Marketing for Atlantic Quench Cranberries - Business Plan Example

Marketing Plan for Atlantic Quench Cranberries Executive Summary The increasing concerns for health and the need for healthy eating habits are seento induce a radical shift amongst consumers from soft drinks to the fruit juice segment. As a result, it is seen that number of organizations in the fruit juice industry has risen considerably. The current marketing plan is for the company Atlantic Quench Cranberries, a premier fruit juice manufacturing company in the U.S and the U.K. The company wishes to further expand the span of their activities through developing of new products as well as entering new marketing segments. Accordingly, the researcher in the current paper critically analyses the situations existing in the industry so as to take decisions and plan the marketing process effectively. The paper undertakes both internal and external analysis of the environment and constructs a marketing plan on the basis of the findings of the environmental analysis. The needs of stakeholders would also be taken into concern while developing the plan. Table of Contents Executive Summary 2 Chapter 1: Introduction 5 Chapter 2: External analysis 5 2.1 Macro Environment Analysis 5 2.1.1 Political 5 2.1.2 Economic 5 2.1.3 Social 6 2.1.4 Technological 8 2.2 Market analysis 9 2.3 Customer analysis 11 2.4 Competitor analysis 12 Chapter 3: Internal Analysis 13 3.1 Overall performance 13 3.2 Marketing mix 13 3.2.1 Product 13 3.2.2 Price 13 3.2.3 Place 14 3.2.4 Promotion 14 Chapter 4 SWOT analysis 14 Chapter 5 Objectives 15 5.1 Mission statement 15 5.2 SMART Objectives 16 Chapter 6 Marketing strategy 16 6.1 Ansoff Matrix 16 6.2 Core target segments 17 6.3 Positioning 17 Chapter 7 Marketing programs 18 7.1Product strategy 18 7.2 Pricing strategy 18 7.3Place 18 7.4 Promotion 19 7.5 Marketing Communication strategy 19 Chapter 8 Marketing implementation and control (300 words) 20 8.1 Schedule 20 8.2 responsible members 20 8.3 Budget 21 8.4 Control 21 Reference List 22 Chapter 1: Introduction Atlantic Quench Cranberries Incorporated (ACQ) is one of North Americas leading producer of canned and bottled juices. Atlantic Quench has been established as a co-operative society in the U.S. It was formed about eighty years ago, jointly by three cranberry farmers hailing from Massachusetts and New Jersey. In the year 1974, grapefruit growers from Florida had also joined Atlantic Quench. Currently, the company consists of about 630 cranberry and 46 grapefruit farmers. The co-operative mainly focuses upon developing their cranberry juice segment. They adopt pioneering and innovative technique to enhance the quality of the products in this segment. AQC has over the years been successful in meeting the needs of the consumers in the U.S and has evolved into becoming one of the best selling brands in the fruit juice industry. The company also has been successful in holding an important position in the market of the U.K. The current paper is based upon analysing the existing market conditions for Atlantic Quench and accordingly framing policies for the coming year. Chapter 2: External analysis 2.1 Macro Environment Analysis 2.1.1 Political The beverage sector, especially the fruit juice segment has received immense political support both in the U.S as well as the U.K. Political efforts have been taken in both nations to promote healthy drinking habits so as to counter the rising levels of heath disorders due to improper lifestyle and eating habits. For instance in the recent times the U.K government has implemented a number of regulations in respect of regulating alcohol consumption. It is mainly due to government support that the share of the beverage sector in the overall economy of both nations had improved over the last years. However changing policies of the government in respect of prices of agricultural produce and taxes may impact the activities of AQC (Blythe, 2008). Corporate tax rates have however reduced from 21% in the year 2014 to 20% in 2015. 2.1.2 Economic Population growth and improvement in the economic condition and the general lifestyle of the people are considered to be the main reason behind the rise in the demand for overall beverage segment. Particularly there has been an increasing preference towards a healthy lifestyle which can be considered as an important impetus towards growth of sales volume in the fruit juice segment (Changchien and Lin, 2005). Economic conditions both in the U.S and the U.K have witnessed slow growth due to the recent fiscal crisis, as shown in the figure blow. Figure 1: Economic growth of the U. K and the U.S (Source: Lanschützer, H., 2013) The slow economic growth has barred many firms to acquire steady growth. Procurement of financial resources and support from external organizations was not quite high which impaired innovation and expansion activities. However, the revised governance policies and the slow progress of the overall fiscal situations are expected to have a positive impact upon the economy as a whole. Positive economic conditions are essential so that suitable support in terms of capital can be attained. Additionally favourable economic conditions impact the spending power of consumers which may lead to impacting the revenue earning capabilities of the company. 