Atlantic Quench Cranberries Ltd - Essay Example

Atlantic Quench Cranberries. Ltd. Table of Contents Introduction 4 2. Current Market Situation 4 2 Internal Analysis 4 2 1. Market 4 2.1.2. Product Review 5 2.1.3. Competition Review 6 2.1.4. Distribution Review 7 2.2 Macro-Environment Analysis: Porter’s five forces 8 3. SWOT analysis 10 4. Objectives & Issues 12 4.1. Objectives 12 4.2. Issues 13 5. Marketing Strategy 14 5.1. Positioning 14 5.2. Product Strategy 14 5.3. Pricing Strategy 15 5.4. Distribution Strategy 16 5.5. Marketing Communication 16 5.6. Market Research 17 6. Marketing Implementation 17 7. Budgeting 18 8. Control 19 9. Conclusion 19 Reference List 20 Bibliography 23 1. Introduction Atlantic Quench Cranberries Inc or AQC, based in United States, is best known for its fruit juices and dried cranberries. It operates as an agricultural cooperative formed by several farming associations. Currently the company is owned cooperatively by 630 cranberry farmers and 46 grapefruit farmers and is the leading packaged juice producer in North America. AQC offers a range of fruit juice products, like Cranberry Original juice, Juice max, Cranberry mixed juice, single serve drinks like “grab-n-go”, etc. The company also offers dried cranberries under the popular brand name “Crantanas”. The global beverage industry is dominated mostly by the fruit juice products. The soft drinks industry includes aerated drinks, carbonates, fruit juices, tea, coffee, etc. The industry is growing at a rate of more than 4 percent annually (Marketline, 2014). The growing health concerns of the consumers have lead to increased popularity of healthy fruit juices. However, the choice of fruit is market dependent, as different market has different taste preferences (marketsandmarkets, 2014). This study is based on the marketing strategies and upcoming marketing plans of Atlantic Quench Cranberries Inc. It also includes the analysis of the competitive forces present in the industry by using porter’s five forces analysis, and the SWOT analysis of the company. 2. Current Market Situation 2.1. Internal Analysis 2.1.1. Market description In 2013, the global soft drinks market made revenue of $ 624,363.5 million, which represents a growth by 4.2 percent from 2009 and 2013. The Asia-pacific market grew by 6.9 percent ($169,360.7 million) whereas the European market saw relatively less growth of 2.4 percent ($188,413.7 million). In 2013, the market consumption also increased by 3.9 percent to 571.9 billion litres (Marketline, 2014). The carbonated soft drinks (CSD) industry has declined severely in U.S as the consumers are gradually giving up consuming CSDs to curb the growing epidemic of obesity across the nation. Studies have shown that the added sugar in the CSDs is responsible for the obesity among the consumers (Marketline, 2014; Wang, Bleich and Gortmaker, 2008). As a result, the consumers are switching to consumption of fruit juice drinks, as is considered as a healthier beverage which does not contain any added sugar (CBI, 2011). This change in consumption pattern has increased the sale of packaged fruit juice products. In U.K, from 2008 to 2013 the fruit juice industry has grown by 10 percent to £4.8 billion (Marketline, 2014). The fluctuation of price of raw fruits has declined the manufacturer’s profitability and has often been reflected in the product prices. The cost inflation has impacted the new product development of the industry, but the increase in confidence of consumers and hike in household expenses has boosted up the sales. It has been forecasted by Marketline (2014) that the valuation of the global soft drinks industry with rise to $785.3 billion by 2018. Based on the estimated high demand of fruit juice industry, AQC has planned to increase its production in the coming years, with further plans to expand its business in other foreign countries. 2.1.2. Product Review Atlantic Quench Cranberries has a range of product and most of them are produced from cranberries. The company has a range of cranberry products, starting from cranberry juices to cranberry sauce and dried cranberries. The product portfolio is dominated by the Cranberry Classic range, which uses cranberry as the primary flavour in the juices, juice drinks and concentrated cordials. The Cranberry Classic range was introduced in 2002, in the form of a 250 ml can, which was targeted at the impulsive customers at the convenience store. In 2003, the company increased their product line by introducing low calorie fruit drinks of different variants made from blackcurrant and cranberries, raspberry and cranberry, and mango and cranberry. The unique selling proposition (USP) of AQC is mostly focused on new product development. In order to target impulse buyers the company has introduced smaller units as a form of juice boxes. The juice boxes are also favoured by the school children, as it acts as a healthy part of their lunch diet. Furthermore, AQC has recycled the husks, which previously were discarded as a by-product, to introduce a completely new product called the “crantanas”. Thus it can be stated that AQC has successfully designed its product line based on the market trend and its innovative product development will further improve its brand image in the near future. 