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The time when company started its business, only 20 smoothies were sold and this figure has increased up to 420,479 smoothies’ everyday which is a considerable achievement.
Increasing sales, revenues and consumption of smoothies indicate that the quality of products offered by the company has been remarkable because of which Innocent Drinks is able to achieve a lot. Products offered by the company are made up of natural fruits and the quality management team makes sure that the fruits are fresh so that the quality of the products is maintained.
Product life cycle is defined as the stage of the product as the life of the product increases, it moves from growth stage to maturity stage and then it starts declining (Kotler, 2009). Smoothies are at present during the growth stage of product lifecycle (Innocent). Products offered by Innocent Drinks are also at present in the growth stage and the increasing demand of smoothies represents further growth of the product.
As the products offered by the company are still growing and generating substantial amount of revenues for Innocent Drinks. The market as well as the company is growing at the moment however major portion of the industry has been captured by Innocent Drinks with approximately 71% of the total market share. At a time when the market growth rate would decline, then Innocent Drinks can be considered as cash cow.
Perceptual mapping shows that the products offered by Innocent Drinks are considered as of high quality and at the same time the prices of these products are believed to be relatively higher than the prices of competitors. Although some competitors are offering it at a lower price, but then the quality of products offered by these competitors is a question mark thus Innocent Drink is able to provide quality products at a relatively higher price.
According to Ansoff Matrix the
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in Marketing Planning (LO 1.1) The marketing planning techniques are subjected to modifications and changes subject to alterations in the external environment of the concern. Thus the marketing planning activities are required to follow a proper networking approach to be sustainable for the future.
Low Support from Top It has been widely known that the strategy of any plan is designed with the support from the top management. The lack support from the chief executive officer, managing director as well as board of directors can essentially become a barrier to the implementation of the marketing planning process (Meldrum & McDonald, 2007, p.
Although I had all crucial information about the company to develop marketing tactics, marketing budget and creating implementation and control guidelines yet I went through all the research work done earlier so that crucial inputs could be further taken and included while writing content on marketing tactics.
Marketing audit undergoes three main processes. These are as follows: a) Setting the scope and objective – first, an auditor in collaboration with the company’s officers has to assess the nature of marketing operations and determine the value of the marketing audit.
In marketing planning, there is a deployment of interrelated phases, one after the other that are in line with the accomplishment as well as use of the product in question (Hata, et al., 2000, pp.34-39). This process begins from the point where the raw materials of such a product are acquired for the manufacturing process up to the level where finished goods are output from the system into the market as well as the phase that marks post utilization process.
Therefore, this bank is highly influential and occupies an important position in international financial decision making process. At present, the bank serves approximately 58 million customers through its operations in more than 81 countries in all the continents.
The marketing planning process usually results into marketing strategies which are then used to increase the overall sales of the business. A marketing plan encompasses market specific, product specific and company-wide plans and highlights objectives of these respective areas and simultaneously mentions the plan about how to fulfil and achieve these objectives within a given time frame.
A sound marketing plan is a key component of the success of one’s business that includes market research, location, the customer group to be targeted, competition, positioning, the product or service to be sold, pricing,
Creative and constructive suggestions on how a company can overcome these barriers have been suggested. The third part of the report explains creatively and in detail the need for companies to be innovative in
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