1. All students are required to
complete the below assignment on an individual basis (50 points). Think ‘big
picture’ (cultural, environmental factors, etc.) when answering the question. The deadline for
submission is April 18th through Turnitin. Paper should be at least
4 pages, double-spaced; more detailed answers are preferred so don’t feel
limited by a page count.
2. Choose one of the following
failed brand extensions that have been marketed or positioned poorly in the
past. Create a new strategy to revitalize the marketing of this product to the
same target market or an alternative one. Elements of target marketing,
repositioning, product management, promotion, distribution, and price need to
be addressed.
Cosmopolitan yogurt
Bic underwear
Diet Coke Plus
BenGay aspirin
Coors Rocky Mountain Spring water
Cheetos lip balm
Please make
sure to use Critical Thinking Rubric below as a guide for your submission.
|
|
Not Proficient
|
Some Proficiency
|
Proficient
|
Highly Proficient
|
Points Received
|
|
|
|
|
|
|
|
|
Identified &
|
Fails to identify,
|
Identifies main issues
|
Successfully identifies
|
Clearly identifies and
|
|
|
Explained
|
summarize, or
explain
|
but does not
|
and summarizes the
|
summarizes main
issues and
|
|
|
Issues
|
the main problem
or
|
summarize or
explain
|
main issues, but does
|
successfully
explains why/how
|
|
|
|
question, or
represents
|
them clearly or
|
not explain why/how
|
they are
problems or questions
|
|
|
|
the issues
inaccurately
|
sufficiently.
|
they are
problems or
|
and identifies
embedded or
|
|
|
|
or inappropriately.
|
|
create questions.
|
implicit issues, addressing their
|
|
|
|
|
|
|
relationship to each other.
|
|
|
Recognizes
|
Fails to accurately
|
Shows some general
|
Correctly identified all
|
Not only correctly identifies all
|
|
|
Stakeholders
|
identify and explain any
|
understanding of
the
|
the empirical
and
|
the empirical and theoretical
|
|
|
& Contexts
|
empirical or
theoretical
|
influences of
|
most of the
|
contexts relevant to all the main
|
|
|
|
context for the issues
or
|
empirical and
|
theoretical
contexts
|
stakeholders,
but also finds
|
|
|
|
presents
problems as
|
theoretical contexts
|
relevant to all the
|
minor stakeholders and contexts
|
|
|
|
having no connections
|
on stakeholders, but
|
main stakeholders in
|
and shows the tension
or
|
|
|
|
to other
conditions or
|
does not
identify any
|
the situation.
|
conflicts of
interests among
|
|
|
|
contexts.
|
specific ones
|
|
them.
|
|
|
|
|
relevant to
situation
|
|
|
|
|
|
|
at hand.
|
|
|
|
|
Takes
|
|
|
|
|
|
|
Intellectual
|
Stays strictly within the
|
Considers new
|
Incorporates new
|
Actively seeks out and
follows
|
|
|
Risks
|
|
||||
|
guidelines of the
|
directions or
|
directions or
|
through on untested and
|
|
|
|
|
|
||||
|
|
assignment.
|
approaches without
|
approaches to the
|
potentially risky
directions or
|
|
|
|
|
going beyond the
|
assignment in the
|
approaches to the assignment in
|
|
|
|
|
guidelines of the
|
final product.
|
the final product.
|
|
|
|
|
assignment.
|
|
|
|
|
|
|
|
|
|
|
|
Evaluates
|
Fails to identify and
|
Identifies some of
|
Identifies and
|
Not only identifies and evaluates
|
|
|
Assumptions
|
evaluate any of
the
|
the most
important
|
evaluates all the
|
all the important assumptions,
|
|
|
|
important
assumptions
|
assumptions, but
|
important
|
but also some of the more
|
|
|
|
behind the claims and
|
does not evaluate
|
assumptions, but not
|
hidden, more abstract ones.
|
|
|
|
recommendations
|
them for
plausibility
|
the ones deeper in
|
|
|
|
|
made.
|
or clarity.
|
the
background—the
|
|
|
|
|
|
|
more abstract
ones.
|
|
|
|
Innovative
|
Merely restates existing
|
Experiments with
|
Actually creates a
|
Extends a novel or unique
idea,
|
|
|
Thinking
|
ideas.
