Outline Marketing Plan for Atlantic Quench for Next Year - Report Example

Outline Marketing Plan For Atlantic Quench For Next Year Executive Summary: Atlantic Quench Cranberries have established themselves as a major brand in the American juice industry. They have also focused on enhancing their business processes by developing alliances with global brands such as Coca-Cola and Gerber. The business processes of the firm are now trying to enter the market of United Kingdom. The study focused on analysis of the UK juice and nectar industry with the help of different marketing techniques. It was observed that because of reduced capability of the local suppliers, the market scope of UK juice and nectar segment have increased for foreign firms. Also the inherent capabilities of Atlantic Quench were compared with the current situations of the market and the probable options were identified. Based on the analysis and the marketing planning process, Atlantic Quench will enter the UK market with their existing products and focus on the niche segment during the initial years. However, the product contents will be changed in accordance with the regulatory norms of the market. The overall budget for the marketing plan is £60000. It can be mentioned that appropriate strategic and operational decisions, the company can achieve the missions and objectives in the UK market. Table of Contents Table of Contents 3 Chapter 1 6 1.1 Introduction 6 Chapter 2 7 2. 0External Analysis 7 2.1 PEST Analysis 7 2.1.1 Political Analysis: 7 2.1.2 Economic Analysis: 8 2.1.3 Social Analysis: 8 2.1.4 Technology Analysis: 8 2.2 Market Analysis 9 2.3 Customer Analysis 10 2.4 Competitor Analysis 12 Chapter 3 13 3.1 Internal Analysis 13 3.1.1 Overall performance 13 3.2 Marketing Mix 13 Chapter 4 15 4.1 SWOT Analysis 15 4.1.1 Strengths: 15 4.1.2 Weaknesses: 15 4.1.3 Opportunities: 15 4.1.4 Threats: 16 Chapter 5 17 5.1 Objectives 17 5.1.1 Mission Statement: 17 5.2 SMART Objectives 17 Chapter 6 19 6.1 Marketing Strategy 19 6.1.1 Strategic Theories 19 6.1.2 Core Target Segments: 20 6.1.3 Positioning 20 Chapter 7 22 7.1 Marketing programs 22 7.1.1 Product Strategy 22 7.1.2 Pricing Strategy: 22 7.1.3 Place: 23 7.1.4 Promotion and Communications: 23 Chapter 8 24 8.1 Marketing implementation and control 24 8.1.1 Schedule 24 8.1.2 Who is responsible? 24 8.1.3 Budget 25 8.1.3 Control: performance measurement 25 Reference List 26 Bibliography 28 Chapter 1 1.1 Introduction Atlantic Quench Cranberries Inc is a co-operative firm located in the United States of America. The company operates in the juice and nectar industry is jointly owned by around 630 cranberry and 46 grapefruit farmers. The wide range of product base of the company is one of the core strengths of Atlantic Quench which are being modified in context of structure and contents in accordance to the market demands. It was analyzed by the organization that the juice and nectar market of Europe are reflecting strong growth in comparison to American markets and hence the next phase of business growth will be focused on entering the market of United Kingdom (Chang and Kang, 2004). Considering this objective, the report will focus on designing a market plan outline for Atlantic Quench for the next year. Chapter 2 2. 0External Analysis The external analysis of Atlantic Quench’s market plan will be conducted by including both macro and micro environmental factors. 2.1 PEST Analysis 2.1.1 Political Analysis: The political status of United Kingdom in the international platform is very influential. Apart from being a G8 member UK is also among the five permanent members of the UN Security Council (Marketline, 2014). However, the relationship with European Union is not steady because of their conservative approach towards the EU policies. Furthermore, Monetary Policy designed by the Bank of England has helped in reducing the strategic expenses of the juice and nectar segment by lowering the interest rates to 0.5% (Zikmund and Babin, 2012). Fruit Juices and Fruit Nectars (England) Regulations 2003 have been implemented for managing the operational expenses. FJFNR has also focused on creating a new segment in the juice industry called the extracted juice sector which engages in 100% pure fruit nectars. This aspect has been also focused on by the health regulatory bodies such as NHS concentrating on the consumer safety and interests. However, the regulations can help in improving the business scope in the long-term process building a better product development for the existing firms and reducing the rapid entry of new firms in the segment. 