Green Fit Nutritional Drinks Market Situation - Case Study Example

Executive Summary Green Fit Nutritional Drink which is planning to launch their nutritional drink in Australia has an opportunity to succeed as the product provided by them is rich in nutrition and helps even to fight certain disease. Further increasing concern towards obesity will help to ensure that the product is accepted by the people. This report presents the manner in which Green Fit Nutritional Drink is looking towards marketing in Australia. It also presents the target market as Green Fit Nutritional Drink is eyeing the generation Y. To ensure that Green Fit Nutritional Drink they need to use their core strengths and convert the opportunities that the market presents. Since, Australia presents an already created market being able to market their product by devising marketing and promotional scheme will help Green Fit Nutritional Drink to capture the market. Green Fit Nutritional Drink should also look towards the fact that they use their internal strengths so that they are able to tap the opportunities that the market present and is able to develop their business which will provide better return for the organization. This helps to provide the following recommendations Green Fit Nutritional Drink need to ensure that their target market knows about the product for which Green Fit Nutritional Drink need to create awareness and highlight the manner the nutritional drink benefits mankind and make people purchase the product Green Fit Nutritional Drink should look towards aggressive marketing strategy across all section of the society so that they are able to attract a pool of customers from all regions and ensure acceptability of their product. Table of Contents Introduction 3 Purpose of the Report 3 Current Market Situation 3 SWOT Analysis 5 Objectives 7 Target Market 7 Marketing Strategy 9 Action Program 11 Conclusion 12 References 14 Introduction Increased concern towards health has made organizations look towards manufacturing products which are health conscious and help people to fight their biggest fear i.e. obesity. Green Fit Nutritional Drink is an energy drink in that direction which will help the people drinking the brand to enhance their energy. At the same time the dring has been made in such a way that it will help to improve nutritional content and help to deal with sugar craving (Green Fit, 2011). Since the drink is rich in nutritional content and help the user get the required energy which egg, fruits or pulses provides it will act as a help to mankind and will help people to develop their nutritional system. Purpose of the Report To identify the current situation of the drink market To conduct a SWOT analysis for Green Fit Nutritional Drink and identify the target market To identify the marketing strategy of Green Fit Nutritional Drink and identifying an action plan which will help the product to be successful and easily accepted to the public. Current Market Situation The market size of health conscious drinks is on a rise and more than 50% of the population looks towards healthy food or drink of some sort. Australia on this front provides an avenue due to the population which is changing and has increased concern towards it. The market for health care drink is compounded to grow annually. The market size provides an exemplary example for growth and this is further substantiated from the life cycle chart. The health care drink industry is in the growth phase which has resulted in increased growth for the products. This is witnessed through the life cycle graph below which shows growth for this segment (Wee, 2008). The widespread growth that the health care products provides especially in Australia makes the market very prone towards growth and will ensure that industry provides adequate return to the players (Czinkota & Ronkainen, 2004). The health care drink industry is growing at a rapid pace and the manner in which the industry is posing healthy growth rates speaks the manner the organization working in this field is bound to grow. It was estimated that the market based on value is around 1739.9 million which is bound to reach 3,687.5 in 2012 (Laishram, 2006). This further highlights the growing opportunity being presented by the industry and if organizations are able to develop and work towards accomplishing the task will be able to ensure that they get a good chunk of the market and fetch higher growth rates as the industry is moving fast. Thus, the market provides wide opportunities and organization that is able to understand and deal with it will be able to ensure better development and will be able to cater to a wider market. The situational analysis thereby helps to understand the manner in which Green Fit Nutritional Drink will be able to evaluate the actual market scenario and gauge the manner in which the other players are performing. This will help Green Fit Nutritional Drink to take a stand and look towards developing a mechanism which will help them to grow their business and will provide the required leverage that will help them to grow their business. SWOT Analysis The SWOT analysis will help Green Fit Nutritional Drink to understand the areas it need to work upon and developing strategies keeping those in mind will help Green Fit Nutritional Drink to ensure that they are successful in their endeavor and their drink is readily accepted in the market. The SWOT analysis is as Strengths Green Fit Nutritional Drink provides a unique composition of health care drink which will provide nutritional value at the same time help during sugar which will thereby help to fight obesity The drink marches the requirement of the modern world and being able to supply a drink which provides humans with the required energy will find acceptability A drink which fits the requirements of all from a child to an