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Marketing Challenges : Developing a new soft drink for teenagers - Essay Example

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Summary
Introduction Following the BMA report published in 2009, teenage alcohol abuse has been acknowledged as a major concern in the UK. One of the ways suggested to deal with the crisis is by making soft drinks acceptable by teenagers. The introduction of a new soft drink in the market will be faced by many challenges including harsh reception by competitors (State University.com 2009)…
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Marketing Challenges : Developing a new soft drink for teenagers

Download file to see previous pages... This report analyses the introduction of a new soft drink in the light of increased alcohol consumption in the UK. It outlines important aspects the company should consider while developing the new product including target market, marketing mix among other promotional elements. Target market Any given product in a market cannot appeal to everyone. There are different levels of income, desires, tastes and lifestyles the target market (Kotler and Keller 2006). After establishing market segments, the company has to position itself through product differentiation as explained by Kotler and Keller (2003). The target market for the new soft drinks is teenagers and an in-depth study should be conducted to establish their buying trends, desires and tastes. Teenagers remain loyal to a specific brand based on a number of reasons. They are perceived to be an influential market segment since they set the trend for the market in totality (Doeller 2010). The purchasing decisions made by teenagers are affected by the knowledge and alternatives in the market. They mainly purchase products that are ‘cool’ since they want to appear trendy. The packaging, marketing and advertising should consider ‘cool’ aspect which can capture trendy, young and fashionable effects. Teenagers tend to purchase image-based brands contrasting to other factors including price as suggested by Doeller (2010). Their income level is low and they spend it to purchase comparatively few soft drinks. They form a primary market for the purchase of disposable goods including soft drinks. This leads to the conclusion that image branding is an important aspect while introducing the new soft drink. Teenagers are more image conscious than other segments in the market. The development of the new soft drink should acknowledge that teenagers are the future consumers and their preference remains deep-seated into their adulthood. The marketing should take their tastes into consideration hence they establish repeat consumption and increase loyalty. Teenagers are known to establish a trend of choices influencing their peers and families on brand selection (Doeller 2010). The marketing strategy should take these into account while developing the new soft drink brand. The marketing strategy should also target other audiences including school going children, the youth and parents. Children are the future teenagers and it can be observed that they make up a substantial part of the global economic system (Dransfield, Richards and Dooley 2004). This segment also influences purchasing decisions made by their families. Parents are influenced by their children’s choices and this can change their purchasing preferences. The other considerations of the target market should include demographics (people aged between 16 and 29), psychographics (people who are tired and stressed) and behaviour (young professionals who need to maintain high levels of energy). These groups of people are potential markets for the soft drink and they should be considered in the marketing strategy. Marketing Mix – product, price and place elements The marketing policies and decisions can be classified into four categories which are product, place, price and promotion. The discussion below gives a snap shot of how the management decisions will be implemented to make the new soft drink ...Download file to see next pagesRead More
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