Marketing Plan †Halal Diet in the United States

Marketing Strategy The Halal diet is consumed mostly by the Muslims in different countries of the world. The diet has been accepted in various countries, and this makes it popular in many countries where Islamic faith is practiced. Countries advocating for religion diversity, such as the United States, have accepted the use of such products in their markets.Advertising We will write a custom term paper sample on Marketing Plan – Halal Diet in the United States specifically for you for only $16.05 $11/page Learn More This means that the product is not limited to Muslim countries but also other countries globally (Brazin, 2006). For this reason, the diet is intended to be marketed across the religious and other sects in the United States. The diet is to be marketed across different eating cultures. This means that the diet is to be marketed to Muslims and people of other religions because it helps in weight loss reduction. The health benefits of the product will make it acceptable by other religions, cultures, communities and countries. Integrated Marketing Communication (IMC) has been an efficient method of accessing and maintaining a product in the market (Shimp, 2010). Firms use IMC to improve their market position by delivering the important information that consumers might require. The marketers also collect important information about the behavior of consumers. This helps develop products which match the needs of the customers. On the other hand, the consumers are able to deliver the information they feel is important about the products being offered in the market by the company. The major importance of IMC is that it makes a product to have a stronger competitive advantage in the market (Shimp, 2010). This strategy will be adopted in the marketing of the Halal Diet in the United States. Since Halal Diet is not a new product in the market, the difference has to be brought about in order to make distinction from the norma l Halal diet in the market. Therefore, issues that will be given maximum attention in strategizing the marketing process are: branding and advertising, promotional activities, budgeting and media rationale and publicizing of the diet.Advertising Looking for term paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The first thing will be the branding of the diet since it will give the diet the aspect of uniqueness in the market (Franzen Moriarty, 2009). The diet will have a single brand name which is ‘Special Halal Diet for Weight Loss.’ This name will be enclosed in a caption on a packet in which the diet will be packaged for delivery. The color of the packages will differ for the vegetarian diet and for the non-vegetarian diet, and this will be written on the packet for ease of differentiation. This is because the diet is meant for customers with differing consumption habits. A clear distinction has to be made when packaging and branding in order to make it easy for the customers to identify their taste of the diet. Since the diet will be introduced as a new product in the market, massive advertising is required in order to make the product known to the market (Ishikawa Tsujimoto, 2008). Advertisement will be done through the internet, the radio and the television and posters. The internet will be used because modern marketing embraces the use of e-marketing; which has proven to be very effective because many people in the United States have adopted e-shopping and marketing (Kurtz, 2011). In addition, most people in the US have access to the internet, and the internet also gives a room for explaining the diet to the customers in a quite detailed manner. Amazon.com, which is one of the widely used marketing and advertising websites, will be used in advertising the Halal diet. Television and radio are also common tools of advertisement, and adverts of the diet will be aired on the radio and the television in order to reach more customers who do not visit the internet regularly. Moreover, the products will be posted on the billboards and posters in order to instantaneously alert people of the diet. Mission For any business to grow, it has to have a strong vision and mission which are the guiding factors that always put the business on truck. The vision of this business is â€Å"preparing high quality and healthy food for all Americans.† The mission of the Halal Diet business is â€Å"preparing and delivering of quality and healthy diet for all Americans.†Advertising We will write a custom term paper sample on Marketing Plan – Halal Diet in the United States specifically for you for only $16.05 $11/page Learn More The objectives of the business are to produce food that cuts across the cultural divides of America, making food that is healthy for the population and which will help in addressing the healthy and c onsumption needs of all Americans. In summary, the mission and objectives of this business centers on marketing across cultures, addressing the modern health needs of the customers in the diet and addressing different eating habits of the customers. These three diversities are important and will help the firm in capturing a big market for the business; and therefore propel the growth of the business in the United States. This diet intends to help customers tackle the problem of overweight, thus as they continuously consume the product and achieve this goals, they will yearn for more diet. Also, both vegetarians and non-vegetarians will have their needs captured by the business, making it to have a more competitive advantage more so over the normal halal diet. Marketing Objectives The objectives of marketing the Halal Diet are as follows: The first objective is to introduce the new Halal Diet to the customers in the