Marketing Plan for Atlantic Quench - Essay Example

Marketing Plan for the next year for Atlantic Quench Executive summary The fruit juice industry across the globe is seen to undergo a trend of sustained growth. This is primarily due to increasing health concerns. The U.K fruit juice sector grew by approximately 10% between the years 2008 to 2013. The market share of the fruit sector is expected to grow to 13% in the coming years. The following report in general deals with the market analysis of Atlantic Quench. The market analysis of the juice market, in terms of the current market share of different categories of fruit juices and their expected future growth trend is analyzed. The main competitors and their product mix are also analyzed. This is followed by an in depth analysis of the company in terms of the 4ps, SWOT, PESTEL of external environment of the company. This is followed by a strategic analysis of the company and designing objectives of the company derived from SWOT. After performing these, future marketing strategy of the company is designed. Contents Contents 3 Chapter 1 Introduction 6 Chapter 2 External analysis 6 2.1 Macro Environment Analysis (PEST Analysis) 6 2.1.1 Political 6 2.1.2 Economic 7 2.1.3 Social 9 2.1.4 Technological 10 2.2 Market analysis 10 2.3 Customer analysis 11 2.4 Competitor analysis 13 Chapter 3: Internal Analysis 14 3.1 Overall performance 14 3.1.1Financial results 14 3.1.2 Operations 14 3.1.3 Sales 15 3.1.4 Strategy 15 3.1.5 Competitive Advantage 15 3.2 Marketing mix 15 3.2.1 Product 15 3.2.2 Price 16 3.2.3 Place 16 3.2.4 Promotion 16 Chapter 4 SWOT analysis 16 4.1 Strengths 16 4.2 Weaknesses 17 4.3 Opportunities 17 4.4 Threats 18 Chapter 5 Objectives 18 5.1 Mission statement 18 5.2 SMART Objectives 18 Marketing strategy 20 6.1 Strategic theories 20 6.1.1 Ansoff Matrix 20 6.1.2 Bowman’s strategy clock 21 6.2 Core target segments (Critical) 21 6.3 Positioning 22 Chapter 7 Marketing programs 22 7.1 Product strategy 22 7.2 Pricing strategy 22 7.3 Place 23 7.4 Promotion 23 7.5 Marketing Communication strategy 24 Chapter 8 Marketing implementation and control 24 7.1 Schedule 24 7.2 Who is responsible 25 7.3 Budget 25 7.4 Control 26 References 27 Chapter 1 Introduction Market analysis and past performance evaluation plays an important role in determining the future strategies of a company. The current paper is an effort towards understanding the market conditions existing in the fruit juice sector in the U.K, the U.S and globally so that suitable marketing strategies can be formulated for Atlantic Quench Cranberry for the coming year. The paper takes into consideration vivid description of the fruit juice industry. Accordingly suitable strategies are laid down which can facilitate the firm to grow in the coming years. The beverage sector is subject to frequent changes and therefore it becomes essential to frequently analyse the trends and accordingly adopt changes. Chapter 2 External analysis 2.1 Macro Environment Analysis (PEST Analysis) PEST analysis is a useful tool for understanding the conditions existing in the external environment. Changes in external environmental conditions such as political, economical, social and technical may either cause organizations to grow or lead to losing their market strength. For such reasons, PEST analysis is a widely used system by organizations across the globe for strategic evaluation. 2.1.1 Political The political framework existing in the nations of U.K and the U.S are quite stable and supportive towards growth. However the governments of both the nations are seen to impose immense tax burdens, especially post the financial crisis times. This has restricted the economic spending of the people in general. Interest rates have also increased on loans provided to organizations. This may impact the growth related activities for Atlantic Quench. The company may be required to depend upon internal profits more for meeting different financial needs related to strategic policy implantation. The minimum wage requirements are set by the governments on the basis of the number of hour’s worker per day by workers. They are set justifiably so that workers can lead a healthy lifestyle. This impacts the overall spending capabilities of consumers, ultimately affecting the revenue earned by companies. The government of both the nations have also issued a number of policies to counter the growing issues relating to health. Companies are required to print nutritional information and other health impacts of their products. Such changes have acted as a provocative factor for making consumers shift towards healthy food and beverages. The political situation of Europe is a very stable one. It follows a democratically elected system of government (Market Line., 2013). The political system of UK is embedded in its deep system of political stability that is given by the democratically elected government. After the world wars the UK has grown considerably over the years followed by a stable political system. For Atlantic quench this is a good sign as it provides a favourable investment climate for the company. 