Please be sure to not copy any answers verbatim. original answers needed will be scanned through the safe-assign system.

please read in full the details and instructions below to understand

please review the incomplete marketing plan document I have been working on below (for this assignment I have to produce a marketing plan for a product I would like to launch with the "honest" company. I chose to launch a new product which is breast milk due to the current baby formula shortage in the U.S.)

please see below the components that are needed

1- create a monthly expense budget graph for section 6.0 Marketing Financials

2- create a monthly sales forecast graph for section 6.0 Marketing Financials

________________________________________________________________________

Honest Marketing Plan

Executive Summary

Donated breast milk for sale is a product I will launch. Given the recent shortage of baby formula in the United States, I believe this is the boost the Honest company requires to improve, sell, garner attention, and make life easier for mothers. Not only will I have the best milk available for purchase, but I will also ensure that I am able to compete with my present competitors by halving the price. When I set out to create my new product, I knew I wanted to work with a company that could assist me in getting it into the hands of people. The obvious choice was a trustworthy company.I knew there were competitors out there, but none of them piqued my interestthey all seem to be playing a game of "who can make the most money while giving the least back," which is not our mission here at Honest, and it's not what we're about at honest. We want to provide people with exactly what they require: safe and healthy products for their families. The honest company has assisted me in bringing my product to life in ways that other companies have not. This is something that businesses simply could not have done. For example, when I told them about my idea for breast milk as an alternative for mothers who are in search of nutrition for their infants due to the shortage of formula, they immediately understood where I was coming from and who the target audience would be. In addition, this breast milk can also be used as an alternative for mothers who can't or don't want to breastfeed.

1.0 Situation Analysis

Honest Company was founded in 2012 by actress Jessica Alba as well as entrepreneur Brian Lee. The company sells baby, beauty, as well as household products. The company has faced several lawsuits over the years alleging that its products are not as "natural" or "non-toxic" as advertised. However, The Honest Company has remained popular with consumers, due largely to its social media marketing efforts.

The Honest Company's marketing strategy should focus on continuing to build its brand identity as a trusted source of natural and safe products. The company should use social media and other available platforms to connect with parents and other consumers and should continue to create content that educates and informs its audience about the importance of using safe products. The Honest Company should also focus on expanding its product line to make sure to meet its needs of its customer base.

2.0 Market Analysis

2.1. Industry Analysis

The infant formula milk industry is currently being dominated by companies such as Abbott Nutrition, Mead Johnson Nutrition, Nestle USA and Perrio Company. However, there is room for new entrants into the market, especially with a more natural and healthier way to nourish an infant. The breast milk industry is currently dominated by a few large companies. However, there is room for new entrants into the market. The Honest company will be able to compete with these companies by offering a lower price point for their product.

2.2 Consumer purchase behavior

Parents who are looking for an alternative to formula will be the main target market for this product. These parents will be looking for a product that is safe for their babies and that is affordable. Marketing research has shown that parents are willing to pay more for a product that they believe is better for their child.

2.3 Marketing research (Actual Survey)

To better understand the needs of parents who have infants under the age of one, a survey was conducted. The survey link (https://forms.gle/eYXNpFmGbNCQhDsK8) was sent via email to 26 parents who had infants between the ages of 19 and 27. Of these, 5 responses were from parents aged 19-27, 2 responses were from parents aged 28-29, 6 responses came from parents aged 30-35, 10 responses came from parents aged 36-41, 2 responses came from parents aged 42-51 and 1 response came from a parent over 51 years old.The results of this survey showed that most respondents are in their mid-20's (70%) or early 30's (30%). They also have between 1 and 3 children under the age of 1. The average number of children they have is 1.5 children per family.

The research question "What is the highest level of education you have completed?" has been answered with a total of 26 responses. The most common response was "college graduate", with 7 respondents giving that answer. This makes up 42.3% of all responses, followed by "Masters or doctorate degree" at 15.4%.

Other common answers were "less than high school" (3.8%), "completed high school" (11), and "others" (5).

The research survey data below shows that the majority of respondents identify as Latino/Hispanic. This is in line with what we expected, given that the target population was predominately white and therefore, it makes sense that they would be more likely to identify with a more "Latino/Hispanic." culture. However, it's also interesting to note that a full 80% of respondents identified as Latino/Hispanic.

The results of this survey indicate that a majority of parents feed their babies on demand (70.6%) and follow a routine (29.4%). The remaining 4.4% of respondents do a combination of A and B.

The most commonly cited reason for feeding on demand is that it allows the parent to be more hands-on with their child, and also gives them time to get things done around the house before having to feed the baby. The second most commonly cited reason is that it allows the parent to take a break from feeding if they are tired or busy during the day.

