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WBC Marketing Plan

Trevor Henry

Professor Walker

Argosy University

12/07/2016

Section 3 – Product & Price

The product

· Product Levels: Core, Actual & Augmented(Packaging)

The WBC products that are offered by the company fit within the Kotler’s four product levels. The core product focuses on what the customers stand to gain when they purchase the products (Ferrell and Hartline, 2012). The core aspect of the product does provide a refreshing feeling to the end user by quenching them of their thirst. The second product level is the actual level this refers to the tangibility of the product. The product is made of high quality ensuring that the customercan derive sufficient satisfaction from consuming the two products. The additional features of the product include an attractive package that will draw the customers to the products. The packaging is done with clear plastics bottles to enable the customers to seeeasily the purity of the water products being offered by Waters Bottling Company.

The third level of the product focuses on augmented; this level does provide a supportive role to the core and actual levels of the product. Itconcentrates on the additional non-tangible benefits that the products provide to the end user (Ferrell and Hartline, 2012). The WBC Company has launched a customer centre that handles the reverse logistics of the products and the customer’sinquiries. The customer care centre acts as the middleman between the company and its end customers. Additionally, for the customers who order in bulk the company will benefit from offering them cheap delivery services. The delivery services will encourage other retailers within the company’s distribution channel to order more and create a market for the products.

· Product Life Cycle

The WBC water item as of now it is in the presentation stage. The organization is propelling the item in the market interestingly available. The item is new and little is thought about it by the objective shoppers. The organization needs to focus more on escalated special battles with a point of making familiarity with the item, the components it has and the advantages it conveys to the end clients. As the item gets to be distinctly well known, it will rise above to the development organize. The company during this juncture should ensure to shift its strategy to an emotional appeal aspect. The reason for this is to create a stronger brand for the customers to be drawn to and enhance customer loyalty. The third stage of the product lifecycle will be maturity. The targeted customers will have known a lot about the product and will be drawn to purchase it. The market for the original and sweetened water would have grown beyond the projected target market. Competition in the market will increase resulting in company’s producing similar products. To ensure, that the original and sweetened water products provided by the company remain relevant to the market. The company should carry out product differentiation whereby they will introduce new features and highlighting the unique benefits offered by the product. The last cycle is the decline stage, at this point to ensure that the product remains relevant the WBC Company must carry out occasional promotion strategies to ensure that the customers are aware of the products existence (Ferrell and Hartline, 2012).

· BCG Model

The model has four sections that are the cash cow, thedogs, question marks and finally the stars and is essential in the product life cycle. It determines the products that the WBC should focus on to ensure that they create long-term value for their company. The company should divide its products into two categories based on the returns they bring the high growth products require a lot of finances and low-growth products that bring high returns to the company. In the case of WBC, the sweetened water is a low-growth product that will bring sufficient revenue to the company. The reason for the statement being that the product has few competitors (Management.net, 2016).

On the other hand, the original pure water has a lot of competitors, and the company should use a lot of resources to ensure that the product succeeds in the market. The sweetened water product does fall under the star category of the BCG matrix; the product is present in an enormous market that is fast growing since water is a necessity. Sweetened bottled water is the new phenomena in the industry due to the sweet tooth people have acquired with time. As time goes by the competitors producing the original pure water will shift to the production of sweetened water resulting in the shift of the product to the cash cow category (Management.net, 2016). The original water falls under the cash cow category. The product already has a mature market that requires the water. The industry has a lot of competitors who produce similar products; the only way the WBC Company can penetrate the market is by emphasising on the quality of its products. Theproduct requires minimal investment due to the slow growth of the industry.

Service Marketing

Service marketing refers to the focus on the intangible aspects that the company offers to its customers. The provision of services has five major characteristics which include; lack of ownership, intangibility, inseparability, perishability and heterogeneity. Additionally, it also includes seven service marketing mix strategies which are promotion, price, product, place, people, process and physical evidence (Marketing91.com, 2016).

The WBC company does have staffs that provide services to ensure that the company meets its end objectives and satisfies the needs of the customers. For example, answering the constant customerqueries. The company has no ownership of the service provided to the customers’. Additionally, the service offered cannot be quantified or touched. The service provided cannot be separated from the employee who is offering it. The way the services areoftenoffered differ from one staff member to another and lastly the services are perishable since when the employee ceases to work for the company their service is automatically comes to an end.

