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Table of Contents
REINVENTING
K
SOY
LIST OF FIGURES
EXECUTIVE SUMMARY
1.0 INTRODUCTION
3.1 PRODUCT
3.2 PRICE
3.3 PLACE
3.4 PROMOTION
5.0 CONCLUSION
10
REFERENCES
11
APPENDICES
14
List of Figures
Figure
1.
The
Target
Segment
____________________________________________________________________________
5
Figure
2.
Model
Packaging
for
EdenSoy
_________________________________________________________________
7
Figure
3.
Future
plans
for
K
Soy
__________________________________________________________________________
9
Executive Summary
K Soy is a soymilk producer based in the Klang Valley which has utilised mass
marketing to promote its products. This report proposes a concentrated target
marketing for K Soy that targets middle aged working women in the Klang Valley, an
d lays out the promotional strategies needed to develop K Soys product and establish
itself as a premium soymik brand in the Klang Valley and later internationally.
1.0 Introduction
Established in 2012, K Soy is a Kuala Lumpur based company that produces soymilk.
Recent studies on K Soys sales show that there is an untapped market of women over
45 years old who are facing menopause, and that soymilk is linked to relieve
menopause symptoms (North American Menopause Society, 2011). Additionally, it is
found that women over 45 years old are more conscious of their health (Ahmad ad
Juhdi, 2010). Hence, K Soy is recommended to target women over 45 years old who
are health conscious and facing menopause.
The target profile recommended for K Soy are working women from ages ranging
from 45 to 59 years old living in Kuala Lumpur and Selangor. These women are
categorised under the mid income range and are health conscious. Geographically,
target segments living in Selangor and Kuala Lumpur (Klang Valley) are ideal
because this segment represents 28 per cent of Malaysias labour force (Appendix I
and Appendix II). These people have a higher spending power than their rural
counterparts (Ong, 2012) and hence can afford organic products. Demographically,
working women aged between 40-59 years old is recommended as they are more
health conscious and hence more willing to purchase organic products (Ahmad and
Juhdi, 2010). These women represent 17% of the labour force residing in the Klang
Valley, which proves to be a sizable market for growth (Appendix I). Behaviourally,
the company is recommended to target loyal customers, whom at the 45-59 age group
have developed specific brand loyalties and hold influences on their childrens brand
preferences (Sharma et al, 2013). These women are known to shop at AEON, Tesco
and Cold Storage (USDA, 2013 and Euromonitor International, 2015).
Moreover, because the average age of menopause in women is 50.7 years (Wong and
Nur, 2007), soybean would be an ideal product for them as soymilk has been linked to
relieve menopause symptoms (North American Menopause Society, 2011).
3.1 Product
K Soys should be promoted for its abilities to alleviate symptoms of hot flashes from
menopause, its preventive effects for breast cancer and ability to slow down
osteoporosis (McCullough, 2012). This is because isoflavones in the milk has similar
characteristics as oestrogen that helps regulate the lowered oestrogen levels in the
menopausal women. This product will be enriched with Vitamin E to cater to health
conscious women as it promotes proper function of organs in the body (Sareme and
Arora, 2010). Additionally, K Soy soymilk will be made from all natural organic
ingredients. For that, the product will be renamed EdenSoy to embody feminity and
represent everlasting youthfulness in all its natural goodness. EdenSoy will be
positioned as a premium product and will sell a healthy living premium lifestyle to its
customers. Fashioned after Lorina, a premium soda brand, the bottles are packaged in
glass with a simple pink label featuring a local celebrity.
3.2 Price
As EdenSoy will be positioned as a premium product, the products price will be
adjusted according to the average price of soymilk in the market, and placed in the top
percentile of the range. This pricing sets higher expectations on EdenSoy and its
quality, which the company should live up to.
3.3 Place
K Soy is recommended to sell its soymilk at popular retail stores that cater to mid to
high income groups such AEON, Tesco and Cold Storage. Outlets are the Klang
Valley would be the targets as inhabitants in this area have higher spending power
and that the infrastructure present would help establish a distribution network for
EdenSoy.
3.4 Promotion
K Soy is recommended to re-launch its product as EdenSoy on Mothers Day where
they hand out free samples of Eden Soy bottles to mothers at the select shopping
malls. K Soy should take advantage of women related occasions such as Breast
Cancer Awareness Month and World Womens Day in order to reach their target
market. Celebrity endorsements would provide the better exposure and credibility for
K Soy as Eden Soy is still a new product. Celebrities like Michelle Yeoh who appeals
to the target market of 45-59 year olds is recommended. Lastly, the promotional
channels recommended to K Soy are television and billboards because middle aged
women in the Klang Valley typically watch more television and drive home from
work (Depp et al, 2010).
Short
Term
Development
of
EdenSoy
brand
Medium
Term
Development
of
soybased
products
Long
Term
Regional
exporter
with
lifestyle
cafs
embodies EdenSoys premium healthy living lifestyle to cater to middle aged women
in the Klang Valley.
5.0 Conclusion
In order to achieve growth, and to build a sustainable brand, K Soy is recommended
to focus on a specific target market. From this target market, K Soy will be able to
conduct research and design target market strategies to cater to this specific group of
people and build a lasting relationship with them. Conclusively, catering to middle
aged working women in the Klang Valley will prove to be an ideal platform for K
Soy to establish itself as a brand in Malaysia and later fuel international expansion.
(1100 words)
10
References
Depp, C.A., Schkade, D.A., Thompson, W.K., and Heste D.V. (2010) Age, affective
experience, and television use. National Institure of Health. 39(2). Pp. 173-178.
[online] Available at
http://www.ncbi.nlm.nih.gov/pubmed/20621265 [Accessed 21 April 2015].
11
McCullough, M. (2012) The Bottom Line on Soy and Breast Cancer Risk. American
Cancer Society. Available at
http://www.cancer.org/cancer/news/expertvoices/post/2012/08/02/the-bottom-line-onsoy-and-breast-cancer-risk.aspx [Accessed 21 April 2015].
Ong, F.S. (2012) Older Consumers in Malaysia: Spending Patterns, Leisure Activities
and Consumption Preferences. Avaialble at
http://commons.ln.edu.hk/cgi/viewcontent.cgi?article=1019&context=apias_tsao_ilc2
012 [Accessed 20 April 2015].
12
Unites States Department of Agriculture (2013) Malaysia Retail Foods Annual 2013.
Available at
http://gain.fas.usda.gov/Recent%20GAIN%20Publications/Retail%20Foods_Kuala%
20Lumpur_Malaysia_12-6-2013.pdf [Accessed 20 April 2015].
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Appendices
Appendix I
Table 1. Labour Force aged between 40-59 in Kuala Lumpur and Selangor
Labour Force in KL
877.2
2,832.50
13,210.00
28%
*Figures in 000s
Source: Department of Statistics (2013a)
Appendix II
2,904.00
1,160.40
40%
1221.9
488.2550826
17%
*Figures in 000s
Source: Department of Statistics (2013b)
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