|
creating a novel or
|
novel or unique idea,
|
question, format, or
product to
|
|
|
|
|
unique idea, format,
|
identifies a new void,
|
create new knowledge or
|
|
|
|
|
or product.
|
or proposes a new
|
knowledge that crosses
|
|
|
|
|
|
product.
|
boundaries.
|
|
|
|
|
|
|
|
|
Solution
Strategies for
Reviving Cosmopolitan Yogurt
Introduction
In the modern world, the trends
of doing and marketing a business have totally changed. Today, everything is
sold in the shape of a brand; and without the label of any brand on a product,
its quality is suspected. For example, drinking water is sold under the label
of different brands. Similarly, clothes also have countless kinds of brands.
Moreover, almost every commodity today owes a great deal to different labels of
brands; because the name of a brand plays a key role in boosting or lessening
the sales of a product. Change in trends of marketing a product has changed
people’s preferences to shop different commodities, and enterprises now have to
keep themselves acquaint with the interests of customers (David, Boztug, &
Dolnicar, 2016) .
Reasons Behind Failure of
Cosmopolitan Yogurt
There are various reasons behind
the decline, and finally the demise, of Cosmopolitan Yogurt. They are measured
as per the requirements of the topic.
Mixed Up Importance of Brand
& Product
Cosmopolitan is an international
magazine for women, and it provides women with various valuable information on
fashion trends, beauty tips, relationship advices, etc. Back in 1999, it
introduced a dairy product named Cosmopolitan Yogurt with a view to set foot in
dairy industry. But the management of Cosmopolitan Yogurt made a mistake when
they mixed up the importance of brand and product. The Cosmopolitan was, and it
is, a famous magazine that targeted the issues of women; while the product it
launched in the market was a dairy product (nydailynews.com, 2016) . The magazine was a
brand of print media industry; and its entrance into dairy market was not
responded by customers.
Went Opposite To its Image
Simply, Cosmopolitan went against
its image; as it was a magazine, it was famous among people as a fashion
journal. One thing which is to be noted that in most cases, companies have to
suffer losses if they go against their image. For example, Microsoft is
successful in software making, but it failed to hold its ground in cell phone
industry; as all the models of cell phone it introduced failed badly. The
reason is that once a company has developed its image in a specific business,
it becomes very difficult for it to find a place in market occupied by gigantic
competitors. Same happened with Cosmopolitan, it attempts to try luck in dairy
business but failed badly.
Misunderstood its Audience
Cosmopolitan used to publish
seductive material and images regarding women issues; and the management of
Cosmopolitan believed that their entry into dairy sector would be a success.
They were of the view that their product would be sold in a great quantity
because people were already aware of the magazine, and the product would
strengthen its position in market very soon. They could not understand the fact
that people used to buy this magazine as per their interests; and they would have
purchased Cosmopolitan Yogurt if it had fulfilled their requirements. As the
company could not publish all the seductive material and images on its dairy
brand, people were not interested in buying it.
High Prices
Despite a newly launched product,
Cosmopolitan Yogurt was sold on very high prices. The project managers could no
evaluate market trends; they launched a dairy product as a brand that was
completely new in market but sold on much higher prices. The failure of the
project managers to understand the market situation bring about a decline to
the product they launched; because were more interested in buying famous and
trusted brands of yogurts that lay next to Cosmopolitan Yogurt in shelves, and
they were sold at much lower prices. This was the reason the company had to
pack up its business venture in dairy industry after only 18 months of its
launch.
Strategy for Revival of
Cosmopolitan Yogurt
To revive a failed business is
not an easy task. Effectives measures are required for the purpose; and these
measures can bring about the revival of the business only when they are adopted
in letter and spirit.
Target Marketing
To make a business stronger in
market, target marketing is the most important thing. It stands for a group of
people that purchase and consume the products of a company. So, to revive
Cosmopolitan Yogurt, the project managers will have to ensure effective
marketing of the product. They will be required to target the whole population
if they intend to launch a dairy product (Ourania & Vlachvei,
2015) .
Cosmopolitan Yogurt failed because then project managers used the label of a
specific magazine and applied it to a dairy product. By doing so, they took a
specific thing and tried to make common among people which was not successful.
