I need a marketing plan and sales strategy for a class assignment. I

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Question Description

I am also attaching my first assignment that shows my company description and SWOT Analysis.

You will need to use it to further the assignment.

Section 1: Marketing Plan & Sales Strategy (MS Word or equivalent)

Write the three to five (3-5) page Marketing Plan & Sales Strategy section of your business plan, in which you:

  1. Define your company’s target market.
    • Analyze the types of consumers who will be drinking your beverage in demographic terms (i.e., age, education level, income, gender, ethnic group, etc.). Support your analysis with actual data on the size of the demographic groups in your local community (nearby zip codes).
    • Outline the demographic information for your company specified on the worksheet in the course text (p. 107 | Demographic Description).Click here for help accessing a specific page number in your eBook.
      • Hints: At American FactFinder (http://census.gov), you will find demographic information on potential consumers in your area. If you are selling through other businesses (such as grocery stores), indicate the number of those businesses in your local area. You will find information about such businesses in your local area at County Business Patterns (https://www.census.gov/programs-surveys/cbp.html). Check Chapter 2 of Successful Business Plan for more research sources.
  2. Assess your company’s market competition.
    • Use the factors listed in the course text graphic (p. 123 | Assess the Competition) to assess your company’s market competition.
    • Defend your strategy to successfully compete against market leaders in your segment.
      • Hints: For example, in the soft drink market, it is intimidating to try to compete against Coke and Pepsi. Newcomers in mature markets typically must pursue niche markets or even create new market categories, as Red Bull did with energy drinks.
    • Defend your plan to differentiate yourself from the competition using the information detailed on the worksheet in the text (p. 131 | Market Share Distribution).
      • Hints: Every business faces competition and the non-alcoholic beverage market is an especially crowded market.
  1. Clarify your company’s message using the information provided on the worksheet in the text (p. 160 | The Five F’s).
      • Hints: Before you choose your marketing vehicles, you must determine the message you want to convey through those vehicles.
  2. Identify the marketing vehicles you plan to use to build your company’s brand. Justify the key reasons why they will be effective. Provide examples of other non-alcoholic beverage companies that use these tactics effectively.
      • Hints: If you plan to use online marketing tactics, refer to the worksheet in the text (p.171 | Online Marketing Tactics) to aid your response. Remember that even if you’re selling through grocery stores you need to build your brand and social media is a major part of that in regard to beverages. Some of the marketing tactics that beverage companies use include: sampling in grocery stores, building a following on social media, sponsoring events, exhibiting at trade shows attended by retailers, and so on. You will use a combination of these tactics. For example, if you decide to give out samples in grocery stores, promote your sampling on your social media networks and those of the grocery store.
      • Hints: If you are planning to distribute through resellers, describe how you plan to reach them, for example, through industry trade shows or by establishing your own sales force. For information on trade shows, visit the Trade Show News Network (http://www.tsnn.com). You can exhibit or network at these shows.
  1. Format your assignment according to these formatting requirements:
  1. Cite the resources you have used to complete the exercise. Note: There is no minimum requirement for the number of resources used in the exercise.
  2. Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.
  3. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.

Section 2: Marketing Budget (MS Excel worksheets template)

Section 2 uses the “Business Plan Financials” MS Excel template (see: Course Required Files in Week 1). Use the “Business Plan Financials Guide” (see: Course Required Files in Week 1) to support your development of the Marketing Budget.

  1. Complete the Marketing Budget worksheet for your company.
      • Hints: The goal of the marketing budget is to help you determine how much it will cost you to reach your market and achieve your sales goals.
      • Hints: When filling out the “Marketing Budget” worksheet in the Excel spreadsheet:
        • Begin in the current year and complete a marketing budget for the first year of your business. The information you enter in the marketing budget spreadsheet will flow through to your “Income Statement” in the Business Plan Financials.
        • Leave the number at zero (0) for any marketing vehicles you do not intend to use.
        • Remember that all marketing activities involve costs. If social media represents a significant portion of your marketing, assume you will have cost of advertising and that should be reflected on your budget. Even if a social media site charges nothing to use it, you will need to use company resources to manage the site, pay someone to execute your social media marketing campaigns, and will most likely pay for ads on that site.
        • Do NOT leave the “Marketing Budget” blank, assuming you will not have any marketing costs.

