The World of Marketing Worksheet - Essay Example

Company Goes Here Marketing Plan MKG1200: Marketing Goes Here Part The World of Marketing Worksheet 3 Mission ment 3 Objectives 4 SWOT Analysis 5 External Environment (Opportunities/Threats) 7 Economic: 7 Legislative: 7 Social trends: 8 Political: 8 Competitive 8 Ethics 8 Part 2 Analyzing Marketing Opportunities Worksheet 11 Target Market Segment 11 Product Positioning 15 Marketing Research 15 Part 3 Product Decisions Worksheet 17 Product Issues 17 Brand 17 Packaging Issues 17 Product Life Cycle Issues 18 Service Quality Issues 18 Part 4 Distribution Decisions Worksheet 19 Method 19 Distribution Facilities 19 Web Site Strategies 20 Part 5 Promotion Decisions Worksheet 22 Objectives 22 Public Relations Activities 26 Sales Promotion Tools 27 Part 6 Pricing Decisions Worksheet 28 Strategy 28 Price Comparison 28 Implementation 30 Part 1 The World of Marketing Worksheet Company Description: Write a short summary that describes your company. Describe the products that the company sells, and the overall marketing strategy. My company is called the Hungdown Ultimate Drink Bottlers Limited. It majorly specializes in the production and distribution of a drink consumed by a majority of the population to help them out of their hangovers. The company is still new in the market, being one of its kind. It works in collaboration with the Health Department since the effects of consumption of the drink have a curative effect. The existing remedies that cure hangovers include rehydration, non-steroidal drugs that are anti-inflammatory, tolfenamic acid and opuntia ficus-indica. The company has therefore come up with a sweet beverage that can be purchased from any liquor outlets, chemists or super markets. It comprises of a careful mix or composition of all the ingredients that help cure hangovers. The company has its headquarters located in the United States of America. The management comprises of five individuals with employees being fifteen in number. Mission Statement Write your business mission: What are the basic activities of the company that serve customers, employees, and society? Our mission is to give our customers a sensational feeling that connects fun to the real world without jeopardizing any other operations. Since our existence, we have cherished and valued the sober state of individuals as being the most productive state and we seek to maintain that feeling and effect even after wild parties in the most convenient and enjoyable way. Objectives List objectives of your business marketing plan: Objective Completion date 1. To create liquid content The idea is to generate interesting content easily spread on the canvas because of their interest. The consumer must obviously be the main actor of this content in which it participates since it is a new product 12 June, 2015 2. To ensure the content is linked Second, it is to create content only interesting but also related to business objective. It must also be consistent with the brand image and value of Hang Down Ultimate Drink. Finally, it must meet the expectations of consumers of the beverage. 1, July, 2015 3. To create conversations As we have already noted above, social networks are the ideal place to foster dialogue with consumers. This not helps to enhance the words of the consumers but also to collect valuable information about expectations, desires, disappointments consumer. Generate conversations is also the perfect way to “humanize” the brand and its values 12 December, 2015 SWOT Analysis Identify strengths of your business and product: Loyalty of the customers Corporate social responsibility The constituent bargaining power over their suppliers is high Strong advertising and marketing strategies Has potential to dominate the beverage industry market share The greatest and most extensive channel for distribution of beverage Identify weaknesses of your business and product: It suffers from negative publicity since it has been viewed to be more inclined to the alcohol sector with some calling the company a remedy to drunkards. Their product portfolio is undiversified The company is highly indebted due to startup processes based on loans The beverage has contains various effects on teeth when it gets into contact with stains of an alcoholic drink, which is an issue that directly touches on health care. without The product has not been clearly distinguished in the market, as a curative drink hence unaware people tend to consume it without being in their drunk state hence generating effects of drug abuse. The product and the business only target one particular type of people in the market, making it a risky business affair that can be easily faced out. External Environment (Opportunities/Threats) Opportunities There has been a growth in the consumption of alcohol and other liquor that have an excess effect of hangover The demand for health beverages is on the increase The company is expanding through various acquisitions. The emerging markets are experiencing an increase in the consumption of various bottled beverages Threats There is speculation of a global shortage of water The value of the dollar fluctuates greatly The fear of being rejected due to suspicious side effects which may not be as a result of the beverage The market has been flooded with alternative medicines that are cheaper. Demographic: Economic: The economic situation of the world depends on the American dollar and how it trades in the market determines the revenue rates that the company receives. Moreover, the existence of an economically sound environment boosts and promotes trade in