10 pages/≈2750 words
Literature & Language
Marketing Strategies To Be Used By "Water Bottling Company (WBC)" (Term Paper Sample)
The task was to make a marketing plan for a company that packed bottled water. the assignment details marketing strategies to be used by "Water Bottling Company (WBC)".source..
Name Lecturer Task Date Executive Summary This is a marketing plan for natural mineral water branded as ‘Blue Drinking water’ introduced by ‘Water Bottling Company (WBC)’. The bottled drinking water will be the first product of the company manufacturing unit and then later the company will expand towards other beverages like energy drinks and soft drinks. Currently, the company is focusing on its bottled drinking water manufacturing unit. The product, natural mineral water, was not the main focus when the original company was formed, however, with the growing market demand of bottled drinking water and having gained experience in the market, the company decided to venture into manufacturing of its own branded bottled drinking water. This plan consist of five sections which are; the executive summary, promotion mix, brand management, global markets and finally opportunities and challenges. Promotion Mix Water Bottling Company will use the following promotion mix to create awareness to customers about Blue Drinking water. Advertising- This is impersonal paid communication aimed at reaching large audience. Water Bottling Company will seek services of radio, television, newspapers and social media to create awareness of Blue Drinking water and convince potential customers to buy the product. Personal Selling- This mix although expensive, the company will use it since it creates long term relationship with the customer leading to a customer coming back for the product. Water Bottling Company will seek services of sales people during the launch of Blue Drinking Water. Sales Promotion- Water Bottling Company will employ this promotional mix for a short term to create awareness of our new product. The company will give free samples of Blue Drinking water in selected streets. Public Relations- Water Bottling Company will use public relations to build a positive image of the company on the side of members of public as well as support the launch of Blue Drinking water. The company plan to set a number of days in a year to donate our products to charity institutions. The company will set up public relations team to deal with any negative perceptions the public may have towards the company and the product. Brand Management Brand management is all about planning and analyzing how a brand will be perceived in the market. Brand management is efficient when there is good relationship between the business and target market. For proper brand management, Water Bottling Company will employ a number of branding strategies. Branding Strategies Branding strategy is always a long-term plan for a business aimed at developing a successful brand in the market. Water Bottling Company will use three branding strategies to brand Blue Drinking Water. Name brand recognition - Water Bottling Company intends to establish good reputation of its name. The company aims to capitalize on well-established name to market company products. Brand Extension-this strategy occurs when one flagship brand of a company ventures into a new market. Water Bottling Company will use the flagship of Blue Drinking Water to venture into soft drinks and energy drinks in the near future. Emotional Branding always customers will define themselves through the brands they normally use like the drink they take, the brand of clothes they wear and the type of car they drive. Water Bottling Company will inspire the clients to reach their desired bond emotionally towards Blue Drinking Water by insisting “I only take Blue Drinking water from Water Bottling Company.” This will be achieved through regular communication to customers where emotional needs of customers are centered. Global Markets It is the desire of every company to go global and Blue Drinking Water is not an exception. The company plans to venture in global markets once the brand has been established and when the revenue to the company has increased substantially. This plan is not time bound since going global will depend on revenues and brand establishment which may be affected by various dynamics in the market. Opportunities and Challenges The company has an opportunity to develop and make more sales of the product since the product locale is favored by people inclined towards branded products. The company intends to utilize this opportunity to make more sales and therefore, generate more revenue The main challenge toward Blue Drinking Water is the saturation in the market with companies that produce the same product that Water Bottling Company plans to introduce. These already established companies are likely to give our organization stiff competition. This will be a disadvantage to our company which is launching a new product to the market. Due to high initial costs involved in introduction of a new product to the market, our product will be sold at a slightly higher price. Due to the law of demand, most people may opt for substitutes that go for a lower price. The company is introducing a new product to the market. Launching of new product requires substantial finance to cater for initial production costs as well as create awareness, inform and persuade customers. Limited finance will hamper the strategies of the company in regard to Blue Drinking water product. Marketing Implementation and Evaluation Marketing implementation is when an organization put into practice the marketing plan. During this phase, Water Bottling Company will; * Organize the marketing effort * Staff the company appropriately * Direct the implementation of the market plan Evaluation of a marketing plan comes after execution of marketing plan to assess if the plan was implemented as planned or there was deviation. During this stage, Water Bottling Company will look unto; * What happened with the implementation of the plan? * Find out why the outcome of the plan * Coming up with what to do rectify the situation Careers in Marketing The following are key sections of a marketing plan * Executive Summary * Situational Analysis * Target Market * SWOT Analysis * Marketing Goals and Objectives * Marketing Strategy and Action Plan * Marketing Budget Identify possible careers associated for each section. Marketing plan section Possible career Executive Summary Communication Situational Analysis Market researcher Target Market Market researcher SWOT Analysis Market researcher Marketing Goals and Objectives Marketing and communication Marketing Strategy and Actio...
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