This assignment delves into fundamental marketing principles and strategies. It explores topics such as strategic marketing planning, the role of social media in marketing, branding, and consumer behavior. Students are expected to analyze various marketing concepts and apply them to real-world scenarios.
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Principles of Marketing
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TABLE OF CONTENTS INTRODUCTION...........................................................................................................................1 MARKETING PLAN......................................................................................................................1 SEGMENTATION, TARGETING AND PROMOTION...............................................................1 Customer attitudes/ trends......................................................................................................1 Market trends..........................................................................................................................2 High nutritional standards in British schools.........................................................................2 Segmentation..........................................................................................................................3 Targeting.................................................................................................................................3 Positioning..............................................................................................................................3 Packaging...............................................................................................................................4 Information of ingredients......................................................................................................4 Brand appeal...........................................................................................................................4 Promotion...............................................................................................................................5 Sales strategy..........................................................................................................................5 Marketing strategy..................................................................................................................5 APPLICATION OF RANGE OF MODELS...................................................................................6 SWOT analysis.......................................................................................................................6 Ansoff matrix..........................................................................................................................7 CONCLUSION...............................................................................................................................8 REFERENCES................................................................................................................................9
10 INTRODUCTION Marketing principles involve a range of processes in regard to assess the needs of consumers and accordingly, provide them products or services. It consists of four different marketing P's i.e. price, product, place and promotion. Along with this, it is essential for each and every business to carry out proper marketing research so that customer needs and wants can be identified and desired goals can be attained. Organization is required to build proper marketing plan and focus upon customer attitudes/trends and market growth. With the assistance of proper marketing plan, business focuses on delivering the right product to the right consumers (Armstrong and et. al., 2014). In the present study, Atlantic Quench Cranberries (AQC) organization has been undertaken which is focusing on developing proper marketing plan so that segmentation, targeting and positioning strategies of firm can be done . Further, applying different models and theories such as Ansoff matrix will help in developing effective market growth and analysing current customer trend in order to attain desired results. MARKETING PLAN It is essential for business to develop effective marketing strategy so that the best results can be attained. Developing a good marketing tactic helps in identifying customer attitudes and preferences along with enhancing market growth so that right product can be delivered to the right consumers (Marks, Wentland and O'Connor, 2014). SEGMENTATION, TARGETING AND PROMOTION Customer attitudes/ trends Preference of customers towards fruit juices is increasing day by day as individual is becoming health conscious. Population ranging from 15-24 years falls under the category of consuming fruit juice. Hence, market has seen a high level of growth in the juice industry; therefore it provides good opportunity for Atlantic Quench Cranberries to produce organic fruit and vegetables in order to capture large market share. It involves a wide range of fruit juices but despite of this, firm also sells dried cranberries under the brand name of Crantanas. It involves a wide range of products such as Cranberry original juice, Cranberry Mixed Juice Drinks, Grab n Go which is a single serve juice etc (Jobber and Ellis-Chadwick, 2012). Thus, all these products are sold by firm as per the needs of customer’s attitudes and preferences in order to attain satisfaction. However, residents of UK are becoming more and more health conscious and thus,