various parts where the company has set various outlets. Legislative: The law has a high influence over the operation of the company. It is responsible for ensuring that a healthy competitive business environment exists and regulates the market share and the types of products to enable every company to exist. The legislature also comes up with various standards that respective products must meet. Social trends: Social trends through various platforms or instance Facebook and other online interactive sites have promoted the sensitivity of the product leading to global acceptance. Political: The political environment is responsible for the setting of various rules and ensuring that various sectors grow and generate profits. The optical ‘environment is responsible for even conducting product marketing in international countries hence promoting the consumption and use of the health beverage globally.. Competitive Competition is stiff with industries producing supplementary products such as tablets. Competition is important in this field to ensure that all the companies come up with various competitive strategies to outdo each other in the market. Ethics The company faced a major ethical issue that saw a reduction in the sales and a possible loss of its market position to its competitors. The twist made it clear that, products, which directly affected the health of citizens ought to undergo screening efficiently and effectively to win the trust of the consumers. Describe how you will utilize social responsibility in your product offering. Hungdown Ultimate has experienced a lot of success due to its various marketing strategies that incorporate the society to reach its intended audiences. It is realized that the use of social media in marketing is one of the most effective channel of persuading a diverse population of audiences. Through the analysis of the various strategies utilized, one is able to take into account that Hungdown Ultimate has gained a considerable number of fans on Facebook, taking into account that SNS has increased the popularity of the brand. Describe any ethical problems your firm faces: The firm faces ethical dilemmas that tend to arise from the competitive nature of industries in the health sector, which produce supplementary and complementary products. There are various attempts by the company to use unfair ways in order to continue dominating the market. Identify key competitors in your industry: Pyritinol which is a health care drug produced by Glaxo Smith Kline company Aspirin How can you use the Internet to beat your competition? Through the analysis of the various strategies utilized, one is able to take into account that Hungdown Ultimate has more than 200000 fans on Facebook, taking into account that SNS has increased the popularity of the brand. Other modes of advertising like Yahoo, Google, and MSN have proven to be much more effective in global advertising than newspapers. SNSs are important in the company’s marketing strategy, when they also see the Hungdown Ultimate’s different channels complementing each. From their complacency, one concludes that companies pay attention to their online communication and the importance of new media nowadays, when online communication changed the companies’ approach to marketing by involving customers/fans into their online campaigns. Identify ways to use global marketing for your offering: Hungdown Ultimate Bottlers Company has been able to bring together people across various diverse and dynamic lifestyles and backgrounds as a way of ensuring the consumers have the concept that the product can help them ease their burden and guarantee that everyone is at a sober state on a busy working day like Monday. Part 2 Analyzing Marketing Opportunities Worksheet Target Market Segment Describe target market: Describe your target market as completely as possible, what does the typical buyer “look like”? Common segmentation uses gender, age, social class, ethnicity, and family life cycle. Hungdown Ultimate Bottlers segregates its customer base to include people who have suffered from effects of excess consumption of alcohol and have trouble in the co-ordination of their body movements. The product does not target all the age groups since those under the age of 18 years have no permission to consume any alcoholic product by the state laws. Its main customer base is therefore limited o persons above the age of 18 years with a particular emphasis on people between the ages of 18-27. This population type is considered as one that heavily consumes alcohol AGE: Hungdown Ultimate Bottlers’ target market is highly dependent on the age of the person who has consumed the alcoholic beverage in an excess amount. However, its target market is broad ranging from the predominant age of between 18 and 30 years that comprises of youth who excessively consume alcohol and captures a target market comprising of a population, which is above the age of 30 years. GENDER: The product does not discriminate gender apart from the regions where the feminine group is under prohibition against the consumption of alcohol such as the Islamic states. Previous results show that the product consumption is by both genders. LIFESTYLE: The product is open to people across various social status and classes. The pricing strategy of the product made it possible for the product to be readily affordable and available to any person since its price is lower than that of a standard beer FAMILY The consumption of the product is dependent on the traditions upheld by different families. OCCUPATION: People from different occupations may be subject to