CoreTox Marketing Plan

Assignment 2: Marketing Plan This assignment consists of two (2) sections: a marketing plan and sales strategy, and a marketing budget. For the first six (6) months your company is in business—to give you time to perfect your product and to learn from actual customers—you will start marketing and selling in your own community, a radius of twenty-five (25) miles from where you live (use zip code 38016 in Cordova, TN). 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 awareness—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: 1 Define your company’s target market which is health conscious people. a 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 of zip code 38016 in Cordova, TN. b Outline the following demographic information for your company: • Age range • Income range • Gender • Occupation • Marital status • Family size • Ethnic group • Level of education BUSINESS DEMOGRAPHICS • Industries • Sector • Years in business • Company revenues • Number of employees • Number of branches • Company ownership ▪ Hints: At American FactFinder (http://census.gov), you will find demographic information on potential consumers in your area (zip code 38016). 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/). 2 Assess your company’s market competition. a Assess your company’s market competition with the following: • Who are your major competitors • On what basis do you compete • How do you compare to the competition • Who are your potential future competitors • What are the barriers to entry for new competition b 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. c Defend your plan to differentiate yourself from the competition: List the top 3 current market leaders and the approximate percentage of the market of each one. Then answer the following questions: • What competitors, if any, have historically been the market leaders? • Which competitors have increased market share substantially in the last 3 years? • Is overall competition increasing, stable or decreasing? • Describe the most important characteristics of the market leaders. ▪ Hints: Every business faces competition and the non-alcoholic beverage market is an especially crowded market. 3 Clarify your company’s message using the Five F’s: • Functions • Finances • Freedom • Feelings • Future o Which of the Five F’s messages is the most important in motivating your target market to purchase? ▪ Hints: Before you choose your marketing vehicles, you must determine the message you want to convey through those vehicles. 4 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. • One of the marketing vehicles that has to be used is Online marketing, please discuss the following: o How will your website promote your products or add credibility to your product? What is the primary objective of your website? o SEO/SEM- Will you drive traffic to your website using either paid or unpaid search engine marketing? o How will you use social media to spread the word about your products and engage customers and prospects? ▪ Hints: 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: How do you plan 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.

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