Assignment consists of 2 sections: a marketing plan and sales strategy, and a marketing budget. You must submit both sections as separate files for the completion of this assignment.
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, Manhattan, NY in the S Oho. 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
Write 5-page Marketing Plan & Sales Strategy section of your business plan.
1. Define your company’s target market.
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 Manhattan, NY in the S Oho
b. Outline the demographic information for your company Demographic Description
§ Hints: At American Fact Finder (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.-Skinny Fit Tea
a. ( Assess your company’s market competition.
Who is the major competitor-Skinny Fit Tea, on what basis do you compete, how do you compare to competition, who is your potential future competitors–Yogi Detox Tea and Fit Tea Detox and what are the barriers to entry for new competitors?
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 using (Market Share Distribution).
§ 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 and future
§ 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. (supermarkets that sell organic products, social media, Blogs and my website) 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.
5. Format your assignment according to these formatting requirements:
a. Cite the resources you have used to complete the exercise.
b. Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow SPA
c. 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.
Refer to the attachments below in order to incorporate what I already submitted in for my first assignment.
This assignment consists of 2 sections. I will send section 2 in another message because it is too many characters.