A Marketing Plan for Atlantic Quench - Report Example

AN OUTLINE MARKETING PLAN FOR THE NEXT YEAR FOR ATLANTIC QUENCH Lecturer: This marketing plan is prepared with the aim of improving Atlantic Quench’s current market value and market share. The report looks at the future from the current position of the company. On the whole, it can be seen that as far as the competitive environment of the company is concerned, the company faces several threats and disadvantages. Internally however, the SWOT analysis of the company exposes several strengths and opportunities that can be built upon to make the company a preferred fruit drink producer. Based on the strength and opportunity outlook of the company, an objective to gain 19% market share has been set. It has been noted that for this goal to be achieved, production cost must also come down by 12%. The use of hybrid strategic positioning based on Bowman’s strategic clock is the preferred strategy to use for the company in pursuing its goals. Contents Abstract 2 List of Figures 4 Chapter 1 Introduction 5 Chapter 2 Current marketing situation 6 2.1 Internal analysis 6 2.1.1 Market description 6 2.1.2 Product review 6 2.1.3 Competitive review 8 2.1.4 Distribution review 8 2.2 Macro Environment Analysis 9 2.2.1 Bargaining power of buyers 9 2.2.2 Threat of new entrants 9 2.2.3 Threat of substitute products 9 2.2.4 Bargaining power of suppliers 10 2.2.5 Intensity of competitive rivalry 10 Chapter 3 Threats and Opportunities analysis 11 3.1 Strengths 11 3.2 Weaknesses 11 3.3 Opportunities 11 3.4 Threats 12 Chapter 4 Objectives and issues 12 4.1 Objectives 12 4.2 Issues 13 Chapter 5 Marketing strategy 13 5.1 Positioning 13 5.2 Product strategy 14 5.3 Pricing strategy 14 5.4 Distribution strategy 15 5.5 Marketing Communication strategy 15 5.6 Marketing research 15 5.7 Marketing Organization 16 Chapter 6 Marketing implementation 17 Chapter 7 Budget 18 Chapter 8 Control 19 References 20 List of Figures Figure 1: Fruit juices, energy and juice drinks share of the total UK soft drinks market by value (£m at rsp and %) 7 Figure 2: The total UK fruit juices, energy and juice drinks market by sector by value 7 Figure 3: Overview of the Ansoff Matrix 16 List of Table Table 1: Projected Budget 18 Chapter 1 Introduction The canned and bottled fruit juice industry like all others have had their own trend of problems and challenges that have influenced organizational marketing strategies of late. Some of the most pressing issues facing the industry are production challenges, given the fact that most fruit crops have short lifespan and thus make raw fruits prone to waste when sales do not match with inventory (Lukas and Ferrell, 2000). The best part of the whole issue is that even though problems and challenges have arisen over the years within the industry, most companies have differentiated themselves and continued to be competitive (Li and Atuahene-Gima, 2002). For most of such companies, the turning point has been with the implementation of sound marketing strategies that are growth oriented (Krishnan, Eppinger and Whitney, 2007). Whenever there are sound marketing plans in place, the issue of waste at the inventory section does not become a challenge for canned and bottled fruit juice producers. This is because there is always the assurance that what they produce will be patronised early enough to help avoid overstocking and over inventory. This paper therefore puts Atlantic Quench on the periscope and discusses how the company can be competitive in the coming year. In the light of this, an outline marketing plan that focuses on the overall market position of the company is performed. This is done to know where the company is currently placed so that the right form of growth strategies can be designed for it. Chapter 2 Current marketing situation 2.1 Internal analysis 2.1.1 Market description The canned and bottle fruit juice industry in which Atlantic Quench finds itself is made up of several important market sectors. Some of these include fruit juice, juice drinks including sports drinks, and energy drinks (MacKinnon, Warsi and Dwyer, 1995). Customer needs in the industry are largely shifted towards customers whose preference for drink is non-alcoholic drinks. Because of the energy drink sector, there is also a trend with customer needs whereby those involved in various sporting and physical activities have had unique preference for products from the industry. There are a number of factors that affect customer purchasing, including weather and season. This is because Maguire (2013) observed an increased demand for products from the industry during hot weather and during festive seasons. 