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I HAVE ALREADY WRITTEN THE FIRST PART OF THE ASSIGNMENT SO CAN-(Answered)

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I HAVE ALREADY WRITTEN THE FIRST PART OF THE ASSIGNMENT SO CAN YOU READ IT AND USE MY COMPANY BOOSTER TO ANSWER THE FOLLOWING QUESTIONS? I HAVE ATTACHED MY THE PAPER I WROTE TO THIS E-MAIL


Assignment 2: Marketing Plan

This assignment consists of two (2) sections: a marketing plan and sales strategy, and a marketing budget.?Note:?You must submit both sections as separate files for the completion of this assignment.

For the first six (6) months your company is in business?to give you time to perfect your product and to learn from actual customers?you will start marketing and selling in your own community, a radius of twenty-five (25) miles from where you live.

For most non-alcoholic beverages, marketing (as opposed to the actual product itself) is key to success. Cola drinks, for example, are fairly undifferentiated, as are many energy drinks, juices, bottled water, and the like. Companies producing these types of beverages differentiate themselves and attract market share through marketing and brand awareness?both of which are critical to success.

Section 1: Marketing Plan & Sales Strategy (MS Word or equivalent)

Write the three to five (3-4) page Marketing Plan & Sales Strategy section of your business plan, in which you:

  1. Define your company?s target market.
    • Analyze the types of consumers who will be drinking your beverage in demographic terms (i.e., age, education level, income, gender, ethnic group, etc.). Support your analysis with actual data on the size of the demographic groups in your local community (nearby zip codes).
    • Outline the demographic information for your company specified on the worksheet in the course text (p. 107 |Demographic Description).?Click here for help accessing a specific page number in your eBook.
      • Hints:At American FactFinder (http://census.gov), you will find demographic information on potential consumers in your area. If you are selling through other businesses (such as grocery stores), indicate the number of those businesses in your local area. You will find information about such businesses in your local area at County Business Patterns (http://www.census.gov/econ/cbp/). Check Chapter 2 ofSuccessful Business Planfor more research sources.
  2. Assess your company?s market competition.
    • Use the factors listed in the course text graphic (p. 123 |Assess the Competition) to assess your company?s market competition.
    • Defend your strategy to successfully compete against market leaders in your segment.
      • Hints:For example, in the soft drink market, it is intimidating to try to compete against Coke and Pepsi. Newcomers in mature markets typically must pursue niche markets or even create new market categories, as Red Bull did with energy drinks.
    • Defend your plan to differentiate yourself from the competition using the information detailed on the worksheet in the text (p. 131 |Market Share Distribution).
      • Hints:Every business faces competition and the non-alcoholic beverage market is an especially crowded market.
  3. Clarify your company?s message using the information provided on the worksheet in the text (p. 160 |The Five F?s).

      • Hints:Before you choose your marketing vehicles, you must determine the message you want to convey through those vehicles.
  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 non-alcoholic beverage companies that use these tactics effectively.

      • Hints:If you plan to use online marketing tactics, refer to the worksheet in the text (p.171 |Online Marketing Tactics) to aid your response. Remember that even if you?re selling through grocery stores you need to build your brand and social media is a major part of that in regard to beverages. Some of the marketing tactics that beverage companies use include: sampling in grocery stores, building a following on social media, sponsoring events, exhibiting at trade shows attended by retailers, and so on. You will use a combination of these tactics. For example, if you decide to give out samples in grocery stores, promote your sampling on your social media networks and those of the grocery store.

      • Hints:If you are planning to distribute through resellers, describe how you plan to reach them, for example, through industry trade shows or by establishing your own sales force. For information on trade shows, visit the Trade Show News Network (http://www.tsnn.com). You can exhibit or network at these shows.
  5. Format your assignment according to these formatting requirements:
  6. Cite the resources you have used to complete the exercise.Note:There is no minimum requirement for the number of resources used in the exercise.
  7. Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.
  8. Include a cover page containing the title of the assignment, the student?s name, the professor?s name, the course title, and the date. The cover page and the reference page are not included in the required page length.