excess alcohol drinking based on various factors. The drink does not segregate its customer base based on occupation but caters for the individuals on an equal platform. SOCIO ECONOMIC STATUS: The beverage takes into consideration people across various social classes from lower class to the upper-upper class. Estimated size of target market: The estimated size of the target market will be dependent on various factors such as the location and the age of the individuals who are going to consume the beverage. The company targets stores and populations located in the urban areas where they are accessible to various social amenities such as clubs and bars. An estimate exists to the fact that every urban setting such as a town or a city comprises of 30% of pubs and clubs as an enterprise business. Therefore, it seeks to dominate the urban areas more. Moreover, majority of the people in the urban areas see the urgency of the drink to make them ready for work the following day. It also estimates an overall population of 46% of the people who may have a tendency to consume alcohol to an extreme measure with its peak being on weekends. Estimated growth rate of market: The growth rate of the market has been uncertain based on the competition received from other companies that are producing supplementary and complementary products. The company estimates its growth rate of the market to be at 60%. It aims to be the ultimate solution to individuals who consume excess alcohol. Estimated spending power of market: Based on the proper pricing strategies to accommodate individuals across various social and economic classes, the spending power of the market is at an optimum 100% for individuals who are aware of the product and its significance. Describe the Psychographics of your target market: AIO (Activity, Interest, Opinion) The targeted population comprises of a hyperactive audience that is industrious and outgoing. They are the fun loving people who form majority of the population in most urban dwellings and understand the importance of staying at a sober state. ATTITUDE The targeted population is one that is open to new products introduced into the market. They have a feel and taste of anything that is does not worsen their present state and are open to make trials and provide positive and negative feedback to the company VALUES The target market values life ad will go to any point to avoid being in a state that may jeopardize their very own existence. They acknowledge the fact that fun makes life merrier but an excess of it requires regulation to preserve humanity. BEHAVIOR The target is loyal to their habits and patterns of drinking. It therefore becomes important that the product becomes part of their behavior patterns as a regulator or precaution measure. Describe how (if necessary) e marketing the product would differ from traditional marketing. E marketing would greatly differ from traditional marketing based on various factors. E marketing is able to reach out to a larger population than traditional marketing due to the use of technologies such as the internet. E marketing is more cost effective tat traditional marketing since the number of personnel is reduced and also the resources used are minimal for example, vehicles for road shows and seminars are reduced. Product Positioning Thinking about the competition, what strategy will you use to stand out from the competition? One of the strategies that would be adopted is to seek partnership on various forums with the breweries. The adverts run by the breweries should be accompanied by one run by the company that acts as a regulator in the case someone decides to consume excessively. The product should be readily available in pubs, clubs and other social amenities to the customer. Massive education and awareness programs should be conducted to sensitize the public on the product. How does your product compare to your competitors? Good/Service Comparison Your Product Competitor 1 Competitor 2 Price $1.5usd $1usd $1.6 Quality Beverage (high) Tablets (high) Tablets (high) Feature/Benefit 1 Most preferred form Feature/Benefit 2 It can be flavored to suit various target audiences Marketing Research What kind of marketing research will you do? Which methods of research will you conduct? The marketing research that will be adopted will be descriptive focusing on the competitive edge of other products in the market. The research will adopt primary and secondary means of data collection. It will also use various tools such as interviews, sample surveys and questionnaires to get feedback and responses. List research questions which need answers: 1. Do you find the product beneficial? 2. What form of product would you say is majorly consumed in the market? 3. Is price of Hungdown cheap or expensive? 