2.1.3 Social Societal consciousness in respect of healthy eating has been an important factor for the rise in the number of firms in the fruit juice segment. Many soft drinks organization have incorporated manufacturing fruit juices by observing the new radical shift in the society. Due to such reasons the fruit juice sector is gaining higher growth than the carbonated drinks segment. Additionally, the society’s inclination towards impulse makes them select fruit juices over other fast food and confectionery items has resulted in growth of the fruit juice segment. Such convenience drinking options is popular with sports men and women largely. Promotion of healthy drinking habits in schools and colleges has further contributed towards the enhanced sales of fruit juices. The objective here is to increase health consciousness amongst the young generation so as to minimize the development of diseases and obesity related issues. The rising trend in consumption of fruit juices can be observed from the following figure (Chang and Kang, 2004). Figure 3: Value of sales of fruit juice, smoothies and juice based drinks (Source: Lanschützer, H., 2013) The fact that consumers in the U.K have an adequately high spending power is illustrated through the following figure. (Source: This is money, 2014) 2.1.4 Technological Technology has impacted the fruit juice segment from two vital fronts. Firstly, it is has facilitated in producing high quality juice, with minimum preservatives and sugar content. Secondly, the rapid growth in technology has led towards developing different unique ways in which companies can communicate with consumers. Due to technological growth, companies in the fruit juice segment were able to make use of evaporation plants to produce juice and other components using thermal or vapour recompression technique which are considered to be cost effective as well as sustainable means of production (Gordon, et al., 2006). AQC takes advantage of such technological advancements to achieve growth . 2.2 Market analysis The global soft drinks market has witnessed an annual growth of 4% at an average, as shown below. Figure 2: Global soft drinks market value (Source: Marketline industry profile, 2014) The market size of the juice sector as compared with the overall beverage industry is shown as below: Figure 3: share of fruit juices in beverage industry (Source: Hucker, R., 2014) Market analysis reveals that the juice sector holds approximately 17.6% share in the overall beverage industry. It is expected in the future that the fruit juice segment would grow by approximately 13% in the U.K and by at least 3.4% globally (Iacobucci and Churchill, 2009). The forecasts have led to increasing the number of firms in this sector. However, it is required to be considered that the increase has predominantly occurred from the view point of revenue. From the viewpoint of sales volume, fruit juice beverages sales have declined by approximately 8%. Overall market analysis reveals a trade up in the sales volume with the increased inclination of consumers towards healthy eating and drinking habits (Kerin, Hartley and Rudelius, 2007). The U.S fruit juice and smoothies segment has shown volatile tendencies of growth. The beverage segment values about 23 billion U.S dollars. However, overall trade volumes had considerably declined. This was mainly due to rise in prices and the rising concerns of health. The fruit juice segment however experienced a growth as consumers displayed increased consciousness regarding health. In the U.K, the fruit juice and smoothies segment has grown by almost 10%., as shown in the figure below (Zikmund and Babin, 2012). Figure 4: Growth of the fruit juice segment in the U.K (Source: Lanschützer, H., 2013) 2.3 Customer analysis The heaviest consumers of fruit juices belong to the age group of 15 to 24. Increase in population and the development in the lifestyle of the consumers have resulted in such an increase. 83% adults are seen to consume fruit juice either frequently or moderately (Kotler and Armstrong, 2010). The following figure shows the level of juice consumption amongst consumers. Figure 5: Fruit juice consumption (Source: Lanschützer, H., 2013) Teenagers and adults are the largest consumers of fruit juices worldwide. Of the net consumers of fruit juices, 20% concentrate upon consuming energy providing drinks. A large proportion of the consumers of fruit juices are made up of health conscious people, patients, children, old aged people and those who indulge actively in sporting activities. The sugar content present in fruit juices are a cause of rising concern for consumers. Low sugar content is an important criterion that drives consumer purchase in the fruit juice segment (Iacobucci and Churchill, 2009). 