2.1.2 Product review Using retail selling prices estimates, Key Notes (2014) observed that as far as the UK market is concerned, the fruit juice, energy and juice drinks sectors of the soft drinks industry have not performed as credibly as the other sectors of the industry. This is because from the table below, it will be noted that since 2009, the sector has never crossed 40% of market value of the soft drinks industry. Figure 1: Fruit juices, energy and juice drinks share of the total UK soft drinks market by value (£m at rsp and %) Source: Key Note (2014) For individual products within the fruit juices, energy and juice drinks sector, the graph below shows their market value by sector. Figure 2: The total UK fruit juices, energy and juice drinks market by sector by value Source: Key Note (2014) 2.1.3 Competitive review For several years now, there are very specific companies that have become dominant competitors within the industry. Some of include AG Barr plc, which as at the close of 2013 had sales of £237,595,000, of which £31,822,000 came as pre-tax profit (Key Note, 2014). Coca Cola Enterprises Ltd is another competitor with close of year sales for 2012 standing at £1,794,602,000. Britvic Soft Drinks Ltd had sales of £864,157,000 for 2012 whiles Cawingredients Ltd made sales of £44,328,000 in 2012 (Key Note, 2014). Most of these competitors have been noted to use cost leadership strategies whiles ensuring that they maintain high quality of production standards (Normann, 2011). Their promotion have been focused the sponsorship of sporting and educational programmes. 2.1.4 Distribution review The major distribution channels used within the industry have been linked to the typical traditional supply chain where companies make use of intermediaries who make product available to end consumers (Andereck, Valentine, Knopt and Vogt, 2005). Dominant divisions within the sector have however seen the use of mix of different channels due to the high demand for such products. For example the fruit juice sector is divided into ambient and chilled, of which the chilled division has 55% of market value (Key Note, 2014). The juice drinks sector is made up of divisions including juice drinks with 25% fruit content, high juice drinks with up to 95% fruit content, still flavoured water, cold hot drinks like ice tea, non-fruit drinks, and ready to drink diluted drinks, of which divisions dominant in fruit volume are said to lead in market value (Key Note, 2014). 2.2 Macro Environment Analysis 2.2.1 Bargaining power of buyers The soft drink industry is one industry noted to have one of the highest bargaining power of buyers. This is because there are no unilateral prices for products and services, making different competitors use different pricing schemes (Palmer, Danforth and Clark, 1995). Because of the differences that exist among companies using lower prices, consumers have often been noted to bargain for prices among others who may not be traditionally willing to use cost leadership to reduce prices. This is a situation that will affect the pricing scheme of Atlantic Quench for the coming year. More importantly, it will be expected that the company will control the effect of bargaining power of buyers by lowering production cost. 2.2.2 Threat of new entrants There is a perfect market structure for the soft drink industry, opening the door for new entrants every now and then (Porter, 2008). This is a situation that has affected competitiveness of companies generally considered to be small and medium sized competitors, including Atlantic Quench. This is because most new entrants actually come in as diversified companies having sufficient operating capital to compete against the older existing companies. As a way of controlling this threat in the coming year, Atlantic Quench will be required to focus more on promotion. This is because promotion will help consolidate the brand equity of the company as an old company which has been in existence for the past 80 years (Nunnally, 2008). 2.2.3 Threat of substitute products Buyers who do not take in alcohol have still had alternative to fruit drinks through the use of other forms of soft drinks which are not made from fruits. Some of these are drinks from cola and cocoa. One factor that has made the threat of substitute products high for Atlantic Quench is the perceived level of product differentiation for the substitute products, where products such as Coca Cola and Pepsi seem to have dominated the market in terms of product differentiation (Manopichetwattana and Kahn, 2009). For Atlantic Quench to address this threat in the coming year, it is important that the company will also focus on ways in which it can also create differentiation with the fruit drinks, which is the sector the company is dominant in. 2.2.4 Bargaining power of suppliers Atlantic Quench seems to have already addressed most of the issues that face it in terms of bargaining power of suppliers. In the first place, bargaining power of supplier is said to go up when there is heavy reliance on outsourcing (Ireland, 2013). Meanwhile, Atlantic Quench is a producer of most of its raw materials, which are fruits. This helps to minimise bargaining power of suppliers. Secondly, bargaining power of suppliers go up when there are fewer suppliers when the need for outsourcing arises (Kahneman and Tversky 2009). However, the fruit drink sector is one with abundance of suppliers, most of who compete among themselves to become competitive. The company must take advantage of this by reducing cost on supplies so that it can increase its operating capital (Björn, 2012). 