Section 2: Marketing Budget (MS Excel worksheets template)

Section 2 uses the ?Business Plan Financials? MS Excel template (see: Course Required Files in Week 1). Use the ?Business Plan Financials Guide? (see: Course Required Files in Week 1) to support your development of the Marketing Budget.

  1. Complete the Marketing Budget worksheet for your company.

      • Hints:The goal of the marketing budget is to help you determine how much it will cost you to reach your market and achieve your sales goals.
      • Hints: When filling out the ?Marketing Budget? worksheet in the Excel spreadsheet:
        • Begin in the current year and complete a marketing budget for the first year of your business. The information you enter in the marketing budget spreadsheet will flow through to your ?Income Statement? in the Business Plan Financials.
        • Leave the number at zero (0) for any marketing vehicles you do not intend to use.
        • Remember that all marketing activities involve costs. If social media represents a significant portion of your marketing, assume you will have cost of advertising and that should be reflected on your budget. Even if a social media site charges nothing to use it, you will need to use company resources to manage the site, pay someone to execute your social media marketing campaigns, and will most likely pay for ads on that site.
        • Do NOT leave the ?Marketing Budget? blank, assuming you will not have any marketing costs.


BOOSTER ENERGY DRINK COMPANY LTD

 


 

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BOOSTER ENERGY DRINK COMPANY LTD

 


 

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BOOSTER ENERGY DRINK COMPANY LTD ANALYSIS

 

Introduction to the company

 

Booster Company Limited is an independent company that was started two months ago with an

 

aim to produce and supply a non-alcoholic energy drink by the name ?booster? to the growing

 

population. Booster was launched due to the increasing demand for energy drinks since people

 

get involved in jobs that need a lot of energy and so they need to boost their energy. The

 

company is situated in the State of Illinois in the town of Annawan in Henry County. The product

 

that we are producing is the energy booster drink which has not been in the market and so we are

 

sure of an impact on the market by the drink.

 

Mission of Booster Energy Drink

 

The mission of Booster energy drink is as follows:

 

?To offer the best alcohol free and delicious flavors of natural beverage that vitalizes the brain

 

and body.?

 

The Slogan of Booster

 

As the name suggests, Booster, aims to give an augment to the body of individuals whenever

 

glucose levels are going down during a physical or mental activity. So the slogan of booster

 

could be: ?Energy on the Go, Just for You?.

 

Logo

 


 

BOOSTER ENERGY DRINK COMPANY LTD

 


 

BOOSTER

 


 

3

 


 

The logo of Booster will look like this:. The colors used in this logo are blue

 


 

and red. Blue is the symbol of power and energy whereas red reveals passion to achieve a goal.

 

The logo of Booster will differentiate it from the rest of the energy drink available in the market.

 

Trends in the Non-Alcoholic Beverage Industry

 

There are many trends in the non-alcoholic beverage industry that are transforming the beverage

 

industry in the world. Non-alcoholic beverage companies and restaurants have turned to creative

 

campaigns to boost the consumption of these beverages. The companies have committed

 

themselves to offering consumers the opportunity to explore the latest non-alcohol beverage

 

trends. Innovation tracking is another trend that is in the beverage industry. To keep competition

 

at breast, companies have developed a global product tracking database and expert analysis and

 

opinion for consumer behavior and market context. This will enable companies to stay at the top

 

of trends in the non-alcoholic beverages sector. Strategic leadership is also a trend that is in the

 

beverage industry. Companies are placing themselves in a positon that will enable them to solve

 

the problems and make them competitive in the industry. Booster will employ many strategies

 

that will see the company succeed in its marketing activities. Innovation will be our main

 

strategy that will be employed to ensure continued success in the beverage industry. The

 

company will be constantly in the run to introduce new flavors that the company sells. The

 

company will also be carrying out the Research and development studies to enable the company

 

to understand well the changing consumer tastes and to respond well those changing demands.