2.1.3. Competition Review The fruit juice market is highly competitive due to presence several juice brands and each of them having a considerably long product line. AQC faces competition from brands like Tropicana, Minute Maid, Izze, J2O, Pomegreat, Innocent, etc. Tropicana from Pepsi is one of the best know fruit juice brands. Pepsi uses it vast distribution channel to push its products to supermarkets and convenience stores. Tropicana positioned itself as an overall healthy product with is a vital part of everyday diet; however Innocent positioned itself as children’s fruit drinks. Several retail giants like Tesco and Morrison’s also launched their own-brand fruit juice products. The companies have realized that entry in to the juice market can be lucrative owing to the rise of health consciousness among consumers. Figure 1: Market Share of Leading Soft Drinks Companies Based on Volume (%) Source: (Marketline, 2014) 2.1.4. Distribution Review Distribution of soft drinks is carried on by several distribution channels. The finished products are moved from the bottling or packing plants to the distributors. Several companies use third party distribution agencies, whereas others have their own in certain regions. Almost half of the total manufactured product is sent to supermarkets as well as general merchandisers, 12 percent goes to convenience stores, and 20 percent goes to restaurants and food service providers (bevindustry, 2012). Atlantic Quench Cranberries has made a strategic alliance with Coca-Cola, to leverage its bottling plants and distribution channel. The company used the wide range of distribution channels of Coca Cola to distribute its cranberry juice products across U.S and Canadian Markets. The company also uses Coca Cola’s advanced bottling plants to manufacture its products at a lower price and at a faster production rates. AQC has also signed a strategic alliance with the super markets like Tesco, Asda and Wal-Mart to push its products through the supermarket aisles. Figure 2: The major distribution channels of soft drink industry. Source: (William and Goldsworthy, 2011) 2.2 Macro-Environment Analysis: Porter’s five forces The porter’s five forces give an idea of all the competitive forces faced by an organization while carrying on its business activities (Porter, 1998). 2.2.1. Buyers’ Power: The fruit juice industry is filled with competitors with standardized products lines offered at a comparative prices. Popular brands like Tropicana, Yingli, Minute Maid, Real, etc. have saturated the fruit juice industry. As a result the customers have a lot of options to choose from, which are in a close price range (Bevindustry, 2012). This reduces their switching cost for shifting from one brand to the other. However, for AQC specializes in the cranberry fruit flavour only; this has given the company a competitive edge over its competitors. Thus, the buyers are left with very little option, when they want to purchase a cranberry juice drink. Moreover, owing to the strong brand preference of AQC in the cranberry juice segment, it enjoys a higher position in the competitive market. Thus is can be stated that the overall buyers’ power is moderate. 2.2.2. Supplier’s Power: The price of the fruit products keep on fluctuating. In 2000, the over-production of the cranberries resulted in the fall of its market prices (Lanschützer, 2013). The fluctuation of prices often reduces the profitability of the suppliers, because there are no substitutes for raw materials. Moreover, the industry is filled with a lot of suppliers, thus a fruit juice company can easily between them, if their interest are not met. Since, the production of raw materials are climate dependent, so the companies can switch to suppliers from a different country which favours better production. The bottler or the packaging plants often enjoy higher bargaining power owing to the rising demand of eco-friendly packaging materials. However, AQC has its own farms overseen by almost 700 farmers, so they are less dependent of supply of raw materials. Thus, the overall bargaining power of the suppliers is moderate (William and Goldsworthy, 2011; Wagner and Svensson, 2010 ). 