Based on the second aspect the service marketing mix. The WBC company offers two products they are the original pure and sweetened water. The products are packaged in attractive bottles to ensure that they draw the customer’s attention to the product. The second aspect centres on promotion, the company plans to launch intensive advertisements to make sure that they get the message about the products and its benefits to the end customer. Additionally, the company will use direct selling, sales promotion and the internet ads to a wider target market.

The third aspect centres on pricing the company plan to use the low pricing strategy to ensure they penetrate the already competitive market. They will set their original pure water at a cost of $8 for 500ml bottle and $23 for the sweetened water of the same quantity. The fourth aspect involves place; the company has set up a distribution channel that will be essential in moving their products from the company to the end customers. The distribution channel chain established by WBC company include; the company, wholesalers, retailers and the final customer.

The fifth aspect involves people the WBC Company must employ competitive employs with excellent interpersonalskills. It will ensure that they will not only fit in the organizational culture of the company but also deliver exemplary services to their customers resulting in an increase in the market share of the company in the long run.

The 6th perspective spotlights on the procedure that is the way the organization conveys its administrations to their clients. Clients have exclusive standards concerning the administrations they require from a water organization. The organization needs to guarantee that they convey their items at the correct time, at the perfect place, in the correct amount, and the correct bundling. The last perspective is physical proof this alludes to the formation of administrations that lastingly affect the end client and their effect can be recorded. For instance, the organization can record the client administer to future reference and they can archive the quality procedure led to guarantee that they convey quality items to their clients.

Price Determination &Pricing Strategies

· Supply &Demand

The organization has a prepared interest for its items since water particularly filtered water has turned into a need. The interest for the sweetened water is expanding particularly in the urban ranges giving a prepared market to the item. The first unadulterated water considering the promoting system proposed in segment 2 of the showcasing arrangement. The organization will have the capacity to make a business opportunity for its item.

The market is saturated with pure clean water therefore for the WBC company to differentiate itself it should focus on its marketing message to draw in customers. Contrariwise the sweetened water is produced by few companies and since there is a demand already in the market the company can take advantage of this opportunity.

The supply and demand curve is essential in enabling the company to set the price for the product. The price set at the equilibrium point where the two curves intersect based on a industry. The WBC company is launching its products in the market for the first time. There it is suitable for them to use the low pricing strategy based on the equilibrium price present in the market. The current price is approximate $10 for 500ml bottled pure water and $25 for 500ml sweetened water. The company can set its price at $8 and $23 for original and sweetened water respectively.

· Competition

The company faces stiff competition from already established firms that have already created for themselves a marketing niche. The competitors have already established stable distribution channels that may pose a challenge for the WBC company to penetrate. Additionally, the companies have a strong brand name that draws most customers to them. Some of these companies include: Dasani, Aquafina, Nestle pure life, Glaceau Smartwater among others. The company can easily navigate this hurdle by intensive marketing strategies and create an effective distribution channel that will deliver on time.

· Objectives and strategies

The objectives and strategies the company can employ to outwit its competitors include: Firstly, the adoption of low pricing strategies to penetrate the already influx market. Secondly, the company should establish an effective distribution channel to ensure that their customers get the products on time. Thirdly, the company needs to grow its brand name in the market by providing quality products that will fulfil their marketing message. Also, the company should participate in corporate social responsibility projects to ensure that they build a pristine reputation among their stakeholders. Lastly, the WBC Company should make sure that they conduct a constant overview of their products performance to enable them implement progressive corrective strategies.

References

Ferrell, O. C., & Hartline, M. (2012). Marketing strategy, text and cases. Nelson Education

Management.net, (2016). Summary of the BCG Matrix. Abstract. Valuebasedmanagement.net. Retrieved 30 July 2016, from http://www.valuebasedmanagement.net/methods_bcgmatrix.html

Marketingteachercom. (2014). Marketing Teacher. Retrieved 30 July, 2016, from http://www.marketingteacher.com/three-levels-of-a-product/

Marketing91.com. (2016). Service Marketing Mix - 7Ps of marketing mix. Retrieved 30 July 2016, from http://www.marketing91.com/service-marketing-mix/

Shaffer, D. (2007). Product and Pricing Strategies. Pragmaticmarketing.com. Retrieved 30 July 2016, from http://pragmaticmarketing.com/resources/product-and-pricing-strategies