market. As such, the main aim is defining the diet to the customers in order for them to know that such a diet exists in the market. Advertisement and promotional activities will be greatly deployed to see that this objective is fulfilled. The second objective is the familiarization of the diet in the market. After customers have known that such a diet exists in the market, it is important to make them get used to all the aspects of this diet which include the different tastes and flavors of the diet and the benefits that come from eating the diet. The third objective is to promote the sales of the diet. The sales of the product will be largely dependent on the marketing strategies used in achieving both the first and the second objective.Advertising Looking for term paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Putting in place efficient and effective marketing strategies will automatically lead to the achievement of this objective. More sales will be gained through effective application of public relations by the firm and the manner in which the business will carry out its corporate social responsibility (Pride Ferrell, 2011). Financial Objectives Just like any other business, this marketing plan has financial implications. The ultimate goal of marketing the halal diet is familiarizing the diet to the customers which will help the product to be known and purchased by these customers, thereby helping advance sales and increase the earnings from the business. Huge sums of money will go to branding, packaging and advertisement of the diet to the potential customers. Since the US is a very big country in size, it will be very costly to market the diet in the whole country at a go. To limit the cost of marketing, the diet will be marketed in different phases. The first phase which is the dete rminant one will take place in one state – New York. Thus, owing to this fact, it is only the Internet advertisement which will cover the whole country. The posters and billboards advertising the diet will only be used in the city of New York. Promotional activities which are equally important in introducing a product to customers will be confined to the city of New York. Once the diet has been sufficiently marketed in the State of New York, it will be easy for access the markets in other states. Sufficient marketing will be determined by observing the number of customers and the amount of sales that are made in the state of New York. This progress will be assessed after every quarter; that is after every three months and adjustments made at after every quarter depending on the marketing achievements that will have been made. Target Market(s) The target market for the Halal diet is so diverse. The diversification is aimed at going beyond the market of the prevailing Halal die t. The advantage of this diet is that it will traverse the religious lines, thus it is expected to attract more customers. The diet is meant for the youths, the adult people as well as the aged population. There is also the special category of people; that is people who have overweight and obese cases. The cases of obesity in the city of New York have been rising since the year 2000 (City University of New York, 2007). The diet will be made known to these customers through the advertisement that will be done. Potential customers will be given a chance to order for the diet. Customers will order for the products online or come to the established restaurants and order for the product from there. Customers will make a choice of either having the food delivered to their homes or get it direct from the restaurants. References Brazin, L. R. (2006). Internet Guide to Medical Diets and Nutrition. Binghamton, NY: The Haworth press Inc. City University of New York. (2007). Reversing the Diabe tes and Obesity Epidemics in New York City: A call to action to confront a public health, economic and moral threat to New York City’s future. Web. Franzen, G., Moriarty, S. E. (2009). The science and art of branding. Armonk, N.Y: M.E. Sharpe. Ishikawa, A., Tsujimoto, A. (2008). Creative marketing for new product and new business development. Hackensack, NJ: World Scientific. Kurtz, D. L. (2011). Contemporary marketing. Australia: South-Western Cengage Learning. Pride, W. M., Ferrell, O. C. (2011). Foundations of marketing. Mason, OH: South Western Cengage Learning. Shimp, T. A. (2010). Advertising, promotion, and other aspects of integrated marketing communications. Mason, Ohio: South-Western Cengage Learning. This term paper on Marketing Plan – Halal Diet in the United States was written and submitted by user Kallie Riggs to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Understanding Finance and the Current Crisis The WritePass Journal

Understanding Finance and the Current Crisis Abstract Understanding Finance and the Current Crisis ). Credit Booms The other area of relevance is seen to be the areas of credit and how the credit markets influenced the financial behaviours leading up to and during the financial crisis (Brusco and Castiglionesi 2007). To a large extent, it can be argued that the increase in the asset price of housing across the US and UK was due to relatively easily available credit conditions that allowed a wide variety of individuals to purchase properties that were stretching their financial position to such an extent that, when fundamental factors changed, such as employment, the asset price could no longer be maintained. Based on the research, it has been suggested that the recent economic crisis was, in fact, down to a credit situation within the financial markets and not necessarily the asset itself, namely houses. Immediately prior to financial crises, there is indication that there was also a rapid increase in