The specific course learning outcomes associated with this assignment are:

  • Recommend effective business strategies based on an analysis of domestic and global operating environments, market dynamics, and internal capabilities.
  • Analyze competitive positions including foreign market entry and the resulting impact on business strategy.
  • Use technology and information resources to research issues in strategic management.
  • Write clearly and concisely about strategic management using proper writing mechanics.

Unformatted Attachment Preview

1 Company Description and SWOT Analysis Virginia Johnson Dr. Andrea Banto BUS 599: Strategic Management January 14, 2019 2 Creating a Non-Alcoholic Beverage (NAB) Company 1. Company Name and its Significance The name of the company is Sparkle Fresh Drinks and Beverages. This name is expected to reinforce the idea behind its creation: that the fresh drinks will be sparkling, eye-catching, and refreshing. The ‘sparkle and eye-catching’ objective would be achieved through careful branding and selection of colors. The ‘refreshing’ aspect of the drinks, on the other hand, would be anchored on the drinks ability to quench consumers’ thirst. These drinks would be made from a variety of flavors, ranging from chocolate and mango to ginger and vanilla. 2. Mission Statement To provide consumers with high quality fruit-flavored fresh drinks and beverages and ensure convenience through timely delivery Ideally, this is a mission statement that asserts the company’s commitment to providing high quality products to consumers. Timeliness would ensure that customers have access to the company’s products at their convenient place and time, hence, the absence of complaints. Through quality and timeliness aspects, the company will ensure for itself return customers and business continuity. Nature of products and services offered 3 High quality fruit-flavored fresh drinks and beverages Quality The products have to be consistently high quality Price Fair pricing Service Timely and convenient services Overall relationship with customers Customer-centrism to build trust and customer loyalty Management style/relationship to employees Transactional leadership to ensure that every employee understands what is required of them Nature of work environment Safe and clean work environment as per government regulations Relationship to rest of industry Relationships with other industry players would be mutual and based on synergies Incorporation of new technologies/other developments Sparkle would rely on innovation and research and development for new development of new products Growth/profitability goals The company to grow to any size in excess of one million dollars in revenue by year two Relationship to community/environment/other social responsibility goals 4 Company’s practices would recognize the special needs of the community. This would include avoiding practices that hurt the community. Other personal/management Goals To grow into a responsible corporate person and promote healthy lifestyles. 3. Trends in NAB Industry The global non-alcoholic drinks industry was estimated to be worthy $840 billion in 2013. This industry is comprised of both soft and host drinks. NAB industry is currently dominated by Coca Cola Company and PepsiCo, companies that collectively command about 70% of market share (Ng, Mhurchu, Jebb & Popkin, 2011). The choice of fruit-flavored soft drinks has been informed by the fact that dominant players in the industry focus more on carbonated soft drinks, juices, energy drinks, bottled water, and sugar-sweetened soft drinks. This leaves an unexploited niche in the fruit-flavored market. Secondly, growth prospects in fruit-sweetened soft drinks segment are attractive as consumers are becoming more aware of the health benefits of fruit-flavored soft drinks. Thirdly, governments in different parts of the world are imposing heavy taxation on sugar to discourage the use of sugar-sweetened soft drinks. This predicts a 10% rise in the price of sugar-sweetened soft drinks in the near future and an increase in demand of fruit-sweetened soft drinks. In the U.K. for example, a 2016 imposition of sugar tax has led to a 12% increase in the price of sugar-sweetened soft-drinks (Ng, Mhurchu, Jebb & Popkin, 2011). Factor 2 years Ago Past Year This Year Next Year Next Five Years (av.) 5 Total 00.00 00.00 $830,000 $950,000 1 million 00.00 00.00 400,000 780,000 960,000 00.00 00.00 4 7 10 10% 12.2% 13.4% 14.6% 15.5% 8% 8% 8% 8% 8% 1.25% 1.5% 1.6% 1.8% 1.93% Revenue Total Units Sold/Volume Total Employment Industry Growth Rate GDP Growth Rate Rate Compared to GDP 4. Strategic Position for Sparkle and Fresh Fruits and Beverages Company Sparkle Fresh Fruits and Beverages Company would position itself as a company that cares for the health needs of its customers. By positioning itself as a health-conscious company, Sparkle would influence customer perceptions of its products and use this position to penetrate the already competitive soft drinks and beverages industry. Typically, cola, sugar-sweetened, and carbonated soft drinks segments are highly concentrated and going head-to-head with already established market players may not be a viable business move for Sparkle. Sparkles strategic position would be achieved through aggressive advertising and attractive packaging and 6 branding. Bottling and branding will give the company’s product an alluring appearance. Here, the aim of branding is to instil upon customers trust in the company’s products. 