4. Where is Hungdown drink found mostly? Part 3 Product Decisions Worksheet Product Issues Completely describe your product; is it a consumer or business product? A good or service? The product is a good since it comes in plastic bottles as a beverage and it is meant for the consumer Brand What is the product’s brand name? Does the brand name distinguish it from the competition? Does your brand name communicate the proper brand image? The Product’s brand name is Hungdown since it is meant to relieve the hung over effects experienced by someone who has excessively abused drugs and in this case alcohol in particular. Company URL: Not available at the moment since the company is a start-up business Packaging Issues Is product packaged? If so, describe the package: The product is packages in form of dozen crates. It comes in plastic bottles How will packaging match other communication tools? Plastic bottles are easy to handle and cannot cause any damage to anyone who is drunk and cannot co-ordinate his movements Product Life Cycle Issues Your product is in what stage of the product life cycle? How will this affect how the product is marketed? The product is at its introduction stage hence various methods have to be used such as direct advertising, direct selling and indirect selling to make the target market aware of the product. Service Quality Issues How will you incorporate service qualities (reliability, responsiveness, assurance, empathy, and tangibles into your offering? Through the conduction of seminars and health education and providing links to show support from the government and other health organizations, the product will gain grounds as a certified product for consumption with health benefits Part 4 Distribution Decisions Worksheet Method Briefly describe the preferred distribution method for your product. Will you use a direct approach, or will distribution go through intermediaries? Since the beverage has an impact on the human health as a health product, the company will prefer to do direct approaches to the distribution process. Distribution Facilities Will you distribute your product through a retail location? If yes, what types of retail locations will you use? Retail locations will have to be adopted in order to penetrate to various areas in the country to ensure product availability and reachability. The retail locations that will be used will be the beer depots through signing of a memorandum of agreement with the various breweries. Describe your retailing mix, if it applies: Product (Merchandise) Branding: The product would be given a name that easily associates it with its principle function for instance Hungdown Packaging: a consumer at any behavioral level would package the product in plastic bottles to guarantee safety of use. Price Costs: The product will have the same price range or cheaper than the alcoholic beverage. It will also be of the same price range with its competitor products but with added flavors Place Target Market: The product will be sold in places that are close to or in social amenity joints Chanel Structure: It will be distributed by the health facilities and beer depot centers. Promotion Advertising: The advertisements will be run concurrently with the alcohol adverts People Customer-staff interaction: People will be educated on the product and efficient dosages given to people on various levels of the mental and psychological health. Web Site Strategies If you have a retail outlet, describe how you will create the atmosphere of a brick-and-mortar store on-line: In as much as technology has made it possible for the occurrence of online shopping, in-store shopping has far superseded the online shopping with shoppers spending at an average of six times more than the online shopper does. However, I would create a perfect atmosphere by increasing the product types and introducing a cart system that simulates the wholesale store to guarantee maximum customer spending. Part 5 Promotion Decisions Worksheet Objectives What are your promotional objectives? 1. Build awareness Since the product, Hungdown, is unknown to the market, it becomes important that brand sensitization take place so that the consumer market may associate themselves with the identity of the product. The main principle sub objectives in the specified category would be to reach out to a majority of the consumers and make the benefits of the drinks and the offer that comes along with it visible and clear. 2. Create Interest Apart from making the customer aware of the existence of the product, the customer is supposed to choose it as the number one Hungdown remedy as opposed to the other complementary forms of products that that exist. The specified objective broadens its scope to cater for individuals in spite of their age, gender, fears and emotions. 3. Provide Information Product insights will be given at this particular stage where the customer will judge whether it is a medicinal beverage or not. The customers will also be at liberty to examine the contents of the beverage to determine whether their body mechanisms will be able to overcome any form of allergies. This particular stage is crucial since it will be a way in which the company will be transparent about its operations and the processes involved in the manufacturing of the health boosting drink. 4. Stimulate Demand The promotion aims at making majority of the customers resort to the product as a means of curing the hangover effects that they may experience because of abusing drugs and substances. Customers who may be affiliated t the alternative products will be attracted to purchasing the new product that has been introduced into the market. 