Gatorade Smart Watch: Innovative Energy Drink Solution
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Sales and Marketing Table of Contents INTRODUCTION...........................................................................................................................3 MAIN BODY...................................................................................................................................3 This report must include an assessment of the concepts of segmentation, targeting and positioning specific to a product or service............................................................................3 STP of particular product.......................................................................................................3 You are required to create a rationale for innovation in a new product and/or service design for your chosen product/service in meeting the needs of customers in line with your chosen organisation’s strategy............................................................................................................6 Choose a specific target group within the framework of your chosen business and create viable solutions that would appropriately those specific target customers’ needs.................6 Your report should include a comprehensive evaluation of the role of data in improving relationship marketing within your chosen business. You must also evaluate how the role of data improves the target customer’s expectations and level of service provided...................6 CONCLUSION................................................................................................................................9 REFERENCES..............................................................................................................................10 Books and Journals...............................................................................................................10 REFERENCES..............................................................................................................................11
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INTRODUCTION Sales and marketing is the two way business function that prominently impact the generation towards the sales and revenues. For this, marketing tends to undertake enhancement for the awareness regarding the products and services for the effective intention for growing business. In relation with this, sales depict the prominent activities in terms of selling suitable goods and services. For this, the overall objectives of company are to grow for the business and undertake prominent approach which differs from each other(Sleep, Lam and Hulland, 2018). It depict the creative approach which is opted for the effective development of business which is done in terms of enhancing the business for an organisation. In regard of this, sales professionals directly contact for customers in terms of closing the deal. In relation with this, Marketing is the effective part of sales and also opt effective products and services in terms of identifying that needs and wants of customers undertaking the competitors as well. Marketing prominently impact sales in several ways as the market of product also tends to impact the sales process. To carry forward this report, Gatorade company is considered which is an American manufacturer of the sports themed beverages and food products. Currently, company tends to manufactured by the pepsico and also distributed across 80 countries. Besides this, the report tends to cover the prominent assessment of the concept of company considering the concept of segmentation, targeting and positioning for the particular product and service. Along with this, it is also important to create rationale for the unique product in terms of meeting the needs of customers. Particular market is targeted in order to create viable solution for the particular needs of customers. Lastly, report tends to evaluate the prominent role of data to enhance relationship of marketing for the chosen business to improve the expectations of target market(Johnson and Matthes, 2018). MAIN BODY Thisreportmustincludeanassessmentoftheconceptsofsegmentation,targetingand positioning specific to a product or service. STP of particular product The present report is based on the Gatorade which is an American company and deals in sports products and drinks. Presently, the innovation which is done by Gatorade is Smart Watch
which show that when it is required for individual to consume energy drink as per the requirement of body and energy level. Segmentation can be defined as a process of dividing the market of Organisation in small segment so that organisation can achieve profitability. Segmentation is a process which is related to dividing the market of organisation according to the needs and requirements. Segmenting is an important process in organisation has it helped form in managing the market according to the needs and requirements(Madhani, 2017). Gatorade is going to segment its market and different categories so that it can easily implement its new smart watch within the market which include different features of providing consumer energy drink as per the requirement of body and energy level. There are various factors of segmentation which can be used by Organisation in order to divide the market and achieve the objectives of market in an appropriate manner. In context of this, organisation is using appropriate system where it will divide the market according to the requirements. There are different kinds of segmentation which are used by Organisation in order to implement its smart watch within the market. All of these are discussed below: Demographic segmentation: It is one of most commonly used and popular method which is used by the organisation in order to segment its market according to the needs and requirement. Under this kind of segmentation organisation used to divide the market according to age gender income location family situation annual income education and various other factors which are helpful in targeting the customer segment between business to customer audience. In relation to the chosen organisation, it is going to target the customer between the age group of of 12 to 80. Organisation also going to target customer according to the income basis where it will target both middle and upper class by providing different gadgets. In relation to targeting middle class organisation will use chief pricing policies where for targeting higher class organisation will use to provide extra features in it smart watch. Psychographicsegmentation:psychographicsegmentationcanbecategorisedas audienceandcustomerbifactorthatwilldirectlyrelatetothepersonalitiesand characteristics. It include number of segmentations which are personality traits values attitude interest lifestyle psychological influences and many other. In context of chosen organisation, it is going to launch a smart watch which consist different information. And thisorganisationisgoingtotargetdifferentpersonalitytraitsandvalues.Where
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organisation will use to identify those individuals who are working on their health so that organisation can provide them information about their requirements of energy. It is also going to segment the market according to the lifestyle and interest of individuals in watches where organisation will support this function by providing a smart watch which can be helpful in identifying the energy requirements of body and provide alarm by using appropriate software(Le Meunier-Fitzhug and Massey, 2019). Geographic segmentation: Under the segmentation organisation has to divide the market segment according to the geographical location where it includes city country and radius around the certain location. In context of the current organisation, it is going to launch its smart watch within the market of UK as well as various other global markets. The main target area of organisation is UK where it will use to implement the product in the market of UK. Under the geographic segmentation organisation will define the geographical boundaries and types of area to improve the function. Targeting: Target is the second step in this process where organisation used to target different groups by implementation of various promotional strategies. In order to achieve the objectives of organisation it is going to use different kind of promotional strategies which are discussed in section 3 of the report. All this promotion strategies are covered under the marketing strategies which will be used by Organisation in order to target the customers. This is an appropriate system which can be used by firm to manage different customers and use its potential resources accordingly(Minsky and Quesenberry, 2016). Positioning: Positioning is the last stage in the process where organisation will use to position the product within the market so that it can easily perform its function. After identifying the market segments and targeting the customer within the particular segment it is needed to organisation that it has to implement the product so that it can achieve its objectives. Juice an organisation is working within the market of UK from longer time where company can easily implement the smart watch by using the current distribution channel of organisation. The smart watch is different concept to the current product line of organisation but form can use it in order to achieve better profitability and implement a product and diversify markets. It can be identified that current organisation is working in an appropriate manner by conducting an appropriate research about the market. This is useful for Gatorade to perform its function and manage appropriate system.