 

The company will also be carrying out necessary company and operations restructuring that will

 

enable the company to adjust to the new changes in the environment.

 

Distribution Channel

 


 

BOOSTER ENERGY DRINK COMPANY LTD

 


 

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The company will be selling its products through distributors and the wholesalers then to the

 

retailers who will then sell the final products to the consumers. Booster Company will be selling

 

the products to licensed distributors who will sell the products to any wholesaler who will

 

partner with the company. Wholesalers will then sell the products to various retailers who will

 

sell the energy to the consumers. The company will set up warehouses in major towns where the

 

majority of the population is. The company will be manning such warehouses. The distributors

 

will be given the shipping services by the company. Booster Company will be carrying out the

 

advertisement exercise for the products on behalf of the other elements of the distribution

 

channel.

 

Environmental Analysis

 

?

 


 

Competitive environment ?this are the companies that produce the same product as we do.

 


 

The companies providing energy drinks poses a threat to the company we have put in place

 

strategies to curb the competition.

 

?

 


 

Economic environment ? the economic environment includes matters of finance which

 


 

among them are: interest rates, taxes, inflation, consumer discretionary income and saving rates

 

(Kajanus, 2012). The way the monetary issues behave in the market will affect how we are going

 

to fair in pricing our product and marketing it.

 

?

 


 

Political environment- they involve the regulatory factors that affect the business. The booster

 


 

business must comply with the government`s terms and conditions so that it will compete

 

favorably with other enterprises in the same business environment.

 


 

BOOSTER ENERGY DRINK COMPANY LTD

 

?

 


 

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Legal environment ? these refer to the relevant laws and regulations under which the business

 


 

will operate (Van, 2012). The booster market will only produce and supply the energy drink that

 

we have registered our company.

 

?

 


 

Technological environment ? the technology that we use in the production process

 


 

determines how the energy drink will be produced and packed in more efficient ways rather than

 

using human labor which takes long and tiresome.

 

?

 


 

Social-cultural forces- this is the beliefs, customs, practices and behavior within a population.

 


 

The people surrounding the business are people who get involved in daily work and have no

 

resistance to our product but demand the energy drink for their day to day activities.

 

Target Markets for Booster Energy Drink

 

Primary market ? The primary target market of Booster includes people in their twenties to the

 

middle aged group. This target market is composed of people who are at the peak of engaging

 

their bodies and minds in mental and physical activities and usually need energy supplements to

 

keep their organs work efficiently and in harmony.

 

Secondary market- The secondary market includes organizations and individuals outside the

 

country where we have had put adverts to attract the attention of the people.

 

Short Term Goals

 

?

 


 

Booster Company is seeking to increase its advertising budget after three months to be able to

 


 

reach as many customers as possible.

 

? We have goals to redesign the customer service research process which will include

 

questionnaires and incentives to be able to solve potential problems.

 


 

BOOSTER ENERGY DRINK COMPANY LTD

 


 

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Long-Term goals

 

? We are aiming at doubling the revenue we will be earning by the end of the current financial

 

year. this will be realized when we offer better products to our customers,

 

?

 


 

Receiving at least 95% of positive feedback from our consumers about our product.

 


 

Appropriate ways to measure business goals

 

We can be able to determine whether our goals are being achieved by:

 

?

 


 

Checking on the number of people who have visited our sites on the internet and the likes that

 


 

we got on our ads that we have posted on the social media platforms.

 

?

 


 

Checking on the market share to determine how our market is and its behavior in competing

 


 

with our competitors.

 

? We are planning to introduce to the market a new product called booster memory made from

 

a herb known for strengthening memory and thinking skills.

 

?

 


 

Customer?s retention and growth rate by how our product is doing in the market whether we

 


 

are increasing the number of customers or losing them.