2.4 Competitor analysis Figure 6: Competitors of AQC (Source: Lanschützer, H., 2013) Coca-Cola, Pepsi Co and Suntory are the main competitors for Atlantic Quench in the beverage industry. Coca-Cola is the strongest competitors for AQC due to its strong market presence. Coca-Cola has an innocent and a high brand value in the beverage industry. Coca-Cola essentially follows the adaptation strategy in terms of pricing. Hence its pricing policies differ from nation to nation. The company adopts aggressive marketing strategies. The company puts across strong and influential messages through their promotional activities. Celebrity endorsement is also widely adopted by the company. In terms of products, Coca-Cola’s prime range of products belongs to the soft drinks category. This is one disadvantage that the brand suffers from. Since it’s traditionally viewed as a major soft drink producer, the company has been able to be less influential in the fruit juice segment. Pepsi on the other hand has been able to achieve significant success in the fruit juice sector, even though it is majorly a soft drinks producer, through one of their premier fruit juice brands “Tropicana”. The pricing and promotional strategies of Pepsi are similar to Coca-Cola. Both companies have formed strategic alliances with numerous firms in their location of operation, as a part of their localization strategy (Rogers, Lambert and Knemeyer, 2004). Chapter 3: Internal Analysis 3.1 Overall performance AQC has established long term strategic alliance with Coca-Cola for bottling and distribution of their products in the North American markets. The alliance also includes agreements for innovating new products. AQC in future seeks to develop such strategic alliances to enhance their product range and capabilities of growth. Additionally, AQC has signed licensing agreements with Gerber for distributing, manufacturing and marketing their products (Gummesson, 2002). The widespread distribution program and the increased awareness in respect of the benefits of fruit juice consumption have enhanced the sale of the products of AQC by approximately 7% annually since the last four years. The brand “Crantanas” which is one of the chief products in the non juice category, manufactured by AQC has been successful at growing its share by 26%. Although the company had undergone certain financial difficulties in the past, the last two years financial statements reflected adequate profitability. This was primarily due to enhanced sales which was approximately 20%. One of the major competitive advantages enjoyed by AQC is that brand primarily focuses upon the development of the products related to cranberries (Gummesson, 2002). 3.2 Marketing mix 3.2.1 Product The company’s products can be broadly classified into two categories namely juice based and non juice based products. Cranberry juice and Crantanas are the most important products in terms of revenue for AQC. Since cranberry juice was not manufactured by many retailers, the company enjoyed a niche position in the market. However, in the recent times, the number of cranberry juice manufactures has enhanced in the market, which led AQC to develop other products as well (Moriarty, Mitchell and Wells, 2009). 3.2.2 Price The company currently follows economic pricing policies, whereby prices are not so high and are competitive. Economic pricing aids in attracting the medium income earners who constitute the largest section in the market (Wood, 2008). 3.2.3 Place AQC has its markets well established in the U.S, Canada and the U.K. The consumers in these markets have a huge demand in respect of fruit based products making companies such as AQC able to achieve adequate revenues. The company has also a number of strategic alliances with the suppliers and distributors in these markets. 3.2.4 Promotion Creative television advertising is one of the main promotional channels for AQC. Furthermore, the company also advertises their products in newspapers and magazines. Promotional campaigns are also carried out in schools and colleges to enhance awareness of their products and promote healthy drinking habits (Wood, 2008). Chapter 4 SWOT analysis Strengths Fruit juice manufacturing is not very cost inducing. Products are subject to impulse buying behaviour leading to higher revenue. Increased social consciousness relating to healthy eating habits has enhanced fruit juice sales. AQC is considered to be a reputed brand in the market (Boone and Kurtz, 2009). Weaknesses AQC has less differentiated products a characteristic disadvantage of most firms operating in the fruit juice segment. Not all AQC products have been successful in capturing the market. Major costs are incurred for storing. Fruit juices perish soon which requires it to be packaged and stored suitably. Fruit juices are not viewed upon as a luxury item, making it less attractive to consumers. Opportunities It is relatively easy for AQC to enter the smoothies sector. The low sugar content existing in the products