marketing plan for a new product

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Marketing Plan for Biotic Juice

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Introduction

In the 21st century, health issues have become rampant globally. Despite its benefits, many people avoid using GMO products, which harm human life (Jon Yaneff, 2015). Health and awareness-related products have gained fame and interest as it rewards people with a healthy lifestyle. Many institutions have emerged to ensure enough diversified produce is available to customers and fill the market gap. Juice and vegetable industries aim to produce foodstuffs that suit their customers' local and international preferences. Competitive industries research and identify premium ingredients, including turmeric, garlic, and vegetables such as cucumber, celery, spinach, carrot and broccoli, that stretch top blend in Juice to suit customers' health needs. However, reports reveal environmental hazards due to the release of carbon monoxide from industrialized beverage production (Essien et al., 2021). This marketing plan focuses on Biotic Juice production and retailing. The strategy focuses on how natural Biotic Juice products will be marketed.

Biotic Juice

The Biotic Juice is featured as a drink extracted from various fruits and blended with vegetables. The beverage can be ingested with droughts, cookies, macrons, or fruit salad. The product is 100% organic and contains entire nutritional composition that fits the customer's health target across all ages. The beverage is presented as cold-pressed, free from chemicals and Genetically Modified Organisms (GMOs). The Biotic Juice contains no added sugars, calories or junk. The Juice is prepared on customers' order, served fresh without any junk obtainable with it.

Market

a. Product market

Over the past two years, the beverage industry's inventiveness has rapidly increased. The fundamental causes of the rapid shoot in this product industry are increased necessity for consumer nutrition and healthy lifestyle. Additionally, customer preferences have shifted from industrialized drinks and beverages with micro health hazards. According to (Statista, 2021), the juice segment, from a global perspective, has shot by 5.43%, which projects an increase in a market volume of $134.80 billion by 2027. About 23% of consumers in the US take Juice daily. Since 2006, New York residents have preferred 100% fruit juice with no added sugar, which is our market advantage.

b. Geographical market location

The environment of business operation is an essential component that promotes business success. Environmental reasons drive the demand for Biotic Juice in a given country (Pandit & Suman, 2022). For instance, juice consumption in New York city increases by about 12% during summer and winter. The personal health aspect of a consumer getting refreshments during summer and an immunity boost from fruit juice during winter increases demand.

c. Demographic factors

New York City is the most populated city in the US, with 8.5 million residents and 3.0 thousand students in the university of New York. Statista says that juice production has been in rapid growth in the US. The population capacity and age affect consumer preferences to purchase—royally designed household structure project huge disposable expenditure. Due to the dense population, advertising biotic juice in Central Park will be easier and more efficient.

Problematic

Biotic Juice is a new beverage to be sold in the market that features a super blend of various fruits and vegetables that gives a refreshing experience. The first market for the product will be in the United States, within New York City around Central Park for enterprise and promotion. As a new product in the US juice industry, several factors must be considered for successful merchandise and promotion. These factors include:

a. The location of the natural Biotic Juice Business

Central Park is a strategic location as it is located close to Fordham University, Columbia University and St. Johns University, among other colleges, with more than 50,000 students and 432,386 residents. The average estimation of the household size is 2.11, with 214,896 households already occupied. About 25% of the population is old age, 55% consist of middle age, and 20% are aged 14 years and above (Bruce, 2018). Boutiques, banks, sandwich shops, supermarkets, chemists and Sackler School of Medicine are the busiest organizations for the potential market in Central Park. This arrangement will offer broad access to marketing the product.

b. The pricing strategy to be chosen

Like other businesses that employ SCOREs Product Description Worksheet to enterprise their products, we will use the same approach (Szczęśniak & Wolniak, 2016). The Biotic Juice drink offered during morning hours will be speciality and prepared with mango fruit, cherry and dragon fruit to give an insightful morning. The beverage will be escorted by salad and doughnuts of different varieties, including jelly and frosted chocolate doughnuts. This package will be averagely sold at $11.45. The evening drink will be blended with papaya, pineapple and lemon hydration and refreshment after work. They will be served with a variety of macron, chocolate, and biscotti cookies. The total cost of the evening package will be $12.22.

c. Promotional strategies

We shall seek to exercise campaigns to reach prospective customers and popularize the business profile in Central Park during the first two weeks. For instance, we will address the industry's aim in supporting natural consumption through natural fruits and vegetables and natural global ingredients to support healthy living from nutritious consumption. Eye-capturing posters and letters will adequately describe the price, ingredients and nutrition impacts on people in the vicinity. We will also use local radio stations, T.V.s, and newspapers to advertise and announce programs for free testing of various Biotic juice blends. We shall also allow them to give feedback on the experience of the juice product on our website and brochure. For convenience, we will indicate the periods we shall close and open for making advancements.

