Expert Answer :Assignment 4: Part D: Your Marketing Plan – Powe

  

Solved by verified expert:Assignment 4: Part D: Your Marketing Plan – Video Presentation Imagine that you are pitching your hypothetical service-based company’s
marketing plan to the Shark Tank Team for possible investment. Use a PowerPoint and create 10 slides in which your full Marking Plan from Assignments 1,2,and 3. Make sure to add talking points in the note section of the PowerPoint. Tips to prepare for your PowerPoint Presentation:Create note cardsPractice in front of a mirror and / or friendsReview materials thoroughlyBe persuasiveBe professionalBe creativeHave fun!Create a ten (10) PowerPoint slide presentation in which you:Present the major points of your marketing plan.Project your voice in order to clearly convey your ideas.Present in a professional manner.Use technology (e.g., i.e. audio quality, video quality, naming conventions) to convey ideas.Use voice inflection and proper grammar.The specific course learning outcomes associated with this assignment are:Analyze the marketing framework including the concepts of the 5Cs, STP, and 4Ps.Develop strategies to assess performance and achieve marketing goals.Create an effective marketing plan.Examine the marketing science of customer behavior and products in
the marketing exchange process and create dynamic strategies for
competing.Evaluate the basis for market segmentation and approaches to segmentation.Evaluate target customer segments and positioning products within these segments.Develop branding strategies for existing and new products.Develop pricing strategies and distribution channels for products.Analyze integrated marketing communications and its relationship to advertising strategy.Evaluate marketing research tools involved in the marketing process.Use technology and information resources to research issues in marketing management.
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Running head: MARKETING PLAN PART 3
Marketing Plan of Heaven Drop
Donald Ray Sawyer Jr.
Dr. William Bonaparte Jr.
Marketing Management (MKT 500)
Augusta Campus, Strayer University
FEB 26, 2018
1
MARKETING PLAN PART 3
2
Introduction
The paper aims to develop the marketing strategy of Heaven’s Drop which is
responsible for manufacturing carbonated soft drink. The paper will describe the marketing
strategy for a hypothetical soft drink being manufactured by the company “Will Drink.”
Further, the paper describes company’s expansion plan, social media strategy, and monitoring
methods. Lastly, the paper focuses on integrated marketing and communication strategy for a
carbonated soft drink “Will Drink.”
Heaven Drop: Branding, Pricing and Distribution Strategy
A branding strategy is a plan used by business to create a particular image of the
product in the eyes of targeted and potential customers (Keller &Kotler,2015). Heaven Drop
will manufacture the carbonated soft drink for individuals who are above 12 years. The
marketing strategy for the Heaven Drop is based on the principle of no marketing to the
children under the age of children (Dudovskiy, 2015). The soft drink will serve as an energy
drink for the customers with the aim of refreshing the world. The tagline of our company is
“Doorsteps Refreshments. “Our branding strategy will include celebrity endorsements to
bring recognition and awareness to the carbonated soft drink “Will Drink.”. The customer
will believe our celebrity endorsements because they are people who share lifestyle very
similar to their own. We will use online media, print magazines and a video blog detailing the
benefit of taking the drinks. The company will tend to align their value proposition with
consumer’s lifestyle. The benefit positioning of the product will highlight the unique benefit
of using our company’s soft drink. It will include a lucky draw where vacation on a cruise
ship can be own. Another important strategy that will play in developing our brand is the
public relation strategy where our new soft drink will gain the attention of sensitive people by
spreading the message of building homes for people who are poor.
MARKETING PLAN PART 3
3
Heaven Drop will use segment pricing strategy. Based on the type of packing of our
soft drink, it will be available to customers at different prices. Using this strategy, our
company can increase revenue because there is not much difference in the cost required to
produce products. Our soft drink “Will Drink” will be available in different packages which
will include packaging in reusable glass bottles, plastic bottles, aluminum cans and tetra
packs. Further, based on the type of distribution channel, pricing of our product will vary.
Thus, we will also follow discriminant pricing strategy. The different channels for
distribution of soft drink are wholesalers, retailers, restaurants, petrol station, and ATMs.
It is imperative for businesses to select the right distribution platform for delivering their
products and services. It is in the hand of the executive to determine the appropriate
distribution strategy that is efficient and has the right place for customers, so they can receive
their product or service (Mandal & Roy, 2012). The distribution strategy of our carbonated
soft drink will include both direct and indirect selling. In direct selling, the company will
supply their products in shops by using our transportation system. With this distribution
strategy, our company will have more profit margin. In indirect selling, we will have agencies
to cover a larger area. Since it is very difficult to cover almost all the area, Heaven Drop will
seek the help of whole sellers and agencies to assure their customers for the availability of
soft drink.
