Target Market Strategy

“The customer-driven marketing strategy… outlines which customers the company will serve (the target market) and how it will serve them (the value proposition).” (Marketing: an Introduction, Ch. 1, Pg. 12) That said, I intend to market my product to any bar that will have it, and even more importantly, those who visit such places in order to socialize and relax.

“A target market consists of a set of buyers who share common needs or characteristics that the company decides to serve. Market targeting can be carried out at several different levels… companies can target very broadly (undifferentiated marketing), very narrowly (micromarketing), or somewhere in between (differentiated or concentrated marketing).” (Marketing: an Introduction, Ch. 6, Pg. 186) I suppose I'll be marketing very broadly, as bars (or bar-like places) are hard not to find in any town around the world.

Of course, I'll have to figure out how to market to these people. Ideally, observational research should suffice in seeing how people respond to my product and how I can best create value for them. “Observational research involves gathering primary data by observing relevant people, actions, and situations.” (Marketing: an Introduction, Ch. 4, Pg. 110) I'll send representatives to bars, first in a few places and on a small scale, then on a larger scale as the product builds momentum on the market.

Situation/SWOT Analysis

“Managing the marketing function begins with a complete analysis of the company’s situation. The marketer should conduct a SWOT analysis, by which it evaluates the company’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T).” (Marketing: an Introduction, Ch. 2, Pg. 54) That said, all of those points are relative to the marketing environment. “The marketing environment is made up of a microenvironment and a macroenvironment. The microenvironment consists of the actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. The macroenvironment consists of the larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces.” (Marketing: an Introduction, Ch. 3, Pg. 66)

“Strengths include internal capabilities, resources, positive situational factors that may help the company to serve its customers and achieve its objectives." (Marketing: an Introduction, Ch. 2, Pg. 54) Phileas Fogg has the benefit of being connected, in a way, to an iconic film, allowing for ease of access to the public and lending it some value and variability in storytelling or gimmicks. "Weaknesses include internal limitations and negative situational factors that may interfere with the company’s performance." (Marketing: an Introduction, Ch. 2, Pg. 54) Phileas Fogg isn't a particularly large company and doesn't have the connections of a large snack manufacturer such as Frito-Lay. New means of supplying and distribution must be established for truly exotic products to be introduced. "Opportunities are favorable factors or trends in the external environment that the company may be able to exploit to its advantage." (Marketing: an Introduction, Ch. 2, Pg. 54) The company has the opportunity to access global markets due to its origins relating to Around the World in 80 Days. "And threats are unfavorable external factors or trends that may present challenges to performance.” (Marketing: an Introduction, Ch. 2, Pg. 54) Threats to this company and product are larger, more established snack foods sold by larger, more established companies and their competitive marketing and prices.

Objectives

“Each company must find the game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources. This is the focus of strategic planning—the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.” (Marketing: an Introduction, Ch. 2, Pg. 39) My goals for this product start out as small, short-term goals that allow the product to gain a small following and positive reputation. Initially, I would like to see it in local bars and being sold minimally online. After a certain financial milestone (when it's affordable), I intend to slowly but surely market and offer the product in bars in neighboring towns. Eventually, this process would continue to expand the budget and moving the product to other countries' bars would be the best ideal scenario and end goal.

Business Mission Statement

In order to create a mission statement, one must first understand what a mission statement really is and what it addresses. “A mission statement is a statement of the organization’s purpose—what it wants to accomplish in the larger environment. A clear mission statement acts as an 'invisible hand' that guides people in the organization.” (Marketing: an Introduction, Ch. 2, Pg. 39)

“Forging a sound mission begins with the following questions: What is our business? Who is the customer? What do consumers value? What should our business be?” (Marketing: an Introduction, Ch. 2, Pg. 39) My business, here, is snack food.  Target customers are bar-goers, however frequent or familiar to the bar experience. Customers, of course, value good food but, even more so, value a conversational piece. Our business should be bringing interesting conversational pieces and ice-breakers to bar visitors in the form of delicious, novelty snack foods.

My official mission statement is as follows:

We at Phileas Fogg are dedicated to making delicious, exotic snack foods for bar-goers around the world, providing customer value by assuaging hunger and bringing people together with Phileas Fogg's tall tales from around the world.

Week 7 EOC: The Pitch - Phileas Fogg's French Brie Cheese Puffs and Bacon Jerky

Since bar snacks are meant to be salty and fatty, bacon and cheese are perfect candidates for Phileas Fogg's line of bar snack foods. In terms of consistency and flavor, the bacon will have to have a stable shelf-life and, as a result, have to take on a salty, preserved state in a similar fashion to jerky. The cheese sticks will be brie-flavored and will take on a similar nature to that of Cheetos. Essentially, they will be salty corn puffs covered with a brie cheese powder. This ensures a stable shelf-life and familiarity with Western consumers. In order to preserve both the bacon's flavor and the cheese sticks' consistency, such ingredients must reside within a split packaging of sorts.

