The feedback that I received from part A of the marketing plan was positive. This response highlighted areas of strength and weakness. Points of strength in the feedback included the following:
· Detailed introduction concerning the hypothetical company under consideration (Splash Flavor). The products or services to be offered by the company and the location were clearly captured.
· A straight forward mission statement that is easily comprehensible.
Areas of concern included the following
· Absence of measuring parameters for the goals of the entity. Revenue, profit and market share goals were lacking some details to make them effective.
· The environmental analysis that I provided did not cover all the areas. Components that were necessary include competition, political, legal, economic, technological and social. The SWOT analysis table was also absent.
The feedback is critical in the improvement of the marketing plan in the following aspects. First, it refines the goals of the entity by introducing a measurement parameter. Without measurement, the overall goals may become unrealistic and irrelevant. Secondly, the feedback offers suggestions on how to effectively analyze the environment. Proper analysis of the operating environment is significant in boosting situational awareness. Proper strategies can be formulated to effectively handle the adversities of the environment.
Branding strategy
Brand name
The brand name is “Splash Flavor.” This name would be used on all the product labels that the company produces. It is a trademark that differentiates the company products from competitors (Simoes & Dibb, 2016).
Logo
A logo is a symbol that distinguishes the company from other competitors in the market (Van Riel & Van den Ban, 2017). Splash Flavor Inc. would adopt the following logo.
Slogan
The ultimate energy that you require to realize your sporting ambitions.
Brand Extension
Sport Flavor is the new sporting drink in our collection that seeks to extend our brand to new demographics. The product utilizes the brand name of the entity for easier market penetration.
Primary and secondary markets
The primary market for our sports energy drinks is situated in the United States. Our consumer base is situated in states of California, New York, Washington, Oregon, Illinois and Washington DC. Our products mainly targets individuals within the age bracket of 15 and 20 years. These individuals can actively engage in sporting activities. Such individuals can be found in schools, colleges and professional athletic clubs. The marketing efforts that we would employ would focus on those centers. It is vital to note that any interested individual can consume our drinks. They provide a boost in energy levels that is essential in the execution of daily activities. Our energy drinks are not selective. They can be consumed by both male and female athletes. Folks of all genders are encouraged to consume the products because the ingredients incorporated cater for all genders.
Ethnicity is not a limiting factor. Athletes from all backgrounds can consume our energy drinks without experiencing adverse effects. Our marketing efforts are ethnically neutral to avoid offending people from any ethnic ground. Currently, our products are geographically distributed across the states listed above. There are plans to extend the distribution channels to other states with the surge in demand. The secondary market is foreign based (Allen & Walter, 2015). The company aims to establish an international standing as a manufacturer of quality products in the countries of Europe and North America.
Brand Position Statement
Splash Flavor Company offers superb sporting drinks that are loaded with proteins and carbohydrates. They are thus suitable to our target audience mainly composed of athletic personalities. Our drinks are effective to athletes after tiresome exercises because they have less sugar. They replenish the body with the lost energy. Our sporting drinks are free from chemical ingredients that have adverse effects to the body. We strive to incorporate natural ingredients in the drinks unlike our competitors. For athletes wanting exceptional performance, there is reason to use our drinks. The balanced ratios of carbohydrates and proteins incorporated in our drinks have been proven to replenish tired muscles. Additionally, the balanced water content prevents dehydration of the body brought about by excessive sweating. Our drinks have not been adversely implicated in any scientific research. There is no doubt that they can meet the energy requirements of our athletes.
This perceptual map shows the position of our company in comparison with other competitors in terms of taste and nutritional value.
Great Taste
Brand 1
Brand 3
Brand 2
Poor taste
High nutrition
Low nutrition
Consumer behavior examination
The brand name, logo, slogan and position statement are right for the target market in the following ways. First, Splash Flavor term typifies the exceptional collection of products that we bring to market. They are unrivaled in terms of quality and hence the name. The logo merges the constituent names of the product into a singular brand name. The glass that dominates our logo highlights the delivery mechanism of our products. The purpose of the logo is to enable the customers to easily associate our product with instant consumption for immediate results. The brand position statement provides an objective summary for the existence of our products. It highlights the target audience, statement of reference in terms of rivals, benefits accrued from the usage of our products and broad reasons on why customers should believe in our products (Simoes & Dibb, 2016).
References
Allen, S. N. & Walter, K. (2015). A comparative study of the primary and secondary markets for emerging business enterprises. Harvard Business Review.
Simoes, C., & Dibb, S. (2016). Rethinking the brand concept: aspects of the brand positioning statement. Corporate Communications: An International Journal, 6(4), 217-224.
Van Riel, C. B., & Van den Ban, A. (2017). The added value of corporate logos-An empirical study. European journal of marketing.
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Sports Flavor Inc.
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Marketing500PlanBAssignment2SplashFlavor.docx
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