This report discusses the marketing strategy that needs to be implemented by Coopers Australia for their product, Coopers Premium Light. It explores the four components of the marketing mix and provides recommendations for a successful marketing strategy.
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Running head: MANAGEMENT Management Name of the Student- Name of the University- Author note-
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1MANAGEMENT Introduction Aiming to generate a fair and comprehensive view about the marketing strategy in relation to the product exported by Coopers, Australia, and this report will endeavor to discuss about the marketing strategy that needs to be implemented by the organization. Marketing strategies refers to the various strategies that serve to enhance the consumer base by generating relevant strategies to market as well as sell the product. A concrete marketing strategy is needed for Coopers to generate a loyal consumer base for the product of Cooper’s Premium Light. The following paragraphs will try to argue for the fact that proper and concrete marketing strategy is necessary to accentuate the available strategies. Company Summary Established in 1862, Coopers strive to satiate the beverage need of the customers throughout the world. In addition to this, Coopers’ Australia also strives to inculcate and amalgamate the aspect of the traditional as well as the modern ideas of brewery(Brewery and Brewery 2019). The organization offers innumerable brewery products related to beer and alcoholic drinks. The advanced product of Coopers Premium Light needs to achieve a proper customer base because it offers to cater to the needs of the consumers minus the surplus amount of alcohol. Discussion In order to develop and implement a strong marketing strategy for the above-mentioned products, it is essential to comprehend, assess and analyze the four components of the marketing mix. Studies reveal that innovation is an essential part of marketing strategy (Kanagal 2015). Marketing mix refers to the manner in which the various strategies and the factors that can be
2MANAGEMENT altered by business organizations to generate higher revenue and to increase the customer base (). The proper analysis of the factors of the marketing mix can assist in the development of the suitable marketing strategy for the promotion of the product. Similarly, in the case of Coopers Premium Light, it is crucial to develop upon the available resources to generate a marketing strategy. Recent studies have also revealed that the concept of marketing mix consists of the ideas of ‘price’, ‘product’, ‘place’ and ‘promotion’ (Wongleedee 2015). The Marketing mix of Price As the phrase depicts, the marketing mix of ‘Price’ refers to the value that is attached to the various products (Porter and Heppelman 2015). For a business organization, it is necessary to set a price that suits the demands and the purchasing power of the consumers throughout the world. The aspect of ‘price’ also depends on the production costs as well (Jena and Sarmah 2014). Thus, it has to be accepted that the aspect of price needs to be determined after taking into consideration the cost of production. In this case, it can be seen that Coopers Australia exports their products. Therefore, in order to develop upon the aspect of price and for the marketing strategy, Coopers takes into consideration to reduce and increase the price according to the purchasing power of each country and segment. In addition to this, the marketing mix of price can be observed and implemented after taking into consideration the factor of demarcation of the product that is brought forth by the lower or higher price. Within the territory of Australia, Coopers can inculcate the idea of reducing the price of each can to generate higher customer support at the initial and latter stages. In addition to this, the organization can decide to yield a higher price in areas and countries where the demand for beer, especially beer that has lower alcohol content. The pricing strategy of Coopers in relation to the above-mentioned product can
3MANAGEMENT be determined after taking into consideration the factor of the need and prevalence of demand for the innovative beverages. The marketing mix of Product The second area of the ‘product’, needs to be taken into consideration while framing proper marketing strategy (Ahmed and Rahman 2015). Studies have revealed that the aspect of the marketing mix related to ‘products’ is extremely crucial as it determines the validity and the amount of revenue that can be generated by the organizations. The nature of the product determines the demand of the consumers and their willingness to repurchase the said product. In the case of the product offered by Coopers, it is seen that the product strives to conglomerate the vintage ideologies with the modern innovations. In addition to this, the product also offers the idea of the inclusion of minimal content of alcohol. This can assist in the penetration of the product to the market dominated by the customers who are quite conscious about the intake of alcohol.Studiesareemblematicofthefactthatmanyconsumersacrosstheworldare concretizing the endeavors to opt for beverages that satiates the craving for beer and reduces the alcohol intake at the same time. In order to devise a concrete marketing strategy for the product, it is important for Cooper to indulge in the improvement of the products that suit the cultural and social need of every area. For instance, the product can be innovated to suit the culinary inclinations of various countries where light beer is used in cooking (Hu 2014). This can assist in the greater distribution of the product that can suit the various demands of the consumers. The marketing mix of Place Theoretical studies reveal that the marketing mix of ‘Place’ also forms a crucial part in the development of relevant marketing strategy (Khan 2014). It has to be accepted that in order to successfully sell the products, it is essential to understand the place or territory in which the