10 they are expecting from companies to produce real fruit juices with no or little added flavours. When consumers believe that company will provide high quality, natural and healthy juices so sales can be enhanced in the marketplace (Vander Schee, 2013). As per the evaluation of customer’s attitudes, they prefer drinking juices as an essential part of their diet and thus, consume it every time when they consume food. Therefore, AQC is experiencing a major growth in the fruit juice market and thus, attaining desired results. Further, through carrying out the market analysis, market growth can be determined in order to attain future growth and profitability (De Mooij, 2013). However, it has been assessed that there is no decline in the demand of nutritional health drinks products. It shows a good sign for AQC to conquer the market and thus, overcome competitors in order to attain desired results. There are a wide range of consumers who are health conscious and looking for health fruit juice drinks rather than soft drinks. Thus, viewing the consumer attitudes and preferences, there has been a high growth in the market share of AQC. Market trends Through analysing the UK market, it has been assessed that there is an increased demand for fruit juice, fruit drinks and health drinks as it results from a greater interest in living a healthy lifestyle. Also, individuals give more importance to eat a variety of fruit and vegetables daily. However, juice sector is gaining enhancement in market share from carbonated water as it is less preferred by consumers (Walker, 2014). Thus, Atlantic Quench notices high brand image of its products in the market as more number of people prefers to purchase convenience drinks from the marketplace in replace of soft drinks. Also, convenience fruit drinks are highly favoured by sports men and women who are looking for easy and fast drinking option in order to restore fluids and energy. High nutritional standards in British schools It has been assessed that within British schools, trend has been followed towards healthy eating so that overall development of a child can be attained. However, consuming high quality nutritional content assists school children to grow at a faster speed. UK government sets different standards to gain proper nutritional content for school going children thus, AQC is able toenhanceitssalesoffruitjuiceandfruitdrinksascomparedtocarbonateddrinks manufacturing company. Set standards state that school lunches should be free from potato
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10 crisps, chocolate and other confectionery items. Further, all these should be replaced by fruit and vegetables in every meal of child (Huang and Rundle-Thiele, 2015). Segmentation Segmentation can be stated as a strategy through which market can be divided into different subsets so that target market can be reached. Also, it is essential for business to determine the needs, interest and priorities of customers in order to design and implement effective tactics. Here, Atlantic Quench Cranberries is able to satisfy the needs of customers by providing them healthy fruit juice drinks. Business undertakes demographic segmentation to launch its fruit juice and drinks products (Grönroos and Gummerus, 2014). It involves different segments in which target market can be divided such as gender, age, income, religion and occupation. However, fruit juice drink is generally targeted to the young people i.e. among the age group of 15-30 years. Main purpose is to provide them proper nutritional intake. Also, fruit juice provides benefits related to the health of consumers as it was expected by them from the company. AQC is required to provide proper nutritional benefits in order to overcome different companies manufacturing carbonated drinks that are less preferred by young people as it harms the human body. Thus, with the help of such segmentation strategy, AQC is able to attain desired aims and objectives of the marketing plan. Business targets young age people to provide them utmost quality health juice drink so that they can obtain advantages in the form of good health (Stanton and Stanton, 2013). Targeting It is another strategy that helps in targeting the selected market by providing them specific product. AQC targets young people and provide them attractive products and services. Business targets young population because they are fond of drinking healthy juices and drinks. Also, it is very convenient for them to drink the beverages and gain healthy nutrition. As young generation is highly conscious regarding their health and therefore AQC provides them best nutritional drink for consumption (Mackay and Wilmshurst, 2012). Therefore such targeting strategy is the most appropriate in order to satisfy the needs of consumers. Positioning Such strategy helps company to position the products in the minds of consumers with the help of adopting effective advertising technique so that best results can be attained. Atlantic
10 Quench Cranberries position its fruit juice drinks and juice among young consumers by promoting the products on social media websites such as Facebook, Google and Xing etc. It helps in popularizing the product among young potential consumers and attracts them towards business in order to enhance sales and profitability in marketplace (Janssen and et. al., 2013). Packaging AQC adopts different innovative methods of packaging the product in order to gain high market appeal. However, fruit drinks are packaged using recyclable glass, cans, cartons of plastic bottles so that it can be recycled and provide the ingredient and nutritional information on one side of the bottle. Thus, business also focuses upon launching the slimline cans that aims to popularize among consumers so that best results can be attained. Company uses recyclable material in order to ensure health and safety measures of consumers in order to enhance sales and profitability (Hair and et. al., 2012). Through using recyclable material business can serve utmost quality products to consumers and attain satisfaction. Information of ingredients Atlantic Quench Cranberries is required to provide detailed information about the nutrition and flavours involves in the fruit juice on the side panel of cans or bottle. It provides information such as sugar content, carbohydrate, fats, vitamin etc. so that consumers can be informed about the available nutrition. Also, business is required to provide details regarding the price, expiry date, manufacturing date etc. so that it could be informed to consumers whenever they consume the product (Brunswick, 2014). However, it is essential for enterprise to involve less added flavours as much as possible so that best nutrition can be gained by people and helps in improving the market share. Brand appeal AQC obtains high brand appeal in market as it is carrying out its operations from last several years and launches varied nutritional products such as health drinks, fruit juices etc. to consumers. Thus, it raises high brand appeal of firm as people avoid consuming carbonated drinks due to becoming more conscious towards their health. Promoting the products effectively in market helps in increasing the brand image and enhances sales and profitability. Marketing team of business position the brand effectively in the minds of consumers so that company can