When asked why they feed their baby according to a routine instead of on demand, most respondents said that they prefer having predictable times when they can be sure their child will eat without interruption. This is followed by not having to worry about how much food their child needs at each mealtime, as well as being able to prepare meals ahead of time in advance so they are ready when needed. For example: if one parent works nights while the other works days, then both parents may want to know how long until each child will be hungry again so they can plan accordingly.

In the survey, respondents were asked how they found out about products that support infants and breastfeeding. Of the respondents who said they learned about these products online, 69.2% said it was through a website or social media site. Of those who said they learned about them through television or commercial ads, 15.4% said it was through a commercial or show. Other sources of information included friends (38.5%), newspapers and magazines (19.2%) and healthcare providers (69.2%).

The results of a survey of 26 respondents indicate that 13 respondents said they have seen or heard of advertisements or promotions of formula milk for babies and young children in the past three months. This result is consistent with the hypothesis that there is awareness of these ads and promotions.

The other 13 respondents said they had not seen or heard of such advertisements or promotions. This indicates that there is low awareness of these ads and promotions.

The results of this survey indicate that 46.2% of respondents are exposed to educational information about breastfeeding and breast milk products donated from other moms, while 46.2% are not exposed to such information.

The results suggest that 7.7% of respondents might be exposed to such information but are unsure if they have been.

2.4 Competition analysis

My product has a small but expanding market. Although the number of women giving birth each year is largely consistent, more families are choosing non-traditional child-rearing strategies, particularly considering the current baby formula crisis. The main competitors for this product will be Abbott Nutrition, Mead Johnson Nutrition, Nestle USA and Perrio Company(AKA Nestle, Similac, Enfamil). They are the three major competitors in this case who produce baby formula products. However, The Honest company will be able to compete with these companies by offering a more natural and healthier feeding solution for parents who depend on formula to feed their children, especially during this shortage. The Honest company will be able to compete with these companies by offering a lower price point for their product. In addition, with the strong identity brand that The Honest company already has it will allow it to compete with these companies.

3.0 SWOT Analysis

3.1 Strengths:

• The Honest Company has a strong brand identity and is well-known among customers.
• The company has a sizable and devoted customer base.
• Many major retailers sell the company's products.
• My product is in high demand right now, owing to its versatility and affordability.
• Adaptability as a replacement for other products that are scarce or expensive.

3.2 Weaknesses:

• Several lawsuits have been filed against the company, alleging that its products are not as "natural" or "non-toxic" as advertised.
• In comparison to its competitors, the company's product line is limited.
• There are some concerns about the safety of breast milk, particularly in terms of food allergies and diseases such as HIV/AIDS that can be transmitted through it via bodily fluids such as blood or saliva that enter the milk during breastfeeding (or possibly even during pumping).
• These concerns are not yet widely understood by the general public, but they will likely become more widely known as more women use this product as it gains popularity among mothers who prefer to breastfeed rather than formula feed their babies.

3.3 Opportunities:

• The company can continue to establish itself as a reliable source of natural and safe products.
• The company can expand its product line to meet the demands of its expanding customer base.
• Many mothers would like to breastfeed their babies but are unable to do so because they are unable to breastfeed or pump at work; this product provides a solution for these women so that they can still provide their children with the nutritional benefits of human milk without having to worry about having enough food in their home freezer before returning to work after giving birth or losing their job if they are already working full-time while pregnant.

3.4 Threats:

• The company faces stiff competition from other businesses that sell natural and safe products.
• Some customers may perceive the company's products to be too expensive.
• Other companies are already selling similar products to ours, and they may be able to undercut us on price or quality if we are not careful about how we price our product or with whom we partner for distribution.

4.0 Strategic Marketing (STP)

4.1 Segmentation, Target Market(s) Analysis & Positioning Statement

The primary target market for this product are parents of all ages who have recently given birth and are looking for alternatives to infant formula during this shortage. My product will be marketed to these parents because they are the most likely to require my services. This product will most likely appeal to those parents who are in need. These parents will be searching for a solution that not only minimizes the financial burden on them but also ensures the well-being of their children. The main target market for this product will be parents who are looking for an alternative to baby formula that can be purchased in any market and/or store and have different choices. These parents will be looking for a product that is safe, affordable and can help their babies immune to different nutrients from this product.This product also can make an impact to some moms that are patronizing the formula milk because based on the said nutrients it will form brand loyalty if they try this product to their babies and sees the effect on them especially for lactose-intolerant people looking for other options. And based also on research, roughly 60% of the people are searching for dairy-free alternatives. Marketing research has shown that parents are willing to try something new with a product that they believe is better for their child. The Honest Company will be able to successfully compete with these other companies by offering parents who rely on formula to give their children an alternative method of feeding that is more all-natural and beneficial to their health. This will allow The Honest Company to successfully compete with these other companies. By offering their products at a price that is lower than that of their rival companies, the Honest company will be able to successfully compete with these other businesses. In addition, The Honest Company has a strong brand identification, which will help it to compete successfully with the firms that were previously mentioned. This breastmilk product of Honest Company has close proximity to price, size variations and health benefits attributes. This is because, it has a relatively cheaper price than its competitors. The location of sales closer to consumer activity also causes processed products of breast milk of Honest Company to be more famous, gain high popularity and competitive advantage towards the existing products.

