Marketing plan report
Rewrite/edit the below provided background information for a classmate business plan.
Background information for a classmate business plan
E-quatic is a new product in the energy drink industry. Our conceptual product will enter the market in the introductory stage of product life cycle. Using the Marketing Mix Strategy, we encountered several variables our team will have to consider to move forward with our marketing plan.
Product: No other product on the market has the potential to provide both energy and hydration. Our product differs from others because it is absent of any carbonation and sweeteners. This feature promotes hydration and recovery, while providing the consumer a desired level of energy. The lack of unwanted sugars will ensure users of our product will consume little to zero calories in every serving. Keeping this goal in mind our company will need to make sure the contents of E-quatic will be as close to water as possible. The team must also consider the overall production of the product in the most natural and environmentally sound manner. The production of the cans and aluminum bottles that will hold the product and will remain eco-friendly due to recycling of products and reuse of the bottles themselves.
Price: Pricing of this new product will need to be introduced to the public at market penetrating prices. This will allow potential customers to try our energy drink at lower price and provide our company feedback on how to improve the product. A recycling program will provide customers refunds or company credit on the returns of used materials that will be reused in the packaging process. That being said, costs of producing the beverage must be taken into account. Cost of a sweetener or energy additives will vary if changes are made to the beverage. The team must be able to make adjustments through use of natural products that will maintain a product that is all natural. The expense in producing aluminum bottles and cans, also, needs to be addressed to ensure in-house production will benefit or harm profits.
Place: Placement of this product is crucial to a successful launch of our product. Since our product is considered a shopping product, Business to business partnerships with gyms and grocers is needed to adequately promote pricing that benefits these retailers. This will require company representatives to be proactive in building relationships with these types of businesses to showcase how the benefits of our product exceed that of our competitors.
Promotion: Initial promotion of the product will be done through online and social media platforms. Establishment of a website for source information on is a must to educate potential customers on our product. We will also provide website information on the packaging so that anyone can access our information directing from their smartphone. Advertisements strategically placed on health and wellness websites, on social media, and at the storefront will be used to influence purchasing E-quatic. As momentum is gained, the team needs to consider maintaining contracts/agreements with gym facilities and advertisements need to run along-side workouts that are available on DVD or on a local health network, as well as contracts with local grocery stores. This will provide the potential user with ongoing product exposure and will help with sales.
Part 2:
Some considerations must be taken into account because E-quatic is in the introductory stage of the product life cycle. During the introduction stage of product development of our new product, there must be several items that we need to consider as we move forward toward the growth area. By evaluating what they have used and observing what worked and what did not during their implementation, we are able to possibly consider eliminating any strategies that did not work for them and consider implementing strategies that have. An emphasis on influencing our primary target market must be addressed. Advertisement to the Average Joes should encourage them to use our product is an important step to learn what the public thinks about our energy drink. Their buy-in to the product will, initially, either make our product a Problem Child or a Question Mark. If our energy drink does well in this market, we expect that this market segmentation will spill over into others. This will allow for an easier transition into the growth stage. Additionally, our company wants to draw consumers’ attention to the fact that our business is fully invested in the use of renewables and support of grass-roots conservation programs. These call-to-action efforts are intended to promote wellness for both people and communities. Lastly, the team needs to track consumer trends and buying behavior to ensure we are relevant in the situated market. We must make sure that we stand out as something slight
