As a result, the majority of our initial arketing for the Hershey Protein Bar will target those familiar with the Hershey brand and enjoy our well known products. With this strategy, we hope to enter and thrive in the protein bar market. The segmentation efforts we plan to use coincide well with the already established segmentation strategy the Hershey Company as a whole uses. Currently the Hershey Company targets the middle class who do not want to spend substantial money on premium chocolate, but won’t think twice about spending a couple dollars on a chocolate bar.
With this product, we hope to expand our resources to appeal to the health conscious person. The health onscious consumer base is located in the westernized nations where money is not a problem for a large majority of the population. In these nations, people can be concerned with the third and fourth tier needs on Maslow’s Hierarchy Of Needs, social and self-esteem. By choosing a healthy alternative to candy, the individual Will live a healthier lifestyle and feel better about themselves, giving them more confidence.
People with this mindset are included in geographic markets such as domestically in the United States, where Hershey is already a well-recognized brand. We are looking to target based on age and lifestyle, as we have identified wo distinct motives for purchasing a healthy Hershey’s product. In general, adults will buy the product based on its health benefits. They are looking for a snack that is low in calories and high in protein, and therefore we want to point out to them the nutritional value of our product.
While taste is important, we would be mainly targeting consumers familiar with the Hershey taste who would expect our products to taste good and because of that we would not have to focus on taste when targeting adults. Children, however, will want a product that has superior taste, and will be interested nly in that. When we target children, we will focus on a great taste. Additionally, by appealing to kids, their parents will buy the same product for themselves because they know it is healthy for both their children and themselves. As mentioned earlier, we want to initially target consumers who are familiar with the Hershey brand.
With the majority of our products being delicious, but not healthy, treats, when health conscious customers cut back on unhealthy snacks, their business goes elsewhere. If we target ex-users and regular users who may be considering cutting back on treats, we may lose usiness on our candy products, but we would still keep the customers within the company. For ex-users who we are trying to get back, we would like to show that at the same price, we offer a higher quality product through low calories, high protein, and great taste. Once we have exhausted efforts to market to our own consumers, we will expand into segments containing new users.
To do this, we must market to all health conscious individuals regardless of age and emphasize both the health benefits of our protein bar and the superior taste that they may not be familiar with. Our target audience is now beyond the occasional health inded individual who straddles the gap between consuming chocolate and consuming protein bars. We now must target more dedicated healthy individuals, which we narrowed to people who dont like the taste of the products they now use and want an alternative. 2. A successful product should fill a gap in the market to maximize profits and sustainability.
IJpon analyzing the market for protein bars, we saw protein bars that were made using too much sugar and others that were too pricy. The market Hersheys would enter into with a protein bar has main competitors of Nature Valley, Power Bar, Clif Bar, and Pure Protein. The bars that are rich in protein are described online by customers as hard to stomach. However, the bars that are tasty are lacking in health benefits. The gap between protein bars on the product positioning map is caused by the disparity in price, taste and healthiness. Each bar only satisfies one or two of the consumers needs.
Therefore, there is a need for an affordable, tasty and healthy protein bar. The Hershey s protein bar will position itself to fill that current gap in the product positioning map for protein bars. The protein bar will be available for he same price as competitors, but be better tasting without sacrificing the healthiness of the product. The way that Hersheys will differentiate this product is by bringing together the features that seem to matter most to protein bar consumers: taste, healthiness, and affordable price. No product has done this for the healthy middle class target segment most likely to buy a Hershey’s protein bar.
The most important competitive advantage for the product is that the Hershey’s name is already associated with delicious chocolate. Brand recognition alone may be enough for a consumer to try their protein bar. A person that enjoys Hershey’s chocolate will be inclined to choose a Hersheys chocolate protein bar over a competitor if the consumer is confident that both products have equal health benefits. Chocolate is a main flavor in protein bars and Hersheys existing product lines allow the company to be confident that chocolate is one ingredient that is already taken care Of.
