Strategic marketing - Essay Example

Strategic Marketing Overview In this era of globalization and industrialization, the beverage industry, especially the beer market, has grown with remarkable leaps and bounds. This helped the beer market to flourish at a rapid pace acting as the front-liner of any economy due to massive Compound Annual Growth Rate (CAGR). In addition, rising income rates, reduced beer prices and changing life styles also facilitated the beer companies to augment its market share and equity among other beverages. Strongbow Cider is a reputed brand of Foster Group Ltd fundamentally focused on using dry cider to produce its fermented alcoholic drink which is mainly preferred for its deliverance of refreshment and delight to its consumers. Moreover, the stimulating taste and striking livery helps in attracting larger number of customers as compared to other drinks. This shows that Strongbow is one of the renowned beer brands of Foster Group, holding the leader market share not only in Australian market but all across the globe. This helps in the overall enhancement of its brand identity and portfolio among other competing drinks. The objective of this paper is to recommend various marketing mix strategies with due regard to the execution of 4P’s Framework. Along with this, various other marketing strategies will also be suggested to Strongbow Cider with the view to enhance its dominance over other market leaders dealing in the similar sector. Moreover, an action plan will also be suggested for the execution and assessment of these strategies. Market Strategies Segmentation Strongbow Cider is one of the leading brands in the market of Australia. With the help of segmentation procedure, the positioning of Strongbow may be analyzed in order to estimate its market value among other players of the market. Strongbow Cider is a brand prepared from apple juice which can be offered to a diverse age group ranging from minimum 20 years and above along with varied occupations such as business class, corporate professionals and college goers. Moreover, as the brand is available at a cheaper rate, it can also be offered to all income groups which signify another important factor for its growth and expansion across the globe. Similarly, it can also be offered to both the genders, i.e. males and females. Targeting Strongbow is targeted towards young generation female customers as it is an alcoholic drink which is learnt to offer a sense of refreshment. For this reason, the female segment of the society also tends to prefer the drink as it provides enjoyment and stimulation after the entire day of hardship. Moreover, it can be targeted to both occasional as well as regular users in order to increase its fidelity in the market. Positioning Strongbow is mainly preferred by the young generation of the society. Moreover, as it includes an apple flavor so it is also perceived as an energizing drink. For this reason, the demand for Strongbow dry cider enhanced to a rapid extent in the market of Australia. Product strategies Strongbow is one of the brands which is learnt to always attempt offering extensive concentration over research and development initiatives in order to introduce inventive products for its customers. It is recognized as one of the strengths of the brand which might facilitate it to sustain in this era of competitiveness. This particular strategic measure can significantly assist it to enhance its market share and brand distinctiveness over other market competitors. It might also help to reduce the business risks resulting in augmentation of profit margin. For this reason, Strongbow initiated a new product named ‘Caffeine Light Dry Cider’ mainly for the female customers in order to enhance their reliance and loyalty over the brand. The prime objective behind this strategy is to establish itself as a unique brand in this cut-throat era of industrialization. Moreover, it would also facilitate Strongbow to maintain its dominance over the other Australian market players. Pricing Strategies Pricing also acts an important factor while deciding the strategies prior launching innovative products in the market. In order to augment the market share and brand personality, Strongbow might follow competitive pricing techniques, at the time of introduction of ‘Caffeine Light Dry Cider’. It might be highly beneficial for Strongbow in order to attract large number of female customers. At the initial stage, Strongbow might introduce two bottle sizes namely 330ml: AS$ 45 and 650 ml: AS$ 55 in order to offer its customers with best quality drink at a reasonable price. It might also facilitate Strongbow to enhance its proposition and status within the minds of the customers. Distribution or Place ‘Caffeine Light Dry Cider’ of Strongbow might be promoted with the help of intensive distribution system such as wholesalers and retailers. This is essential as it might facilitate Strongbow to increase its range of customers, which is extremely essential at the introduction stage of a new product. In addition, the availability of ‘Caffeine Light Dry Cider’ might also increase resulting in augmentation of the corporate image of Strongbow. Promotional or Communication Mix Strategy ‘Caffeine Light Dry Cider’ is one of the premium drinks introduced by Strongbow for its female customers in order to offer them a revitalizing beverage. In order to enhance the position of ‘Caffeine Light Dry Cider’, Strongbow might utilize push and pull strategy resulting in augmentation of its market demand. Other than this, Strongbow might also utilize varied other advertising sources such as television, magazines, media, internet to increase the awareness of the customers towards the new product. Moreover, Strongbow might also sponsor varied fashion events and cricket matches in order to enhance the consciousness of the citizens. It might further help in enhancing the allegiance resulting in amplification of the efficiency of Strongbow in the market of Australia. In addition, Strongbow might introduce ‘Caffeine Light Dry Cider’ in bottles, tin cans and stainless steel casks or kegs in order to attract more customers from the young generation. This might help Strongbow to augment its effectiveness and steadiness among other leading players of the similar sector. Moreover, it might also facilitate Strongbow to augment its total sales and revenue, which is extremely essential to retain its value in this aggressive era. Action plan Action How Sensible Measurable Achievable Realistic Timed 1)New product (Caffeine Light Dry Cider) for female segment According to the marketing research It would improve customer dependency It can be measured by evaluating the total sales of Strongbow With the help of management of Strongbow Reasonable cost Within 2 months 2) Competitive based pricing for Caffeine Light Dry Cider Based on the marketing research outcomes Efficiency of Strongbow By measuring the profitability ratio With the help of management of Strongbow Reasonable cost Within 2 months 3)Availability of Caffeine Light Dry Cider in retail outlets of Australian market In order to attract female customers Brand image augmentation of Strongbow By evaluating the demand of Caffeine Light Dry Cider With management of Strongbow Reasonable cost Within 2 months 4)Promotion through: newspaper, magazines, internets, sponsorships Increase customer ranges and demands Product and brand awareness By evaluating the dominance of Strongbow With the help of management of Strongbow Reasonable cost Within 3 months Bibliography Burgers on Main, 2012. “Draught Bee”. “Beer Bottles”. http://www.milanos.ca/Milanos_Lun.pdf Fosters Group, No Date. “Brands”. “News”. http://www.fostersgroup.com/ Scribd, No Date. “Beer Industry”. “Positioning”. http://www.scribd.com/doc/7320993/BEER-MARKET- Scribd, No Date. “Red-Stripe-Beer-Global-Marketing”. “Market Plan”. http://www.scribd.com/Yannick_Harvey_9286/d/80404914-Red-Stripe-Beer-Global-Marketing-Plan Scribd, No Date. “Marketing-Plan-For-Beer-Company”. “Industry Overview”. http://www.scribd.com/doc/24974844/Marketing-Plan-for-Beer-Company-in-China Scribd, No Date. “Beverage Industry”. “Overview”. http://www.scribd.com/doc/36964993/Indian-Beverage-Industry-Report Scribd, No Date. “Beer Industry”. “Advertising”. http://burgersonmain.com/beverage.htm Scribd, No Date. “Beer Industry”. “Marketing Plan”. http://www.scribd.com/doc/40215059/Marketing-Plan-of-Pepsi-Beer-FINAL Read More