2.2.5 Intensity of competitive rivalry The competition that exists in the industry and even within the fruit drink sector along can be divided into three major sections which are the large companies, middle companies and smaller companies. Depending on where a company belongs, there is a different outlook of competition that can be expected (Rainer and Turban, 2009). Atlantic Quench seems to find itself in the middle level, where the intensity of competitive rivalry can be said to be relatively mild for the company. This is largely because of the brand equity of the company as a very old brand in the sector (Blank & Dorf, 2012). In the coming year, improving promotion must be used to consolidate the brand equity of the company which has become a major source of competitive advantage. Chapter 3 Threats and Opportunities analysis 3.1 Strengths The company has several years of operational experience which helps to promote its brand equity Atlantic Quench is composed of farmers whose produce serve as ready supply of raw materials, minimising the company’s reliance on external suppliers The corporate structure of the company ensures that there are always ready-to-invest investors who would buy the company’s shares and thus guarantee operating capital for the company 3.2 Weaknesses Atlantic Quench has failed to expand its operations beyond fruit drinks even though other sectors under the soft drink industry continue to gain higher market value Success with the company’s farm produce relies directly on climate, which is a factor that the company can hardly control without incurring additional cost with the purchase of storage facilities There continues to be a fluctuating price of raw cranberries, which fall all the way from $60 in 2000 to $ 20. 3.3 Opportunities There continues to be health promotions and campaigns on the importance of substituting alcoholic drinks for healthy non alcoholic drinks, particularly fruit drinks Campaigns against the consumption of carbonated drinks and caffeine products continue to go up. This means that fruit drinks have the opportunity of becoming the next substitute products for that industry. This means increase in revenue for Atlantic Quench. Since the coming of Chuck Berrie as the CEO, the company has already seen a doubling of its market share, which means that company is better positioned to promote its already favourable brand name 3.4 Threats Market leaders such as Coca Cola which focused largely on carbonated drinks are now diversifying into the fruit sector, which means higher competitive rivalry for Atlantic Quench. Even though the company’s new product development variations have yielded some returns, its traditional products continues to dominant the company’s products, indicating that there is low concentration on the new product development strategy Changing or diversifying strategic position of the company is very difficult to do due to the fact that there are several other competitors using almost every other kind of known strategic position namely cost leadership, focus and differentiation. Chapter 4 Objectives and issues 4.1 Objectives For the coming year, the marketing objective of Atlantic Quench is to achieve 19% market share, which will represent 4.5% increase in previous growth. Most aspects of the overall 19% market share is expected to come from increased and renewed sales in the company’s new product development variations which were introduced some years back. As this is done, it is expected that there will be 30% growth in fruit juice sales whiles the new products will take up 15% growth in sales. As sales go up, profitability will not be achieved if expenditure continues to be high for the company (Lincoln & Guba, 2005). Part of the objectives for the coming year thus includes the need to reduce cost of production by 12%. 