old aged person including athletes, business people thereby appealing to a large audience Weakness Lack of brand name as the product is new and not tested to confirm the chances of being accepted by the people Increasing cost associated with the marketing of Green Fit Nutritional Drink due to rising cost associated with promotional activities Opportunities Australia provided a large market due to growing population and concern towards health will make them place their product to a large audience Increased concern over the entire world regarding health provides an even wider market to cater to Threats The product is untested so there are chances of failure which might backfire for the company and result in huge loss Increasing threat from other competitors who will be looking to duplicate the product and cater to the same market The SWOT analysis hereby highlights the varied opportunities that the market presents. Green Fit Nutritional Drink needs to use their strengths in such a manner that they are able to convert the opportunities and gain a foothold in the Australian market. Further, Green Fit Nutritional Drink needs to ensure that all their resources are handled in a way that increases effectiveness and provides an opportunity which will help Green Fit Nutritional Drink to grow and be able to develop their business and make consumer look towards purchasing the product. Objectives Green Fit Nutritional Drink has identified an objective which is to provide quality drink to people which is healthy at the same time provides nutritional value and helps to fight various disease and problems that an individual faces. The company has chosen such an objective purely because of the fact that the product provides the user additional value. The objective statement of Green Fit Nutritional Drink has helped to identify the generic strategy of the business to be as a differentiator. The fact that Green Fit Nutritional Drink looks to provide a drink which is different from the traditional drink being offered by other company will help them. Thus the strategy of being a differentiator will help Green Fit Nutritional Drink to ensure that they are able to deliver better and superior products in comparison to its competitors (Doole & Lowe, 2001). Green Fit Nutritional Drink thus, need to concentrate on their objectives and need to look towards using the resources in such a manner that they are able to gain efficiency and ensure maximum growth of their business through all quarters. This will help to ensure maximum efficiency and will ensure that Green Fit Nutritional Drink is on trach towards achieving their objectives. Target Market Green Fit Nutritional Drink has ensured that they look towards targeting the correct market based on their product offering. To ensure that they are able to use correct marketing strategy for the market Green Fit Nutritional Drink has looked towards providing services to people belonging to generation Y i.e. in the age from 1980 to 1994. Green Fit Nutritional Drink has identified the market to be generation Y because the product they look towards offering suits the needs and requirements of the people belonging to the above category (Fletcher & Crawford, 2011). This will thereby help Green Fit Nutritional Drink to be able to ensure efficiency in their marketing strategy and ha helped to identify the target market as stated below Customer Aimed at Age Classification of purchaser Purchaser requirements Households 5 – 60 Married and single households Providing quality drink that helps to enhance the pleasure of drinking and satisfy the urge of thirst Students 5-24 College and school goers Ensuring quality and utmost taste in their offering so that customers are able to associate with the brand and look towards purchasing it regularly Business Class 18-55 People having the a different standard of living and work as professionals Providing quality drink that helps to enhance the pleasure of drinking and satisfy the urge of thirst This market for Green Fit Nutritional Drink has been identified on the premise that the company will be able to gain maximum efficiency and sell their products. For this different factors have also been considered which is highlighted in the table below Geographic Urban, Sub-Urban, Small Town & Rural Demographics People residing in Australia by providing quality drink that helps people reduce obesity and enhance their satisfaction level as it is a energy drink which will also help to fight sugar Social Economic Status Aimed at all section of the society as their product has been priced in the mid range so that it suits all pockets Psychographics Providing a unique drinking experience as the offering matches the taste bud of generation Y at the same time ensuring very high quality Green Fit Nutritional Drink thus has identified the target market as Generation Y based on various parameters which will definitely help them to ensure that the product is accepted by the public and the company is able to do good business through it. Marketing Strategy Green Fit Nutritional Drink has looked towards marketing its product in Australia and has chosen generation Y as their most preferred customer which thereby makes it important that their marketing strategy is designed accordingly. Since, Australia as a destination provides varied opportunities for Green Fit Nutritional Drink to sell their product so marketing them accordingly will help them ensure maximum penetration and will help to provide the basic necessities the customers are looking at. The consumer behavior in health drink industry has a lot of relevance in deciding what the customers look to purchase. The customer behavior here is altered by his previous knowledge and experience and the advice he receives from his near ones. The consumer behavior gets shaped by the demand products as well as customers look