of AQC makes it easy for the company to compete with carbonated drinks. Opportunities for AQC to develop new products and expand their market size as demand for fruit juice are high. Threats Sale of such beverages decline during the winter seasons. The availability of fruits is seasonal. Consumers can easily prepare fruit juices at their own homes. The availability of advanced home appliances makes the task of preparing juices easy (Hiebing and Cooper, 2000). Chapter 5 Objectives 5.1 Mission statement The mission of AQC is to provide high quality fruit based products to consumers, through optimum utilization of resources and providing maximum returns to stakeholders. Atlantic Quench believes in the well being of the society and develops products that are of high quality. The co-operative also believes in generating awareness amongst consumers regarding the benefits of healthy eating and drinking habits. The company aims to develop strategic alliances with firms so that innovative products that add value to the society can be developed. The company has been adequately successful at developing their fruit based products. In the future, the company aims to increase the sales of their dry fruits and other product segment apart from juice alone (Vorhies and Morgan, 2005). 5.2 SMART Objectives Specific AQC aims to develop a large amount of assets so that different types of assets and enhance the overall Measurable Enhance returns to stakeholders by increasing profits. Achievable Develop products which are healthy, helps retain current market and share and procure greater market share. Enhance market share of Crantanas. Enter the smoothies sector. Realistic Ensure that the quality of products are not compromised and to deliver value for money. Contributing towards the well being of the society Time bound Atlantic Quench aims to enhance the sales of their products by at least 20% in the coming year. Chapter 6 Marketing strategy 6.1 Ansoff Matrix Existing products- Juice based drinks, Cranberry sauce, Fresh / dried cranberries, Fruit Conserves Existing Markets- The U.K, the U.S and Canada. New markets- Other nations of the Euro zone (apart from the U.K), South American nations, Middle East nations and Asia. New Products- Smoothies, Carbonated fruit flavoured drinks with lower calories and Energy drinks Figure 7: Ansoff Matrix Framework Existing products New Products Existing Markets Market penetration Product development New markets Market development Diversification Market penetration- The Company must enhance the market share existing for their current products through intensified promotional ventures. Market development- Markets for the company’s existing products can be developed in the new markets through changes of quality, price and suitable promotional activities. Product development- New products in the existing market segments can be developed through ensuring that the new products suitably meet the needs of the existing market. Hence, market analysis is essential. Diversification- The firm diversifies by developing novel products for new markets. Innovation and emerging market analysis requires to be properly exercised in this respect (Grunert, et al., 2005). 6.2 Core target segments The core targeted segments of Atlantic Quench are teenagers, health conscious adults, patients and sportsmen. AQC products are chiefly seen to be consumed by those between the ages of 15 to 24. Since the target consumer groups are youngsters and teenagers, the segment is adequately huge and seen to grow consistently. 6.3 Positioning AQC positions their products in the market on the basis of the needs of the target market segment. Communication of their products is done by highlighting aspects regarding quality, value for money and the impact upon health. The company chooses integrated marketing activities such as advertisement campaigns in schools and colleges to develop awareness regarding their products. The company’s marketing communications are crucially developed towards enhancing health awareness and encouraging consumption of fruits (Sabbe, Verbeke and Van Damme, 2009). Chapter 7 Marketing programs 7.1Product strategy AQC prime aim is to enhance their existing market share of fruit juices as well as to develop the markets for their non juice products which included dry fruits, conserves and sauces. The co-operative must further innovate and develop new products that facilitate in maintaining competitiveness. One such area that AQC may consider to enter is the smoothies market. The beverage segment is saturated with a number of big and small players making it extremely competitive. Only those firms who frequently innovate and update their products to meet consumer needs can survive in the long run. Additionally, an important matter of concern for Atlantic Quench is to significantly reduce the existing levels of sugar in their products. Although the sugar content of most of the products of AQC contains less sugar and preservatives, as compared to most of the other brands, they still offer chances of rejection by consumers. Hence it is essential that AQC takes efforts towards further minimizing sugar and calorie content of their products (Deliza, et al., 2005). 