Marketing Plan for Atlantic Quench Cranberries Inc - Essay Example

MARKETING PLAN: ATLANTIC QUENCH CRANBERRIES INC. by The of the The of the School The City and State where it is located The Date MARKETING PLAN: ATLANTIC QUENCH CRANBERRIES INC. Analytical Tools and Techniques Strategic analysis is defined as a process that helps providing an understanding of the environment and how the organization operates. The marketing professionals have developed a number of analytical tools and techniques which help them gain an understanding pf the marketing environment and subsequently develop the marketing strategies. These include SWOT analysis, PEST analysis, Porter’s five forces analysis etc. Out of these SWOT analysis is the most widely used technique (Downey, 2007). SWOT (Strengths, Weakness, Opportunities and threats) analysis is more focused upon the internal factors i.e., strengths and weakness and the external factors i.e., opportunities and threats which is observed from the analysis of the organizational situation. It helps to satisfy what our target market wants. SWOT analysis helps the company to do better in fields where it lacks and also gives information as to where there strength lies (Ferrell and Hartline, 2005). The SWOT analysis of Atlantic quench cranberries is as follows: Strengths Fresh Attractive packaging Health conscious image A broad range of products Strategic alliance with Coca Cola Weakness Unpredictable harvest yields Co-ordinate with the farmers Opportunities Powerful brand alliance Growing market as people are now shifting towards healthier alternatives. Mandarin drink also available. Well received by the UK markets New product development Threats Over production of cranberries Slow growth rates in Germany and France. Rejection by weight conscious consumers. Another analytical technique used by marketing professional is known as PEST which stands for Political, Economic, Sociological and technological factors and how these might affect the organization. This analysis helps to identify the external issues that the product and the organization might face and which might ultimately hinder the growth of the product (Williams and Green, 1997) Political The political factor depends upon the tax imposed by the government on the product. However, the government plans on reducing these charges to promote investments in such organizations. Economic The company depends upon the harvest of the crops for the juices and hence unreliability of the harvest also affects the production of the company. Sociological More people are becoming aware of the healthier alternatives to soft drinks or carbonated drinks and hence are shifting towards consuming healthier drinks. Technological Technology is an important key factor that helps to achieve quality products in a cost effective manner. The utilization of better technology in New product development department of company is helping to achieve new quality products. Foundation of Market Planning Essential market planning serves as an important base for the market planning. The analysis depends upon the statistical analysis of everything that makes up the market such as the households, business and even the number of workers in a market. The market analysis is further divided into market segmentation and focus on the target market (Berry, 2008). The STP model stands for market segmentation, market targeting and product positioning. This model is particularly helpful in prioritization of the important factors within a market and the delivery that concept to the relevant audiences (Hanlon, 2013). Market segmentation is one of the ways to specifically focus on the target market. With the help of market segmentation, the target market is divided into groups of people with similar needs and wants. This helps in the analysis of the markets to achieve an upper hand in the market (Weinstein, 2004). The STP analysis of Atlantic quench cranberries is as follows: Market Segmentation: Two groups includes those who are children and love to drink juices and the second includes the adults of age 15-24 years who are health conscious and are shifting to healthier alternatives, women aged between 30-45years Target Market: Health conscious people, adults, children, office going people and school going children, educated women Product Positioning: Fruit juices to promote a healthier lifestyle that suits the likings of all. Marketing Mix Marketing mix is defined as the policy that has been utilized by marketing professionals in order to succeed in marketing. The marketing mix itself is divided in to Product, Price, Promotion and Place strategies. All four of these elements are interrelated to each other and helps in meeting the needs of the customers (Jain, 2010). The Marketing Mix of Atlantic Quench Cranberries is as follows: Product: Cranberry original juice, mixed juice drinks, Juice Max, Grab ‘n’ Go, Cranberry Sauce, Cranberry Cordial Juice Drinks, Fresh, Dried and conserved cranberries. Place: North America, UK, USA. Additionally the products are placed in vending machines in schools to promote consumption by school going children. Price: Price of the cranberry barrels depend upon the harvest of cranberries. For example over production may result in a drop of price from $60 a barrel to $20. In order to meet the fierce competition in the market it is important to keep the price of product as low as possible at the same time maintaining the profits. Promotion: Single serve juices to promote snacking on