towards procuring products which are healthy. This has helped to identify the marketing strategy as Product Green Fit Nutritional Drink looks towards supplying drink which is healthy at the same time have the nutritional content that consumers look for. Since, the drink also looks to deal with obesity and different disease so it will ensure that the target audience is properly targeted. The drink at the same time has nutritional value which people get through fruits, eggs, pulses and other items will thereby help to increase sale for the product. Price Green Fit Nutritional Drink in the process of supplying high quality products has looked to ensure that they price their products accordingly. Looking into the pricing pattern it is observed that Green Fit Nutritional Drink has looked to price its products in the middle range so that they are able to target both the middle and upper strata of the society. The company has also looked towards having bottles in different sizes so that they are able to target a wide range of customer from different section of the society. Place Green Fit Nutritional Drink to distribute its product will look to strengthen the supply and distribution network to ensure that the drink is readily available across all counters. The company on this front is looking towards selling their products through retail chains, shops and through every medium possible which helps to increase the sale of the business. Promotion Green Fit Nutritional Drink looks to promote their product by having advertisements which highlights the benefit of the drink. At the same time Green Fit Nutritional Drink also looks towards using different media like print, audio, video and bill boards. The company in the beginning looks towards promotional schemes and ensuring that they are able to make people drink the product at least once. Green Fit Nutritional Drink also looks towards having special promotional schemes and looks towards creating an impact with the promotion of the product so that the target audience looks towards purchasing the product. Green Fit Nutritional Drink also need to ensure that they are able to create awareness among the consumer as it will help to spread word of mouth and will ensure maximum viewership towards the product. Action Program Green Fit Nutritional Drink has looked towards developing an action plan which will help them to successfully ensure that the launch of the product provides the required leverage that the company is looking for. This has helped Green Fit Nutritional Drink to identify the action plan to be as (Chew, Cheng & Petrovic-Lazarevic, 2006) Task Execution Period 1st Month 2nd Month 3rd Month 4th Month 5th Month 6th Month Choosing Location √ Legal Formalities √ √ Hiring of Staff √ √ √ Advertising √ √ √ Selling of Green Fit Nutritional Drink √ The above strategy which Green Fit Nutritional Drink has looked towards using will ensure that they are able to target the audience in the correct way and the launching of the product creates the impression the business is looking towards. Green Fit Nutritional Drink also needs to ensure that they regularly monitor their action plan so that the areas which require changes can be done. This will help Green Fit Nutritional Drink to understand whether the company has been able to move according to the set standards and will thereby help to ensure that objectives is achieved in the time frame. Green Fit Nutritional Drink also need to ensure that they look towards working according to the set guidelines and need to look towards making timely changes so that they are able to achieve their objectives within the stated time frame (Fletcher & Crawford, 2011). Conclusion The report thereby presents the manner in which Green Fit Nutritional Drink needs to develop its business by molding the surrounding environment so that they are able to grow and present better growth figures for the organization. The current market analysis substantiates the point as it shows the ample opportunity being presented by the Australian market and if Green Fit Nutritional Drink is able to use it to its advantage it will be able to develop its business and ensure effective growth opportunities. This has been aided by a differentiating factor of providing nutritional drink which the company has adopted as its objective and looked towards targeting Generation Y. Green Fit Nutritional Drink thus based on it has developed a marketing strategy by identifying the various parameter. The company has also looked towards having an action plan which will help them meet their objectives. Thus, the report looks to present the manner in which Green Fit Nutritional Drink looks towards launching its product and if the company is able to keep up to the expectations of the people then it will be able to market effectively and have a wide market to deal with in the future. References Czinkota, M.R. & Ronkainen, I. A. 2004. International Marketing, 7th edn. South-WesternPublishing:Australia. Chew, M.M.M., Cheng, J.S.L. & S. Petrovic-Lazarevic, 2006. Managers’ Role in Implementing Organizational Change, Journal of Global Business and Technology, Vol. 2, No. 1 Doole, I., and Lowe, R. 2001. International Marketing Strategy. 3rd Edition, Bedford Row, London, Thomson Fletcher, R. and Crawford, H. 2011, International Marketing: An Asia-Pacific Perspective,PearsonAustralia. Green Fit. 2011. Green Fit: New All Nutritional Health Drink Hits US Market. Retrieved on January 18, 2012 from http://www.prlog.org/11686408-green-fit-new-all-natural-health-drink-hits-us-market.html Laishram, J. 2006. Australian Health Care Drink Segment moving Fast Forward. Retrieved on January 18, 2011 from http://www.creature-companions.com/HealthCareDrinksegment.htm Wee, T. 2008. Life Cycle Analysis. Retrieved on January 18, 2012 from http://www.enviroliteracy.org/subcategory.php/334.html Read More