5. Reinforce the brand After the brand has been built, it therefore becomes essential that loyal customers who will ensure- market share and guarantee that it maintains its dominance in the customer market index accompany it. Email addresses will obtained from the consumers and a feedback mechanism will be developed. List media you will use for promotions: A huge impact is left on the customer based on the advertising mediums used in the product promotion process. The media adopted will comprise of Television (list stations) Radio (list stations) News-papers Magazines Outdoor (list cities) Internet (list sites) Briefly describe how you will use each form of media to send your promotional message. Television (list stations): Through the televisions, many TV commercials will be developed and showed to the public at different intervals of time. Emphasis will be laid to capture people from different backgrounds and lifestyles. The television commercial will try to connect with the population. Some of the most popular TV stations that have been known to be influential when it comes to the running of commercials are CNN and BBC. These television stations are viewed worldwide hence it becomes easier to spread the products through these means. Radio (list stations) Just like the television commercials, the radio commercials exist in a similar fashion except that they do not have the visual aspect that would enable the consumer to have a graphical impression of what is being talked about. However, proper description of the functionality pf the product can go along way in sensitizing the brand to the people who have access to the radio facility. An example of a global radio station is the BBC radio, which covers a larger location or region thereby assuring of broader customer sensitization. Newspapers This refers to the direct use of print media, which can also be a vital tool or component in the marketing of Hungdown. Newspapers such as the Washington Post and the Daily Post all have sections, which are specifically meant for adverts. Through the utilization of these allocated spots in the newspaper, the brand can be made known to the public. Magazines Magazines are specific to a company. The company in various forums such as the annual general meetings or different expos, which the company may take part, mostly produces them. The magazines offer more insights into the product hence the readers, who may take the form of consumers, might become aware of the product Outdoor (list cities) The company may also resort outdoor promotion strategies, which involve movement from one city to another in trucks, pickups and other cars with the aim of promoting the product and indulging the customers in various activities and games. The cities may include Las Vegas, California, Brooklyn and New York Internet (list sites) The internet is a medium through which companies are able to reach out to the world through platforms like eBay and Amazon. The company can develop a site that mainly focusses on the Hungdown drink and hire affiliate marketers to make the sensitization global. Public Relations Activities List public relations activities: Advertising Corporate Philanthropy Corporate Sponsorship Development External Communications Internal Communications Public Relations Research Publicity Promotions What will be the firm’s bad publicity response strategy? The firm should first prepare for any unforeseen crisis before getting itself involved into one. The company should then address the issue with utmost transparency to prevent the development of additional loopholes. It should also scout for opportunities that might arise from the crisis and make maximum use of them Sales Promotion Tools Briefly describe the sales promotion tools that your firm will use: Free samples: - At the promotion stages, free samples will be given as a product tester with the aim of receiving feedback. Rebates:-It is a better methodology than discount offers since the company is able to keep track and receive information of the potential consumers Part 6 Pricing Decisions Worksheet Strategy Which pricing strategy will your firm use? Explain your reasons for using this strategy: The firm will use Skimming Pricing Strategy. It is important for the firm to know the future prospects of the product and the marginal profits that may be derived. The firm will set a high price on the product then subsequently lower the price to increase its market base. However, it will have scaled and known whether the product will guarantee sustainability of the firm in the market Where is your product in the Product Life Cycle? How will this affect your pricing strategy? The product is at its introduction phrase hence the pricing is a vital element in the acquisition of a boarder market spectrum Price Comparison Compare your price to your competitors. Who is higher? Competitor Price Your Price Pyritinol $1usd $1.5 Aspirin $1.6.6 $1.5 Aspirin is higher because the tablets have other different added medicinal value If serious price differences exist, describe how you will communicate your advantage: The firm would argue based on a low price index stating that it wants to make the health beverage available to all individuals. In case of a high price index, the company can insist that it has added health nutritional benefits Implementation Which personnel will be needed to implement the plan? Do these individuals work for the firm, or will the firm need to hire outside help to accomplish the objectives? Project Manager: Measures the achievements or progress against deliverables stated Departmental heads: Analyze the requirements have been meant which are specifically from the customer feedback reports Project Supervisor: Foresee the implementation process Customers: Customers will approve of the product since they are the final people who consume it Health organization: To ascertain a correct balance of medicinal ratios in the beverage Identify measures you will take to ensure success of your marketing plan: 1. I can put straight the company vision that sees where the current efforts lead 2. Ensuring that the management is committed to the activities of the company 3. Conducting continuous research to identify trends and competitor and market analysis 4. I will prioritize goals 5. I will come up with methodologies of how to attain the goals 6. Having a clear cost and budget scheme Read More