The company will be required to know the preferences of customers; it will also
be required to devise its strategies in line with people’s interests in
different goods.
Repositioning
If Cosmopolitan intends to launch
a product in market other than magazine, it will have to understand market
trends. The company will be required to consider the point that once a product
fails in market, it has very meagre chances to be successful among people. So,
if the company plans to launch a business venture in an industry other than
print media, it will have to choose a field other than dairy products; because
its first product has badly failed in market and, therefore, the chances of
success of other products will also be meager.
But if it insists to launch a
dairy product despite the first-time failure, it will be required to launch new
product with a different name. The magazine will be strongly recommended to
avoid using its name ‘Cosmopolitan’, because the product launched with this
name had failed to grab the attention of people; and the relaunch of a dairy
product with same name will bring no good for the company.
Promotion
Cosmopolitan, if it intends to bring its dairy products in
market again, will be required to promote them with the grant of incentives.
The customers will be provided different kinds of incentives if they purchase
the products of Cosmopolitan (Christy & Tuten, 2015) .
For example, for the purchase of
four yogurt packets at a time, one will be given free as an incentive.
Similarly, discount can be provided at the purchase of each yogurt packet.
These things will encourage more and more people to buy the products of
Cosmopolitan. The rise in the sales of its products will definitely give rise to
its revenues (J, Dutta, Regmi, & Shaky, 2015) .
Sale at Lower Prices
The failure of Cosmopolitan
Yogurt in past owes greatly to its sale on higher prices. Though a newly
launched product, Cosmopolitan Yogurt was sold on much higher prices; and
therefore, people preferred to purchase products of famous dairy brands that
were cheap and more reliable. The product’s sale with the benefits of
incentives and discounts will urge a large number of people to buy it (Onigbinde & Abimbola,
2015) .
Cosmopolitan will have to
understand the fact that it can lure people into buying its products after a
wait of years; because in the presence of gigantic competitors, a magazine
cannot afford the continuous supply of funds for smooth functioning of a
business. So, instead of pouring big money into the launch of its dairy
product, the company will be required to invest gradually in the business
venture. At initial stage, a comparatively meagre amount of money will be spent
to get the business on the track to stability. Later on, with gradual increase
in sales, investment in the project will be pumped up to significant extent to
make it a profitable business.
Distribution
To ensure the availability of its
product in market, Cosmopolitan will have to adopt an effective distribution
channel. As it is a magazine, it will find difficulties in distributing its
products in market. For the purpose, it will have to sign an agreement with
distributors to supply its products at shopping centers. Besides, Cosmopolitan
can also invest in the production of a dairy product. In this case, it will not
have to plant a manufacturing unit for the production of its products. It will
be required only to provide money to a manufacturing unit and the latter will
manufacture products and distributors will supply them in market. However, the
magazine will have to invest money very carefully (Bernard, Lockwood, Alcott,
& Pantelidis, 2018) .
Conclusion
With change in marketing trends,
the preferences and interests of people to buy a commodity have also changed.
Today, people’s interest in shopping is driven by different brands; as they are
seen preferring status to necessity which is a clear manifestation of influence
of branding in business. Cosmopolitan did a mistake when it entered the wrong
field. It was a magazine; but it tried luck in dairy industry. So, it failed.
To revive its failed project, effective steps are sought. For the purpose,
Cosmopolitan will have to address the issues of target marketing,
repositioning, promotion, and distribution of its product.
Bibliography
Bernard, D., Lockwood, A., Alcott, P., &
Pantelidis, I. ( 2018). Food and beverage management. Routledge.
Christy, A., & Tuten, T. (2015). Creative
strategies in social media marketing: An exploratory study of branded social
content and consumer engagement. Psychology & Marketing, 15-27.
David, S., Boztug, Y., & Dolnicar, S. (2016). An
untapped gold mine? Exploring the potential of market basket analysis to grow
hotel revenue. International Journal of Hospitality Management 56,
119-125.
J, P., Dutta, P., Regmi, P., & Shaky, S. (2015).
