methods approach. The pragmatic approach will serve as the basis for the research technique, which will also incorporate both qualitative and quantitative methodologies (Bragg et.al 2018). The sample will include both customers who have made recent purchases of new food and beverage goods and marketing managers from a variety of different food and beverage companies. Inferential statistics and a thematic analysis technique are going to be used to make sense of the data that has been collected. Ethical standards will be followed throughout the study, and its collected data will be checked for validity and accuracy on a regular basis.

The influence of promotional strategies on the introduction of new food and drink products to the market raises a number of moral dilemmas.

Consumers may be concerned about their privacy and data security if their information is collected through surveys, feedback forms, or online activity monitoring. The collection of client information may raise such concerns. The informed consent of participants is required for the collection, storage, and use of their personal information.

Some advertising practices fall short of these principles by exaggerating a product's benefits or making unsubstantiated claims about its quality or safety. Advertisements must provide accurate information without being deceptive. It is unethical for marketers to engage in practices such as deceptive advertising and concealing product information.

Is a DBS check required? Not required

Resources you need/Access to primary and secondary data:

In order to carry out this research, researcher will need access to a variety of resources. Access to appropriate books, academic journals, online databases, and research software in addition to accessibility to the internet are some of the necessary resources for this research.

In-depth interviews with customers and marketing managers are going to be conducted in order to ensure that we have access to primary data. The researcher will go out to a variety of food and beverage firms and ask for permission to conduct interviews with their respective marketing managers (Kunkelet.al 2015). This will enable the researcher to have access to the relevant personnel. Additionally, the researcher will reach out to consumer groups as well as individuals via social media platforms and other online platforms in order to solicit their involvement in the study.

The researcher is able to access a variety of online databases, such as EBSCOhost, ProQuest, and JSTOR, all of which allow access to academic journals and research articles. In order to obtain secondary data and conduct a literature evaluation for the project, we will be using these databases.

In addition to this, the researcher will also carry out a study of customers who have made recent purchases of novel food and beverage goods within the previous half year (Kraaket.al 2016). The poll will be made available online via a variety of social media platforms as well as by email. This will provide you access to a huge sample of customers hailing from a variety of various geographic areas and age groups.

The researcher will make use of statistical tools such as SPSS or Excel in order to perform the analysis of the data obtained from the survey. In order to carry out descriptive statistics and inferential statistics, such as regression analysis, these software packages will be utilised.

In general, all of the resources that are required for this research can be obtained in a quick and uncomplicated manner. The researcher has access to a variety of research tools, including online databases, research software, and connectivity to the internet. Contacts with food and beverage firms as well as consumer advocacy groups will be established in order to ensure access to primary data (Boelsen-Robinson et.al 2015). A survey of customers will be carried out by the researcher in order to obtain primary data, and statistical tools will be utilised in order to analyse the information that has been gathered.

Project Schedule

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