You are required to create a rationale for innovation in a new product and/or service design for your chosen product/service in meeting the needs of customers in line with your chosen organisation’s strategy. Gatorade which is an American company and deals in sports products and drinks. Presently, the innovation which is done by Gatorade is Smart Watch which show that when it is required for individual to consume energy drink as per the requirement of body and energy level. So, the rationales behind this innovation are: To enhance the profitability level of the firm by 10% within the period of 6 months. To increase the sales level by 15 % in a year through attracting more number of customers. Moreover,theinnovativeproductisdevelopedsothatcustomerscaneasilyableto understand that how much energy level they already have accordingly how much energy drinks they can able to consume. As now a day people are very much conscious about their health so they try to take more and more energy drinks by considering that that would be beneficial for them. But this is not true anything that is too much would be harmful. Likewise with individuals body any supplements or foods that are undertaken as much quantity could provide harmfulness to their bodies. Therefore, innovative product that is introduced by respective firm is helpful for all those consumers who are heath as well as diet conscious. So, some principles are used by Gatorade Company which would helps them to meet their customers’ requirements such as : Understand your consumers at granular level: As growing firm are shifting beyond traditional quantitative segmenting, moreover, they are forming more difficult evaluation of consumers’ which draws from various kind of sources along with its attitudes and psychological data that is accumulated through online as well as offline. So, in order to enhance the analytics ability of consumers Gatorade Company have to initiate thoroughly explaining its market as well as clients. In addition to this, they also have to know deep knowledge about them through using some techniques like consumer journey mapping. Along with this, seek out information from several sources at much granular level is effective for them in order to meet their customer requirements effectively and efficiently(Ahearne, 2017). Treat customers as assets which would develop in value: In this, principle, it has been stated that not each firm cultivates their long term relation into constructive manner. But the developing entities do so. They regularly develop effective reason for its consumer to identify with firm as
well as their offerings. So, developing effective consumer relations is considered to be the long term game for entity. Moreover, this goes against various common activities like tracing smaller returns upon investment of clients’ acquisition. Along with this, it would also go beyond quantifying the consumer relations lifetime cost at whether person or segment level by that is essential or not. In addition to this, for treating their consumer as assets, Gatorade Company requires clear responsibility at workplace. So, if anyone purchases products from us has issue that should be resolved as well as there have to be some person how are accountable for this. Along with this, it also required a culture which inspires relation development as well as combine problem solving- a partnership with consumers as opposed to transactional selling (Järvinen, and Taiminen, 2016). Choose a specific target group within the framework of your chosen business and create viable solutions that would appropriately those specific target customers’ needs. As Gatorade Company is introducing their new product that is Smart Watch which shows that when individual have to consume energy drink as per the requirement of body and energy level. So for this, they target the middle and upper class people of United Kingdom. So, for accomplishing the requirements of targeted customers some solutions are developed by their managers. Therefore, they decided to opt some marketing and sales strategies which are going to be discussed underneath: Marketing strategies Few marketing strategies which are helpful forGatorade Company in order to accomplish their targeted customers’ requirements are described below: Social media marketing: Respective strategies basically concentrates upon facilitating customers along with content that they identified effective as well as likes to share across its social networks because this basically outcomes in enhancing traffic and visibility of firms or individuals ideas and thoughts. With assistance of this firm can able to share videos, content, images and also influence the potential of SEO in which they can often able to enhance relevancy into search outcomes within social media networks such as Twitters, Linkedln, Youtube and others. In respect of Gatorade Company, they can utilise this marketing strategies as this aids then to minimise marketing expenditure while enhancing leads generation, facilitates metrics which offers them additional market area insight and others(Gentsch, 2018).