After looking at similar products, I have some idea of how much money each package of Phileas Fogg's French Brie and Bacon (French because brie and bacon both originated in France) should cost. A typical, one-serving bag of Cheetos costs about $1, and is likely much cheaper to make, considering their annual profits. The cheapest bacon jerky I can find costs about $4 for the average consumer; again, these should cost less to make. That said, the portions of each food in the Brie and Bacon package may be reduced -- if only slightly -- to refrain from making the consumer feel too full. These are just snacks, after all, and are to be eaten with alcohol, so the consumer should be left able to both eat and drink without feeling uncomfortable. The packages should cost about $5 or $6, when it is considered that real French brie cheese will be used instead of standard cheddar. This seems like a reasonable price point for the value provided.

Lastly, printed on the packaging itself will be a story about a fictional Phileas Fogg's adventure in France, somehow relating to the Brie and Bacon snack. My idea is as follows:

Just East of Paris, Phileas Fogg is moving through the countryside and becomes hungry. He stops at a local cheesery but finds nobody tending to some aging brie cheese, which has begun to turn brown -- perfect for consumption in that moment but unlikely to be edible after a few more days. He figures that eating one especially brown piece would do more good than harm, and as he reaches out, an angry cheese-maker storms at him from another room with a knife. Phileas runs from the cheese-maker, who is in hot pursuit throughout the kitchen. In the fray, the cook runs into a lukewarm pan on the counter that contains leftover bacon from his breakfast, drops his knife, and flings the pan's contents toward Phileas, who blocks the bacon with an entire wheel of cheese. The chef then rushes Phileas, who stands his ground with his bacon and cheese shield. The cook's face lands in the food-shield. He pulls his face out of the cheese, and chews a mixture of bacon and brie. Pleased at the flavors in his mouth, he commends Phileas for aiding in the discovery of such a magnificent snack. The two then sit down together to share a glass of wine and a plate of bacon and brie.

Week 6 EOC: Me x3

My guitar: The fact that I own and play guitars is immensely representative of me as a person. It defines me as a musician and a creator. One specific guitar is a hand-me-down from my dad – a Gibson Les Paul. The instrument is made of heavy wood, allowing low frequencies to become prevalent in my playing, influencing my tastes in music, and in turn my lifestyle, social interactions, philosophy, and style of dress, among many other things. Because of that guitar, I’ve made life-long friends and connections who have helped to shape my life as I know it.

My shoes: After having been a skateboarder for a few years in high school, my appreciation for and taste in shoes has become an integral part of my daily life. In skateboarding, shoes are used and retired rather quickly, and one gets the opportunity to try many makes and models. That said, I have found that various different aspects of shoes are beneficial or detrimental to one’s performance while performing various activities. Personally, however, I feel most comfortable in classic, low-top, vulcanized shoes with moderately padded insoles and lightweight outer materials. I now practice parkour, though, and prefer a shoe that grants me both comfort and mobility. At the moment, I’m using the Converse CT Riff as a casual "walking around" shoe, the Feiyue Classic for exercise, and plain slippers for lounging around.

My music: Music is incredibly important to most people, often more than they may know. Music can reflect how aggressive or laid-back a person feels or even manage to influence those feelings. Music allows people to connect with one another by simply having a mutual understanding of a song’s lyrics and subject matter. Over the last few decades, cliques have formed around several genres and can alienate people as much as it can bring them together. At this point in my life, I’ve come to appreciate the vast majority of modern musical genres, ranging from classic rock and roll to weird, experimental indie music.

Week 5 EOC: Social Networks and Job Hunting

Job hunting is changing due to social media, and it’s very much a matter of opinion as to whether or not those changes are positive. On one hand, businesses are saving large sums of money on job recruitment. “Facebook's use as a job-recruitment tool remains small, but its appeal may be growing. Some recruiters say they have all but eliminated their spending on job boards, which can charge a few hundred dollars per job posting, depending on volume. Others note that while LinkedIn contains a more comprehensive résumé database, candidates tend to value referrals from their connections on Facebook more.” (Wall Street Journal) Now, recruiters can actively find the types of candidates for which they are looking without waiting for the candidates to come to them. Some people who may not even be looking for jobs may end up being contacted and finding something they like but didn’t expect experience. On the other hand, some people searching for work are feeling as though companies are infringing upon their privacy. “Indeed, Jeff Vijungco, vice president of world-wide talent acquisition for Adobe Systems Inc., said that in focus groups, prospective job candidates were sharply averse to being contacted through Facebook for jobs. ‘The antibodies kicked in pretty quickly. They thought it was very invasive,’ he said.” (Wall Street Journal) Quite a few people would like to keep business and personal life separate, and when recruiters blur that line, naturally, people will be uncomfortable and unsure of what is and is not appropriate for their social media. In some ways, that alone can make people feel unsafe and paranoid.

Not all instances of businesses reaching out are so tense. In the book Marketing, an Introduction, it is explained that some companies reach out to their best customers in order to employ them as brand ambassadors to the public and to their friends and families. Some customers are so loyal and enjoy a brand so much that they jump at chances like that.