Production and marketing of organic coffee in Nepal. Journal of the
Institute of Agriculture and Animal Science , 91-99.
nydailynews.com. (2016). Company ideas, products
that crashed and burned, from New Coke to the Kardashian Kard. Retrieved
from nydailynews.com:
https://www.nydailynews.com/life-style/company-ideas-crashed-burned-article-1.2528062
Onigbinde, O., & Abimbola, O. (2015). The
influence of brand image and promotional mix on consumer buying decision-a
study of beverage consumers in Lagos State, Nigeria. British journal of
marketing studies 3, no. 4, 97-109.
Ourania, N., & Vlachvei, A. (2015). Changes in
marketing strategies during recession. Procedia Economics and Finance 24,
485-490.
2
Re-introduction
Strategy for Cheetos Lip Balm
Introduction
To create extra lines of revenue
companies with popular products in the market always desire brand extension. By
using the popularity of well-known products,
companies lunch a new product. But the
product extension is not always a success. In 2005 Cheetos introduced a Cheetos
flavour lip balm. Lotta Luv and Pepsi cola come together to lunch this unique product since everyone loves
Cheetos so the company may assume it is a good
idea to introduce another product. But unfortunately, people did not like it as
much as they like Cheetos. Even though the product can be excellent in all
aspects, but it is useless if people do
not want to use it. There can be many causes of brand failure. The product
could have better results if the company approached
a few aspects differently (Pasic, 2018) .
Firstly, it seems very mismatch
and peculiar. Like Colgate introduce frozen dinner people finds it hard to
relate it with the popular brand that people love, it is completely different
from it and this factor can cause
failure. People love Cheetos does not mean that they want to have its taste and
smell always with them. The launch of Cheetos balm completely ignores the
factor of market research (Thomas & Czaplewski, 2017) . Further, the target market of the brand was
teenagers and kids since it has vibrant and catchy colours. The invention of Cheetos balm tried to solve the problem
of dry lips, while also providing the taste of Cheetos that can constantly come
from the lips but there was no societal need of this Cheetos favoured lip balm. Singularly both products are
amazing, Cheetos are the snacks that love
by the millions and off course, they do not make sense together. People rather
eat the beg of Cheetos to content their craving instead of putting on lip balm.
The company did not give much attention to the fact that it can affect the
market of snack. If people started using Cheetos lip balm, there is a possibility
that they may end up losing the craving of snack since they can all the time
smell it in the form of lip balm (Khalid & Siddiqui, 2016) .
It is possible to get success to
reintroduce the product by using
different market techniques and strategies. The successful relaunching depends
on creativity. The market is full of competition and creativity is the only way
to survive. There is a number of lip balm brands in the market so to
lunch something that has already face failure once is a tricky business and
require to be more creative them others and to think out of the box (Jintao, Wen,
Dou, & Chen, 2015) . The brand should be relevant and
relatable to the audience, so they think
that they need it. The first step in introducing bran is market research that
seems to be lacking while the company introduced lip balm. Market research consists of
gathering data systematically about the target audience and after that
analyzing it for a better understanding
of what people need. The results that
gathered through market research are usually summarized in a report that and
provide vital help to the stakeholders in order to make a decision, strategies and potential customers
based.
So, it is important to conduct
the market research for reintroducing this product it can be conducted by a general survey about the product since it is hard to approach
customers for the interviews and other data collecting method. The research can
be done by asking peoples opinion using social media. These days every teenager
and adults are using social media. Many social media websites allow making an audience poll where people who use
social media can vote from around the world. To reintroduce the brand company
can get peoples to an opinion about what
they need and what they like to change in the brand. Maybe it’s the smell of
the lip balm that people do not like to have all the time or the taste, the opinion
of the people will make it easy to design it according to their needs. Further, it will cost almost nothing because
the only thing that is required is social media (Thomas &
Czaplewski, 2017) .
The strategy of the testing
audience can also be advantageous. Before the grand launch of the product,
introducing people with it is important. The company
can make sample balm and distribute it in the stores. Since the product have
been already launched and people had rejected it, there is a need for more
creativity. The old brand is always an old brand and will not change the
perspective of the people even after launching it again until it promises to
have something new (Coate, Shen, & Dozier, 2017) .
The package details and design
should change along with the flavours.