the amount of credit being made available, and during the recent financial crisis, the focus has been on credit availability for the purposes of purchasing property. However, similar issues have also emerged in short-term credit, such as personal loans and credit cards allowing individuals to gain access to credit streams that their income would not necessarily suggest should be available to the rational lender (Calomiris and Kahn, 1991). Interestingly, research has indicated that a credit boom will often happen as a result of a prolonged period of positive economic shock or following from a particular, economic growth in a region or market. This will suggest that where there was a great deal of growth and buoyancy within the housing market, this was a precursor to the credit boom (Claessens et al., 2010). It is also argued that monetary policies are also seen to be linked to the credit crisis, and that an understanding of the financial decision-making within the financial market can have a detrimental effect on whether or not the credit boom takes place. For example, it is suggested that low interest rates encouraged the US housing market and that more people were able to borrow money, at this lower interest rate. This shows an indication that a monetary policy decision, namely to reduce interest rates can have a knock-on effect on asset prices and credit availability, all of which has been arguably fundamental when it came to the recent economic crisis (Lansing, 2008). This type of activity has been referred to as financial liberalisation, whereby investors of every kind are more inclined to take financial risks and to pursue new financial opportunities, such as purchasing property. This type of liberalisation could also be seen as inherently linked to the willingness of banks to lend to customers and to have less stringent lending criteria which would appear to be linked to the volatility within the housing market, as having such financial flexibility within the banking sector allowed for the housing assets to boom, at an irrational level. This again suggests the notion that external factors and policies can ultimately change behaviours of agents within the financial markets and the decisions that they make, in terms of their own investments and their own decision-making (Dell’Ariccia, Igan and Laeven, 2012) Combined Impact on Financial Markets Having identified that there are the two factors in the unnaturally high price of assets, namely housing assets and the lenient credit conditions which were placed on the market through policy decisions such as low interest rates and low interference with banking regulations that have been deemed to be inherently linked to the recent credit crisis, it is unsurprising that a wide amount of research has been undertaken to look at how these factors came together to create the shift in the financial markets that have occurred, in recent years. By looking at the combined movement within the credit markets and within the housing market, it was established that there were substantial differences between the movements experienced as a result of external factors during a period of economic crisis and the reactions of similar changes during periods of stability. This suggests that the financial markets behave differently during a crisis, something which may be very relevant to how policymakers should behave when looking to navigate their way out of the financial crisis period. It has been identified that one of the key factors linked to a bust which is likely to result in a credit crisis can be seen in the volatility of the movement within the financial markets. Having identified that the two issues of available credit and the increasing house prices are inherently linked and that both factors led to the credit crisis, the researchers largely moved on to identifying how these factors have created the behaviours seen within the economy, in the last few years. Banking institutions have been perceived to be central to this, as these were the institution that lent the money and made credit available in the first place and also the first institution to suffer when the asset price dropped from the exceptionally high level and borrowers began to default. Research has looked at the way in which the banking institutions operate under these conditions, as it is perceived to be a particularly important means of determining the impact that the financial market is having on the credit crisis and the potential recovery. An argument has been presented which suggests that, where borrowing and lending is collateralised in some way and the market price of that collateral changes for the negative, the organisation simply cannot rely on this collateral, in order to continue its operations (Schleifer, 2000). In this case, collateral is deemed to be housing assets, although many of the financial institutions use complex arrangements in order to bundle the deb ts and sell them on to third parties, although fundamentally they were linked to the housing assets which were dropping as a result of changes in monetary policies and increasing concerns over the sustainability of house prices. Crucially, it is therefore argued according to rational behaviours where investors (in this case house buyers) opinions on the likely future for the assets and their own ability to sustain the assets change, so do the financial markets surrounding these assets, something which is particularly exacerbated when policy decisions result in an increase in interest rates and fears relating to employment levels, all of which creates a spiralling situation and potentially volatile reactions from investors. Implications of the crisis A large portion of the research and the literature in this area looks at