MKT304 Strategic Marketing: Individual Assessment 3 for Illusion Vibes

This report details a strategic marketing proposal for the launch of 'Illusion Vibes,' a new soft drink under Coca-Cola Amatil in Australia. The report begins with an introduction to strategic marketing and outlines the objectives for the product launch, including creating brand awareness, targeting customers, and increasing revenue. The report then delves into the SMART objectives for the product. It further analyzes the marketing mix (4Ps: Price, Product, Promotion, Place) and Keller's brand equity theory to establish brand perception. Ansoff Matrix is used to position the product within the market. A perceptual map is presented, and a novel marketing plan is proposed, including promotional and pricing strategies. The report concludes by emphasizing the importance of maintaining strategic marketing momentum for sustained success and growth, highlighting the detailed plans for 'Illusion Vibes' to achieve market penetration in Australia.

Individual Assessment 3: Strategic Marketing Proposal
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Table of Contents
1. Introduction..................................................................................................................................3
2. SMART objectives prior to “illusion vibes’ launching...........................................................3
3. Strategic Marketing Planning......................................................................................................4
Marketing theories...........................................................................................................................4
3.1 4Ps of the marketing mix.......................................................................................................4
3.2 Keller’s brand equity theory..................................................................................................6
4. Ansoff Matrix and Strategic Planning.........................................................................................6
Perceptual map.............................................................................................................................7
Novel strategic marketing plan....................................................................................................7
Conclusion.......................................................................................................................................8
Reference List..................................................................................................................................9
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1. Introduction
In general, strategic marketing is a very crucial concept that corresponds to a strategic product
promotion based on its’ most potential consumers. This efficient approach critically identifies a
wide variety of market elements with the sole intent of making more profit and delivering much
superior value (McDonald 2016). On today's date, multiple organizations use this very approach
of strategic marketing to respond typically to customer needs other than formulation a nascent
plan to ameliorate customer satisfaction, organizational performance, enhance profit and thereby
generate better revenues (Saebi, Lien and Foss 2017, p.570). In addition, it also assists a business
to penetrate the prospective market more readily. In this regard, this shred of the report consists
of integrated marketing communication pertaining to a new product launch. However, market
launching of a novel product requires the utmost care and attention. In this regard, this report will
highlight some of the most significant marketing plans for launching a novel drink category
namely “Illusion Vibes” under Coca-Cola Amatil in Australia. It is a special category of soft
drink that would provide some health benefits as well because of its ingredients like green
coconut water, fresh mint leaves blended in apple juice. The prime motto of this innovative drink
is for those health-conscious individuals who prefer adding healthy fluid in their diet. This will
eventually serve both the purposes; refreshing and also healthy. Hence, the primary goals of the
above-mentioned launch are:
o To create stern brand awareness.
o To potentially target nascent customers and refine customer relationships.
o Launching a new product to grow enormous market shares.
o Increase in profit.
o Generate better annual revenues.
2. SMART objectives prior to “illusion vibes’ launching
Therefore, on the sole basis of the predefined goals, the strategic marketing planning for the
Illusion Vibes product needs to incorporate SMART marketing objective due to its broad aspects
(Hallahan 2015, p.250).
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Objectives Accomplishment
Specific To establish a stern marketing position by selling nearly 20-30% within the
initial two months of the product launch. Also, the most probable prospects
will be identified within the initial two months.
Measurable To check the monthly profitability and revenue generation to have a concise
track of the business of Illusion Vibes. With the assistance of the proficient
sales team, the business will focus on growing revenues by 15-20%.
Achievable By the very end of 2019, Illusion Vibes plans to categorically persuade
relevant prospects to join hands and make a humongous profit in the novel
market.
Realistic Following up with most potential customers keeping the predefined business
goals intact.
Time-bound Approximately 12 months.
3. Strategic Marketing Planning
Marketing theories
In general, there is no coalesced theory in these cases, but the amalgam of a wide variety of
financial theories will be strategically utilized for the novel product launch. Furthermore,
marketing theories are quite an intricate system consisting of ideas pertaining to the best possible
practices to publicize and make the new product notable in the tangled market (Rosenberg
Hansen and Ferlie 2016, p.12). There are various means of product promotion. But the most
notable ones used in here will elaborate the new direction for Illusion Vibes thereby integrating
the same in marketing depth. The rationale behind such an indigenous product name is because
all the essential ingredients are readily available in Australia.
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3.1 4Ps of the marketing mix
In this regard, using the potent concept of the marketing mix will help establish the new drink
very rapidly in the competitive market domain (Harrington, Ottenbacher and Fauser 2017,
p.556). It is a significant tool that categorically aids in comprehending the basic offerings of the
concerned product and also helps to chalk the most effective plans out for the successful offering
of the same (O'Cass and Heirati 2015, p.261). However, this will be executed via 4 P’s such as:
Price: For the ready affordability especially to the commoners, a reasonable price will be set for
this very drink. The varied aspects of competitive pricing approach will be used to obtain a
competitive approach (Davcik and Sharma 2015, p.761). However, price determinations
remarkably impact supply, profit margins and above all consumer demand which, in turn, gets
reflected on the product’s marketing strategy (Hallberg 2017, p.180). Therefore using a market
penetration based pricing will be fruitful in this regard.
Product: in general, any product sell irrespective of its’ category, needs to have an imperative
grasp and the management must be well-equipped with their objectives. The Illusion Vibes will
provide its’ valued customers with processed coconut water mixed with mint leaves and apple
juice in bottles. Particularly for its’ marketing purpose, the product will be categorically
launched in 3 product lines in the market as follows:
 250ml bottle. 600ml bottle. 1-litre bottle.