Heaven Drop Major Competitors
Competitors are rival companies that try to gain the market share by selling similar
product and services (Hollensen,2015). It is obvious that a company will start losing its
market share if it has not something unique to offer. The competitor analysis of our brand
includes both inter and intra competitors. Our major competitors being classified as inter
competitors are Pepsi and Coca-Cola. On the other hand, intra competitors are the
MARKETING PLAN PART 3
4
independent bottlers for our products and wholly owned subsidiaries and independent bottlers
for our soft drink.
Strength and Weaknesses of Coca-Cola and Pepsi
It is important for our company to assess competitor’s strengths and weaknesses so
that a perfect marketing strategy can be developed. The strengths and weaknesses of CocaCola are shown in Table 1.
Table 1.
Coca-Cola
Pepsi
Strengths
Strengths
a) Established regional bottler in the US
a) Brand equity
b) Strong financial performance
b) Strong leadership
c)Diversified brand offerings
c)Customer loyalty
Weaknesses
Weaknesses
a) Reliance on few customers
a) Tough competition from Coca-Cola
b) Issue arising because of product quality
b) Products being perceived as unhealthy
Differentiation Strategy
A differentiation strategy involves distinguishing products or offering from
competitors to make them attractive to potential targeted customers. The closest competitor
of our company is the Coca-Cola Company. It is closest because of the company focus on the
lifestyle of the people. Coca-Cola brand is a household name which is recognized almost all
MARKETING PLAN PART 3
5
over the world. Therefore, it is crucial for Heaven Drop to follow a right differentiation
strategy which would help people in choosing our company soft drinks compared to that
produced by Coca-Cola. Heaven Drop will follow the differentiation strategy in the form of
packing soft drinks. In case of people living in urban areas, soft drinks will be packed in
fancy which is disposable. On the other hand, people living in the rural area will have the
same product at a lower price where the product will be packed in the form of reusable or
returnable containers. Since the bottles can be reused in rural areas, therefore the price will be
lower for soft drinks in the rural area compared to the urban area.
Leader
Heaven Drop’s intention is to become a leader in the beverage industry by selling the
carbonated soft drink. However, in the initial stage, the company intention is to follow the
market with some innovation. Since we are a startup in the beverage industry, therefore
continually keeping our pipeline full of new productions will become difficult which can be
extremely costly and time-consuming. Further, as a leader, we cannot make an error. Thus,
the initial intention of the company is to be a market follower. However, with the growth of
the business or after a definite interval of time the company intention will change to market
leader. As a market follower initially, we will be able to capitalize on leader and challenger
mistakes and can instantly grab market share. Further, we will be able to increase profit
margin by lowering the cost of research and development. Further, we will be able to use
price skimming strategies to increase gross profit. After 2-3 years of establishing our
business, we will intend to become a leader since a market follower is always compared to
challengers and leaders and can inhibit the ability to secure new business. Thus, we will
change our strategy.
MARKETING PLAN PART 3
6
Media Options
Heaven Drop will rely on both social media and traditional method of advertising for
reaching targeted customers, Although, use of social media is on the rise in America, it is
necessary for the company to maintain a balance between traditional and social media for
capturing new and potential customers. Traditional media is a broad one-to-many paradigm
meaning the brand creates a message to masses through TV, radio, and print. One of the most
important advantages of using traditional media like TV, radio, and print is that it can reach a
broad audience. Since it is a one-way communication where feedbacks from customers
cannot be taken, therefore Heaven Drop will use social media tools such as Social Drift and
Buffer for advertising its product(Olenski,2018). Social media helps in creating
communication with the potential customers.By targeting the right customers in the business
magazines, newspaper and social media we will receive a return on investment.
Social Drift: Soft drinks have always been the most aggressive brand on social media
tools such as Facebook. It is used by many big industries. Social Drift is an Instagram
marketer’s best friend. In social drift, there exists automation of Instagram
interactions(Olenski,2018). The platform uses machine learning technique to engage users
through likes, comments and follows (Olenski,2018). Because of this engagement, it allows
users to follow account in return frequently. Our company will use Social Drift as a platform
to increase customer base by dramatically increasing the number of high-quality Instagram
followers.
