Branding and Integrated Marketing - Essay Example

INTERNATIONAL MARKETING PLAN FOR MONSTER ENERGY DRINK Branding and integrated marketing Branding remains a very important aspect of a marketing plan as it ensures that the company identifies a unique identity with which it presents its product to the public (Darden & Babin, 2014). Fox, Donohue and Wu (2007) noted that for branding to be used in a manner that creates value, it is important to ensure that the branding is strategically integrated within the overall marketing strategy of the organization. The branding strategy and marketing strategy that will be used in an integrated manner to ensure the growth of Monster Energy Drink is thus discussed in the next two sub-sections. Branding strategy and architecture To ensure that the branding strategy and architecture to be used in the marketing of Monster Energy Drink is well integrated in theory, the VRIO framework will be used as the basis of the strategy. Saunders (2005) explained the VRIO framework as a strategic scheme of a firm that ensures systematic growth that is goes through the processes of having a vision statement, objectives, internal and external analysis, strategic choices, and strategic implementation. Once these processes are followed, it is expected that a resulting brand that is value oriented, rare in the market, not easy to imitate, and organization based will be created. In the light of the VRIO framework, the following considerations shall be made in creating the brand strategy and architecture. Value: Through the value scheme, the company is expected to exploit opportunities that neutralise external threat with the brand (Chan-Olmsted & Jamison, 2001). As far as the Monster Energy Drink is concerned, such a value oriented brand will be created by ensuring that opportunities are exploited within a specified market segment, which will be the sporting segment. In effect, the brand will highlight through its packaging, the exhibition of how the energy drink renders power to business executives. This could be done by using the image of a well known global business personality. Rarity: The rarity scheme focuses on the fact that the brand and its resources used in creating it must be in the hands of a relatively few people in the industry (Dacin & Brown, 2006). From this perspective, it can be said that the need to use business executives at the centre of the branding process will be something that will be very rare in the energy drink industry. This is because most energy drinks have focused on strenuous professions such as sports in the creation of their brands. Meanwhile, there is sufficient evidence to suggest that those who work involve a lot of sitting, travelling around and critical thinking such as business executives also burnout easily, requiring such interventions as energy drinks. Imitability: Imitability refers to the ease with which the brand that will be created can be replicated or imitated by others within the same industry (Palmer, 2011). Once such imitation takes place, significant cost disadvantage may be created for the company selling out the Monster Energy Drink. To cater for this, it will be part of the branding strategy to license all branding deliverables that focus on the use of business executives in promoting the product. Such deliverables will include slogan, sales emblem, product package, advertising personalities, and vision statement. Organisation: Under the organisation scheme, it is important to ask the question of how well the company is organised, ready and capable to exploit the resources that come with the promotion of the brand (Goi & Goi, 2011). To do this effectively as part of the branding strategy, the concept of cross-functional team will be utilised to ensure that all departments within the organisation are integrated into the branding process. Particular emphasis shall be placed on such departments as sales, marketing, accounting, and information technology. Marketing strategy To effectively market the brand that will be created, it is important that a strategy will be developed that acts as a guide in marketing. To do this, the concept of 7Ps of marketing mix shall be employed. The elements of the 7Ps and how each of them shall be strategically used are given below. Product: To build a strategy based on the product, it is important to ask the question of the value that the product offers for which consumers would want to exchange their money for (De Chernatony, 2002). In this, the Monster Energy Drink shall be presented to the market as energy drink that come with additional health benefits through the presence of food and vitamin supplements. This way, consumers will have a feel of additional value in buying the product because they would also be getting in addition to what they get from all other energy drinks, vitamins and food supplements for growth. Place: Strategy is also created through the use of place when the marketer identifies a unique point or location where consumers can easily access or meet buyers. This has been considered an important part of the marketing mix because Williams and Saunders (2006) notes that it is one thing knowing of a good product and another thing getting access to the product. In the light of this, an online sales platform will be created through electronic commerce (e-commerce) as a universal meeting place where people all across the globe can have access to and order make order for the energy drink. Promotion: Promotion has been noted to be a unique means by which the company tells its consumers and target segments about the product (Aaker, 2004). In order to achieve branding and marketing integration, the promotion of the product shall be directly incorporated into the branding strategy. This way, there shall be iconic global business executives whose images and endorsements shall be used in promoting the product. Again, there shall be extensive corporate social responsibilities that will be engaged by the company as a way of popularising its brand among people within any community in which the product will be sold. Price: Pricing has been noted to be an important determinant of the strategic option used in selling products. As far as the Monster Energy Drink is concerned, a pricing scheme that is based on Porter’s cost leadership strategic option theory shall be used. This means that the product will be sold on the market as being among the cheapest energy drinks that consumers can get at the value and quality at which it is offered (Parasurman, Zeithaml & Berry, 1988). The rationale for doing this will be to capture people from all socioeconomic