2.1.2 Economic Economic environment of the U.K is currently growth induced. The GDP of the nation is valued at $2.4 trillion. The current inflation rate existing in the economy is approximately 0.5%. Unemployment rates are stable at 7.7%. The nation in general is displaying a slow recovery from the economic crisis. Although many industries are still facing financial crunches, the fruit juice sector in the U.K has remained stable. However, overall trade volumes in the beverage sector of the U.K had declined. Per capita GDP of the UK is high and the investment climate of UK is favourable. However in the recent years the country is suffering from high debt and fiscal deficit. There was negative GDP growth in the year 2009 that would result in the not-purchasing of any this that the consumers did not consider essential (West, Ford and Ibrahim, 2015). UK has also witnessed high rates of unemployment in recent years which means that the consumers will be opting not to buy fruit juices. The GDP condition existing in the U.K can be vividly understood from the following figure. Figure 1: GDP growth rate in the U.K It can be seen from the above figure that the since 2010 the GDP levels have not been low. The impact of recession has mainly induced such a fall. Additionally the overall productivity of the economy had fallen by 7%. Figure 2: Economic trends in UK (Hucker, 2014) The economic growth conditions existing in both the nations of the U.K and the U.S are seen to be slow. The economy is seen to remain risk conscious and investment activities have slowed down considerably. This has impacted the overall growth of the fruit juice sector in both the nations. However conditions are expected to improve as the fiscal environment becomes more growth oriented. 2.1.3 Social UK’s citizens enjoys high standard of living that has been made possible by decades of strong economic growth. This provides a good scope for Atlantic quench and they can push their products that are targeted towards high end customers in UK. The society’s consciousness in respect of health has increased adequately. Consumers are more interested towards procuring information relating to the health impacts of the different types of food and beverages they consume. The increasing inclination towards the consumption of fruit juice has made many soft drinks manufacturers to shift towards or include the production of health oriented drinks. Moreover fruit juice sales are subject to impulse behaviour of the consumers. This leads to greater movement of such products than other confectionery items. Moreover the government support and drive towards healthy drinking and eating habits have further acted as an impetus for increasing the sales of such products (Mowat and Collins, 2000). 2.1.4 Technological The technological environment of the U.K and the U.S are highly favourable for economic growth (Perreault and MaCarthy, 2003). The fruit juice segment is impacted by the technological environment from two view points. Companies utilise advanced technology to reduce the sugar and preservatives content of their beverages as well as enhance the overall productivity of the organization. Additionally technological changes have facilitated companies to communicate with consumers in a more effective manner. Beverage sector firms are seen to take advantage of the water conservation and evaporation techniques which have newly evolved to minimize costs of operations. 2.2 Market analysis The total market for fruit juices, energy drinks and juice drinks in UK was estimated to be about £5.53 billion in 2003. There has been a growth of 2.8% in volume over the past year. A recent trend that has occurred in the UK market is that there has been a growing demand of premium quality products at higher prices for night in parties rather than consuming cheaper versions at dine out. Figure 3 the UK fruit juice sector by value (Source: Hucker, 2014) Figure 1 the UK fruit juice market by volume (Source: Hucker, 2014) The combined value of the three sectors that is fruit juices, energy drinks, and juice drinks is expected to grow at about 18% from 2014 to 2018. The value is expected to grow from £5.63 billion in 2014 to £6.64 billion in 2018. As compared to the other segments in this category however the fruit juice segment is slated to experience less growth due to the heal consciousness of customers. 2.3 Customer analysis Figure 5 Distribution of consumer by cluster (On research, 2012) Young healthy juicers are the segment that is the smallest and are likely to have fruit juices at home. They comprise the youngest segment amongst the customers. They buy because it is healthy, it tastes good and liked by them and their family. They consume weekly. The armchair homeopaths are least likely to work outside home and have a child under 18 at their home. They shop for fruits and vegetables based on test and associate fruits with health benefits as their main reason of purchase. The senior fruit lovers are the oldest and least likely to have a child under 18 at their home. Most of them find that the fruits are appetizing and find that it is not time consuming to purchase fruits. The stingy moms are the customer segments who have high income and most educated. They are most likely to have children under 18 at their home and most likely to work outside. The guilty food junkies are the least educated, of lowest income levels, and likely to be white or Caucasian. They are least likely to have fruit juices at home. 2.4 Competitor analysis Figure 6 Shares in the UK’S off-trade Fruit Juice (Lanschützer, 2013) The analysis of market share on the basis of company shows that Coca-Cola is the clear leader with the largest market share under its command. In terms of advertising however Pepsi has become the leading company in terms of money spent in advertising. Pepsi is the second biggest company in the market after coca cola. The company had a growth of 4% in the year 2012/13. In terms of new