Buffer: Heaven Drop will further use Buffer as another social media tool that offers a
swift account solution for businesses swamped by multiple social media accounts they must
manage (Olenski,2018). It will help the company in managing a jumble of social media
accounts, organize them and makes the market more manageable (Olenski,2018). Also, the
app boasts many powerful tools like photo editing, group collaboration and detailed analytics
MARKETING PLAN PART 3
7
about social media performance. This tool innovates marketing by allowing individuals and
businesses to queue posts for their various accounts.
Integrated Marketing Communication
Heaven Drop will integrate all marketing plan in a way to achieve marketing goals.
Integrated Marketing Communication is a simple concept that believes in ensuring all forms
of communication and messages carefully linked together. Heaven Drops’ marketing plan
will include various strategies like advertising, direct response, sales promotion and publicity
which would help us in gaining competitive advantage. The company will utilize advertising
and sales promotion as integrated marketing strategies to get better results and reduce the cost
of marketing. As a team, our goal is to provide the best service with the objective of truly
refreshing the world.
Heaven Drop Advertising Strategy
Heaven Drop will utilize advertising as a primary strategy by placing targeted ads
using both traditional media and social media platforms like Facebook and Twitter. Using
both social media and traditional media like magazines, TVs, and newspaper, we will be able
to reach the largest group of customers seeking new soft drink with a new taste. Our company
will also take feedbacks from such customers. The ads posted in these platforms will include
all relevant information that will attract the audiences in one look and urge to taste soft drink
at least once.
Heaven Drop Promotion Strategy
The company will make its own app to drive awareness and sales with our distributors
like wholesalers and retailers. Our integrated marketing approach will include partnering with
restaurants and retailers to create a unique promotional reward program for our loyal
customers. Further, we will also allow first time user of our product to taste the soft drink for
free in exchange for his/her valuable feedback. It would help in creating a long-term
MARKETING PLAN PART 3
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relationship which will benefit both distributors and customers by leveraging sales promotion
that will bring value.
Conclusion
Heaven Drop’s marketing plan will include a combination of various strategies which
will lead to the successful launching of product. The company will efficiently utilize
branding, pricing and distribution strategy for attracting more potential customers which will
finally increase soft drink sale. Further, we will take our competitors like Coca-Cola and
PepsiCo seriously and take advantage of their weaknesses in promoting our product. The
company will ensure that the weaknesses of Coca-Cola are not our company’s weaknesses.
Since Coca-Cola relies on few customers for sales, we will increase our customer base by
using social media platforms and traditional media. Lastly, we will use integrated marketing
communications to combine multiple strategies for our marketing plan.
MARKETING PLAN PART 3
9
References
Dudovskiy, J. (2015). Coca-Cola Marketing Strategy – Research Methodology. Research
Methodology. Retrieved 26 February 2018, from https://researchmethodology.net/coca-cola-marketing-strategy/
Hollensen, Svend (2015). Marketing management: A relationship approach. Pearson
Education.
Keller, K.L. & Kotler, P. (2016). Marketing management (15th ed.). Pearson Education Inc
Mandal K., & Roy K., (2012). Impact of marketer’s influence strategies on distribution
channel partners: A comparison among distribution channel partners, 19(1) 82-97.
Retrieved from the Strayer University database.
Olenski, S. (2018). Forbes Welcome. Forbes.com. Retrieved 26 February 2018, from
https://www.forbes.com/sites/steveolenski/2018/02/24/top-25-social-media-tools-formarketers/#198dd7167e33
Running head: MARKETING PLAN
1
Marketing Plan of Heaven Drop
Donald Ray Sawyer Jr.
Dr. William Bonaparte Jr.
Marketing Management (MKT 500)
Augusta Campus, Strayer University
FEB 3, 2018
MARKETING PLAN
2
Introduction
The paper aim is to develop branding and marketing strategy for a carbonated soft
drink being produced by the company “Heaven Drop.” Heaven Drop is a company which is
involved in the production of carbonated soft drink. The paper will also prepare a positioning
statement for the company and examine the relevant consumer behavior for the targeted
segment. Lastly, company’s mission statement will be developed.
Heaven Drop Branding Strategy
A branding strategy can be said as an idea where an image of a particular products or
services is created in the eyes of targeted and potential customers. According to Keller and
Kotler (2016),”A successful branding strategy helps the firm in being recognized by the
customers without being told.” An example would be the case of Apple Company which has
its own brand image where people associate its products with creativity, innovativeness, and
easy-to-use.