7.2 Pricing strategy The products of Atlantic Quench are priced quite economically, keeping in mind the offered prices of competitors. The firm aims to continue following their existing competitive pricing policies so as to be able to maintain the market share of the products. Also, AQC requires adopting a differential pricing policy in terms of selling products in the U.S and the U.K. Consumers in the U.S are more price conscious and are inclined towards savings than those in the U.K. This characteristic is chiefly displayed by the middle income groups who are the main targeted consumer groups. AQC also through the acquisition of advanced technologies plans to reduce the cost of manufacturing different products, so that cost advantages can be passed on to consumers. Traditionally, fruit juices are not viewed upon as luxury items and therefore are not highly priced. The price mainly depends upon the strategies, the goodwill and the competitive position of the firm (Lester, Manthey and Buslig, 2007). 7.3Place AQC plans to further augment their market share existing in the U.S and the U.K. The company also has plans to develop the markets existing in Canada, through integrated marketing policies. Additionally in the U.K market the company has signed up with Gerber to manufacture and distribute their products in the market. Similarly in the U.S the company has developed ties with the Coca-Cola Company for the distribution of their products. 7.4 Promotion AQC believes in generating awareness in the minds of the consumers regarding the positive effects of fruit based products. Accordingly, their advertising and promotional strategies focus upon popularizing the goodness of fruits and associated health benefits derived through the consumption of different products manufactured by AQC. However, there is a general notion in the minds of consumers that fruit juices contain artificial sweeteners and preservatives that ultimately enhance calorie intake. AQC must alter their advertising strategies by inculcating messages that state that unlike most other fruit juices existing in the market, the products of AQC contain less sugar and are comparatively lighter (Aaker, 2008). The company aims to use the platforms of television, newspapers and magazines for enhancing the popularity of their products. Additionally AQC also plans to incorporate integrated marketing strategies such as public relations development and sales promotion events. 7.5 Marketing Communication strategy Atlantic Quench values the health and well being of its targeted consumers. Hence, delivering value for money is an essential business strategy for AQC. The company strives to understand the needs relating to healthy drinks and snacks existing in the market and respond accordingly by developing novel products. Atlantic Quench must also communicate to the market that it is brand which not only delivers high quality products but also wishes to create mass awareness regarding the benefits of a healthy lifestyle. This can be done through conducting seminars, developing influential slogans and greater indulgence in television and online communications (Oberholtzer, Dimitri and Greene, 2005). Chapter 8 Marketing implementation and control (300 words) 8.1 Schedule Activities 1-2 months 3-5 month 6-8 month 9-12 month Market analysis Designing new products and assessing feasibility Decisions in respect of pricing and promotion Integrating product features with market needs and testing of products in the market Initiation of market communication and preliminary phase of launching of the product Final launch of products and intensified promotions 8.2 responsible members Researchers, marketing experts and salesmen are the prime organizational members who would be responsible for execution of the marketing task. The company would additionally recruit promotional and media agencies who would aid in development of advertisements through various media channels. Expertise of companies which are associated with AQC such as Coca-Cola and Gerber would also be incorporated. ACQ would also crucially take into consideration the opinions of shareholders and encourage their participation in the development of the marketing plan. 8.3 Budget The estimated expenses for the marketing plan are as follows: Particulars Amt ($) Product development and marketing plan 1500 Research related activities 1750 Acquisition of additional resources such as machines and manpower 27,000 Expenses to manufacture new products 44,000 Advertising and marketing expenses 18,000 Total 92250 8.4 Control Performance would be measured by assessing the progress of the plan, consumer response and revenue growth. For meeting the needs of control and performance measurement, it is essential that the organization develops reports on a frequent basis. 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