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SEO: This mainly stands for Search Engine Optimisation. It is basically the procedures of enhancingawarenessregardingandtraffickingtowardsspecificwebsitesthrough developing assurance it appears within top unpaid search outcomes upon search engines such as Google, Yahoo and others. In context of Gatorade Company, they can adopt this strategy of their new product marketing as this assists them to simplify searches for consumers interested into their products. Also, this is cost effective manner for respective firm to keep its brand competitive with similar kind of entities. Search engine marketing:This is considered as essential strategies which entity utilises for developing its websites traffic by paid online advertisement. Moreover, one of the effective methods of this is pay-per- click links. Basically, firm buys or sponsors this link which appears as an advertisement into search engine outcomes when keywords is associated to their goods are searched. So, each time the ads is clicked through users, entity have to pay small amount to search engine. In context of Gatorade Company, they can adopt respective marketing strategies as this much effective due to their exploration into online techniques, cost effectiveness in developing higher visibility about their new product and also adaptability for various marketplace as well as consumers(Banerjee and Bhardwaj, 2019). Email Marketing:This is considered to be highly effectual way for nurturing as well as converting leads. However, this is not a possibilities game as to either firm’s message winds up into spam filters. Rather, email marketing is also an automated procedure which targeted particular aspects as well as clients with intent of influencing its buying decision. Moreover, respective marketing strategies success is evaluated through open rates as well as click by rates, so tactics comes under play and also specifically when this is utilised as an element of huge internet market initiatives. In respect of Gatorade Company, this marketing strategies assists them to develop relations with prospects, recent consumers and ever previous one as this provide them a chance to communicate directly with them into its inbox. Sales strategies Few sales strategies which are helpful forGatorade Company in order to accomplish their targeted customers’ requirements are described below:
Use “you” phrasing, not “we” phrasing: This seems effective as well as inherently logical which represent in front of consumers for understanding its world through positioning itself as member of its group, expecting for developing a collaborative experiences. So, the term “we” shows suppliers as well as purchaser is “into this together”.Moreover, firm’s vision mainly performs two researches for testing its effectiveness of “you” versus “we”. This has been identified that “you” is much effectual at considering aspects of taking personal accountability as well as feeling like it should undertake some action.You phrasing force firm’s expected attention in such manner which separates its message from its rivals. So, this is helpful for Gatorade Company to enhance their sales of their new product effectively and efficiently(Willems, Brengman and van de Sanden, 2017). Up sell through reinforcing the relations: the specific sales conversations with its consumers need much finesse those others. Moreover the expansion conversations example is “walk a thin line among persuading its consumers for buying much as well as influencing them to be with its solution within procedures. In case firm succeed, they lay the base work for longer period partnership. But in case they stumble, their partnership stagnates; incomes plateaus and its consumers become vulnerable for obtaining picked off through rivals”. Therefore, when this comes towards winning up sell conversation, their investigation identified which reinforce consumers partnership emotional aspects which was much effectual in persuading audiences to develop modifications which is safe as long as they are changing with them not away from it. Therefore, at this situation Gatorade Company do not have to afraid to utilise some kind of emotional language f leaning into relations among firm and their consumers. Thereafter, it have to leverage those relations for having frank communication related to opportunities as well as challenges that is beneficial for longer period partnership(Sheridan, 2019). Your report should include a comprehensive evaluation of the role of data in improving relationship marketing within your chosen business. You must also evaluate how the role of data improves the target customer’s expectations and level of service provided. Relationship marketing can we define is that phase of organisation which is related to maintainingloyalcustomers.Thisfunctionisdirectlyrelatedtothelong-termcustomer engagement rather than short-term customer care company use accurate strategies to acquire the
customer and maintain good relationship with them. It acts as an transactional approach of marketing where it always focus on increasing the number of individual cells rather than focusing on mass scale(Kelly, 2017). Data is an important factor in relationship marketing as It helped Organisation in analysing the current situation and using the potential resources in an appropriate way so that form can manage its function and achieve better objective. In context of the chosen organisation, it is going to launch the smart watch within the market which consists of number of features. These features are directly associated with the strategies of organisation and relationship marketing play important role under this. In context of organisation, data plane important role within the organisation evaluating the targeting customers as well as help in improving the service level of the organisation. There are a number of benefits of using data in improving the system of relationship marketing which are discussed below in context of this smart watch. Identify the customer requirements: Data is useful to the organisation in identifying the current requirements of customer. This is because data is related to the current trends of the society which are used by the customer in order to improve the sections of their functioning. This is helpful in identifying the functions of different customers and using these functions and an appropriate manner. There are number of functions which can be used by organisation to achieve the objectivesand performthese functionsin an appropriatemanner.Thisisrelatedto performance of organisational objectives and will be helpful to the firm in achieving the current functions. Help in analysing requirements of customer: Data is useful to the organisation in analysingtherequirementsofcustomerandusingthecurrenttrendsaccordingtothe requirements. This can be seen that there are a number of data which help in identifying the customerrequirementsbyanalysingthemaccordingtotheneedsandrequirementsof organisation. In context of this smart watch, organisation will use different kind of data which are available at various platforms and can be collected by primary and secondary research. This data is useful to the organisation in analysing the current requirements of customer within the market and changing the feature of the watch and analysing the response of watch by conducting different trials. Overall data is useful in managing the customer experience by identifying the current market(Dent and White, 2018).