statutes in society as being potential consumers who can afford the company’s products. People: The people mix refers to the human resource that will be used in manning the marketing strategy, as well as all other stakeholders whose activities, actions and endorsements can influence the successful sale of the products (Balmer & Gray, 2003). With this known, there shall be a people matrix made up of human resource (HR) matrix and regulators matrix. For the HR matrix, the types of competences, training and skills needed by employees to be effective with the marketing shall be identified and rendered. With the regulators matrix, the types of protocols that must be observed among regulatory bodies such as the Standards Board and Foods and Drugs Authority in order to effectively market the product will all be identified and followed. Process: The issue of process focuses on the series of activities that are put together to ensure the successful implementation of the marketing plan. In this, a systems thinking process will be used. Through the systems thinking process, it is expected that as many different activities and functions within the organisation as possible will be identified as units. Each of these units will then be strategically linked to each other through the use of cross-functional teams and shared responsibility to ensure that they are implemented with a common approach to success. Implementation and criteria for evaluation Action Plan and Implementation Schedule Based on all the items in the marketing plan that has been presented, an action plan and implementation schedule will be specially designed to oversee the successful enforcement of the plan. On the whole, the action plan identifies different activities which are expected to be implemented with the use of specific resources and by specially assigned people. The table below outlines the action plan and schedules to be used in undertaking them. Activity Starting date Implementing personnel Budget Ending date Developing mission and visions statement 20th April, 2015 Board of directors Consultancy 5th May, 2015 Setting human resource (HR) team for sales and marketing 5th May, 2015 HR manager $14,000 15th May, 2015 Undertaking desktop research 15th May, 2015 Head of Research and Development $5,000 25th June, 2015 Setting a target segment 25th June, 2015 Head of Marketing and Sales $500 10th July, 2015 Target segment market research 10th July, 2015 Cross-functional team leaders $50,000 30th July, 2015 Training and development for HR team 30th July, 2015 HR manager $12,000 20th August, 2015 Branding strategy 20th August, 2015 Corporate affairs manager $4,000 15th September, 2015 Developing a media plan 15th September, 2015 Media officer and Public Relations Officer (PRO) $400 30th September, 2015 Electronic and online Media advertisement and publicity 30th September, 2015 Media officer and PRO $10,000 20th October, 2015 Print media advertisement and publicity 20th October, 2015 Media officer and PRO $4,000 10th November, 2015 Float and outdoor launch of product 10th November, 2015 Cross-functional team $8,000 23rd December, 2015 Official introduction of product to market 23rd December, 2015 Cross-functional team $1,000 23rd March, 2016 1st Evaluation of sales 23rd March, 2016 Cross-functional team leaders $8,000 23rd April, 2016 Evaluation procedures Evaluation of marketing plan has been said to be a very important post-marketing exercise that is necessary in ensuring that what was planned is perfectly achieved (Batra et al., 2000). The evaluation of the marketing plan shall take place by specifically tracking the progress that will be made for some specific objectives set for the study. The evaluation will take place through the use of both qualitative and quantitative evaluation approaches. The qualitative evaluation will not make use of any numeric indices and statistical approaches but the quantitative evaluation shall use these. As part of the qualitative evaluation therefore, the main focus for evaluating shall be to understand the different human behaviours that have been showed towards the marketing plan. Some of these will include such human behaviours and response as consumer endorsement, employee competence and operating risk. After this, the quantitative evaluation shall be used to research and understand the real cost and return that have been achieved by the company. To do this, the forecasted financial values before the marketing shall be compared to the actual financial values gained at the end of the marketing. By the end of the evaluation process, a new SWOT analysis is expected to be prepared, which will seek to verify that factors that used to be the weaknesses of the company have been overcome. At the same time, strengths of the company are expected to be taken advantage of and well utilised for growth. What is more, opportunities are expected to be turned into new strengths, whiles the formally identified threats are expected to be overcome for growth. Conclusion Based on the marketing plan which has identified different thematic areas of the Monster Energy Drink, it can be concluded that the company has a bright future with its product. This is because there are several opportunities that have been identified within the larger energy drink market which can be utilised for the growth of the company. However, the identified opportunities come with some challenges that require strategic approach to overcome. One such challenge has to do with the approach to distinguishing the product from others within the market. It can clearly be ascertained that the energy drink industry is one that is very choked with several competitors using different strategies and approaches to get their sales through. In the said circumstance, it is important that a branding and integrated marketing strategy be developed in helping the company not just sell its product but to also create a competitive advantage while selling the product. With such competitive advantage created, it can be assured that consumers who make demand for the numerous energy drinks on the market will prefer to select the Monster Energy Drink. It will therefore be recommended that the company becomes very effective in the implementation of the proposed marketing plan that has been presented. References Aaker, D.A. 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Saunders MNK (2005) Improving Service Quality, from measurement to action Williams CS and Saunders MNK (2006) Developing the Service Process: From Measurement to Agendas for Improvement, The Service Industries Journal, Vol 26,No.5.pp581-595 Read More