Marketing Plan 1 Marketing PlanName: Gregory C. Hyde, Jr.Course: Bus 599 Strategic ManagementInstructor: Rufus RobinsonDate: August 7, 2017 Marketing Plan 2 1. Define your company’s target market.a. Analyze the types of consumers who will be drinking your beverage indemographic terms (i.e., age, education level, income, gender, ethnic group,etc.). Support your analysis with actual data on the size of the demographicgroups in your local community (nearby zip codes). Arcadian is a unique business and offers differentiated products to the consumers.It is offering Pina colada in almost 5 flavors, which increase its specialty andmake it different from normal manufacturing companies. It is not possible to findso many flavors of Pina colada from one café or company. In addition to this, thecompany promises to provide Pina colada within a minute in disposable cups,which can be consumed on the go. The company is opened at VA, Chantilly whichhas a population of 23039 according to the 2010 population survey. This place liesin close proximity to Washington which is a metropolitan area. Hence, manypeople from Chantilly go to Washington on daily basis for work and this makesthe lives of its people very hectic and busy. What people of this locality need is atea shop which provides them delicious tea within minutes which can beconsumed on the go. This is what Arcadian is providing. Its amazing 5 flavorsenable consumers to choose from a wide variety of products and make their ownPina colada, which is not an option available in the market currently.This place is central to a number of recreational places such as Fair Lakes Virginiawhich means that more people head to this place for fishing and recreation. Thereare 6955 households in the region with a population density of 1916.6 people per Marketing Plan 3 square mile. Income of people living in this area per annum is roughly $121,141with a per capita income of $44,267. In addition to this, this locality has up tohigh schools available in the region which means that the teenage population is inexcess here. This area has people belonging to all ethnicities such as NativeAmericans, Asians, Hispanic and Africans. b. Outline the demographic information for your company specified on theworksheet in the course text (p. 107 | Demographic Description).On the basis of the information provided above, it becomes clear that thepopulation of the area has the ability to purchase Pina colada on regular basis.This can be assumed from the fact that the average household income is stableand good enough to be spent on a Pina colada cup, which costs less than $2.Secondly, Pina colada is a drink, which is loved by people regardless of their levelof education. However, the younger population may not find themselves inclinedtowards regular Pina colada. For them, the option of choosing from almost 5flavors is captivating. Furthermore, people of all ethnicities, which mean that thecompany can target the entire area for its sales, love Pina colada across the globe.The product offered by the company will captivate people from varied tastes andcultures due to its ability to offer to them worldwide flavors in just a minute.2. Assess your company’s market competition.a. Use the factors listed in the course text graphic (p. 123 | Assess theCompetition) to assess your company’s market competition. Marketing Plan 4 Currently, the competitors of the company in the Pina colada category include theprocessed Pina colada companies offering majorly Cream Pina colada while onlyfew are offering additional flavors such as lime Pina colada and peach Pinacolada. These companies are not having their Pineapple form as sit in places butare only selling through retailers in packages. Secondly, the Pineapple offered bythese companies need to be made at home by using additional things like sugar,cold water, cream, coconut and milk if needed which further increases the cost ofthe Pina colada. In addition to that, these are not sold on credit by the companiesthemselves as they have no direct contact with their consumers. It depends on theretail outlet’s policy to sell the Pina colada on credit or not. Hence, this type ofPina colada cannot be consumed on the go, it has indirect costs associated with it,the price per package is also high and flavors are not good. Due to the blandimagery of these products, youth does not like to associate with it. Hence, itappeals to elderly people only and puts off younger generation. b. Defend your strategy to successfully compete against market leaders in yoursegment.It must be noted that the competition for the company is majorly in the pineapplemarket, which is the main offering of other companies. It will be difficult topenetrate in the market as a Pina colada seller solely and to sell the productsthrough retailers (Kotler & Armstrong, 1991). What distinguishes this companyfrom competitors is its ease of access and use. Customers can grab their cup of Marketing Plan 5 Pina colada on the way to their office in disposable cups, enjoy as many flavors asthey want, mix and match their own flavors to come up with new customized onesand can also enjoy drinking Pina colada in the café. Youth these days give moreweightage to the experience they have through a product or service and if aproduct has a cool imagery, they like to associate with it. In the case of Arcadian,youth would like to explore varied flavors along with the cool imagery which willmake them loyal to this brand name. Also, this product can be bought on credit aswell by the customers. This will give an edge to the company as people these dayswant to carry fewer cash and make more credit purchases. c. Defend your plan to differentiate yourself from the competition using theinformation detailed on the worksheet in the text (p. 131 | Market ShareDistribution). In non-alcoholic beverages market, the leading company is Starbucks whichoffers coffees primarily. Though it is no offering Pina colada, it is capturing thenon-alcoholic market from many decades across the USA. To differentiateArcadian against Starbucks, this company will promote its Pina colada flavorsthrough excessive marketing campaigns. It will make use of the local radiochannels to get its message across. The competition in the market has increasedover the past few years primarily due to the inclination of people towards the nonalcoholic beverages. However, Pina colada tend to be heavy and it takes a lot oftime to make them. This is a differentiating factor for this company and the Marketing Plan 6 Starbucks. For people who want something light and refreshing, Pina colada is abetter option and if Pina colada is being offered in a minute, it is even better.3. Clarify your company’s message using the information provided on the worksheetin the text (p. 160 | The Five F’s). For the target market of Arcadian, the two things, which define it the most, are feelingsand functions. Pina colada has a number of positive functions, which include therefreshing feeling it gives to the consumer (Kotler, 2000). It is available in differentflavors which can induce sleep, enlighten your day, make you feel relaxed and performsimilar other functions. Pina colada helps in reducing weight for weight conscious peopleby offering them lime Pina colada. It gives refreshing feeling through the peach flavoredPina colada. Also, Pina colada is associated with feelings and emotions. Starting your daywith a cup of Pina colada leaves you feeling good for the day. Pina colada’s flavordepends on your mood and on the basis of that, choosing from a wide variety ofPineapple products will further add to the feelings. The message this product will bear isof “Giving a refreshing start, a healthy day and a carefree end to your day” which refersto the flavors it offers and the effects they can have on your personality. 4. Identify the marketing vehicles you plan to use to build your company’s brand.Justify the key reasons why they will be effective. Provide examples of other nonalcoholic beverage companies that use these tactics effectively.To market this company and its products, the first step will be to use social mediamarketing which does not require any payment (Berkowitz & Berkowitz, 1992). It will Marketing Plan 7 attract youth and will pave the way to creating excitement in the target audience prior toits launch. Through various viral videos, the brand can get its message across and cancreate hype about its launch. Secondly, since the packaged form of flavors is alsoavailable, they can be sold through retail outlets which will promote the brand evenfurther. Marketing Plan 8 ReferencesBerkowitz, E., & Berkowitz, E. (1992). Marketing. Homewood, IL: Irwin.Kotler, P. (2000). Marketing management. Upper Saddle River, N.J.: Prentice Hall.Kotler, P., & Armstrong, G. (1991). Principles of marketing. Englewood Cliffs, N.J.: PrenticeHall.
Thanks for installing the Bottom of every post plugin by Corey Salzano. Contact me if you need custom WordPress plugins or website design.
The post Marketing Plan 1 Marketing Plan Name: Gregory C. Hyde, Jr. Course: Bus 599 Strategic Management Instructor: Rufus Robinson Date: August 7, 2017… appeared first on Nursing Essay Tutors.