Analysis of customer preferences

Biotic Juice is a non-alcoholic and pressing-free beverage with high global demand. Responsible customers who value their healthy lifestyle prefer using non-industrialized, sugar-free and nutritious Juice from natural fruits and vegetables. High demand for Biotic Juice will offer the business a market advantage and boost profit margin. Biotic Juice has nutritional benefits, including reducing risks of cancer infection, removing toxins from the body and helping in weight loss. Biotic Juice is sugar- and calorie-free; hence, it prevents diabetes and Parkinson's infections (Tuttle et al., 2014). Coca-Cola and Pepsi companies have been dominant in Industrialized beverage production. However, the trend of taking carbonated and processed drinks has shifted to natural beverage consumption in recent years. Many people are focusing on natural and nutritional natural juice drinks that will give a marketing advantage by boosting product demand. The best international ingredients will refresh the customers and boost their health with natural nutrients.

Financial Flan and Description of Biotic Juice Business

By the end of the first week of operation at Central Park, we project to sell about 75 bottles of Biotic Juice in the morning and about 58 bottles in the midday. In about twelve months, we expect 1,500 bottles to be sold at breakfast and 1,700 bottles during the noon hours. We expect to sell about 58% of our customer's sandwiches and doughnuts for breakfast and about 40% to take cookies at noontime.

The business will cost a budget of %250,000 to start and operate in New York City. The startup expenditure will be bulk on acquiring a facility and purchasing fruit juice extracting and blending equipment. The key areas where we will spend the startup capital include:

· The registration of the juice business fee in the US- is $800

· Legal expenses for acquiring the license and operation permit along with accounting services (software machinery) –$1,400

· Marketing and promotion expenses for the grand opening, among other campaigns-

· Hiring a business consultant- $1,200

· Insurance (general liability, employee compensation, and property causation attention) coverage for a total premium- of $2,600

· Rent payment for 12 months for $ 1.75 per square foot- $85,600

· Startup expenses (stationary, phone and utilities)-$ 800

· The fruit juice extracting equipment- $55,000

· Startup inventories (blending foodstuff and packaging bottles)- $10,000

· Store equipment (cash books, ventilation and signage)- $3,600

· Counter area equipment (ice machine, sinks)- $6,000

· Miscellaneous costs-$3,000

Analysis of marketing strategy

The SWOT analysis is an efficient tool for analyzing the product market to understand the strategic setup to introduce the product. The analysis focuses on understanding the threats and opportunities where the business will thrive.

1. Strength of Biotic Juice Business

· the large variant of Juice which comes with different blends. Different snacks accompany the blends of Juice at specific times for healthy purposes and the best refreshment.

· Natural fruit: Biotic Juice is a nutritious juice for a healthy lifestyle with no additives. It is extracted from natural fruits and vegetables from international producers.

· Biological-friendly packaging: customers enjoy taking away Biotic Juice in well-sealed bottles that can be disposed of or reused after usage.

2. Weaknesses of Biotic Juice

· High price, unlike other aerated drinks such as Pepsi and Coca-Cola, biotic Juice is expensive and may only be preferred by some customers. Additionally, Biotic Juice has no good value for money to some customers.

· An acquired taste for natural Biotic Juice has a medicinal aftertaste and low fresh juice taste for customers who are used to aerated drinks.

3. Opportunities for Biotic juice Business

· They were increasing health awareness which is a good pace for enticing customers to purchase natural Juice extracted from natural fruits and vegetables.

· The large market potential for packaging, which increases by 18% yearly, is an advantage to the biotic juice business.