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4MANAGEMENT products will be sold. In order to generate successful and loyal consumer base, it is essential for Cooper to resort to the means of online marketing. The theory of online marketing through websites can assist the organization in gauging the needs and prevalent inclination for innovatory products(Yuan, Powell and Olivier 2014). Inaddition to this, it can also be said that online marketing can help in the proper distribution of the products that is needed by the consumers. In this case, the product needs to be marketed in a place that has a high demand for the innovative beverage products that has minimal amount of alcohol. In addition to this, studies also reveal the fact that the factor of ‘place’ forms an intrinsic part in the market promotion of the product. Further, it can also be said that in order to select the right place for the launch of the product, it is essential for Cooper, Australia to launch the new product at certain leading stores such as Woolworth, Australia(Woolworths.com.au, 2019). Launchingthe product at the leading store will help the organization in utilizing the available resources of the marketing place. To enable the process of proper marketing for the product, it is essential for Cooper to follow a proper distribution channel that helps in the distribution of products to the required area and the customers. In addition to this, studies also project that the idea of ‘place’ also includes the aspect of proper knowledge of the market through which the product will reach to the customers. Therefore, Cooper must incorporate the policy of understanding the market and the prevalent trends. The Marketing mix of Promotion It has to be accepted that the marketing mix of ‘promotion’ serve to enlarge the perception of the customers regarding the products(Ebeid 2014).The aspect of promotion is one of the most important aspects because the idea of promoting the products is central to the future development of companies. The aspect of market and brand promotion encompasses the notion
5MANAGEMENT of promoting a product based on the prevalent demands and cultural inclinations (Ordun 2015). Brand promotion or awareness is chiefly based on the concept that in order to create an indelible mark on the customers, it is essential to create appropriate awareness about the products. Business promotional activities can assist in the generation of a loyal customer base. For this scenario, it is essential for Cooper’s Brewery to adopt the promotional technique of the usage of social media. Recent studies are emblematic of the fact that social media can act as an effective tool for business promotion. In addition to this, it can also be said that the online promotion of Cooper’s Premium Light will assist in the generation of awareness about the quality and the innovation that is implemented in the product. The employment of methods such as catchy slogans and one-liners about the product can generate awareness. Recommendation It is recommended that Coopers should incorporate and develop the marketing mix of the place that can help in understanding the particular demands of the place and the cultural inclinations. It is recommended that Coopers should develop and incorporate the marketing mix of innovating the product to suit and satiate the demands of many. It is also recommended that the promotional activities should include reaching to various parts of the world through social media. Conclusion After analyzing the above-discussed ideas, it can be mentioned that the marketing mix propounded in the above discussion needs to be implemented to ensure a proper marketing
6MANAGEMENT strategy. It can also be concluded that the marketing mix should be developed to include many innovative aspects.
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7MANAGEMENT References Ahmed, S. and Rahman, M., 2015. The effects of marketing mix on consumer satisfaction: A literature review from Islamic perspective. Ebeid, A.Y., 2014. Distribution Intensity, Advertising, Monetary Promotion, and Customer- BasedBrandEquity:AnAppliedStudyinEgypt.InternationalJournalofMarketing Studies,6(4), p.113. Hu, Q., 2014. A Description of Improvement ideas for a Chinese Restaurant in Finland. Jena, S.K. and Sarmah, S.P., 2014. Price competition and co-operation in a duopoly closed-loop supply chain.International Journal of Production Economics,156, pp.346-360. Kanagal, N.B., 2015. Innovation and product innovation in marketing strategy.Journal of Management and marketing research,18, pp.1-25. Ordun, G., 2015. Millennial(Gen Y) consumerbehavior their shopping preferencesand perceptual maps associated with brand loyalty.Canadian Social Science,11(4), pp.40-55. Porter, M.E. and Heppelmann, J.E., 2015. How smart, connected products are transforming companies.Harvard Business Review,93(10), pp.96-114. Wongleedee, K., 2015. Marketing mix and purchasing behavior for community products at traditional markets.Procedia-Social and Behavioral Sciences,197, pp.2080-2085. Woolworths.com.au(2019).{{metaController.metaData.title}}.[online]Woolworths.com.au. Available at: https://www.woolworths.com.au/ [Accessed 13 Feb. 2019].
8MANAGEMENT Yuan, L., Powell, S.J. and Olivier, B., 2014. Beyond MOOCs: Sustainable online learning in institutions. Brewery, C. and Brewery, C. (2019).Coopers Brewery. [online] Coopers.com.au. Available at: https://coopers.com.au/ [Accessed 12 Feb. 2019].