Assignment 3 Part 2 Business Plan- Draft

Marketing Plan and Sales Strategy

Name

Institution

Target market

Identification of a target market is crucial to the any business since the business is developed to create a better focus in the market regarding energy drinks and thus the target market must be able to meet the specifications that have been outlined. For the marketing and advertising strategies, a portion of the population of the business location Annapolis city will include individuals above the age of 10. Since the products sold are nonalcoholic beverages, the target audience is broader which means that the business will utilize various means of reaching all the age groups represented by the population segment. The town of Annapolis City is found in Maryland that has other smaller towns surrounding it and closer states such as Washington and Virginia that will provide a better market for the company product. Annapolis city has a population of about 38,841 people and the median age of the population is 37 years that is within the target population. There are more females than male in the population with the male to female population ratio being 0.9:1. According to a census reported by the Bureau of statistics and the city’s official website, Annapolis City is made up of the various ethnic group with each occupying a given percentage. Following the breakdown used by the report, there are 62.9% white people, 24.4% African American and 1.4% Asian. Moreover, the median household income per year is about 26, 539 dollars. Considering the prices for our range of beverages the average income earner in Annapolis City will afford to make purchases regularly (Data Access and Dissemination Systems (DADS).

Consumer demographic information

Age Range- 37 years

Income range- $8, 426

Gender- male: female ratio of 0.9:1

Marital status- 36%

Occupation- White collar jobs 15% and casual laborers 24%

Family Size – Average of 4 per household

Ethnic groups- 62.9% white people, 24.4% African American and 1.4% Asian.

Level of education- High school level and above

House ownership- 29.2% of the population

Company information

Industries- Retail Store

Sector- Beverages Store

Years in business- 6 months

Company capital investment- $45, 240

Number of Employees- 15

Number of Branches- 1

Square Footage- 500 square foot

Company Ownership- Private Corporation

Target population age group – 10 years to 50 years

Company competition

Based on the assessment presented above, the company has developed different strategies to help beat the local competitions and gain a reasonable market share. Since the two major competitors are rather intimidating to compete with since the company is still young, the company will attempt and create a niche in the market. Another strategy that will apply is the creation of new market categories in the Annapolis City. Position marketing will be cost effective which is another objective by the company in the marketing plan and will help in carving out a substantial number of loyal customers. Since a big portion of the population is made of Whites and African Americans, the company will direct the marketing campaigns to the selected ethnic groups. For instance, running the ads in the ethnic radio stations. In the creation of the niche in the two ethnic groups, the product will be improved to appeal to unique needs of both groups (Teitelbaum Michael, 2012).

Historically, the market leader has been Coca-Cola and 7 Eleven. However, the latter is steady in terms of its market share while Coca-Cola is slowly losing its market share in Florida City. In the last three, the companies that have substantially increased their market share in Florida City include 7 Eleven and Pepsi. The competition is increasing with different companies implementing different strategies and marketing techniques to gain more market share and eventually dominate the market. Some of the distinct characteristics of the market leader now, 7 Eleven, includes the affordability of products, improved quality of the soft drink, design of the bottle and brand recognition due to frequent advertising (Luke, 2013).

Company message

The company message will be highly engaged through the company slogan “Service at your pleasure.” This will create a better setting where the company will be able to market its services effectively. Based on the five Fs for marketing and conveyance of messages to the target audience, the company will focus on finances. The key reason for this is that a significant population of the market segment income moderate-income earners who have other needs. Affordability is one of the main objectives while purchasing products.

Marketing vehicles

Building a brand requires crucial focus on key underlying elements that can help in advancing the business development. Some of the marketing tactics that beverage companies use include exhibition at various chain stores, offering sampling of the product for a week or so at various points in the city and building of a large social following on different social media platforms such as Twitter, Facebook and Instagram. Giving of branded products such as pens and key holders will also be included in the promotional campaign for the product. The website will also be used as an avenue and it will contain an easy interface (ELLIS, 2013).

References

Data Access and Dissemination Systems (DADS). (2010, October 05). American FactFinder - Community Facts. Retrieved November 24, 2017, from https://factfinder.census.gov/faces/nav/jsf/pages/community_facts.xhtml

ELLIS, R. K. Action Plan for Sales Success., 67T+D 20–22 (2013).

Luke, K. (2013). 5 Steps to a New Marketing Plan. Journal of Financial Planning, 26(12), 20–21.

Teitelbaum Michael. (2012). Digital Marketing Self-Checkup: 10 Best Practices | Marketing Trenches.