The basic flaw of the previous product was that by using Cheetos lips always
smell like it. While relaunching the product, this factor should not be ignored
the flavour and smell of the lip balm
should be categories into different levels. There must be three levels 1 with
strong taste and smell, 2nd with the medium
while 3rd with very minor. Through the sample lunch, the company will have an idea of what kind of flavour people like most. The testing
audience can save from the huge loss that the company
may have to face after launching it out
of nowhere. The new brand should not be restricted by the Cheetos because it
puts a limitation on the brand sale. The line of new flavour
can be helpful like Lotta luv has
launched more than 200 different kinds of
lip balm after failing in Cheetos lip balm. The new flavour could be inspired by the different flavours of Cheetos and also with
different natural scents and flavours.
The behavioural segmentation will be used to select the target audience
since Cheetos is the brand that is used
by many people around the world and is not demographically limited similarly the relaunch of the product will not
be for the people of certain demographic arear but for all those where people
tend to like the snack. Teenagers and adults both are found in Cheetos snack so the target market will be
young people from teenagers the to late
twenties. It is important to expand the target audience, Even though the target
marketing will not stop other people buying the product since people from every
age can use lip balm but the target marketing focus on the specific group who
are most likely to buy the product (Carl, Levine, Kothuri, &
Siefert, 2016) .
After taking into consideration, the above mention
strategies, the next step is the marketing
of the product. Market strategies made it easier to promote the product. With technology advancement,
there is a number of options for product
marketing.
Paid advertisements are the
traditional approach of marketing; it
includes TVCs and print media. For the relaunching of the product, TVC’s can be really valuable. The
majority of the audience watched TVC’s
and often got inspired by it. To make it
more effective company could hire a
famous celebrity. But, it is important to
take in consideration while choosing a celebrity
for the product that he/she has a diverse
fan base. People tend to follow the lifestyle
of their favourite celebrity and if they see them using new Cheetos lip
balm, they will ultimately want to use it too.
Further, since Cheetos is the brand that has a market
in many countries so selecting brand ambassador from different countries will
let the audience think that this product
is for them (J, Dutta, Regmi, & Shaky, 2015) .
Apart from TVC’s the print media
is also a good platform for the advertisement. The details about a new product with catchy pictures and tag lines
can be printed in the magazines that are well-known among people. There is a possibility that the product gets attention from the audience who likes to
reads. Social media is also a marvellous
platform for the advertisement. People from all ages and all walks of life use
social media and there is the probability the many are following the Cheetos
official website (Christy & Tuten, 2015) .
Conclusion.
Cheetos lip balm was launched many years ago but did not get the
predicted appreciation from the people even though people love Cheetos as a snack. The product could not survive in the competitive market and
went down from the shelves soon after the launch. There was a number of things that
goes wrong with the product. It was kind of miss match with the popular
product. The brand expansion must be linked with the famous product, so lip balm was not what people are expecting from Cheetos expansion.
Further, it limits the sale because of flavour,
people love the snack, but they do not
want to have it with them all the time it will make them sick of the original product. The strong essence was
another weak point of the product.
Bibliography
Carl, M., Levine, B., Kothuri, R., & Siefert, C.
(2016). Method and system for predicting audience viewing behavior. U.S.
Patent issued December, 514-436 .
Christy, A., & Tuten, T. (2015). Creative
strategies in social media marketing: An exploratory study of branded social
content and consumer engagement. Psychology & Marketing, 15-27.
Coate, N., Shen, H., & Dozier, D. (2017). Double
Vision: Testing Audience Effects of Competing Social Media and Institutional
Media Political Framing. Electronic News, 211-228.
J, P., Dutta, P., Regmi, P., & Shaky, S. (2015).
Production and marketing of organic coffee in Nepal. Journal of the
Institute of Agriculture and Animal Science , 91-99.
Jintao, W., Wen, N., Dou, W., & Chen, J. (2015).
Exploring the effectiveness of consumer creativity in online marketing
communications. European Journal of Marketing, 262-276.
Khalid, H., & Siddiqui, K. (2016). Dynamics of
Intergenerational Influences on Brand Preferences in Pakistan:(Brand-in-Mind
vs. Brand-in-Hand. Journal of Marketing Management and Consumer Behavior ,
51-60.
Pasic, E. (2018, 8 25). Reflection point
Assumptions and failures. Retrieved from medium.com:
https://medium.com/@epasic/reflection-point-assumptions-and-failures-4552811f619
Sigrid, B., Bennett, R., Hasan, S., & Mortimer,
G. (2016). The impact of service failure on brand credibility. Journal of
Retailing and Consumer Services, 62-71.