10 become premium brand of fruit juice and overcome competitors in marketplace (Coaching, 2013). Promotion The innovative advertising campaign launched by Atlantic Quench is to promote the benefits of cranberries in market so that fruit drinks can be promoted to target consumers. Business adopts different advertising campaign in order to promote the products through television and magazines nationwide in order to inform the target audiences regarding the benefits of cranberry juices. Further, as business targets young population therefore they can also adopt social media websites such as Facebook, Google etc. so that performance can be enhanced of business (Boone and Kurtz, 2013). With the help of effective promotion strategies, AQC helps in enhancing its popularity among consumers so that best results can be attained in the form of sales and profitability. Sales strategy Business adopts effective sales strategy in order to make long term relations with the customers. AQC develops a good business relationship with customers by providing them effective nutritional information. Adopting such sales strategy helps company to overcome competition. Also, it is essential for business to provide effective training session to its workers so that sales can be enhanced of product. Moreover, business can expand its production by collaborating with other drink manufacturing company so that with the joint efforts products can be provided to large base of customers (Ferrell and et. al., 2012). Marketing strategy Here, business is required to adopt effectual marketing strategy in regard to promote the products and services to the target market. Business adopts effective social media marketing strategy in order to promote the fruit drink in the market and enhance the sales. As now-a-days young people use social media websites in order to connect with each other thus promoting the product through such network helps in growing at a faster scale. Through this firm can develop awareness among more number of people and thus high profits can be attained (Vella and Foxall, 2013).
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10 APPLICATION OF RANGE OF MODELS SWOT analysis Strengths ï‚·Business is a leading manufacturer of fruit drinks in the market. ï‚·AQC develops a clear vision and mission to serve the customers by providing them healthyproducts(Stead,Arnottand Dempsey, 2013). ï‚·Firmownsnewproductdevelopment departmentsothattheycanprovide nutritional drinks to consumers. ï‚·Atlantic Quench produces juice of white cranberries as it is low in calories and consumed by more health conscious people (Pike, 2016). ï‚·In 2007 AQC attains $1.7 billion annual sales. Weaknesses ï‚·Firm is not able to reach UK rural market. ï‚·Employees need to be provided effective trainingsothattheycangainbest information about products. ï‚·Requires to promote the product in market as single retailers are not aware about the brand so they fear in keeping it in stores (Reddy and Reddy, 2012). ï‚·AQC lacks in advertising its product in market so that less number of people are attracted towards it. Opportunities ï‚·Businesspossessestheopportunityto provideanalternativeandfreshjuice option to diet conscious people. ï‚·Atlantic Quench provides chance for firm tosalesitsdrinksandjuicestosports person as it provides high nutrition value (Ilevbare, Probert and Phaal, 2013). ï‚·Also, young age customers are targeted by firm in order to achieve desired results. ï‚·Due to arising different types of health diseases among consumers people try to Threats ï‚·AQC faces tough competition in fruit juice marketastherearewiderangesof alternatives available in marketplace. ï‚·However, AQC is launching its cranberries juice in market which is not launched by other firms. Thus, it raises a sense of threat amongconsumerstotastetheproduct (Foxall, 2014). ï‚·Also, business does not take chance to sell the product in international market rather they sell it at a local level.
10 avoidcarbonateddrinksandconsumer healthy fruit juices therefore, AQC possess high opportunity to increase its sales and profitability(Importanceofstrategic marketing planning. 2015). ï‚·Further, business is required to sell the products at competitive prices in order to overcome competitors. Ansoff matrix It is one of the crucial business model undertaken by AQC Company in order to launch new product in market. It helps firm to attract customers and provide them desired products so that sales can be enhanced. Ansoff model assists business in developing different alternative growth strategies so that company can reach desired targets. It is as follows- ï‚·Market penetration- Such growth strategy is very less risky for firm as here business maintains its growth in their existing market in order to enhance the market share. However, it helps firm to enhance the market share by attracting large number of customers (Armstrong and et. al., 2014). ï‚·Product development- It is another growth strategy that helps business to develop new product in existing market. Such strategy has been undertaken by AQC as business is required to determine new customers within their existing marketplace. Thus, business launches fruit drinks and juices so that they can fulfil the needs of customers. ï‚·Market development- Within such growth strategy firm is focused upon involving new markets and enhancing the market share. Here, firm adopts similar products to different customers (Vander Schee, 2013). ï‚·Diversification- It is the last strategy in which business is required to diversify its range of products into new markets. Therefore, business aims to diversify its range of products and attract wide range of customers. Thus, it can be assessed that AQC undertakes product development strategy that helps firm to gain competitive advantage through attracting large number of buyers. It helps in influencing customers and increasing the sales of firm in marketplace (Marks, Wentland and O'Connor, 2014).