4.2 Issues To achieve this objective, there are a number of key issues that the company must address. In the first place, it is important to focus more on the new product development of the company. Doing so will ensure that the company gets a new market segment that would expand its existing market size of Atlantic Quench. It is also very important that the company revisits the issue of promotion and global branding. Even though the company has brand equity, it has failed to utilise this effectively and so promotion and global branding campaigns should contribute directly to growth. Last but not least, production cost is an issue the company ought to focus on as a way of mitigating the challenge that the bargaining power of buyers pose to the company (Manning & Reece, 2007). Chapter 5 Marketing strategy 5.1 Positioning It is important that Atlantic Quench will have a clear positioning strategy for the coming year so that it would create a system that will define reason why consumers will choose its brands even before buying its products (Seiler, 2008). In other words, the positioning of the company will take the company’s brand closer to the consumer and ahead of products (DiMaggio and Walter, 2013). Atlantic Quench’s positioning strategy will be based on the conditioning theory. The conditioning theory seeks to identify what makes the company’s brand different, better, and special (Cooper and Vlaskovits, 2010). In this, Atlantic Quench will be seeking to enhance its quality to become a health promoter through the production of high quality fruit drinks. 5.2 Product strategy The selection of the product strategy to be used by Atlantic Quench will be directly based on the Bowman’s strategy clock. It would be noted that this theory identifies eight major competitive c positions that a company may select in the marketing of its products (Ibarra & Hunter, 2007). From the Bowman’s strategy clock, the hybrid competitive position will be selected for the company’s products. This means that for the coming year, Atlantic Quench shall be offering moderate price and moderate differentiation (Giovanni, 2008). This is considered necessary as it puts the company in an intermediate position, making it a suitable choice for both those who prefer high price/high differentiation and those that prefer low price/low differentiation (Kotler & Armstrong, 2012). 5.3 Pricing strategy Pricing strategies come in different forms and types but it is always important that the pricing strategy used by a company will match its product strategy and overall company model (Wood, 2011). In the light of this, the economy pricing strategy is selected as the most ideal for Atlantic Quench in the coming year. This is a pricing strategy which shall be put in place to ensure that the company takes very basic, low-cost approach to marketing (Osterwalder & Pigneur, 2009). This will mean that there will be no fancy so that the company can keep prices low so as to attract new proposed market segments for it new product development variations (Hague, Hague & Morgan, 2004). This pricing strategy will also force the company to minimise internal spending and thus achieve the goal of reducing cost of production. 5.4 Distribution strategy As far as distribution is concerned, it will be recommended for Atlantic Quench to use a multiple distribution channel for the coming year instead of a single distribution channel. By this, the company will be required to use a combination of distribution channels including wholesalers or distributors, direct distribution through the internet, direct distribution through the use of catalogue, direct distribution through sales team, value-added resellers (VAR), and sales agents. The rationale for selecting a multiple distribution channel is due to the advantage it offers to promote both business to business (B2B) and business to consumer (B2C) business models (Kozak & Rimmington, 2008). 5.5 Marketing Communication strategy A marketing communication strategy is generally necessary for Atlantic Quench to ensure that the company is able to develop brand awareness among its market segment and potential consumers (Harvard Business Review, 2010). Already, the need for the company to promote its brand has been emphasised. As far as marketing communication strategy is concerned, it is expected that the company will clearly present its products along with projected customer benefits as part of an overall promotion model. When this is done, it will ensure that consumers become aware of the company’s new differentiation strategy which focuses on health improvement through its quality fruit drinks. 