Heaven Drop like any other company in the beverage industry employs different
brand strategies that enable the company to gain substantial market share and retain its
customers for a long time. The branding strategies of my product will involve continuous
upgradation of brand development policies so as to meet the changing mindset of customers.
The company will give importance to price value, preference, and pervasive penetration.
Brand Name
Heaven Drop is a company that has locations all over the world. The company is in
existence for over 50 years. The brand name for our carbonated soft drink will be, “Will
Drink.”
Brand Logo and Slogan
The logo is a visual entity that signifies an organization(Weinstein, 1987). A
hypothetical logo of the company is shown below.
MARKETING PLAN
3
Figure 1. Image Retrieved from freelogoservices.com
The slogan of our company will be, “Door Step Refreshments.” A company’s logo
well suits with customers who will view the products as a healthy drink. The logo has been
designed keeping in view of the shifting trend in the consumer’s choice towards a healthier
drink. Further, the slogan will make the customers realize that the product is easily available
from their nearest retail stores.
Brand Extension
Heaven Drop brand extension will include energy drinks, natural fruit juice, and water which
will help in clarifying the meaning of the brand and its core values.
Marketing Strategy
Marketing strategy is a key part of any business success. It is necessary to know
which customers to target and how to reach new customers. The marketing strategy of our
product will be based on targeting different age groups who are above 13 years of age. First
of all, our company will install vending machines near universities and places where there is
a lack of transport facilities. Also, marketing strategy will be based on advertising products
using social media platform such as Facebook, Twitter, etc. Internet marketing will be used
as a tool for writing informative articles about the products, and these articles will be
regularly posted on social media websites. Such articles will be provided a direct link to our
websites where these drinks can be purchased at a discount of 50% for first 100 users. It
would help in attracting more customers. Further, a lucky winner will be announced based on
MARKETING PLAN
4
the random selection of loyal customers who will be given a chance to meet celebrities. It
would help in developing a strong brand image for our product. Also, we will use retailers
and distributors to deliver our products at the local retail stores. At local retail stores, we will
introduce, “Buy 1 Get 1 Free” to attract more potential customers.
An appropriate timetable would include implementing our product’s launch at the
beginning of summer. During this time, the demand for soft drink increases which would
boost our sale of the product. We will extensively advertise our product. The timing of our
marketing strategy will be the period of summer months.
Rationale for Strategy time and Implementation
The selection of the above marketing strategy is based on targeting all sections of the
population who are above 13 years of age. Further, internet market would increase our sales
more compared to direct marketing of product through retailers and distributors. The
rationale for selecting internet marketing is based on the reviews obtained from customers
who will use our product first time.
Positioning Statement
The company’s positioning statement is an act where company’s offerings are
designed so as to occupy a special place in the target market (Hill, 2013). The three main
competitors of Heaven Drop are Coca-Cola, Pepsi, and Red Bull. The two-axis consist of the
age of the company and amount of sugar content. A perceptual map of our product along with
the competitor is shown in the below figure.
From the below perceptual map, it is clear that our product has a low sugar content
compared to all the three brands which would be a bonus point for people preferring the low
amount of sugar in soft drinks. Further, it is new company relative to Coca-Cola and Pepsi.
However, it is more traditional than Red Bull.
MARKETING PLAN
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Figure 2. Perceptual Map of Will Drink
Statement: Our product has the lowest sugar content.
Consumer Behaviour
Heaven Drop soft drink will target all customers who are above 13 years of age.
Consumers are mainly students and family-oriented people. The company will consider every
customer as target and potential who is thirsty. The product will mainly target youths
between the age of 13-30 as they are the largest consumer of soft drinks. Our target market
will not be based on gender as it is found from the analysis that both gender equally prefers a
soft drink. Further, no particular lifestyle will be a target and no particular occupation.
It would be important for our company to consider product’s brand strategy and
positioning statement for the target market because of stiff competition from similar
companies. Our company vision is to provide health beverage soft drink and hold a large
MARKETING PLAN
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share of the market while maintaining sustainable development of our product. Therefore,
strong branding strategy is required for this purpose.
Mission Statement and Introduction
Our company mission statement is to provide instant energy to people who are thirsty
and to provide enthusiasm for body, mind, and spirit. Also, the mission statement of our
company is to create values and provide opportunities for growth and enrichment to our
employees, business partners, and communities in which we operate. Our …
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