2.1.2 Economic Analysis: The economy of UK suffered largely during the global financial meltdown of 2007-08 (Marketline, 2014). The recession also resulted in inflation that lead to reduced money flow in the market as customers started to pull back their money from the organizations. The retail and banking sector were among the most hit sectors. Unemployment rate reached up to 8.45 in the year 2012 because of extensive job cuts in order to reduce operational costs of the businesses. Also fiscal deficit has been consistent after the recession which has endangered the AAA ranking of the country (Marketline, 2014). The rate of inflation was high during 2011 and reached almost 6%, however the present inflation control system has reflected good results and brought down the inflation below 1% in the year 2014. 2.1.3 Social Analysis: The social structure of UK is set up with strong foundational framework that focuses on education and healthcare of the population. However, the population of United Kingdom is experiencing a growth in the rate of the immigrants which is also increase the scope of business houses to enhance their managerial aspects. Nevertheless, the problems of the UK social structure are the high dependency ratio and increasing child poverty that threatens the stability of the future generation of the nation (Marketline, 2014). This can also hamper the rate of consumption mainly because of the reduced purchasing power of the future consumer groups. On the other hand, considering that Atlantic Quench is an American firm, the country of origin can also influence the consumer brand loyalty and the consumer perception regarding the brand. 2.1.4 Technology Analysis: The technological performance of UK is counted among the top performers in the international scenario. However, the technological influence on the fruit and juice market is complicated because of the high focus on implementing natural process for extraction of fruit nectars (Marketline, 2014). In relation to the production processes of the juice and nectar industries, technological innovation in energy and water consumption are of critical importance for reducing the environmental impact of the selected segment (McDonald and Wilson, 2011). 2.2 Market Analysis The primary source of the product base of Atlantic Quench is Cranberry that is also considered to be nutritious and healthy (Jarzabkowski and Spee, 2009). Relating this fact with the growing demand for pure fruit juice and health drink trends in UK, their raw material can be an added advantage for selected the market. Figure 1: Total UK Soft Drinks Market Share by Value (Source: CBI. 2014) The market of UK juice and nectar segment is facing a critical shortfall in the production of juice and this has helped in creating opportunities for the American and Asian firms to enter the European nations (McDonald and Wilson, 2011). Figure 2: The Total UK Drinks Market by Sector by Value, 2009-2013 (Source: CBI, 2014) However, the strict health regulations and monitoring process of the regulatory bodies such as NHS can be a barrier for market entry. Another essential factor related with the juice and nectar market of UK is the increase in the consumption of energy drinks that can hamper the growth prospects of Atlantic Quench. 2.3 Customer Analysis The customer base of the UK fruit and nectar segment has experienced a shift in taste and preferences of the juices and drinks. Although the sale of synthetic juices and drinks are still high but there has been a tremendous increase in the sales of pure juices in the UK market (Codita, 2010). This provides opportunity for Atlantic Quench to enhance their market operations in the market. Figure 3: Sale Trend of Drinks Industry (Source: Lanschützer, 2013) The above given figure shows the sales of the juice segments and shows a fall in the consumption of juice drinks. The consumption of fruit juice in UK in the year 2010 was 57% which reduced to 55% in the year 2012. On the other hand the consumption of juice drinks has increased from 37% in the year 2010 to 39% in the year 2012. The shift in the consumer choices indicates the changes that should be included in the product strategies of concerned companies (Jarzabkowski and Spee, 2009). 2.4 Competitor Analysis The competition in the juice and nectar segment has always been high mainly because of extensive presence of the substitute product groups such as beverage, soft drinks, alcoholic drinks, etc. These segmentations of the industry have also reduced the customer focus towards any particular brand or product groups. CBI (2014) noted that the drinks industry is being dominated by the beverage industry with a market share of 37% and is followed by juice and nectar products with 22% market share. These factors have changed the structure of the juice industry and furthermore it can be assessed that strategic approach of the companies operating in the concerned industry are focused on developing market relations by creating alliances and ventures or by engaging in mergers and acquisitions (Sabbe, Verbeke and Van Damme, 2009). Chapter 3 3.1 Internal Analysis 3.1.1 Overall performance The overall performance of the Atlantic Quench has increased over time and signifies the effective strategic growth process of the company. The company issued its first share at $25 per cranberry barrel which has increased to $250 in the current scenario. This shows the acceptance of the products in the market and also rise in the value of the firm. Apart from these, the organization has reflected high strategic concentration of their activities by engaging in product diversification and creating alliances with big brands such as Gerber for logistics in UK and Coca-Cola for brand development. Also the position of Atlantic Quench in the market and high level of integration among the farmers (members) of the company has allowed them to develop the capability to respond to changes in the market demand. 