product development Tropicana was the leader (Lanschützer, 2013). Chapter 3: Internal Analysis 3.1 Overall performance 3.1.1Financial results The profitability of the company has been good and has improved over the years especially after Berrie became the CEO of the company in 2003. The company has been accepted well in the markets of UK and the sales growth of the company has been good. The revenue from sales of the company was seen to grow at an average rate of 7%. The rise in sales has been contributed by the expansion of the company in UK and good reception of the company in UK. The advertisements by the company have also been received well by the customers and have contributed to the rising sales of the company. There has been also an increase of 26% in the consumption of Crantanas. In 2007 the sales figure was at $ 1.5 billion of which the sale figure of Crantanas accounted for £150 million. The financial results of the company since the last two years have been satisfactory and are indicative of growth. This was evident from the enhancement of their share values by a margin rate of 3.5%. Additionally the liquidity and profitability position of the organization had improved due to the enhancement of sales revenue. The company’s return on capital employed had grown from 3% to approximately 4.5%. 3.1.2 Operations Cooperative based model. Total production makes up the 2/5 of the cranberries produced in the world. Fixed cranberry quota production for farmers. Failing to meet the quota requirements might lead the company to buy back their share. The company has been successful at increasing the manufacturing capacity of Crantanas by four times. 3.1.3 Sales The company has experienced sales growth of more than 7% over the past 4 years. The growth of sales was primarily due to increase in the demand for cranberry products. There was also an increase in the sales of fruit juices in the markets of the west. Additionally Atlantic Quench had developed successfully developed successful alliances with a number of distribution and production firms such as Coca-Cola and Gerber. The successful marketing activities had facilitated Atlantic Quench to enhance their market share by 26%. 3.1.4 Strategy The strategy of the company has been to increase market share through new product development and advertisements. 3.1.5 Competitive Advantage The competitive advantage of the company lies in the fact that it enjoys good brand name and good brand value. The name of the company is synonymous with Cranberry juices. The company has also actively engaged in new product development. The products of the company have been received well by the customers and so too are its advertisements. 3.2 Marketing mix 3.2.1 Product The company is best known for fruit juices. However the company also retails dried cranberries under the product name of Crantanas. The product range of the company is classified as either juice or non-juice drinks. The packaging of the products have also been innovative and contributed towards the appeal of the juices manufactured by the company. 3.2.2 Price The company sales a variety of juices and non-juice food items and prices them according to the target customers for whom the product has been designed. The prices of the products are competitive and cater well to the customer segment. 3.2.3 Place In the UK market the company has signed a licensed agreement with Gerber to manufacture, distribute to market juice and juice drinks of the company under the brand name of Atlantic Quench. Additionally the company has signed contracts with the three largest super markets to sell all of its fruit juices. In the US market too, the company sells its juices through supermarkets. 3.2.4 Promotion The advertisement campaigns by the company have focussed on the use of humour, health benefits and American heritage of cranberry. The company advertises through televisions and magazines and aims to inform the customers of the benefits of Cranberry juices. The advertisements have been received well by the consumers and have contributed to the increase in sales. Chapter 4 SWOT analysis 4.1 Strengths The company is the leading producer of canned and bottled juices in North America. The company has the best selling brand name in the canned and bottled juice category since 1981. Pioneer and developer of the cranberry segment. Have been received well in UK. The fruit juice manufacturing process is a less cost intensive process. Additionally fruit juices are subject to the impulse buying nature of consumers. Thus further enhances the sales of fruit juice in the market. Atlantic Quench also benefits from the high brand image which exists for it in the market. 4.2 Weaknesses Conflict between the farmers and management of the company Disadvantage of being in a cooperative Brand loyalty towards blended cranberry juice products have reduced One of the prime weaknesses of Atlantic Quench is their less differentiated products. Although the company tries to remove such weakness by manufacturing fruit juices using different flavours. Although manufacturing fruit juices are not cost intensive, a large amount of expenses are incurred in respect of storing and transportation. Fruit juices are essentially perishable items and therefore require careful storage. 4.3 Opportunities Entering into new markets Engaging in new product development Decrease sugar content and promote as a heath supplement. It is considered to be quite easy for Atlantic Quench to enter into new markets through development of new products such as smoothies. Additionally the beverage sector provides immense scope for diversifying products by including new flavours and juice blends. 