5. Distribution Channels Sparkle Soft Drinks and Beverage Company would distribute its products through two distribution channels: retailers and restaurants. The company will enter into partnerships with supermarkets, leading retailers, and restaurants within a 100-mile radius of its manufacturing center to help in distribution of its products. These products would be ferried to the retail and restaurant outlets using a fleet of trademarked trucks and tricycles. Retail and restaurant outlets are ideal distribution channels for Sparkle because they are places where most consumers congregate. As customers shop for groceries, household goods, and food, they will have an opportunity to buy and enjoy soft drinks from Sparkles. Restaurants and retail outlets also promise to enhance the visibility of Sparkle’s products (Kibar, 2008). 6. Risk Analysis The risks that Sparkle Fresh and Beverages Company face are related to market forces and regulatory environment. First, there is a possibility of the market failing to respond to the new soft drinks products. Poor response to the product may be due to market unpreparedness to embrace a new product. In such cases, it would become difficult for the Sparkle’s products to gain brand recognition and customer loyalty required for profitable operations. Sparkles can mitigate this risk through the use of aggressive advertising to shorten the learning curve. 7 Learning curve refers to the period customers take to familiarise themselves with new products (Abrams, 2014). Another market-related risk would involve fierce competition from established players in the soft drinks and beverages industry. In this case, there are chances that Sparkle’s entry to the soft drinks market would trigger action by established players, the most likely response being the introduction of similar products to compete with Sparkle’s. Market competition is a risk that can also be mitigated through consistency in quality to build a strong brand image (Abrams, 2014). Sparkle's also faces risks related to government regulations. Typically, governments regulate issues related to cleanliness of manufacturing environments, tsafety of products, environmental impact of manufacturing, and ingredients that products may contain (Kibar, 2008). Sparkles Fresh Soft Drinks and Beverages Company will mitigate the risk of government regulations by ensuring proper prior understanding of markets that the company would be venturing. With this understanding, the company would put in place measures to ensure full compliance with regulations related to the environment, safety, and ingredients. The company, for example, would promote environment-friendly practices, such as recycling of plastic bottles. 7. SWOT Analysis Strengths • Commitment to quality • A strong mission statement Weaknesses • Absence of a diversified product portfolio • Lack of an established brand image 8 • The company would involve professional • consultants to spearhead its product development effort The company has no first-mover advantage • Customer perceptions of fruit- • Creative and strong brand marketing sweetened soft drinks as tasty, rather • Fair pricing than healthy • Innovative and unique product tastes • Limited access to external funding • Ready availability of funding • Lack of research and development • Availability of hi-tech equipment capabilities, forcing the company to rely on consultants. • Inability to attract talented and highly qualified employees Opportunities • • Presence of a large network of potential Threats • distribution channels soft drink and beverages Growing demand for non-carbonated and manufacturers fruit-flavoured soft drinks in global • market. • Absence of healthy soft drinks in the Growth of third-world economies present • Blossoming middle class and gradual recovery of world economies from Challenge of getting a reliable source of raw materials • an opportunity for market expansion • Likely changes of regulations on soft drinks market, a niche that Sparkles can exploit • Competitive rivalry from established Slow-change of consumer perceptions of health • Competitors are likely to steal the Sparkle’s idea and develop products 9 financial crisis means that people will for targeting the Sparkle’s potential have more disposable income to spend on consumers soft-drinks • There is an increasing awareness of benefits of healthy lifestyles and diets, which promises to give fruit-sweetened soft drinks a competitive edge. References Ng, S. W., Mhurchu, C., Jebb, S. A., & Popkin, B. M. (2011). Patterns and trends of beverage consumption among adults in Great Britain, 1986-2009: The British journal of nutrition, 108(3), 536-51 10 Abrams R. (2014). Successful Business Plan: Secrets and Strategies, Sixth Ed. New York, Planning Shop Kibar, A. (2008). NPD and Innovation in Soft Drinks Winning Strategies for Britvic. Munich: GRIN Verlag GmbH. ...
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