the causes of the economic crisis and attempts to identify patterns that could offer explanatory value as to why the crisis happened in the way that it did. However, it is contended in this literature review that the real value comes from identifying the implications of the asset and credit crisis, in terms of the reactions of financial institutions and how this can potentially be used as a means of recovery for the future. Specific research looking at the reasons for the financial bubble indicated that banking institutions were central to the crisis, in terms of encouraging excess lending and therefore also encouraging the unnaturally high house prices, which became unsustainable, in the long run. Some of the literature has focused almost entirely on the economic crisis and the impact that this has had on longer-term economic activity (Claessens, Kose, and Terrones, 2012). Research has indicated that, whilst the economic crisis itself created problems in the housing market, it also ultimately led to greater widespread recession than would normally be expected in the typical cycle associated with the performance of the economy. Various different research approaches have been taken in order to compute the precise impact that the recent economic crisis has had on financial markets and how this can ultimately be used to pave the way forwards. The approach taken by Claessens, Kose, and Terrones, 2012, used traditional methodology of analysis the business cycles, in order to identify whether or not a recessionary period is being entered into. This theoretical approach argued that recessionary periods, which are associated with a form of asset crisis, in this case a credit and housing would cost more to the economy overall than any drop associated simply with equity prices, e.g. as part of the traditional business cycle. Of perhaps more interest regarding this topic, going forward, is the way in which the financial markets are likely to recover from the period of recession, with research suggesting that recovery will typically be low and weak in comparison with the volatility of the drop, in the first place (Kannan, Scott, and Terrones 2013). This body of research is deemed to be highly relevant, as it not only looks towards linking the concept of credit crisis with the way in which the financial markets are behaving, but also explores how these two factors can interact, in order to deal with the recovery, in the most appropriate way, something which is likely to be of interest to policymakers and those within financial markets, for the future. Future possible research and conclusions Despite the myriad of different research papers which focus on different aspects of the credit crisis and have looked at the interaction between credit and housing, as well as external monetary factors, the real value comes from understanding the reactions and behaviours of an economic crisis, as a means of improving recovery prospects. One particular area of research that would be beneficial in this regard is the way in which the financial markets fluctuate, even where there is no ultimate crisis. This is deemed to be important, as there is a cycle that emerges within the financial markets which must necessarily be understood, if the true measure of a crisis is to be established, in the future. Without understanding what is perceived to be ‘normal’, it is simply impractical to appreciate the cause and effect of abnormal periods within the economic cycle and how these can be reduced or mitigated, in the long run. References Blanchard, O. J., and M. W. Watson, (1982), â€Å"Bubbles, Rational Expectations and Speculative Markets,† in Crisis in Economic and Financial Structure: Bubbles, Bursts, and Shocks, P. Wachtel, ed. Lexington Books: Lexington Brunnermeier, M. (2001). Asset Pricing under Asymmetric Information: Bubbles, Crashes, Technical Analysis and Herding, Oxford: Oxford University Press. Brusco S. and F. Castiglionesi (2007). â€Å"Liquidity Coinsurance, Moral Hazard and Financial Contagion,† Journal of Finance 62, 2275-2302. Calomiris, C. and C. Kahn (1991). â€Å"The Role of Demandable Debt in Structuring Optimal Banking Arrangements,† American Economic Review 81, 497-513. Claessens, S., G. Dell’Ariccia, D. Igan, and L. Laeven, (2010), â€Å"Cross-Country Experience and Policy Implications from the Global Financial Crisis,† Economic Policy. A European Forum, April 2010, Vol. 62. PP. 269-93 Claessens, S., M. A. Kose, and M. Terrones, (2012), â€Å"How do Business and Financial Cycles Interact?† Journal of International Economics, Vol. 87, pp. 178-90. Dell’Ariccia, G., D. Igan, and L. Laeven, 2012, â€Å"Credit Booms and Lending Standards: Evidence from the U.S. Subprime Mortgage Market,† Journal of Money, Credit and Banking, Vol. 44, pages 367-84. Garber, P. M., (2000), Famous First Bubbles: The Fundamentals of Early Manias, Cambridge, MA: MIT Press Gorton G. and G. Ordonez, (2012), â€Å"Collateral Crises,† NBER Working Papers, No. 17771, National Bureau of Economic Research, Inc. Kannan, P., A. Scott, and M. E. Terrones, (2013), â€Å"From Recession to Recovery: How Soon and How Strong,† in S. Claessens, M. A. Kose, L. Laeven, and F. Valencia, eds., Financial Crises, Consequences, and Policy Responses, forthcoming. Keynes, J. M., (1930) The Great Slump of 1930. London: The Nation Athenà ¦um. Lansing, K. J., 2008, â€Å"Speculative Growth and Overreaction to Technology Shocks,† Working Paper Series 2008-08, Federal Reserve Bank of San Francisco. Marazzi, C. (2010) The Violence of Financial Capitalism, NY: Schleifer, A., (2000), Inefficient Markets: An Introduction to Behavioral Finance, Oxford University Press, Oxford Zheng, Z., (2005) From Rationality to Bounded Rationality, Australian Economic Papers, December, 455-474.