4.2 Product/Service Value Proposition

The product is milk that was extracted directly from the mother. When the breast milk is processed, it is obtained from nursing mothers who are in the midst of their feeding relationship with their infants. The product will be made accessible for purchase on the internet and will be done so in partnership with Honest Company. The Honest Company is going to be in charge of all aspects of the distribution and logistics processes. The only way to enter the venue will be through the Honest Company's website, which can only be accessed over the internet. Because we only sell a few ounces at a time, there is no need for us to have physical retail sites. We can convey our products to any area in the world that has an internet connection, therefore there is no need for us to have physical retail stores.

Each ounce of the product will have a price tag of $2.50, regardless of whether it is purchased or not. The price was calculated using the going pricing for one ounce of breast milk on the market, which ranges anywhere from $3.00 to $5.00 per ounce at the present time. I will be decreasing the price by fifty percent in order to be more competitive in the market.

5.0 Operational Marketing (4 Ps marketing mix)

5.1 Product Strategies and product/service features

The product is breast milk. The breast milk is sourced from women who are lactating at the time of processing. The product will be sold in different online platforms in partnership with Honest Company, which will handle all aspects of distribution and logistics. The place will be exclusively online or digital marketing through the Honest Company website. Honest Company believe that digital marketing has a great advantage to the targeted markets which will be moms that they will reach the breastmilk product cost-effective and measurable way. There's no need for physical outlets because we're selling only a few ounces at a time, anywayso we can deliver anywhere there's an internet connection. So it is not just convenient for the company but also for the consumers/costumers who will buy this product. The Honest Company will pursue digital marketing because it can build openness also to its consumers because by getting involved with social media and managing it carefully, this company can build customer loyalty and create a reputation for being easy to engage with.

5.2 Price Strategies and analysis of cost structure

The price of the product will be $2.50 per ounce. The price is based on the current market price of breast milk, which is between $3.00 and $5.00 per ounce. I will be having the lower price in order to be more competitive in the market and can greatly help those moms who are in need because of its affordable price yet healthy for their babies.

5.3 Place Strategies and distribution options

The product will be sold in different online platforms through the Honest Company website. There's no need for physical outlets/ store because we're selling only a few ounces at a time, anywayso we can deliver anywhere there's an internet connection. Honest Company also believes that consumers have switched heavily to online purchases because of the pandemic where in-person shopping is either limited or nearly impossible. Moms also have a lot of work to do not just in their work but in their homes, so Honest Company decided to pursue this online for the consumers to shop at any time, day or night. Shopping online promotes convenience.

5.4 Promotion Strategies and specific communication campaign(s)

Promotion will be handled mainly through digital channels; that's where we have our greatest reach and most opportunities to engage directly with consumers and educate them about our brand and its mission. We'll also use traditional advertising channels like Facebook and Instagram to promote our campaigns, but those are supplemental rather than core components. Through also the digital channels or online platforms. Honest Company will also provide some marketing materials such as infographics that will allows the company to present facts about the breastmilk product, the figures and ideas in an engaging and very clear way. Infographics is one of the materials they will use because they're so eye catching, colorful an easy to share and read. It will also offer an excellent way to catch the attention of the target market and boost their marketing efforts towards this product. It can help honest company win the battle for attention and have competitive advantages towards competitors.

6.0 Marketing Financials

6.1 Break-Even Analysis

The break-even point for this product is $1.00 per ounce. This means that I will need to sell at least 2 ounces of breast milk to break even on the cost of production, meaning thetotal cost of production is $2.

6.2 Sales Forecast

It is my expectation that I will sell a total of 5,000 fluid ounces of breast milk in the first year that I am in business. This sum might not appear to be very significant; nevertheless, it is based on the current size of the market as well as the fact that I am going to decrease the price of the product in half to be more competitive.

6.3 Marketing Expenses Forecast

I estimate that the costs associated with marketing will amount to a total of $1,000 during the first year of operation. This will go toward paid advertising, marketing on social media platforms, and initiatives related to public relations.

6.4 Marketing Margin (Marketing Contribution)

It is my expectation that I will have a marketing margin of twelve thousand five hundred dollars in the first year of operation of my business. According to this, the profit I make off the sale of each ounce of breast milk will be $2.50.

6.5 Financial Projection

The financial projection for cost of goods sold and Marketing costcomputed and projected for 5 years.

Financial Projection Analysis