3.2 Marketing Mix Price: The price of the products of Atlantic Quench is developed in premium pricing process. The premium pricing process has been selected mainly because of the high brand focus on the target consumers. The high price of the products also reflects the quality of the products (Rogers, Lambert and Knemeyer, 2004). Apart from these, the pricing process of the products has also been aligned with the market standards in order to ensure competitiveness of the products. Place: The market operations of Atlantic Quench are mainly based on the US market and have successfully developed their brand among the target consumer base (bevindustry, 2012). The company has expanded their business to the Latin American market and also established a manufacturing unit to reduce the logistics expenses of the firm (Mowat and Collins, 2000). The alliance with Gerber will also generate better distribution strategy for the products of Atlantic Quench and establish a common networking platform in the European market. Promotion: The brand promotional process of Atlantic Quench is performed with both direct and indirect promotional processes. The initial stages of market expansion includes traditional means of promotion techniques such as television ads, leaflets, kiosks, etc (Gummesson, 2002). Atlantic Quench also engages in event organizing and promotions that will help in building direct customer relationships. The online promotional strategies include social media and viral marketing techniques. Product: The existing product base of Atlantic Quench can be segmented into original juice drinks and non-drinks products. The juice drinks products again have been segmented into pure juice and mixed juices such as Original Cranberry Juice and Cranberry Mixed Juice Drinks (Luther, 2013). The core products of the company are Cranberry original Juice, Cranberry Mixed Juice, Juice Max and Garb ‘n’ Go. The non drink segment includes cranberry sauces, fresh cranberry and dried cranberry. Apart from the traditional 1.75lt packaging of the juices, Atlantic Quench has also launched a 250ml tetra juice pack for targeting the impulse buyers (Fuller, 2011). Chapter 4 4.1 SWOT Analysis 4.1.1 Strengths: The primary strength of the company is their organizational structure of Atlantic Quench. As the company is being managed within a co-operative framework, they have the advantage of direct relationship buildup with their suppliers. This is also an advantage for reducing the input logistics cost of the business and ensuring the supply of the raw materials is aligned with that of the market demand. The capital investment is also controlled because of high engagement of the members of the co-operative process (Sheehan, 2011). 4.1.2 Weaknesses: The decision making process of Atlantic Quench is slow mainly because of the involvement of large number of stakeholders within the operational process of the company. It is difficult to establish common vision among all the members of the company and furthermore the difference in their contribution also can create biasness in strategy formulation. Apart from these, the competition in the juice and nectar markets and also the extensive industry of beverages and soft drinks can create barriers in the operations and market growth of Atlantic Quench. 4.1.3 Opportunities: The consumer taste and preferences are shifting towards healthy drinks and edibles which can be a major boost up for the product base of the organization. The development of the business opportunities is also related with the efficient distributing capabilities of Gerber that can help Atlantic Quench in managing their product network and market abilities. Moreover, because of their integrated supplier network, the firm will be able to design a better pricing strategy with enhanced profit margin that will help them in generating a cost competitive advantage for the company (Hucker, 2014). 