21世纪初至今，中国婴幼儿配方奶粉行业经历了高速发展和不断变化的二十年。在经济增长和消费升级的大背景下，中国婴幼儿配方奶粉行业首先经历了市场规模的快速扩张；2008年三聚氰胺事件后，整个行业又见证了国产奶粉品牌的颠覆与回归； 2018年后受到出生人口不断萎缩的影响，婴幼儿配方奶粉行业进入存量市场的新阶段。中国婴幼儿配方奶粉行业的机遇和变化，不断考验着企业的营销策略和落地实施。飞鹤奶粉，一个发源于黑龙江的地方性奶粉品牌，通过布局全产业链模式成为了2008年少数没有被卷入三聚氰胺事件的国产奶粉品牌。之后的十年间，飞鹤奶粉通过品牌的重新定位，聚焦高端婴幼儿配方奶粉市场，利用“更适合中国宝宝体质的奶粉”的差异化定位和营销落地，在2018年实现销售额破100亿的成绩。面对行业进入存量市场的新阶段，飞鹤奶粉也面临着新的挑战和营销问题：生育率持续低下导致婴幼儿配方奶粉行业增长乏力；飞鹤奶粉过度依赖单一产品的策略所带来的业务增长天花板；品牌及产品同质化竞争问题；以及一二线城市的渗透较弱的问题。论文首先针对婴幼儿配方奶粉行业进行分析，通过PEST模型从宏观环境的视角解读了婴幼儿配方奶粉的行业趋势。进一步论文结合了近年来行业的整体表现和细分市场的表现，梳理了婴幼儿配方奶粉行业的发展方向和生意机会。接下来论文聚焦飞鹤奶粉的分析：对于飞鹤奶粉现有的营销定位及策略进行拆解，并结合市场竞争格局及竞争品牌的分析，识别了飞鹤奶粉在市场中所面临的优势、劣势、机会及威胁。最后，论文通过消费者分析，从消费者画像及需求，品牌购买考虑因素、信息渠道和购买渠道偏好等方面总结了消费者对于婴幼儿配方奶粉品牌的需求及反馈。结论建议部分，笔者根据STP理论，通过市场细分提出了对于飞鹤奶粉未来目标市场的选择及定位的建议；并结合市场营销的4Ps理论，针对飞鹤奶粉的产品、定价、渠道及传播提出对应的落地建议。

Since the beginning of the 21st century, Chinese infant formula industry has experienced rapid development and constant changes in the past 20 years. Influenced by economic growth and consumption upgrading trend, Chinese infant formula industry experienced rapid expansion of market size. After the Melamine Scandal in 2008, Chinese infant formula industry also witnessed the failure and the return of domestic milk powder brands in the market. Now the infant formula industry has turned to the saturated market influenced by shrinking birth population since 2018. Chinese infant formula industry is full of opportunities and changes, which constantly challenges the brand marketing strategies and the implementation. Feihe Infant Formula is a local brand originated in Heilongjiang province. By building up the whole industry chain mode, Feihe Infant Formula has become one of the minority domestic brands who has not been involved in the Melamine Scandal in 2008. After that, with over 10 years of brand repositioning, Feihe Infant Formula chose to focus on high-end infant milk formula segment and positioned itself as “the brand that is more suitable for Chinese babies”. With this differentiated positioning and marketing strategy, Feihe Infant Formula exceeded 10-billion-yuan sales volume in 2018. Entering saturated market environment, Feihe Infant Formula is facing with new challenges and marketing issues: The weak industry growth led by low fertility rate; the business challenge brought by Feihe’s single product strategy; the homogeneous competition with other brands; and the insufficient penetration in first and second tier cities. This paper starts with the infant formula industry analysis. By using the PEST model, the paper interprets the infant formula industry trends from the macro environment perspective. Further, combined with overall industry performance and the segment market performance in recent years, the paper identifies the directions and business opportunities of the infant formula industry. Then the paper focuses on the brand analysis of Feihe Infant Formula: It disassembles the existing marketing positioning and brand strategy of Feihe Infant Formula, combined with the competitive landscape overview and competitors’ deep dive, to summarize the strengths, weaknesses, opportunities, and threats of Feihe Infant Formula. Finally, by leveraging consumer analysis, this paper summarizes consumer needs and feedback of the infant formula brands in terms of consumer portrait, user demand, brand consideration, information source, and purchase channel preference, etc. In the conclusion and suggestion part, through STP theory and the market segmentation, the author makes suggestions on target market selection and relevant positioning of Feihe Infant Formula. Last not least, by leveraging the 4Ps marketing theory, the paper puts forward corresponding suggestions in terms of the product, pricing, place, and promotion related strategies.