With one ingredient squared away, Hersheys can spend more time and money focusing on developing better flavors with the other ingredients. Many protein bars have some sort of peanuts, pecans or almonds in their makeup. Hersheys can use their existing supply chain of nuts to support the production of these protein bars. This keeps risk of finding reliable suppliers low and frees up even more money for Hershey’s and also shows just how easily they could enter the market, already having a few main ingredients. Beyond the brand recognition Hershey’s has, the way they make their product will be another competitive advantage.
By using the right amount of sugar, the bar will still be healthy and good tasting. This is important in a market where achieving good taste usually cancels out any health benefits erived from the bar. A better taste and equal health benefits is a competitive advantage that will make the protein bar successful. This is shown by the current product that has good taste and health benefits being so successful. The current bar that does the best job of balancing health and taste, Clif Bar, is not affordable for everyone but still survives in the market.
A Hersheys protein bar that can be available for less than a Clif Bar would be able to compete and even thrive in the market. The value proposition for the product should describe to the customer why the product is valuable to him r her. Hersheys protein bar will have a more for the same value proposition. It is important that the consumer know that Hershey’s protein bar will provide better taste with the same health benefits and the same price as the competitors. 3. The quality of this product should be similar to that of the most popular protein bars on the market. For example the average protein bar contains about 205 calories.
Because our market is those trying to lose weight, but looking for something good tasting, the bars should have less calories, but higher in sugar to make up for the taste. Bars like Pure Protein ave only 2 grams of sugar, and as a result their taste is not very good, but they have 20 grams of protein, so serious athletes and gym goers usually reach for bars like this. Bars like Clif Protein Bars have 13 grams of sugar and 12 grams of protein. These are the ones that parents buy for their kids after sports games, or for themselves as a healthier alternative to other snacks.
Since we are not marketing to serious athletes, we are better off basing our nutrition facts off of bars like Clif. Most people trying to lose weight will only look at the calorie count and amount of protein, they often neglect the sugar ontent. The Hershey’s protein bars should have about 1 75 calories and about 10-20 grams of sugar. People trying to lose weight also often look at fat content so the bars should only have about 8 grams of fat to keep within the range of the average protein bar on the market.
Overall, the quality of these bars will be average in relation to other bars on the market. Also the taste will be better than most other bars on the market. The packaging of this product should be similar to both Hershey’s other bar products and the other protein bars on the market, So it is not mistaken for another candy bar. The packaging should be the same colors as the original Hershey’s chocolate bar, brown and silver. To differentiate from the chocolate bar the colors should be reversed, making the background of the wrapper silver and the writing brown.
On the front of the bar it should still say Hershey’s in large letters like the normal candy bar and it should also somewhere say protein bar to make it very clear what the product is. The packaging should also highlight key nutrition facts, specifically calories and amount of protein. This way it will stand out as not a candy bar, but a protein bar. This bar will be a brand extension off of Hersheys candy bars. This is because we want the customers to instantly recognize Hershey’s brand when they enter the protein bar aisle in a grocery store.
There are many protein bars on the market and seeing them all in front of you can be overwhelming. By somewhat mirroring the packaging of a well-known candy bar, this protein bar will be instantly recognized and stand out from the crowd. This will make them interested in the product and willing to try it. Everyone loves a Hersheys bar, so they should be more trusting towards the taste of another Hershey’s rand product. By advertising the calories and protein on the front of the bar, it is highlighted that this is not meant to be a candy bar, but it is meant to be a healthy alternative. fwe were to create another brand for the bar, it would not have the backing of Hershey’s name and would most likely be passed over as yet another average protein bar in the market. Because this bar is not meant for serious fitness professionals, it should be sold only in grocery stores and not health food stores. Most protein bars in grocery stores are available to buy individually, so the Hershey s protein bar hould also be offered individually. In addition it should also be available in a multipack box. This makes it easier for families to enjoy the product.
A single bar should sell for $1. 25, the same price as an average protein bar and also an average candy bar. A multipack of five bars should sell for $5. 50, saving the customer $0. 75 if they buy a multipack. 4. The Hershey protein bar allows you to receive the health benefits of a protein bar while still having the memorable and delicious taste of Hersheys chocolate, at an average protein bar price around $1. 25. The affordably priced protein bar will be appealing to he average person that is trying to live a healthier life.