4.1.4 Threats: The main aspect of threat is growing competition in the market and the monitoring pressure from the regulatory authorities present in the market. Complications in the ingredients of the juice market include high demand such as 100% fruit drinks (marketsandmarkets, 2014). Another threat for Atlantic Quench is the development of the product base because of the environmental influence. Changes in climatic conditions can increase the production of the products irrespective of the market demand. Also environmental authorities such as UNESCO and EU are focusing on the environmental impact of the firms involved in organic production processes (Lanschützer, 2013). Chapter 5 5.1 Objectives 5.1.1 Mission Statement: It was observed that the juice and nectar segment of UK is expected to experience a growth of 19.2% by the end of 2018 and based on this; mission of the company will be developed. The mission statement for Atlantic Quench in context of UK market plans will be to provide quality products in accordance with the customer expectations and increase the profitability and scope of operations for the business. 5.2 SMART Objectives The Smart Objectives for Atlantic Quench are developed in alignment with the above stated mission of the company: Specific: Atlantic Quench will try to ensure sale of 250000 units of concentrated fruit juice and 300000 units of mixed fruit juice by the end of the year 2017. Measureable: The progress of the company will be measured by monitoring the sales of the products and also by gathering feedbacks from the customers regarding their experience with the products. Attainable: Considering the present situation of the UK juice market, the entire goal will be segmented into quarterly targets that will be 6944 units for concentrated juice drinks and for mixed fruit juice 8333. Relevant: The product sales of the products will highlight the efficacy of the marketing plan and the business strategies of Atlantic Quench. Time Bound: The all inclusive objective of Atlantic Quench for the UK market will have to be completed within a period of 3 years. Chapter 6 6.1 Marketing Strategy 6.1.1 Strategic Theories The strategic plan of Atlantic Quench will be developed with the help of Ansoff Matrix. The Ansoff matrix can help in deciding the primary approach of the company for expansion of their organizational activities (Venkatesan, McAllister and Ganesan, 2010). Figure 4: Ansoff Matrix (Source: Barney, 2009, p - 1236) The Ansoff matrix reflects four primary methods for business expansion that includes market penetration, product development, market development and diversification (Young and Javalgi, 2010). In case of Atlantic Quench, they are enlarging their business functions to the UK market with their existing products which signifies that the strategic move adopted by the company is market development. The market development process focuses extensively on the process of building thorough customer relationship and market research processes in order to ascertain the sustainability of the business in the new market (Goksoy and Ozsoy, 2007). 6.1.2 Core Target Segments: The target customer segments of Atlantic Quench during the initial market development structure will be the urban cities of UK. This segmentation of the consumer group has been made on the basis of design of the distributor network of Atlantic Quench which is being managed by Gerber (Barney, 2009). Considering the target segment by the demographic and economic structure of the customers, the products of the company can be consumed by any age group above 2yrs. This means that the adolescents are not in the target consumers of the business. Considering the economic segmentation of the products, the minimum income level should be £1500-2500. 6.1.3 Positioning The brand positioning of products of Atlantic Quench will be supported by the public relation and promotional strategies of the firm. The positioning will be based on the aspects of quality and health consciousness of the customers. The promotional aspects of the company will mainly focus on design advertisements that can highlight the pure nature of the products and also the efficient production process of the Atlantic Quench (Ireland and Sexton, 2010). The positioning of a brand helps the consumers in identifying the key features of their products (Clarke, 2010). Hence, Atlantic Quench cal also highlight their co-operative organizational framework that will help them in engaging with the customers and also build a network of potential suppliers within the UK market. The brand positioning process of a firm differentiates the brand from its counter parts and is dependent on the perceptions of the customers. Chapter 7 7.1 Marketing programs 7.1.1 Product Strategy The product strategy of Atlantic Quench is based on the customer segmentation and targets of the UK marketing plan. As observed that for brand building and brand equity development, the company will initially target the niche market customers. Hence the product strategy will also be high valued products. The products of the company for initial market induction will be large packaged products such as 500 ml or 1lt bottles. The demand of these products in the market will highlight the response of the customers and also accelerate the brand generation process of the market (von der Linden, 2005). The ingredients of the products will also be selected accordingly in order to fulfill the regulatory initiatives and also ensure that flavors are maintained. The product base for the initial phase of the market plan will include Cranberry Original Juice, Cranberry Mixed Juice Drinks and Juice Max. All of the selected products are pure juice products that have over 95% of juice and only 5% of flavor ingredients. 