Transcript Research plan draft

MARKETING STRATEGY
MARKETING STRATEGY FOR VITAMIN WATER
INTRODUCTION
• Marketing strategy is the essential objective of up surging
sales and attaining a defensible competitive advantage.
• It encompasses all the rudimentary short term and long term
undertakings in the field of marketing.
• The procedure for marketing normally begins with scanning
the business environment.
• Products to be marketed should be the products that are
needed in the market.
STRATEGY
• The product to be marketed is vitamin water.
• This product already exists because other companies like
Coca-Cola and Red Bull produce it.
• The best strategy to gain market share will be the
challenger.
• This means the organization has to offer stiff competition to
the leader in the market.
• This may include coming up with an effective pricing
strategy.
PRODUCT DESCRIPTION
• Vitamin water is essentially a vitamin booster; the product is
rich in numerous minerals but vitamin is the highest in terms
of content.
• The product contains vitamins extracted from fruits and
vegetables to give consumers maximum benefits.
• This product has various benefits but most importantly it
promotes health.
• Comes in eleven flavors and augmented with energy
enhancing natural ingredients and vitamins
TARGET MARKET
• This is a cluster of customers which the business has made a
decision of aiming to sell its products to.
• The target market is of great significance in the marketing
strategies essentially because it is the source of a business’
revenues.
• Consumer demographic profile is the primary determinant
of the target market.
• One of the elementary demographic characteristics of
consumers is the age.
CONT..
• This product is actually meant for everyone aged twelve
and above.
• A strong distribution channel, competitive price, insolent
positioning and aggressive advertising can make this
product number one energy drink.
• Currently China offers the largest target segmentation and
its consumption of the product hits 38% of the universal
volume for energy drinks.
ANSOFF MATRIX ANALYSIS
MARKET PENETRATION
• The market penetration style will that of a challenger.
• To be a challenger means to offer stiff competition to the
market leader.
• The market leader include: Red Bull, Monster drinks and
Coca-Cola.
• Market leaders offer the product at $2-$3 per bottle and $1
per bottle for wholesale.
• Vitamin water will retail at $2 and $0.90 per bottle in
wholesale.
PRODUCT DEVELOPMENT
• Once the product has gained a significant market share it
will be considered developed.
• Here the organization will increase its price to be the same
of higher than that of the market leaders.
• Also the organization can modify the product by giving it a
new physical outlook and increase the price.
• Consumers will buy the product because the price will be
the same as that of the market leaders.
MARKET DEVELOPMENT
• This involves expanding to new markets also known as
market extension.
• Once the product has gained sufficient market share in one
place, the organization can decide to venture in a new
market.
• With the good reputation created on the previous market,
there are higher chances it will succeed in the new market.
DIVERSIFICATION
• Diversification involves the organization coming up with a
new product line to ensure that they don’t run out of
business.
• Product have a life cycle and when they are in the final
moments, the organization should bring a new product that
is related to the product.
• The new product will undergo the same phases as the
previous one and since they are related, consumers may
choose to purchase them at the same time.
DISTRIBUTION STRATEGY
• The product will be sold in wholesale to grocery stores,
convenience stores and anywhere bottled drinks are sold.
• Wholesale price will at first be slightly below the market price
in order to attract buyers.
• The product will also be found in vending machines and
specialty events like concerts and festivals.
• The best wholesale buyers will be the supermarket as many
people visit the supermarket.
OVERALL MARKET SIZE
• The market size fundamentally denotes to the percentage
of the market that a business organization commands.
• A larger market share means that an organization makes
more money from sales and this boosts their revenue.
• Businesses need to implement proper strategies that will
enable them boost their market share.
• Vitamin water is commanding 30% of the drinks market due
to the preference of customers.
MARKETING METHODS
• Posters: this is a free board space for announcements and
advertisements.
• Value Additions: this will encompass discounts for recurring
customers and referral awards.
• Referral networks: this is a very invaluable methods as it
encompasses business to business referral.
• Follow-up: this will involve the use of questionnaires to find
out what customers think of the product.
REFERENCES
• Daily, S. (2015). Little or no benefit from nutrient additions to vitamin
waters and energy drinks. Retrieved from
www.sciencedaily.com/releases/2015/01/150112093230.htm
• Dean, G. Vitamin Enhanced Water Could Make a Bigger
Splash. Retrieved from http://marketography.com/
• O'Reilly, L. (2014). People Who Felt Tricked Into Thinking Vitaminwater
Was A Health Drink Might Be Compensated With Cash. Retrieved
from http://www.businessinsider.com/coca-cola-glacauvitaminwater-misleading-advertising-lawsuit-2014-10
• Wong, S. (2014). Transcript of VitaminWater
• VitaminWater. Retrieved
fromhttps://prezi.com/jrqbp4evra_b/vitaminwater/