· Use of social networking: the global market in social media in New York has increased in recent years. Besides TVs, radio stations and newspapers, Facebook, Twitter and Instagram give access to a large customer population for engagement and feedback.

4. Threats of Biotic Juice Business

· The rapidly growing natural juice industry will challenge the business as it exposes it to stiff competition in New York (Bruce, 2018).

· Changeable customer taste: the consumer lifestyle in the US changes more frequently and may cause low demand. The possible economic decline can cause customers to change how they spend and purchase and change their behaviour and threaten the biotic juice business.

Market Blend for Biotic Juice

Many customers are always curious to understand the component that makes up their product. Therefore, they can purchase them and ensure their safety in use to meet the intended purpose (Maurice & Davey, 2016). The Biotic Juice business will provide meaningful information to prospective buyers. The product's price will feature people in the middle and high class who have higher disposable finances and consider healthy living as crucial. These groups have a high demand for natural Juice and will impact demand significantly. The promotion strategy focuses on increasing product awareness and differentiating natural Biotic Juice from other Juice enterprises.

Conclusion

In the current world of health, many people struggle to undertake natural foodstuffs that have enough nutrition. Besides, they avoid inorganic constituents that cause cancer and diabetes and impede Parkinson's infections. Biotic Juice is natural Juice extracted from various kinds of blended fruits and vegetables. The marketing plan for the product is based in New York City at Central Park due to the high population available for a large market. The location has several institutions, including schools and health facilities, that bring more than 9 million people close to the business.

We will use the SCOREs sheet to price our product depending on the time and the order beside the Biotic Juice. Our advertisement will be based on a local station and high-quality magazines. We shall also offer free taste campaigns to our customers and promote the business aim, mission, and vision. We will also create social awareness of the need to use natural biotic Juice to boost immunity and refreshment. $250,000 will be spent more on acquiring an operational store and purchasing the Juice extracting equipment. License, insurance, storage equipment and hiring a consultant, among other expenses, will be accounted for from the startup capital. From the SWOT analysis, the business will enjoy opportunities such as a potentially large packaging and social networking market. However, the possible threats are competition, from a rapidly growing market and changeable customer taste.

References

Bruce, C. (2018) Campus location, Coventry University. Available at: https://www.coventry.ac.uk/international-students-hub/partnerships-and-places-to-study/coventry-university-degree-egypt/campus-location/.

Essien, Y., Young, S. and B.Baroutian, P. (2021) report reveal environmental hazards due to release of carbon monoxide from processing of Juice, U.S. Consumer Product Safety Commission. Available at: https://www.cpsc.gov/Newsroom/News-Releases/2022/CPSC-Releases-New-Report-on-Carbon-Monoxide-CO-Fatalities-Urges-Generator-Safety-in-New-PSA

Holland, W. (2021) Threats to juice production: What are they and the solutions?, PlantwisePlus Blog. Available at: https://blog.plantwise.org/2021/12/03/threats-to-juice-production-what-are-they-and-the-solutions/

Jon Yaneff, C. N. P. (2015, February 2). Harmful effects of GMOs: Show gmos cause disease and alter human DNA. Doctors Health Press - Daily Free Health Articles and Natural Health Advice. Retrieved December 17, 2022, from https://www.doctorshealthpress.com/harmful-effects-of-gmos/

Maurice, J. and Davey, S. (2016) Intended purpose under MDR - what does your medical device do?, Decomplix. Available at: https://decomplix.com/intended-purpose-medical-device/ (

Pandit, K.P. and Suman (2022) Main components of business environment [ full guide ], BusinessMan Talk. Available at: https://businessmantalk.com/components-of-business-environment/

Statista (2021) Our ranking of the top 30 juices of 2021, Juice reviev Review. Available at: https://www.juicereview.com/top-30-juices-2021/

Szczęśniak,, B. and Wolniak, B. (2016) Product and service description worksheet, SCORE. Available at: https://www.score.org/resource/product-and-service-description-worksheet

Tuttle, D., Higgins, P. and Higgins, C. (2014) juice and health: What does the research say? - mayo clinic. Available at: https://www.mayoclinic.org/healthy-lifestyle/nutrition-and-healthy-eating/expert-answers/juice-and-health/faq-20058339