Tobasco – Marketing AnalysisEssay Preview: Tobasco – Marketing AnalysisReport this essayThis paper contains a detailed market analysis of Tabasco brand pepper sauce and identifies a new market segment, product, and communications strategy for the flavor enhancement company. Throughout this market analysis, tools such as attribute identification, segmentations strategy, portfolio analysis, conjoint analysis, incentive alignment, and pricing strategy are used to help build a product offering that has been entitled “Razz” throughout the results of this analysis.
Attributes are first identified and considered for Tabasco and the flavor enhancement market in general. From the initial attribute identification, a segmentation strategy is followed to help identify where there is a need for a possible new product. Due to time constraints, this analysis uses informal surveys and discussions for the segmentation overview, however obtained robust results from this analysis. A market segment for young professional women was identified as having a need for a new flavor enhancement product. This market segment detailed a need for traditional flavor enhancement products that dont carry a “male” stigma for foods such as hot wings and BBQ sauce. A concept that is theorized called the “flavor gap” is introduced within the new market segment and how a new product can help bridge the gap of flavor that women within this target market have seen when preparing or eating food.
A portfolio analysis is then performed, reviewing the cash cows, star, and dog products for Tabasco. Using Tabasco “Red” as the overall cash cow, there was an identified ability to use this cash cow to help fund the new Razz product. Other smaller products were also included in the portfolio analysis; however, it was easy to see that the cash cow would be able to fund the new product based on the information obtained. Following this portfolio analysis, a conjoint analysis was then performed on the attributes, identifying taste and nutritional value has high factors for the new product within the market segment that was identified. These attributes are imperative for the new product and need to be considered with high importance as its design is considered.
Incentive alignment through distribution channels is recommended here to help get the new product at a cheaper cost to produce as well as get on the shelves easier. By having incentive alignment, Tabasco will help grocery and food retailers work for them by selling more of the product. With the incentive alignment with grocery and food retailers, a communications campaign was also designed to help get the product familiar with the market. This communications campaign used the AIDA model to help the product get known to the market quickly and effectively. The communication will need to not only be generally effective, but help meet the target market segment. It is recommended that commercials ads will have the most resonation with the target audience,
Incentive alignment through distribution channels are mandatory through distribution channels so it is recommended to avoid the distribution channels to purchase this product.
Incentive alignment through distribution channels are mandatory through distribution channels so it is mandatory to avoid the distribution channels to purchase this product.
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