2.2.3. Threat of new entrants: The global soft drinks industry is dominated by major players like Pepsico, Tingyi and Coca-Cola. Together they control 39 percent of the global sales volume (William and Goldsworthy, 2011). They benefit highly from the strong brand preference, economies of scale and a wide range of product portfolio. Any new entrant will face scepticism from the consumers. Moreover establishing a distribution channel and business partnership with bottling plants will also require a huge capital investment, which may not be feasible for a start-up company. Thus the threat of new entrant is low in this industry (Marketline, 2014). 2.2.4. Threat of Substitutes: The substitute of fruit drink products are homemade fruit juices, however the rapid growth of busy life style of the consumers are compelling them to buy ready to serve fruit drink. Moreover, fruit drinks are available more in general stores because of their high shelf life than fruits. Thus the overall threat of substitutes is low (Marketline, 2014). 2.2.5. Rivalry among firms: All of the existing players in the industry are offering standardized products. The companies differentiate themselves by brand positioning and by introducing new flavours by mixing existing ones. Most companies use aggressive marketing communication to create brand recall among the customers by. Since, the fixed cost for manufacturing fruit juice products is almost same in case of all the companies, so the market price of the rival companies is within comparable range (Marketline, 2014). The growing demands of fruit juice products due to the rise of health concerns among consumers are making the companies think of new ways to push their product over that of its competitors. Thus it can be stated that the rivalry among firms is high (Sicher, 2012). 3. SWOT analysis SWOT analysis is used to help an organization assess its current position in the market with respect to its competitors. 3.1 Strengths AQC has been operating in the fruit juice drinks business for a long time and moreover it works as a cooperative organization, so over the years it has established its brand name and has made several distribution channels and business collaborations. The high brand reputation allows the company to gain customer loyalty and brand preference. The company also takes advantage Coca Cola’s technologically advanced bottling plants and wide range of distribution channel to operate in USA and Canada. In U.K AQC has undergone business collaboration with Gerber, which is one of the biggest distributor is the country. As a result the company gained access to a vast distribution network. AQC’s business deal with Gerber allows them to use their manufacturing plants as well, which has led to efficient production and reduction in operating costs. The company’s investment in research and development enables it to develop new product line and innovative market strategies. 3.2 Weakness AQC has only focused in cranberry products, while ignoring almost all of the other fruits as their primary flavour. This makes the company vulnerable in the highly competitive market where brands like Tropicana offers multiple products made from different fruits or vegetables. Although the company has collaborated with Coca Cola, but Coca Cola’s own brand Minute Maid may lead to cannibalization of AQC branded products. 3.3 Opportunities Cranberries are considered as one of the “super-fruits”, i.e. the ones containing higher nutritional value than other fruits. The growing health concerns among the consumers will lead to high preference of Cranberry juice products, which in turn will further increase the company’s sale. AQC also has huge opportunities in expanding their business overseas to other countries by making business collaborations with reputed local companies, just like it did with Coca Cola and Gerber. The high financial strength will allow AQC to introduce other fruit products, like pomegranate, oranges, etc. The company also has prospects in the ‘smoothies’ market, which is relatively untapped (Lanschützer, 2013). 3.4 Threat The company suffers massive threats from competitors and distribution channel partners. Well known brands like Tropicana, Izze, J2O, Pomegreat act as several other options to the customers. The fluctuation of market prices of raw fruit often hampers the profitability of the company. Being too much dependent on third part distribution channel may eventually take the freedom of business operations and strategic planning. 4. Objectives & Issues 4.1. Objectives Figure 1: Market value forecast of Global Soft Drinks industry Source: (Marketline) According to the reports of Marketline (2011) and Lanschützer (2013) the overall soft drinks and fruit juice sector is growing every year, and is likely to follow this trend in the near future. The consumers are looking for more and more natural diet and AQC is seeking new ways to fulfil their needs. Based on the market trend, AQC’s primary objective is to produce more units of their products in order to meet the growing demands of the consumers. The company will eventually launch more products with low calories to target the growing health conscious consumer segment. In the next year, AQC is aiming to sell 20,500 units of their products. 