the go, innovative packaging, and humorous advertisement campaigns. Outline of Marketing Plan 1) Executive Summary 2) Situation analysis 3) SWOT analysis 4) Marketing Objectives 5) Marketing strategy 6) Finance 7) Evaluation and Control Tactical Marketing Decisions The tactical marketing programs which are based on the analysis of the situation are considered an important aspect of the marketing plan. It is based upon the strategies and the tactics which are implemented in order to meet the goals and objectives which were previously set by the company (Knowthis.com, 2015). The tactical decisions made by the company in order to deal with the overproduction of cranberries was to reduce the marketing and advertisements budgets to overcome the increased cost of the cranberries but this also meant a decrease in advertisement and promotion. Other such strategic alliance includes alliance with Coca Cola which increased the chances of new product development and the agreement with Gerber to increase the distribution of products. Introduction of super fruits is also another tactic to meet the increase in demand by the consumers. Diet juices have also been introduced for the health conscious consumers. Innovative packaging to enhance interest in the product. Marketing Concepts, Theories and Models Concepts The marketing concepts are further subdivided into target market, customer needs, integrated marketing and profitability. The application of this marketing concept allows an organization to achieve the set target more effectively and efficiently (Rao, 2015). Such as in the case of Atlantic Quench cranberries our target market include all those who are fond of fruit juices especially adults aging from 15-24 years of age, people who are busy in their lives and have snack on the go or school going children. In order to meet the customer needs the company has introduced diet fruit juices, new flavors and single serve juices so that it may suit the likings of all. Integrated marketing in the company is in the form of advertisements, attractive packaging so that it may result in increased sales of the product. Increase marketing and advertisements means increased sales and hence the concept of profitability is achieved. The company earns profit by maintaining good relations with the farmers as well. Theories and Models There are a number of marketing models and theories that are used by organization in order to create a marketing plan. The theories and models ae often used individually or often combined with several other models to create a more effective plan. Examples of these theories and models include Product life cycle, The BCG matric, The Ansoff Matric, AIDA, Porter’s five forces, 7p’s of marketing, Push and pull marketing, STP model, SWOT analysis (Curtis, 2011) Dissemination of Information for a coherent marketing plan In order to properly disseminate information it is important that our marketing plan is focused and does not confuse any member of the organization. It is also essential to setup priorities and efficiently communicate these priorities to the relevant members of the organization. Information can disseminate verbally, through written sources or through online sources. It is also important that each of the department of the organizations is working coherently to achieve the set target. Finally, one must ensure that the targets are being met before the deadline so that marketing plan stays right on track (Schiff, 2015). References Downey, J. (2007). Strategic Analysis Tools. 1st ed. [ebook] CIMA. Available at: http://www.cimaglobal.com/Documents/ImportedDocuments/cid_tg_strategic_analysis_tools_nov07.pdf.pdf [Accessed 1 Jul. 2015]. Ferrell, O. and Hartline, M. (2005). Marketing strategy. Mason, Ohio: Thomson/South-Western, p.39. Williams, T. and Green, A. (1997). The Business Approach to Training. Hampshire: England: Gower Publishing Limited, p.160. Berry, T. (2008). Market analysis is the foundation of the marketing plan - Marketing Plan Help & Marketing Advice. [online] Marketing Plan Help & Marketing Advice. Available at: http://www.mplans.com/articles/market-analysis-is-the-foundation-of-the-marketing-plan/ [Accessed 1 Jul. 2015]. Hanlon, A. (2013). The Segmentation, Targeting and Positioning model - Smart Insights Digital Marketing Advice. [online] Smart Insights. Available at: http://www.smartinsights.com/digital-marketing-strategy/customer-segmentation-targeting/segmentation-targeting-positioning-model/ [Accessed 1 Jul. 2015]. Weinstein, A. (2004). Handbook of market segmentation. New York: Haworth Press, p.4. Jain, A. (2010). Principles of Marketing. Delhi: V.K. Enterprises, pp.75-76. Knowthis.com, (2015). Part 4: Tactical Marketing Programs - KnowThis.com. [online] Available at: http://www.knowthis.com/how-to-write-a-marketing-plan/part-4-tactical-marketing-programs [Accessed 1 Jul. 2015]. Rao, N. (2015). Management Theory Review: The Marketing Concept - Kotler. [online] Nraomtr.blogspot.com. Available at: http://nraomtr.blogspot.com/2011/12/marketing-concept-kotler.html [Accessed 2 Jul. 2015]. Curtis, P. (2011). Top 12 marketing models of all time. [online] bizdom. Available at: http://bizdom.com.au/2011/03/30/top-12-marketing-models-of-all-time/ [Accessed 2 Jul. 2015]. Schiff, J. (2015). 7 Ways to Create a Successful Integrated Marketing Campaign. [online] CIO. Available at: http://www.cio.com/article/2377257/online-marketing/7-ways-to-create-a-successful-integrated-marketing-campaign.html [Accessed 1 Jul. 2015]. Read More