Thomas, K., & Czaplewski, A. (2017). Upstream
social marketing strategy: An integrated marketing communications approach. Business
Horizons, 325-333.
3
Repositioning Strategy for Coors Rocky Mountain Spring
Water
Introduction
Companies use different ways and
implement various strategies to grow the sale. To grow the business brands
usually have two options first, they can
launch a new product and second is expanding the existing product in new
markets. Establishing new product and
presenting it to the market can cause a lot of money. On the other hand, brand
expansion demands the same money, but it takes
full advantages of an already established
brand. It is not necessary for the new product to become another success for
the company. The failure in the brand
expansion is very common. The major reason for
failure is the absence of a relatable link between two products. For
instance, the Colgate company is very well received in the market, but when they introduce Colgate frozen Food, it experiences huge failure because
people were not expecting from a toothpaste
company to launch frozen dinner.
Reason for Failure of Coors Rocky Mountain Spring Water
The American Brand Rocky Mountain
introduced spring water in 1990. The water bottles are very common and almost everyone uses it. But this expansion faces huge failure even though the
products of the company were very much in demand
and people seem to like them. Rocky Mountains
used to manufacture a huge range of
alcoholic drinks so when they introduce plain sparkling water the consumers
find it hard to link it with the previous
product. The expectations of the company were to launch an alcoholic drink. The new product could be the best of quality, but it is useless if people do not want to buy it.
The biggest reason behind this failure was
that they introduced plain water under
the same name and logo. The bottle of water and the alcoholic drink was pretty
much the same. The consumers got really confused by this product and as the
company expected the water bottle could not
be the new face of the company. The water
under the same name as alcohol was the flaw in the marking strategy of the
company. To maximize the sale of the
company, give a good discount, but it cannot hold the attention of customers.
Due to lack of demand, the company has to
take it down from the market and they
stick with the selling beers and other alcoholic drinks.
The company used different
tactics for attracting consumers such as
it offered them discounts, but it did not
fancy the customers. The water bottle was not plain; it came in different
flavours like lemon, cherry and lime (nydailynews.com, 2016) . The basic reason
was expecting water from an alcohol company was not acceptable by the fans.
They were unable to overcome the shock and adjust with this new idea.
Strategy for Product Diversification:
The bottled water has a big
market, and it is no entirely useless
expansion. While introducing a new
product the company completely ignore the market research. Through market research, the company can get the vogue idea
about what people needs and the gathered information provides help in order to
make a plan and decision about the new
product. However, it is not a suitable product for the company which has made a
huge name in the beer industry. Thus, the product can be modified and then presented
to the people of different age group.
Product Modification
The
company belongs to the beer market; thus it needs to introduce something in
the relevant field. For instance, instead of water,
the company can introduce wine which is less strong than beer and suitable for
the people who want to enjoy the drink without losing
their senses. Moreover, there are various people, who are looking for healthy living options yet living their favourite beer is a different task for them. in
such a situation the company can offer
them a drink which is low in carbs. The researchers have claimed that a
standard wine includes only 1 or 2 grams of carbohydrates while 12-ounce
serving of beer contains carbohydrates
between 10 to 20 grams.
Target Marketing:
The
targeted consumers for the specific drink will be two demographic segments. For
instance, the potential customers will be teenagers age from 18 to 25. At the age of 18,
most of teenagers start consuming
alcohol. However, due to new to this drink they do not take it well and either
become an addict and ruin their health or
completely refrain from consuming it again. Thus, this new drink will be the
best choice for them at that time. they can easily consume the new wine which
is not strong enough yet has great taste (Ourania & Vlachvei,
2015) .
The
second potential consumers will be the older age people, 45 to 65. These older
people have lost the energy to consume strong
things, yet they are unable to forget the
taste of such an effective product. Thus,
it will be the best option for them.
moreover, there will be fewer carbs in it
which further make it desirable for the older age people. It is not harmful to the health of older age people because it
has a minimum amount of carbohydrates (Walters, 2014) .
