These are the instructions read CAREFULLY and FOLLOW PLEASE. If you can’t deliver by due DATE do not respond. The assignment has to PIGGY BACK off the paper below it. Shirley’s Beverage Company.
Assignment 2: Marketing Plan
Due Week 6 and worth 100 points
This assignment consists of two (2) sections: a marketing plan and sales strategy, and a marketing budget. Note: You must submit both sections as separate files for the completion of this assignment.
For the first six (6) months your company is in businessâ€”to give you time to perfect your product and to learn from actual customersâ€”you will start marketing and selling in your own community, a radius of twenty-five (25) miles from where you live.
For most non-alcoholic beverages, marketing (as opposed to the actual product itself) is key to success. Cola drinks, for example, are fairly undifferentiated, as are many energy drinks, juices, bottled water, and the like. Companies producing these types of beverages differentiate themselves and attract market share through marketing and brand awarenessâ€”both of which are critical to success.
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:
- Define your companyâ€™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 (http://www.census.gov/econ/cbp/). Check Chapter 2 of Successful Business Plan for more research sources.
- Assess your companyâ€™s market competition.
- Use the factors listed in the course text graphic (p. 123 | Assess the Competition) to assess your companyâ€™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.
- Clarify your companyâ€™s message using the information provided on the worksheet in the text (p. 160 | The Five Fâ€™s).
- Hints: Before you choose your marketing vehicles, you must determine the message you want to convey through those vehicles.
- Identify the marketing vehicles you plan to use to build your companyâ€™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 youâ€™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.
- Format your assignment according to these formatting requirements:
- 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.
- 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.
- Include a cover page containing the title of the assignment, the studentâ€™s name, the professorâ€™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 â€œBusiness Plan Financialsâ€ MS Excel template (see: Course Required Files in Week 1). Use the â€œBusiness Plan Financials Guideâ€ (see: Course Required Files in Week 1) to support your development of the Marketing Budget.
- 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 â€œMarketing Budgetâ€ 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 â€œIncome Statementâ€ 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 â€œMarketing Budgetâ€ 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.
- This is the paper that the assignment has to be about. Use the references and add some new ones up to date PLEASE
The best name that fits the company is Shirley’s Beverage Company which will produce non-alcoholic brands. The name is effective since it allows the company to market itself because there has not been identified another firm that uses the name. The name stands out allowing customers to have an easy time identifying it. The name has not been registered by any other firm suggesting that the Shirley cannot be affected by litigation. The beverages produced by Shirley constitute of ingredients that are natural and have been epitomized with high levels of skills and perfection.
The organizationâ€™s mission statement is to enter into and to continuously operate in the competitive industry and stay in line with best corporate practices and embodies quality and taste for ultimate customer satisfaction. The mission statement is meant to allow the company to streamline its activities related to the production process. Also, it is meant to identify and satisfy clientsâ€™ preferences and make sure that the products are safe to consume. The company will make use of the mission to ensure that it builds the best environment for its customers through improved products (Sadler, 2003).
Some of the trends in the non-alcoholic industry comprise of the fact that more firms have continued to enter the market. It is because it is more favorable than the alcoholic industry that is associated with high taxes. Also, most of the firms have continued to outsource their activities as they work towards satisfying the needs of a larger group. Projections prove than the industry will grow and advance in the future based on the number of companies that have been identified to enter the industry currently. Also, there has been the introduction of new technologies that have resulted in different changes that include different packaging of the products.
The best strategic position that can be adopted by Shirleyâ€™s Beverage Company is the maintenance of continued advanced products. In other words, the best strategic position that can be initiated by the firm is ensuring that it improves its products over time by adding value to the customers (Foster, & Vasavada, 2003). The strategic position can be attained by taking the time to understand what the customers want. The market wishes to have new advanced products that have the ability to meet their requirements. It includes taking the time to change the packaging of the drinks that will make it possible for the clients to acquire a new taste.
The best distribution channel that should be initiated by the company is the direct transportation. It will allow the firm to do away with the high costs that are associated with warehousing (Freeman, 2010). Therefore, the firm will reach the market through online stores that will be meant to ease the process of buying and selling the goods. Moreover, it is essential for the company to distribute the finished goods to some stores to ensure that the clients have an easy time to reach the goods.
Some of the risks that are faced by Shirley include financial risk. The risk refers to the inability to fund all the activities associated with production. It can be handled by having good relationships with the financial institutions that can lend them money. The other risk is property risk that can occur because of issues such as fire. It can be handled by insuring its property with the insurance companies. The other risk is the regulatory risk that consists of the various laws and policies that have been implemented to control the actions of the firms that operate in the non-alcoholic beverage industry. It can be handled by taking the time to research all the policies that should be followed to ensure that the company does not break any one of them.
The identification of market segments that are best suited for the soft drinks.
The company operates in a large market that allows it to enjoy customers from different areas.
The employees are experienced since they have been working in the beverage industry for a long time enough to improve their skills.
The use of brand name that differentiates its products from the others.
Interpersonal conflicts that exist among the employees resulting in lack of motivation to work together.
The lack of funds necessary to meet all the organizational needs.
The existence of competition in the food and beverage industry.
The lack of competency by some of the employees.
The existence of high demand for the soft drinks that will result in high revenue.
The existence of emerging markets that can be exploited to help the firm to grow and develop.
Also, with the continuous change of preferences and taste, the firm is assured that will provision of high-quality products; it can outdo some of the corporations.
The availability of improve technology that can be used to identify the best processes and techniques that will build on the organizationâ€™s improvement (Martinez, 2013).
The already existing firms that have been in a position to lead in the market becoming difficult to outdo them (BoÌˆhm, 2009).
The government has managed to control the prices that results in reduced profits.
The existence of barriers-to-entry makes it costly to enter the market.
The existence of political instability that may eliminate the stability of prices.
BoÌˆhm, A. (2009). The SWOT Analysis. MuÌˆnchen: GRIN Verlag.
Foster, T. & Vasavada, P. (2003). Beverage quality and safety. Boca Raton: CRC Press.
Freeman, R. (2010). Strategic management : a stakeholder approach. Cambridge: Cambridge University Press.
Martinez, M. (2013). Open innovation in the food and beverage industry. Oxford: Woodhead Publishing.
Sadler, P. (2003). Strategic management. Sterling, VA: Kogan Page.