Marketing Management Study
Added on 2020-04-13
16 Pages4451 Words98 Views
Business DevelopmentLeadership ManagementMarketing
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Running head: MARKETING MANAGEMENTMarketing ManagementCo-Creation of ValueStudent’s name:Name of the University:Author’s note:
1MARKETING MANAGEMENTTable of Contents1. Introduction..................................................................................................................................2Overview of Irn-Bru....................................................................................................................2Overview of the Australian market..............................................................................................22. Target market, persona and customer journey.............................................................................3Target Market..............................................................................................................................3Customer Persona........................................................................................................................3Customer Journey........................................................................................................................43. Value proposition.........................................................................................................................54. SMART goals and Blue Ocean strategy......................................................................................7SMART objectives......................................................................................................................7Blue Ocean strategy.....................................................................................................................85. Market entry plan.........................................................................................................................9Exporting strategy........................................................................................................................96. 7Ps strategy, tactics, schedule and measures...............................................................................97. Value summary map....................................................................................................................0Reference List..................................................................................................................................1Appendix..........................................................................................................................................3
2MARKETING MANAGEMENT1. Introduction Co-creation of value can be defined as a business strategy that helps to promote andencourage the active engagement of the consumers to make on-demand products. Co-creationhelps the consumers to get what they exactly want and customers have a role to make it happen(Yi and Gong 2013). An organization uses the co-creation to involve the customers in aninteractive experience and it can also help to reshape the manufacturing and productionefficiencies. Co-creation also helps to increase the customer demand and it can increase thecustomer satisfaction. The aim of this study is to co-create the value in the Australian market forcarbonated soft drink Irn-Bru. In the first part of the study, target market, customer persona andcustomer journey will be discussed. In the latter part of the study, value proposition in the marketand SMART goals of the organisation in entering Australian market will be justified. Moreover,the market entry plan of Irn-Bru will be given with assessing the 7ps' of the marketing mix.Overview of Irn-Bru Irn-Bru is a Scotland based carbonated drink and manufacturer of the soft drink is A.G.Barr. This soft drink came into existence in the year 1901 and it is considered as ‘other nationaldrink’ of Scottish people after whiskey. This soft drink is so popular that it overshadows themultinational brand Coca-Cola in the Scotland market (Agbarr.co.uk 2017). The colour of theproduct is orange and sunset-yellow colour. Irn-Bru is ranked third in the UK after Pepsi andCoca-Cola, this soft drink is produced in Scotland and it has five other manufacturing units apartfrom Scotland. Irn-Bru contains iron and rust colour reflects this and it is sold in the bottle aswell as can.Overview of the Australian market Irn-Bru is intended to expand the business in South Asian countries and in Australia. Inaddition, in Scotland, the organisation uses innovative marketing and controversial campaignsthat help Irn-Bru to keep in the top position. The target market of the organisation in Scotland islarge and the people who leave the country miss in other places. In the Australian market, thecarbonated soft drink companies are varied and recently, the companies have been facing theissues of low growth. Coca-Cola Amatil has faced the decline of the market by 5% in 2016 andpeople in the market are opting mineral water instead of soft drink (Lafus and Schwens 2014).
3MARKETING MANAGEMENTBottled water takes the market and ready-to-drink market has been declining for the anti-sugarcampaign in Australia. According to investment Bank Citi Group, they explain that the soft drinkmarket will grow by 14% in next five years. People in Australia try to drink a healthier soft drinkwith natural sweetener and smaller serving sizes. Current revenue in soft drink industry inAustralia is AU$4 billion and annual growth is observing 0.8% (Moodie et al. 2013). Thisindustry provides more than 6500 employment opportunity and there are more than 240businesses in Australia.2. Target market, persona and customer journey Target MarketIn Australia, Irn-Bru will be a new brand; however, it is already available in Woolworth'ssupermarket in small quantities. Very few customers know about Irn-Bru in the Australianmarket, hence it is required to segregate the market (Magennis and Begley, 2015).Irn-Bru can target the customers in the Australian market in demography segment. Theprimary target market of Irn-Bru can be young generations aged between 16 and 30. Theoccupation of the target market could be students and corporate services as they have to gooutside for their work purposes. In Australia, at first, Irn-Bru has a target each of the customersas a target, however, the most potential target group will be youth. In Australia, there are manysoft drink companies present with diverse offerings, like 28 Black, Blue, Afri-Cola, Kirk andSolo. The benefit of targeting the youth will be having large customer preferences and they drinkwith a group. Moreover, youths are easy to reach as they always surround the new information(Groenewegen and McFarlane 2014). The young generation communicates more with others andword-of-mouth communication will be higher through various media.Customer Persona Irn-Bru has to make a customer persona as this will act as a semi-fictional archetype thatwill represent the audience with the key trait of the customers (Learner and Storper 2014). In theAustralian market, the new trend of drinking less sugar-laden drinking with flavour can impactthe preferences of the young customers. Young generation prefers the healthier drinks and theycan prefer the alternatives with a carbonated soft drink with fruit juices. Irn-Bru needs to makecustomer persona and they can keep them in their database as it would be helpful to understand
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