MK4024 Marketing Plan: Launching a New Beverage Product in Market

This report presents a comprehensive marketing plan for the launch of a new beverage product, targeting health-conscious consumers. The plan includes an executive summary, business mission, and situational analysis using SWOT and Porter's Five Forces. It outlines business marketing objectives, core strategies, and detailed marketing mix decisions (product, price, place, and promotion). The report also features a financial plan, including estimated costs, revenue projections, and control measures. The beverage aims to offer healthy, innovative drinks, addressing market competition and consumer preferences. The study concludes with a summary of the marketing strategy and potential challenges, emphasizing the importance of test marketing and consumer feedback for successful product launch.

Management(MBA)

Table of Contents
INTRODUCTION...........................................................................................................................1
MARKETING PLAN......................................................................................................................1
Executive Summary................................................................................................................1
Business Mission....................................................................................................................1
Situational Analysis................................................................................................................2
Business marketing objectives........................................................................................................3
Core strategies........................................................................................................................3
Marketing mix decisions........................................................................................................3
Financial Plan.........................................................................................................................4
control.....................................................................................................................................5
Conclusion......................................................................................................................................5
REFERENCES................................................................................................................................7
Books and journals.................................................................................................................7
ONLINE.................................................................................................................................8

INTRODUCTION
Management refers to coordination of all the activities of business in order to achieve
organisational objectives .it involves the process of coordinating,, managing, directing and
operating all the functions in a systematic manner for optimal utilization of available resources.
Present study is based on newly established firm that is planning to introduce beverages in
marketplace. This study will explain business mission of the company. Further more it will
describe about potential barriers to entry. Assignment will explain marketing mix(4p's) strategy
and objectives of the company.
MARKETING PLAN
Executive Summary
The present study is based on company that is planning to introduce beverages in the
marketplace.The report will explain The business mission,situational analysis,business marketing
objectives,marketing mix decisions, financial plan and controlling measures of the organisation.
Business Mission
planning of introducing beverages products in their stores. that involves fresh food
drinks such as non alcoholic beverages at a affordable rates(Bull and et.al., 2016). introduction
of beverages will increase the target market by providing large number of service. (Bull and
et.al., 2016). They are planning to develop healthy beverages like natural drinks that provides
nutritional benefit with good taste. The justification for developing this product is that Now a
days consumers are becoming more health conscious and continuously looking for product that
can improve their lifestyle. So that works as an opportunity for the firm. They are planning to
target the customer who don't have time to have their breakfast at home and are conscious of
their health. It can enhance the market share by introducing these category of goods favourable
useful attributes and nutritional drinks. consumers identify the elements in drinks like new
flavour, exotic taste, less sugar, fewer calories and high natural ingredients. They will offer high-
quality beverages with a good taste, low calories and an essential nutrients. By adding this
feature in the drink , business can grab the attention of the target audience and able to attract
them towards its offerings(Liu and Walsh 2018.). That can assist in competing with other
competitors and gaining high market share.
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Situational Analysis
SWOT analysis
Focus on innovation: it is focusing more on innovating to products to increase the sell of its
product. they can attract large group of people by offering innovative products and services to
the target audiences. This strength will assist in effective innovation of healthy beverages.
Differentiation: it is trying to introduce various categories of the product. It will provide
various features,shape and taste of the product and making its product different from the existing
brands of beverages .By doing these they can increase the demand for its products.
Weakness
Allegations :They have gone through various controversies in the past for the utilization of
chemicals in the form of colour in its chocolates(Chen Kim and Yamaguchi 2014.). it was
consider as high toxic product. so that can be a hurdle for them while introducing beverages in
market.
Porter five forces
Threats of new entrance:
In the beverage industry there is a cut-throat competition. Factor will impact the
operational activities such as barriers to entry(Leiber ,Stensaker and Harvey 2018.). the major
barriers to market entry can be existing loyalty to major brands,government laws, scarcity of
resource .that can affect the operations of the firm at the initial stage of launching.
Power of suppliers:
The main suppliers can have huge impact on the profit margin of the newly established
firm Due to following reasons-unavailability of substitute, high profitability of supplying firm
than purchasing entity.
Availability of substitute:
with existence of substitute available for the beverages. Then buyers have an option to
switch to a competitive drinks available in the market.
Rivalry:
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They may face high competition due to high competition in beverage industry. some of
the competitors are- LLC the cost of competition is to high that may increase the chances of
incurring low returns(Leiber , Stensaker and Harvey 2018.).
Business marketing objectives
it is planning to attract more and more customers by adding new innovative features in
their health drinks. Such as- low calories, good taste, high nutrients. These feature will help in
attracting the people towards firm product and increase their demand. Ultimately the entity will
be able to generate high productivity and achieve growth in the marketplace.
Core strategies
Product are making several marketing strategies by proper analysation of external
environmental factor that impact the decision making process such as strategy of targeting kids
and adults. Effective analysation of the component helps in identifying the needs and wants of
the target audiences. Finally they will be able generate high revenues and attain greater return on
the investment made on new product development(Buil, Isabel and Sara Catalán,2017. ). High
return will improve the financial abilities and assist in achieve competitive position in the
marketplace.
Marketing mix decisions