 

SWOT Analysis,

 

The SWOT analysis of a company explores the strengths, weaknesses, opportunities and threats

 

that a company faces in the company. Strengths and weaknesses are the internal factors that

 

affects the company.

 

Strengths; -we realize a profit ratio that is increasing

 

-Noticing the morale of the employees is high thus increasing production

 


 

BOOSTER ENERGY DRINK COMPANY LTD

 


 

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- Increased market share where we dominate in product selling more than our competitors.

 

- having high bargaining power.

 

Weaknesses; - legal suits that are not solved by our company

 

-falling off the plant capacity making us produce less booster than before.

 

-lacking a strategic management system which is effective.

 

- poor communication among the staffs may lead to a loss in the company.

 

Opportunities; - high demand for the booster increasing in the region will be a significant impact

 

on the enterprise.

 

-

 


 

New funding resources which will help boost the operation of our business.

 


 

- The current events happening which includes games and athletics may cause a significant rise

 

in our sales.

 

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New research helps identity more market for our booster product.

 


 

Threats: the tin cans that we use for our energy drink are not biodegradable.

 

- The value of the dollar may go down making losses go up as we used much in production as

 

compared with sales.

 

-

 


 

Facing a lot of competition from the many producing companies among the region.

 


 

Feasibility of the product.

 


 

BOOSTER ENERGY DRINK COMPANY LTD

 

Feasibility of a product aims to uncover the strengths, weaknesses, opportunities, threats in

 

producing and marketing a product and the resources required for carrying through and the

 

prospects for success (Cowburn, 2016).

 

Technical feasibility: the assessment looks into our technological methods of production where

 

we have the required equipment to engage in the production process of the energy drink.

 

Legal feasibility; we are abiding by the laws that we registered our business under and so the

 

operation will not be against the law.

 

Operational feasibility: we have looked into the opportunities and threats that we discovered

 

during the SWOT analysis and have come up with ways on how to maximize the opportunities

 

and curd threats.

 

Schedule feasibility. A project will fail if it takes long without being useful (Kajanus, 2012). We

 

have plans on how to achieve our short and long-term goals to maximize profits.

 


 

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BOOSTER ENERGY DRINK COMPANY LTD

 


 

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References

 

Bhasin, K. (2012). The Marketing Strategy This Energy Drink Used To Take On Red Bull And

 

Become A Billion Dollar Brand. Available: http://www.businessinsider.com/themarketing-strategy-this-energy-drink-used-to-take-on-red-bull-and-become-a-billiondollar-brand-2012-2. Last accessed 11th Feb 2016.

 

Dibb,S., Simkin, L. (1996). The Market Segmentation Workbook: Target Marketing for

 

Marketing Managers. London: Thomson Learning. p17-22.

 

Easey, M. (2009). Fashion Marketing. West Sussex: John Wiley & Sons, Ltd. p140-141.

 

Kapferer, J. N. (2012). The New Strategic Brand Management: Advanced insights and strategic

 

thinking. Kogan page publishers.

 

Ries, A., Trout, J. (2008). Positioning: The Battle for Your Mind. New Dehli: Tata McGraw Hill.

 

p2-10.

 

Kajanus ,N (2012) Lesssons Learnt in Strategic Resource Management

 

Van, Winjgarden (2012) Analysis for Healthy Organizations

 

Cowburn ,G.(2016) Exploring the Opportunities for Drink Purchasing and Consumption

 

Stephens,M.B (2014) Energy Drink use in the Military

 

Dess, G. G., & Miller, A. (1993). Strategic management. New York: McGraw-Hill.

 

Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (1999). Strategic management: Competitiveness

 

and globalization. Cincinnati: South-Western College Pub.

 

Jeyarathnam, M. (2008). Strategic management. Mumbai: Himalaya Pub. House.

 


 

 

Paper#9210024 | Written in 27-Jul-2016

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