Repositioning
Brand
position is the method of communicating to the consumers regarding the
products. thus, a new and innovative
method will be used for making the product a success in the industry. For
instance, after careful segmentation of the consumers and defining the target market, the company will identify the key
attributes of the product so it could be flaunted to the consumers. data will
be collected from the targeted consumers and
then the strategy will be designed.
In this
specific case, social media will be majorly used for the positioning of the
product. The teenagers are fond of using different social and digital media
channels for evaluating the information. Moreover, the ad space will also be purchased on the blogs which have a specific niche to the beverage industry (Bernard, Lockwood, Alcott,
& Pantelidis, 2018) . Moreover, the ad space can also
be purchased on the other popular websites for increasing brand awareness among the consumers. the strong
points of drink will be highlighted during the marketing for increasing the
impulse buying behaviour of consumers while traditional media will be used for
communicating the benefits of wine to older age people. The ad space will be
purchased in different magazines and
newspapers. Moreover, billboards and
banner ads will also be used.
Promotion
Without promoting a product, no
company can achieve the targets it has set for the sales of its products. In
fact, a good strategy for promoting a
product plays a key role in boosting the sales of a product.
Promotion of the product is
necessary to make the consumers aware of
it. thus, purchased ads will be placed on social media channels. User engaging
content with attractive pictures and
videos will be posted on it. as more and more people will be aware of the
brand, they will try to buy it which can boost sales.
Creative hashtags can be used for obtaining the attention of consumers and
boost sales (Susan, 2015) .
In traditional marketing, the company can focus on billboards and banner ads along with magazines
and newspaper ads. a large number of
revenues can be generated in this manner and
it will be helpful in meeting the expenses spent on the manufacturing of the
products. It will also be helpful for the company to hold its ground in the beverage industry.
Distribution:
Along
with a solid promotion strategy, it is also necessary that the
distribution of the product is strong. The distributor channel should ensure
that the product is available in all the big grocery stores in the region. Moreover, partnership with the
hotels, bars, pubs and cafes can also be made (Bahar & Erciş, 2017) . The company
can supply the product by offering discounts. Once the product gains the attention of consumers, then its demand will elevate with the passage of time. Before
actually launching the product, the
promotion can be started through social
media platforms so more and more people can get to know about it.
Pricing Strategy:
Initially, the product can be offered at low
prices. So, the students can have easy access to it. most of the teenagers rely
on their pocket money and they cannot
afford to buy premium products. thus, keeping the price low will be a great
strategy. moreover, along with the students,
the older people will be able to buy the product easily because they rely on
their pension money and unable to afford high priced products. according to the
targeted customer segment the average pricing strategy is best for the company (David, Buttle, Brookes,
& Mariussen, 2016) .
Conclusion
To reintroduce
this product, it is important to set market strategies like market
research to find out what people need, the strategy of the testing audience to check their reaction before
a big launch and most important the
promotional strategies to reach the audience. The beer company introduced a
water product which was not suitable for it because it cannot link back to its
product line. Thus, it has been suggested that new
wine can be introduced by the company which is less strong and low in
carbs so the students and older age people can easily consume it.
Bibliography
Bahar, T., & Erciş, A. (2017). 4A marketing mix
impacts on organic food purchase intention. Serbian Journal of Management
12, no. 2, 189-199.
Bernard, D., Lockwood, A., Alcott, P., &
Pantelidis, I. ( 2018). Food and beverage management. Routledge.
David, B., Buttle, F., Brookes, M., & Mariussen,
A. (2016). Hospitality marketing. Routledge.
nydailynews.com. (2016). Company ideas, products
that crashed and burned, from New Coke to the Kardashian Kard. Retrieved
from nydailynews.com:
https://www.nydailynews.com/life-style/company-ideas-crashed-burned-article-1.2528062
Ourania, N., & Vlachvei, A. (2015). Changes in
marketing strategies during recession. Procedia Economics and Finance 24,
485-490.
Susan, C. (2015). Marketing and Advertising
Strategies: What’s it all About? Palgrave Macmillan, London, 148-157.
Walters, L. (2014). 'Exciting growth' for drinks
company. Retrieved from stuff.co.nz: http://www.stuff.co.nz/business/industries/9671881/Exciting-growth-for-drinks-companyhttp://www.stuff.co.nz/business/industries/9671881/Exciting-growth-for-drinks-company
Social Contact