Marketing mix of company will analyse the product like beverages .that involves 4p's i.e.
product, price place ,promotion.
Product:
product will offer beverages to its customers around the globe. It will offer various
categories of product that helps them in gaining competitive advantage. They continuously
focuses on innovation like adding new innovative feature to their existing product. it is planning
to develop and launch beverages. With the addition of innovative features to the healthy
beverages can increase the demand for product.
Price:
product are offering their product at a affordable prices and target every age groups.
Some unique and popular product are available at a higher cost.They have adopted differential
pricing strategy charge different prices according to the geographies. at various locations, the
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prices are adjusted as per the market of that place to provide valuable products to consumers. so
this pricing strategy assist in gaining the satisfaction of people by providing beverages at a
affordable rates.
Place:
product are using effective sales strategy such as availability of product at nearest and
convenient location with attractive packaging(Scarborough, N. M, 2016). Now it is selling its
product in various nations like Australia,.France ,Malaysia and many more. they have strong
supply chain. they will distribute its product through franchises . That will assist them in
accessing every country at minimum cost of research while developing new beverages.
Promotion:
product are targeting children's by offering unique flavoured beverges and so that they
will able to gain high visibility in the market through kids and adults. They also organise
several events popular amongst kids and target consumers for their beverages . So at the time of
launching of beverages it will be easy for them to develop brand recognition and attract large
group of people. They will use various promotional tools such as advertisement, sales
promotion.
Financial Plan
This is the step where all the strategies get converted into actions. The written financial
plan of the company involves specific deadlines,. So that it can measure the success of the plans.
They are preparing budget with some tools and infrastructure like organise various
conferences, blog post, and e-mails. They have estimated the cost of organizing event and
expenses i.e. $10000 that involves production cost i.e. $4000, salary distribution expenses I.e.
$4000,rent of $2000 and they are generating $20000 through sales and it is estimating the profit
generation trough sales in the coming year will be 10% more than present income from sales. on
the basis of discussion held in various events firm estimate various cost that involves the cost of
production, cost of developing new product, promotional cost,contingency cost(Scarborough
2016.). The over all budget involves all the costs from the stage of development to the stage of
delivery. They will need investment of $10000 to $30000 for the development of beverages The
cost will be higher than direct cost involve with production or obtaining product. The firms will
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required to increase its profitability in order to cover the product development cost, promotional
cost and the expenses include in solving the issues of customers.
control
they will implement its plan of action for achieving the success of new beverages
product. These stage can be challenging for them. It requires full knowledge about the taste and
preferences of the consumers and effective marketing and communication tools in order to
communicate with the customers. the firm will implement its product related strategy by
providing healthy drinks to the health conscious consumer(Scarborough, 2016). The benefits that
they are providing like low calories, high nutrients, good taste that will help them in attracting
large number of customer. The brand will first create popularity among kids and adults by
offering tasty and healthy beverages. So first they will target adults between the age group of
18-40 that will involve low cost product. That action will assist in taking a good start for the
newly launching product and will create better impression among target market. They will fix
affordable prices for their unique flavoured beverages so that it will be able to generate high
profitability and gain satisfaction of the people(Scarborough 2016.). the entity will use effective
sales strategy. It will provide beverages at the nearest and convenient location to the customers.
it will increase the availability of their product at various locations. by implementing this
strategy they will be able to cover large number of audiences.
For controlling and measuring the results , they will do test marketing before launching
beverages into the marketplace. They will provide sample product to the peoples in order to
analyse and identify the reactions of persons towards beverages. And on the basis of results they
will further add new feature in product. They will ask customer reviews and suggestions for the
successful implementation of beverages.
Conclusion
From the above study, it can be concluded that firm planning to launch product such as
beverages(non alcoholic product) . They are planning to provide unique and high quality drinks
at a affordable prices. It will focus more on kids and adults due to having high popularity of
brand among existing customers. However, they have also faced some challenges of allegations
of using chemicals in its product. that as affected their competitive position in the target market.
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for the effective launching of the beverages, it is planning to do test marketing for knowing the
reactions of people towards its product. That will assist them in making product as per consumer
needs. And ultimately they will be able to do successful launching of new product.
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REFERENCES
Books and journals
Buil, Isabel, Sara Catalán, and Eva Martínez.,2017. "The importance of corporate brand identity
in business management: An application to the UK banking sector." BRQ Business Research
Quarterly. 19.no. 1 (2016): 3-12.
Bull, J. W. and et.al., 2016. Strengths, Weaknesses, Opportunities and Threats: A SWOT
analysis of the ecosystem services framework. Ecosystem Services. 17 .pp.99-111.
Chen, W. M., Kim, H. and Yamaguchi, H., 2014. Renewable energy in eastern Asia: Renewable
energy policy review and comparative SWOT analysis for promoting renewable energy in Japan,
South Korea, and Taiwan. Energy Policy. 74. pp.319-329.
Leiber, T., Stensaker, B. and Harvey, L.C., 2018. Bridging theory and practice of impact
evaluation of quality management in higher education institutions: a SWOT analysis. European
Journal of Higher Education.pp.1-15.
Liu, X. and Walsh, J., 2018. Study on the Strategies of the E-commerce Implementation in
Binchuan Grape Industry of China——Based on SWOT Quantitative Analysis Method.
Proceedings of Business and Economic Studies.1(1).
Scarborough, N. M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Massingham, P.R. and Pomering, A.A., 2017. Introducing Knowledge Management to the
Marketing Mix.
Porter, M.E. and Heppelmann, J.E., 2014. How smart, connected products are transforming
competition. Harvard business review. 92(11). pp.64-88.
Sutherland, E., 2014. Lobbying and litigation in telecommunications markets–reapplying
Porter’s five forces. Info. 16(5). pp.1-18.
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Mathooko, F.M. and Ogutu, M., 2015. Porter’s five competitive forces framework and other
factors that influence the choice of response strategies adopted by public universities in
Kenya.International Journal of Educational Management. 29(3). pp.334-354.
ONLINE
The marketing mix. 2016[online]Available through:<http://marketingmix.co.uk/>
The five forces.2008[online]Available through: <https://www.isc.hbs.edu/strategy/business-
strategy/Pages/the-five-forces.aspx>
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