5.6 Marketing research Market research is very important to ensure that companies know and learn more about the markets in which they operate (Wood, 2011). It is for this reason that research and development (R&D) will be enhanced in the coming year for Atlantic Quench. As this is done, the Ansoff matrix will be used as theory to aid the portrayal of alternative corporate growth strategies of the company (Pelsmacker, Geuens & Van den Bergh, 2010). This means that the marketing research will focus on the need to identifying corporate growth alternatives. As part of the Ansoff matrix, the company will be presented with four major growth strategies which are market penetration, market development, product development, and diversification. The R&D will thus help in identifying which of these four will be most suitable for the company’s growth. The Ansoff matrix is depicted below Figure 3: Overview of the Ansoff Matrix Source: Eisenhardt and Martin (2000) 5.7 Marketing Organization It will be noted that the marketing organisation helps the company to define how it structures responsibilities in its marketing activities (Mohr and Downs, 2006). To do this and do it effectively, the SAP organisational model will be developed and used. SAP stands for systems, applications and products, which integrate enterprise software to the management of business operations including marketing activities (Damanpour and William, 2014). In the case of Atlantic Quench, the SAP organisational model is recommended as it ensures that there is automation in the marketing organisational process (Wolf and Demaree, 2013). Meanwhile, such automation has been likened to efficient outcome with marketing organisation (Dewar and Dutton, 2006). Chapter 6 Marketing implementation This section of the report which is the marketing implementation looks at four major issues. The first of this is what will be done as part of the marketing plan. Generally, it is expected that the marketing plan will be communicated to all departments and units under the company. This will be done to make all units and departments aware of the objective of increasing market share to 19% whiles cutting down on production cost by 12%. The second issue looks at when it will be done. The plan will actually be implemented with an immediate effect. This means that from this time onwards, the marketing programmes and strategies of the marketing team and all other departments who influence the plan must be based on the plan. There is also the issue of who will do what. As stated earlier, everyone within the organisation has a role play. In the light of this, the shared responsibility theory shall be used as part of the marketing plan. As part of this, it is expected that an organisational strategic team will be formed. The team will comprise one representative from all units and departments but 3 representatives from the production unit and 5 representatives from the marketing unit. This will be done to ensure that everyone within the company understand the role they can play for the overall success of the company through the marketing plan (Johnston and DiNardo, 2007). Finally, there is the issue of how much this whole plan will cost. The cost has been outlined in the budget in the next chapter. Chapter 7 Budget The following budget is expected to be used for the Atlantic Quench to support the marketing plan. All amounts are in (£ ,000) Table 1: Projected Budget Expenditure Matrix 2013 2014 2015 2016 Personnel Salaries 110,000 150,000 180,000 Allowances 98,000 99,000 103,000 Other expenses 104,000 75,750 66,000 Total 312,000 324,750 349,000 Manufacturing Costs 1,680,000 1,000,000 1,000,000 Research Primary Research 35,000 37,000 40,100 Secondary research 2,000 5,000 6,000 Total 37,000 42,000 46,000 Marketing Media 221,938 186,148 135,934 Web 35,707 19,567 12,746 Roadshows 21,415 19,135 15,493 Events 14,530 17,425 15,885 Print 15,707 19,567 19,746 Social Networking 21,415 19,135 25,493 Total 330,712 280,000 225,000 Grand Total 2,359,712 1,646,750 1,620,000 Response matrix Booking units 12,834 15,000 13,000 Growth rate 22% 22% 22% Value per booking 33,000 32,000 31,000 Gross revenue 5,862,000 6,000,000 6,100,000 Profits 3,502,288 4,353,250 4,480,000 Chapter 8 Control As the marketing plan for the company has been comprehensively outlined, it is important that there will be a control which seeks to measure the return made on the marketing investment to be made (Sorbom and Joreskog, 2001). This is a very important aspect of the marketing plan, given the clear difference that exists between marketing investment, marketing income and marketing return. According to Juga (2009), most companies have had very impressive marketing plans which have resulted in increased revenue or incomes but the companies have failed to make profits. The reason assigned to this situation is a failure to align spending or expenditure with revenue. As a result, even when the marketing plans work to perfection, vacuums are still created for the revenues to go waste. The control to be used in measuring the return on marketing investment will focus directly on the use of return on investment (ROI). This is because the ROI will ensure that the company is able to identify the benefits or yields that will be made against the marketing investment. 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