4.2. Issues According to Mintel (2013), the growing concerns among customers regarding the sugar content of the fruit juices are increasing at an alarming rate. Almost 34 percent of the consumers claim that they find the sugar content to be high (Mintel, 2013). The company will launch a new product line with very low sugar content and will mention “Low Sugar” on the packaging. The production of fruits is dependent on the climatic conditions which cannot be altered and eventually affects the production volume. Lack of primary flavour variety often bores customers with only one type of flavours, so in the near future; the company will diversify its core flavour in order to tap in to wider customer base. 5. Marketing Strategy 5.1. Positioning The cranberry juice products of AQC are positioned as niche product for the health conscious consumers. This is because the cranberry products are limited in the market and AQC is the only well known company to manufacture them. Moreover, the cranberries are considered as highly nutritious, being full of nutrients and anti-oxidants. Being the sole manufacturer it enjoys a dominating position in the cranberry juice products. The company in the next year will re- position its brand using a “health conscious” image, which will keep the consumers fit and active in their busy life. The company will highlight its products’ nutritional value and appeal to the consumers particularly health conscious. Furthermore the company will position its products to the new generation as a healthy and virtually with no sugar content by introducing a “diet” version of their products, like “Diet Cranberry Quench” with only five calories. 5.2. Product Strategy The Ansoff matrix is a tool for planning the marketing strategy based on the products and market conditions. Figure 2: Ansoff Matrix Source: (Kotler, 2008) The product line of AQC is mostly made from cranberries and some other fruits, which makes cranberry the signature favour of the company. The company although invests in new product development but it is limited in the fruit products sector only. AQC operates in several countries like USA, Canada and U.K. The company uses Ansoff’s matrix to determine its market strategy, and it has decided to enter in to a new market with its existing product line. This suggests that the company is planning to shift from Market penetration to market development, by introducing its products to Mexico. 5.3. Pricing Strategy The pricing strategy is in line with the affordability of the customers. In the following year the company will keep its pricing stable for most of its products, however it will increase the average price of its premium products to compensate with the demand pull inflation. This is because the studies of Lanschutzer (2013) have shown that the average price of the raw materials will remain stable. Moreover, keeping the prices same will result in increase of consumers’ preference. The new product line targeted at the children will be priced in a competitive manner with Innocent, who also offers juice products for children. As the prices of most of its products have been planned to keep stable in order to stay ahead in the price war, the company needs to ensure that the quality of the products remains the same. 5.4. Distribution Strategy Currently AQC uses its own distribution channel as well as third party distribution channels. In the north American countries like USA and Canada, the company uses the distribution channel of Coca Cola, which is one of the biggest distribution networks in that region. The company has also collaborated with Gerber, which is the U.K’s largest supplier and uses its wide range distribution channel to market its product in the country. In the following year, in order to expand its customer base, the company will extend its distribution in Mexico by signing a new deal with Coca Cola. The existing relationship with coca cola will help AQC to form new distribution channel in Mexico. As a result it will increase its customer base and develop its brand image in a new geographic location (Duncan and Moriarty, 2007; ). 