7.1.2 Pricing Strategy: The pricing strategy followed by Atlantic Quench is mostly penetration pricing in order recover their capital expenditures and start generating revenues. However, for the UK market the pricing strategy selected for the company is premium pricing. It was observed that the consumer base of UK is highly focused on brand equity of their preferred organizations and hence the price has been kept ahead of the market standards in order to highlight the quality of the products (Longenecker, 2008). 7.1.3 Place: The place selected for operations of Atlantic Quench is based on their overall mission statement and the objectives of the company. The company considered numerous factors for selecting the target market such as the distribution of the products, consumption and income of the consumers for measuring their affordability in context of premium fruit drinks. These factors are essential in measuring the traits of the customers and compare them with the product ability for ascertaining the final markets of the company. The place selected for initial operations of Atlantic Quench are the major urban markets of UK such as London, Birmingham, Edinburgh, Manchester and Cambridge. These cities will be the primary target for the market entry process of Atlantic Quench. Atlantic Quench already has established their relations with UK distribution and logistics firm Gerber. This would help the company in managing their distribution camel and position their products in the desired markets. 7.1.4 Promotion and Communications: The marketing communications strategy of Atlantic Quench will focus on the available resources and also on the nature of the customers. The primary means for communication will be via advertisements and promotional processes that will communicate organizational and product information and help the customers understand the business approach and the benefits of the products for them. Direct marketing will not be a part of the communication strategy, however Atlantic Quench will engage in event marketing and sponsorship of other related occasions which will bring them into the limelight. Apart from this, other major marketing tactics will include online marketing featured with social media and viral marketing concepts. Chapter 8 8.1 Marketing implementation and control 8.1.1 Schedule Particulars Month 1-2 Month 3-4 Month 5-6 Month 7-8 Month 9-10 Month 11-12 Identification of Need of organization Organizational Position Assessment Business Direction Financial Assessment Development Identification of Market Market Research Segmentation Targeting Positioning Aligning Product Base Designing Market Plan Development of Product strategy Pricing Strategy Promotional Strategy Marketing Communication Competition Assessment Market Testing with product dry run Modification to the product and marketing plan Final Launch of Product 8.1.2 Who is responsible? The responsibility of the entire marketing and business expansion process of the company will rely on the top management as they will formulate the strategic objectives of the organization. The middle management will be engaged in the tactical concerns of the organization based on the directions of the strategic aim. The operational base of the organization will also focus on performing activities such as market research and other essential tasks of the business. Specifically there will be teams for performing each segment of the organization. For instance, the marketing team will be segmented into information collection, promotion and brand building. Other profiles will include operational activities to receive raw materials, logistics, manufacturing, profiling, packaging, delivery, inventory management, etc. 8.1.3 Budget Particular Amount (£) Organizational Position Assessment 1500 Development Identification of Market 5000 Market Research 10000 Aligning Product Base 6000 Designing Market Plan 8000 Development of Product 12000 Promotional Strategy 5000 Marketing Communication 5000 Market Testing with product dry run 6000 Final Launch of Product 1500 Total 60000 8.1.3 Control: performance measurement The performance measurement process will be handled with the help of Balance Scorecard that will include specific objectives for each of the functional aspects of the marketing plan and the business expansion process of the firm. 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