With the sole intent of targeting a substantial market segment for Illusion Vibe will offer a
unique blend of the above-mentioned constituents, unlike the sweetened products that Coca-Cola
Amatil produces. Such a different variety will potentially allure many customers who are
relatively aware of their health.
Promotion: Secondly, a mini pre-launch giveaway will be arranged that will entice users to taste
free samples and get more attracted. Such promotions will widen the opportunity and help open
multiple marketing dimensions for Illusion vibes (Chong et al. 2016, p.359). In addition, there
will be repeated social media marketing to provide the product with a pre-positioned recognition
before its launch.
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Place: Marketing is primarily about placing the new product at the most appropriate and
accessible place (Chen and Tsai 2016, p.200). Therefore, for the steady selling of Illusion vibes,
the ideal location where conversion of potential customers to the actual ones will be easier will
be fixed. This will be executed through multi-channel distribution approach wherein Coca-Cola
Amatil will strategically disseminate this new product to their consumers via mediums like retail
chains, online marketplace and so on and help the smooth distribution of Illusion vibes.
3.2 Keller’s brand equity theory
The next line of theory to be used corresponds to the accurate brand experiences so that each
customer gets a specific and positive perception about Illusion vibes. This is based on the
ideologies of Keller’s branding model (Çifci et al. 2016, p.3741) that will gradually make happy
customers undertake the same purchase even next time. For Illusion vibes to maintain its
competitive advantage, the 5-fold brand pyramid will be used consisting of:
 Presence: This step includes the 4P’s mentioned before.
 Relevance: The perceived value of Illusion vibes will be so set that it matches the
consumer’s perception. Hence, the pricing needs to be reasonable to entice customers.
 Performance: Using pricing strategy as a USP, this step will be readily reached. The
unique selling points as mentioned will persuade the consumers about the correctness of
their choice.
 Advantage: The USPs need to be highlighted more strongly which will successively
generate emotions like “trust” among the customers for Illusion vibes.
 Bonding: Upon developing a stern bond, it needs consistent maintenance via loyal
programs like customer evenings, thanksgiving, rewards especially for regular customers
etc.
4. Ansoff Matrix and Strategic Planning
Using the Ansoff’s Matrix, the specific position for Illusion vibes will be the “Product
Development” dimension wherein Coca-Cola Amatil will be launching a completely unique and
distinct product in its existing Australian market. This tool will categorically help the Australian
company to device potent strategies for its growth and consistent marketing in the near future
(Dos Santos and Fukushima 2017, p.150). In this strategy, Coca-Cola Amatil will extend
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Illusion vibes’ range exclusively to its’ existing markets either by investing in the R&D of other
products or collaborating with another firm that needs immediate access to an established
company’s distribution channels. On this basis, a perceptual map for the same comprising of the
3 most probable competitions will provide with a detailed positioning of Illusion vibes.
o Bickford's (Bickfords.net 2019).
o Schweppes (Schweppes.com.au 2019).
o Cascade beverages.
Perceptual map
Figure 1: Perceptual map of Coca-Cola Amatil with 3 competitors
(Source: Self-Developed)
Novel strategic marketing plan
Pertaining to the same, the novel marketing plan depends solely on the strategic dimensions
including the promotional and the unique pricing strategy for the new drink.
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The promotional strategy might include certain predefined strategies that would allure more
customers availing the designated product or service. For Illusion vibes this includes:
 Free vouchers or discount coupons for the first two weeks of its launch.
 Dynamic social media contests.
 Free samples as mentioned previously.
 Buy 1 get 1 free related offers.
 Consumer loyal events.
Pricing strategy will be kept low and quite reasonable for commoners to avail the product. This
way, Coca-Cola Amatil will surely accomplish better market penetration with Illusion vibes in a
remarkably short duration. Such strategies would aim to entice buyers and also draw the sole
attention away from the most probable competition (Noori and Tatari 2016, p.216). With time, it
will drive tremendous profit and aid Coca-Cola Amatil to stand out and post-market penetration
they can raise their prices in order to exhibit their market position appropriately.
This is an offensive strategic approach wherein emphasizing the new drinks’ strength and USP,
deep market penetration becomes possible eventually simply by focusing on the individual brand
promotion, which in turn, will disrupt the potential rivals’ market shares (Aka, Kehinde and
Ogunnaike 2016, p.186).
Conclusion
From the above discussion, it can be outlined that for any company, critically maintaining the
strategic marketing momentum post product launch is of utmost importance to continue success
as well as consistent sales growth. The above report highlights the well-budgeted launching and
promotional schemes that might fetch enormous growth to the novel drink Illusion vibes.
However, it also requires consistent maintenance of the strategies to ensure no minor variations
can shake the firmness of the product once it gets deep market penetration in Australia.
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Reference List
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Chen, L.F. and Tsai, C.T., 2016. Data mining framework based on rough set theory to improve
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Chong, A.Y.L., Li, B., Ngai, E.W., Ch'ng, E. and Lee, F., 2016. Predicting online product sales
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Çifci, S., Ekinci, Y., Whyatt, G., Japutra, A., Molinillo, S. and Siala, H., 2016. A cross validation
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Hallahan, K., 2015. Organizational goals and communication objectives in strategic
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Hallberg, N.L., 2017. The micro-foundations of pricing strategy in industrial markets: A case
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Harrington, R.J., Ottenbacher, M.C. and Fauser, S., 2017. QSR brand value: Marketing mix
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