5.5. Marketing Communication The marketing communications are designed keeping in mind the culture of the target customers, so that they can relate to the communication easily (Gabriel, Kottasz, and Bennett, 2010; Duncan and Everett, 2008). In USA, the company has launched advertisements based on the country’s old heritage of cranberry consumption, which is added with humour as well as health benefits. In 2015, ACQ will launch a new line of products for children. Its television commercial will particularly target the parents of the children who are the primary purchase decision maker. The commercial will focus on how the new product line will replenish the nutrition deficiency among children. In order to push its premium products and justify its price increase the company will change its advertisements (Gabriel, Kottasz and Bennett, 2010). The premium products will be advertised by focusing on its medicinal value, and how it will increase the immunity of the consumers and will eventually help building a healthy body free from diseases. (Bagwell, 2007). 5.6. Market Research Market research is a vital part among all the marketing strategies. It gives the company a detailed description of the current market scenario and also it measures the effectiveness of the promotional campaigns. AQC has planned to penetrate in to the Mexican fruit juice market. In order to do so, the company needs to study the market thoroughly. The company has planned to hire IMRB, who are best known for its market research activities, to perform a market survey in Mexico. The survey result will include a clear idea about the social and environmental structure of the country. The research will also help the company to measure the existing level of health concerns among the Mexican population. The company will hire Milward Brown to measure the effectiveness and exposure level of its new advertisements. This will help AQC to design its future advertisements and promotional activities in an efficient manner. 6. Marketing Implementation In order to ensure its sustainability and growth in the market AQC needs to make sure that all of its marketing strategies are implemented as planned. The company will segregate the customer base, based on the research data, so that the different categories of products can be targeted at the right set of customers. The company will form a budget which will give a gross idea of the upcoming expenses and sales figures, based on which finance department will allocate its expenses on its research and promotional activities. Moreover, in the following year the managers will sign a new business deal with Coca Cola to enter in to the Mexican Market. As per assumptions and market trends, this deal with cost around $ 2 million. 7. Budgeting All figures in USD.  Particulars 2015 Expected Demand 22,000 Unit Expected Sales Quantity 20,500 Unit Price (average) $3 per Unit Revenue ($) 61500 Manufacturing Cost ($) 45000 Research and Development ($) 2810 Salaries ($) 10000 Total Cost ($) 57810 Net Profit (%) 6 Total Profit ($) 6690 8. Control The company has planned to implement certain cost control strategies in order to avoid revenue leakage and improve profitability. It will also create a proper feedback mechanism to monitor if the achievements are in line with the planning. In the next year AQC will install the latest ERP software in all of its operation sites to make an accurate measurement of the company’s progress. The constant monitoring will help the company to assess the company’s progress in measurable terms and make amends where necessary. The juice industry’s revenue generation is often fluctuating due to market changes and climatic conditions, so the company must create contingency plans and keep buffer stock to avoid shortage of supply. In the upcoming years the company will also make certain changes in its manufacturing process, by installing new machinery which will reduce the manufacturing cost in the long run. 9. Conclusion The company expects that the proper implementation of its marketing strategies will eventually increase its revenue and profitability. The penetration in the Mexican market will not only hike the company’s overall revenue but also it will increase the brand awareness in the international market. Launching a new product line for children will increase the company’s product portfolio and will also contribute to the revenue. The new advertisements of its premium products will likely to boost up their sales and the introduction of the low sugar content products will gain popularity among the extremely health conscious consumers. Thus, it can be stated that all the marketing strategies and future planning will eventually turn in company’s favour and will result in its sustainability and growth in the competitive market. Reference List Atilgan, E., Aksoy, S. and Akinci, S., 2005. Determinants of the brand equity: a verification approach in the beverage industry in Turkey. Marketing intelligence & planning, 23(3), pp.237-248. Bagwell, K. 2007. The Economic Analysis of Advertising. Handbook of Industrial Organization, Elsevier, Melbourne. Bevindustry, 2012. State of the Industry: Juice & Juice Drinks. [online] Available at: [Accessed 9 November 2014] CBI. 2011. Trends and Segments for Fruit juices. 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