4.4 Threats Increased competition resulting from the entry of other fruit juices in the market The consumers have increased their interest and attention to super fruit juices The company has been late to respond to change and is threatened to lose market share. The sales of fruit juices are seen to be seasonal. Hence the sales of the company’s products are seen to decline during the winters. Moreover the fruits which are used by Atlantic Quench to manufacture products cannot be produced all year round due to changes in climatic conditions. Hence artificial conditions must be developed for maintaining continuous flow in productivity (Diop and Jaffee, 2005). Chapter 5 Objectives 5.1 Mission statement The company’s mission is to be the leader in the health drinks market. The company already has an established brand name in the US and has a good acceptability as a brand in the UK. The company’s mission is to increase its current market share and to expand into newer geographical areas. 5.2 SMART Objectives The SMART objectives of the company are To increase the market share and sales volume of the company by 10% over the coming two years. To expand its geographical presence into other markets such as Asia, Africa, Australia etc in the coming 5 years. To expand its product line and introduce more healthy categories in the product line to cater to health conscious consumers in the coming 2 years. To introduce new products in the product line in order to cater to health conscious and fitness conscious consumers in coming 2 years. Introduce juices in other tastes in the target markets, especially drinks of other super fruits so as to cater to the consumers who are interested in consuming flavours other than Cranberries in coming 5 years. Increase promotional activities to promote the company as the manufacturer of health drinks and health based products so as to increase the market share and cater to a wide class of consumers. To appoint a country marketing head for each of the countries in which the company will expand so as to design the perfect entry strategy and product development strategy for the country that will cater to the taste and preferences of the customers in the target country and thereby be responsible for the revenue in the company. Marketing strategy 6.1 Strategic theories 6.1.1 Ansoff Matrix Figure 7 Ansoff matrix (Source: Fill, 2006) Ansoff matrix is a useful tool that is used by the companies in crafting their future strategies or course of action (Stone, 2001). Ansoff matrix guides the company into how can they guide their product strategy, product management and product marketing to drive next level of growth (Thomson and Baden-Fuller, 2010, Meldrum and McDonald, 2007). For the company Atlantic Quench the new products that it will be developing can be based upon the, diversification strategy (Bennett, Wood and Previte, 2013). The company may consider developing its new markets in the nations of South America, Middle East and Asia. 6.1.2 Bowman’s strategy clock (Source: Wintzer, 2007). The bowman’s strategy clock is an expansion of the strategic guidelines that were given by Michael porter in his pioneering work on this topic (McDonald and Wilson, 2011). The company can design the strategy of its new product after careful considerations of all the segments provided by the bowman’s strategic clock. The specific strategies of the company would include diversifying into new market segments and developing new products (Kotler and Keller, 2012). 6.2 Core target segments (Critical) The target segments of the company are those individuals who are calorie conscious and like the taste of cranberries as well (McIvor, 2005). The company has to target mainly the health conscious segments and working mothers who are educated and belong to the age group of 30-45. These women are likely to continue purchasing the product even in the midst of economic downturn if they associate the health of their kids with the product. The other target may be health conscious individuals who are into their teens (Porter, 2008). 6.3 Positioning The products that the company manufactures are positioned as health supplement. The target market varies according the product price range and is mainly catered to the educated woman in their middle ages. This category of women belongs to the age group of 30-45. Chapter 7 Marketing programs 7.1 Product strategy Atlantic Quench should introduce new products in the juice and non juice category with more nutritional ingredients (Lasserre, 2012). Owing to its high sugar content as believed by 34% of juice drinkers, it should try an introduce juices and smoothies with a blend of vegetables and fruits. There is a growing demand in the US and other emerging markets of low calorie juices which serve as an opportunity for Atlantic Quench to develop new health drink juices in new markets (Daft, 2008). Atlantic Quench may consider enhancing their productivity by entering the smoothies market. The firm may also differentiate its products by adding new flavours or changing product attributes in different market segments. It is however essential that Atlantic Quench considers reducing the level of sugar existing in their products for both the American and the European market segments (Lester, Manthey and Buslig, 2007). 