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There are a number of functions which are related to the use of data and relationship management with customers in the market. This is helpful in relationship marketing as well as promotes the function of organisation to achieve the objectives. In context of the chosen organisation, in order to implement the smart watches in the market organisation can use appropriate system to collect the data which include an appropriate process. This process is discussed below: Including a catchy title: Appropriate title is essential to grab the attention of customer within the market where company has to make sure that it will collect appropriate data which help the company in obtaining appropriate title of the products and services. Analysing the data: Data analysis is important as it include number of systems which has to be followed and identifying the rubbish elements which should be eliminated. This is helpful to the organisation in managing the function and achieving the objectives according to the needs and requirement. Storing the data: Latest tourism most important process for organisation where it can use to identify and classify the data in different storages and store it according to the requirements. This will impact on the performance of organisation and will reduce its ability to manage the data. Use of data In context of the chosen organisation there is an appropriate method of using the system which will help in collecting the data as well as utilising the starter in order to manage the relationships. Here, organisation will use all those facts and figures which are collected in order to analyse the function and achieve the objectives of firm. Real organisation will use to connect different people with the brand by learning about the specific requirements of customers as well as groups of customer which are interested in the products and services offered by organisation. In context of smart watch, organisation is also going to provide feedback about the brand and take this feedback seriously so that it can easily double the count of customer by managing their data in an appropriate. They will also use of behavioural data which will help in showing about the people interaction with the organisation and understanding different relationships with customer for better functioning of organisation. Here organisation will use to identify the current visiting on the sites of business entity. This is helpful in implementing the process of data
collection. Under this process organisation can evaluate the mobile devices in a constituent man where it can forget the customer by implementing mobile ads(Malshe and Al-Khatib, 2017). In relation to the targeted customer of organisation, management of data is helpful to the organisation in establishing appropriate relationships with different customers. This is because It helped the smart watch in identifying the current targeted customers and their behaviour by analysing the data in an appropriate way. This will also enable organisation about the purchasing habits of customer within the market so that company can easily target its targeted market by using appropriate strategies of promotion. This is helpful to the organisation in achieving its objectives and performing the function in an appropriate manner. This will also guide different individuals about the current working environment and will lead to successful achievement of goals and objectives. Here, organisation can identify the current requirements which has to be fulfilled by form in order to achieve the objective and manage functions according to the requirements of resources availability of functions(Soundar, Micro Macro Assets LLC, 2019). CONCLUSION It can be concluded from the above mentioned information that there are various factors which are directly related to the performance of Organisation in implementing innovative concepts within the market. This can be analysed that Gatorade is performing its function within the market of energy drinks. Company is going to use a new strategy when it is developing a smart watch. This is smart watch is helpful in analysing the customer requirements in relation to energy level within the body. Real organisation is going to implement this where it can use various kinds of strategies. It is analysed that segmenting targeting and positioning of the product is essential part which required number of knowledge and function. It is also identified that in relation to implementation of this function organisation can easily use data. Appropriate research letters helpful to the organisation in increasing the function and performing comprehensive rules in improving the relationship within marketing. This is also realised that there are various marketing strategies and strategies which can be used to implement a smart watch with the market and performing in an appropriate manner.
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Banerjee, S. and Bhardwaj, P., 2019. Aligning marketing and sales in multi-channel marketing: Compensation design for online lead generation and offline sales conversion.Journal of Business Research,105, pp.293-305. Willems, K., Brengman, M. and van de Sanden, S., 2017. In-store proximity marketing: experimentingwithdigitalpoint-of-salescommunication.InternationalJournalof Retail & Distribution Management. Sheridan, M., 2019.They Ask, You Answer: A Revolutionary Approach to Inbound Sales, Content Marketing, and Today's Digital Consumer, Revised & Updated. John Wiley & Sons. Chiguvi, D., 2020. The Influence of After Sales Services on Marketing Performance in the Retail Sector in Botswana.Dutch Journal of Finance and Management,4(1), p.em0060.