Marketing 500: Part A Marketing Plan

Mission Statement

To become one of the leading and well reputable producers and distributors of health sport drinks both locally and internationally.

Our mission statement is guided by our core values of responsibility, accountability, and value for our shareholders including employees, customers, and business partners. To our consumers, we are focused on producing healthy products that are caffeine free. To our employees, we strive to take their welfare seriously in order to ensure massive productivity and performance. For the business partners, we observe integrity, honesty, and fairness by entering into clean businesses deals with them. For investors, our company strives to add value to their capital invested in developing the organization. Our main aim to build shareholder value and very sustainable environment for our stakeholders. We strive to attain superior financial performance while addressing environmental and social issues in order to deliver our agenda.

Our Goals

The company’s goals are divided into two categories: short term and long term goals. Short term goals are set to be achieved in the next one year while long term goals are those which should be achieved in the next five years.

Table of Short Term Goals

Table of Long Term Goals

External Environmental Analysis

Competitive

The sports and energy drinks industry in U.S. is highly competitive and they should strive to counter this threat by developing appropriate products and marketing strategies.

Economic

The American economy is growing at higher rate meaning that sports drink industry has the opportunity to grow more. It also means that the industry will attract more key players hence increasing the competition in the market.

Political

The diplomatic relations between Trump administration and other countries threatens the international markets for our products. As the U.S. government continues to impose trade sanctions on other countries, there is a lot of retaliation from the sanctioned countries limiting our products in the international market.

Legal

There are legal restrictions that govern the sports drinks industry in U.S. For instance, the products should not contain any harmful ingredients. Also, there are laws that govern competition in the market, that is, companies should engage in healthy competition in the market.

Technological

The growth in technology is impacting greatly to our company due the development of systems that allow customers to shop online without the need to visit retail outlets and stores. Hence, our company should develop an ecommerce system that allows customers to order products online.

Sociocultural forces

U.S. is a multicultural country characterized by people with different values and beliefs that affect their purchasing behavior. Hence, the company should consider these values when developing their products and marketing programs so as to remain relevant in the market.

Internal Environment

Strengths

The newly launched Splash Flavor drink is caffeine free, healthier and attractive to consumers.

Our new product is packaged in a special container that makes it cool to up to six hours for maximum satisfaction.

Our drinks are cheaper compared to others in the market giving us a pricing advantage over others.

Weaknesses

Our company is still young compared to other key players in the industry

We do not a have strong ecommerce system to allow customers to purchase products online

Lack of strong and appropriate marketing strategies

Opportunities

The sporting industry is growing hence more demand for sports drinks which means an opportunity for our company.

The country’s economy is also growing hence giving our companies and others in this industry an opportunity to grow.

Threats

The company is facing a lot of competition from companies like PepsiCo Inc.

Lack of strong financial muscles to sustain market research and other operational activities.

Market Research

Market research refers to the “process of evaluating the feasibility of a new product or service, through research conducted directly with potential consumers” (Burns, Bush & Sinha, 2014). It helps the company to discover and assess their target market to help them collect and document information used to make informed marketing decisions.

There are two types of market research that can be used by our company including:

1. Primary research –This will be done using both qualitative and quantitative research to help the Splash Flavor to interact with consumers and collect all relevant information and opinions about a product (Heding, Knudtzen & Bjerre, 2015). The tools used here include:

· Interviews –This will be done by the marketers to help the company improve the products

· Survey –This will involve focus groups in order to get the data that can be used to make marketing decisions and product improvement.

2. Secondary Research –This involves collection of data and information from external sources like media, government agencies, and chambers of commerce in order to understand market demands that help the SplashFlavor to make decisions like product improvement, recalling of products among other decisions (Heding, Knudtzen & Bjerre, 2015).

Market research will involve certain steps including:

1. Defining the problem –Deciding on what you want to know and thus designing questions that will be used to interview customers

2. Define sample –This involves a selecting a group of people who will be interviewed.

3. Data collection –The company will collect actual data based on research questions

4. Data analysis –Analyzing using data analysis tools

5. Preparing the report –Documenting the research findings

6. Making decisions –This allows the company to make decisions based on the findings of the research. Such findings include which aspects of the product that need improvement, making decisions on pricing, among others.

Marketing research is important in helping Splash Flavor beat competition in the market, understand their customer needs, identifying new opportunities, as well as forecasting market trends (Visram et al, 2016).

References

Burns, A. C., Bush, R. F., & Sinha, N. (2014). Marketing research (Vol. 7). Harlow: Pearson.

Heding, T., Knudtzen, C. F., & Bjerre, M. (2015). Brand management: Research, theory and practice. Routledge.

Visram, S., Cheetham, M., Riby, D. M., Crossley, S. J., & Lake, A. A. (2016). Consumption of energy drinks by children and young people: a rapid review examining evidence of physical effects and consumer attitudes. BMJ open, 6(10), e010380.