7.2 Pricing strategy Though it is the leading manufacturer of canned and bottled juices, still it should not be overconfident in respect to its market position. There is huge growth potential for Atlantic Quench to venture in emerging markets which are becoming health conscious. It should adopt market penetration pricing to foray in the new markets to gain competitive advantage over the local producers. The new product which has a mix of fruit and vegetable should be targeted at not only the under 35 segment, but should also include the upper 35 range and perhaps the upper 50 also (Ferrell and Hartline, 2012). The firm expects to continue with their existing economic pricing policies even in the coming year of operation and for newly developed products. The company mainly targets the middle income community (Sabbe, Verbeke and Van Damme, 2009). 7.3 Place Clinics, hospitals, stadiums, sport complexes, mobile vans, etc should be introduced in its distribution strategy. Cost per customer would be reduced if its juice and no juice products can be distributed through channels that account for huge footfalls at a time. Sports like football, soccer, basketball, etc should be targeted for successful distribution apart from the traditional channels like retail stores and shopping malls. Installing vending machines at such places would also allow Atlantic Quench to reach a larger segment at lowest possible cost (Grieves, 2006). The company expects to expand their activities into the markets of Canada, South America and other nations of the Europe. Additionally the firm also wishes to expand into the nations of the Middle East and Asia. 7.4 Promotion It can popularise its new low calorie product through sports marketing. With an upsurge in sports viewership and fan base, it can partner with various football clubs to promote its brand. Moreover the health benefits of the drink would be highlighted if it is endorsed by a football icon. It can offer it as complimentary in clinics and hospitals to increase the awareness of its new low calorie fruit juice brand (Hutt and Speh, 2012). The company would mainly consider promoting their products through television, newspaper and magazine advertisements. The company may also consider direct personal marketing approaches for developing greater awareness in the minds of consumers regarding the goodness of healthy eating habits (Sun‐Waterhouse, 2011). 7.5 Marketing Communication strategy Celebrity endorsement would be a unique way to communicate with the target segment. It can advertise through sports and music channels, hoardings, Google apps, etc. Mobile app marketing is the new and cost effective way to promote its juice and non juice brands (Jayachandran, 2004). Chapter 8 Marketing implementation and control 7.1 Schedule Activities 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Market analysis and research Assessing feasibility and designing new products Pricing and promotion policy setting Test marketing and alterations in products based on test marketing results Market communication and product launch Intensified promotional activities Figure 2: Gantt chart for Atlantic Quenchs marketing programme The above is the timeline of activities, for a period of 6 months that Atlantic Quench can adopt to launch its product and market it accordingly. It shows that marketing communication should start a month before the actual launch of the product. Product launch, promotion and distribution will be initiated in the first month but promotion will continue till the third month and distribution will continue till the 6th month. Customer feedback will be taken from the 4th month. Marketing communication is first in the line of activities as it is to be done to stimulate its target segment, following which the time of product launch will be decided (Proctor, 2000). 7.2 Who is responsible There is no single entity which is accountable for the marketing programme, but comprises various departments that will cumulatively be accountable for the success and failure of the programme. The departments are sales, marketing, public relations and media, finance, human resource, IT, production, research and development, etc. All these departments work together to form a synergy that will prove beneficial for long term sustainability of Atlantic Quench’s brands (Stark, 2007) 7.3 Budget Prior to any marketing activities, the management needs to sanction a budget for the entire program. Resources are limited and it is in the best interest of the company that it should allocate funds to each of the marketing activities that will result in successful planning of the programme. There should be separate budget for research and development, manufacturing, promotion, advertisement, sales, customer feedback, etc (Olson and Lopez, 2009). The proposed budget for the marketing activities of Atlantic quench is as follows: Particulars Amt ($) Product development and marketing plan 1700 Research activities 1800 Acquisition of additional resources such as machines and manpower 29,000 Expenses to manufacture new products 49,000 Advertising and marketing expenses 20,000 Total 101,500 7.4 Control Customer satisfaction and delight is the two main qualitative indicator of brand success. Apart from these, market data regarding the beverage market, player composition, market share, etc are the external measures that are incumbent on the company’s performance that can be quantified by the revenue of Atlantic Quench i.e. sales revenue in dollars and units (Doole and Lowe, 2008). Level of inventory is another measure that indicates the rate of turnover. 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