10 CONCLUSION From the above study it can be articulated that marketing plan helps firm to determine the objectives of business in regard to attain desired targets. Atlantic Quench Company produces fruit juices of cranberries in order to attract health conscious people and thus satisfy their needs. Thus, proper STP has been carried out that segments the target market into age basis and focuses them to provide fruit drinks and juices. Moreover, different business models have been implemented in order to determine the potential of business enterprise.
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10 REFERENCES Books and Journals Armstrong, G. and et. al., 2014.Principles of marketing. Pearson Australia. Boone, L. and Kurtz, D., 2013.Contemporary marketing. Cengage Learning. Brunswick, G. J., 2014. A chronology of the definition of Marketing.Journal of Business & Economics Research (Online).12(2). pp.105. Coaching, S., 2013.7 Steps to an Integrated & Implementable Marketing Plan. Speedy Publishing LLC. De Mooij, M., 2013.Global Marketing and Advertising: Understanding Cultural Paradoxes: Understanding Cultural Paradoxes. Sage Publications. Ferrell, O. and et. al., 2012.Marketing Principles. Cengage Learning. Foxall, G., 2014.Strategic Marketing Management (RLE Marketing). Routledge. Grönroos, C. and Gummerus, J., 2014. The service revolution and its marketing implications: service logic vs service-dominant logic.Managing Service Quality.24(3). pp.206-229. Hair, J. F. and et. al., 2012. An assessment of the use of partial least squares structural equation modeling in marketing research.Journal of the academy of marketing science.40(3). pp.414-433. Huang, Y. T. and Rundle-Thiele, S., 2015. A holistic management tool for measuring internal marketing activities.Journal of Services Marketing.29(6/7). pp.571-584. Ilevbare, I. M., Probert, D. and Phaal, R., 2013. A review of TRIZ, and its benefits and challenges in practice.Technovation.33(2). pp.30-37. Janssen, M. M. and et. al., 2013. Effectiveness of alcohol prevention interventions based on the principlesofsocialmarketing:asystematicreview.Substanceabusetreatment, prevention, and policy.8(1). pp.1. Jobber, D. and Ellis-Chadwick, F., 2012.Principles and practice of marketing(No. 7th). McGraw-Hill Higher Education. Mackay, A. and Wilmshurst, J., 2012.Fundamentals and Practice of Marketing. Routledge. Marks, M., Wentland, S. and O'Connor, A., 2014. Marketing during a Recession: An Illustration of How Economic Principles Guide Marketing Approaches.Journal for Economic Educators.14(1). pp.78-96. Pike, S., 2016.Destination Marketing: Essentials. Routledge.
10 Reddy, P. C. and Reddy, C. S. P., 2012. MARKETING STRATEGIES TO SUSTAIN THE BUSINESS DEVELOPMENT DURING AND AFTER ECONOMIC TURBULENCE. International Journal of Entrepreneurship & Business Environment Perspectives.1(2). pp.154. Stanton, A. D. A. and Stanton, W. W., 2013. Building" Brand Me": Creating a Personal Brand Statement.Marketing Education Review.23(1). pp.81-86. Stead, M., Arnott, L. and Dempsey, E., 2013. Healthy heroes, magic meals, and a visiting alien community-led assets-based social marketing.Social Marketing Quarterly.19(1). pp.26- 39. Vander Schee, B. A., 2013. Test Item Order, Level of Difficulty, and Student Performance in Marketing Education.Journal of Education for Business.88(1). pp.36-42. Vella, K. J. and Foxall, G. R., 2013. The Marketing Firm: operant interpretation of corporate behavior.The Psychological Record.63(2). pp.375. Walker, L., 2014. Helping students understand the relevance of social media tools to marketing practitioners: A case study of a marketing principles module.The Marketing Review. 14(1). pp.5-27. Online Importanceofstrategicmarketingplanning.2015.[Online].Availablethrough: <http://aprofitmaker.com/importance-of-strategic-marketing-planning/>.[Accessedon 2ndMarch 2016].