A.
The key elements of SWOT analysis are the strengths, weakness, opportunity and threat. This helps the company in measuring its internal environment so that the company can function in a better manner. It also helps the company in assessing the available resources so that it can be utilized in an optimum manner to maximise its profit levels (Hill, Jones and Schilling 2014). The weaknesses and threats need to be identified so that it can be turned in to strengths and opportunities by the company in the market where it is operating. The company will be in a better position to understand the level of competition that is present in the market so that the project can be planned accordingly (Bull et al. 2016).
The major strength of the company will be that the energy drink will be made of natural ingredients so that it does not harm the health of the university students in the United Kingdom. The company will be using Cascara, as the natural ingredient for the effect of caffeine that has been used by the Ethiopians for a long period of time. The use of the natural ingredient will also help in providing a competitive advantage to the company over the others who use synthetic ingredients in their products (Kavitha and Reddy 2016).
The weakness of the company is the product developers along with the farmers of the Cost Rican region. This is due to the fact that the product is made naturally for which the organic ingredients need to be sourced accordingly. The recent rise in the aluminium tariffs have also created a negative impact on the packaging of the product, as the rise in the prices have affected the company as well (Grant 2016).
The major opportunity of the company is that the product will be circulated among the university students present in the UK. This will help the company to prosper, as the prices will be kept low for them to purchase. Another aspect is that the product will be made from the natural ingredients that will not harm the young customers, as most of the customers in the modern world are concerned with their health and tries to avoid the food and drinks that can damage their immunity power (Hill, Jones and Schilling 2014).
The threat that is present in the company are the competitors that are present in the UK market. The major competitors that are operating in the market are Red Bull, Lucozade Energy and Sport, Monster and Wild Cat energy drink. These companies have been present in the market for a long period of time and controls majority of the customers. This will affect Nomad Energy to a great extent, as the company will be entering in a new manner in the UK market (Bull et al. 2016).
The company needs to provide the details of the ingredients that are being used in the product to the students so that they can understand it in a proper manner. This will help the company in gaining an advantage over the competitors as well. The price of the products also needs to be kept low so that the students can be attracted for increasing its sales. Since the students have a shortage of cash, the company needs to take that in to consideration (Cuadros and Dominguez 2014).
Profiling helps in distinguishing the preferences of the customers according to their lifestyle, gender and age. It helps in distinguishing between the socio-economic groups as well, which helps the company in understanding the sale of the products in the market in a proper manner. This also allows the company in getting proper knowledge regarding the behaviour of the customers towards the product or service (Tabi, Hille and Wustenhagen 2014).
The psychological segmentation is based on the interests and opinions of the customers who have a similar living pattern. This aspect of segmentation also allows the company in understanding the purchasing behaviour of the customers within a particular market. The behavioural segmentation is based on the benefits that the customers look for after they have used the products. The company needs to understand that the segmentation of the customers are important for the products to increase its sales in the market (Cuadros and Dominguez 2014).
The company will be targeting the university students in the age group of 16-30 years present in the UK irrespective of their gender, as the product contains natural ingredients that will help the customers in reviving their energy. Since most of the students are actively involved in sports, it will provide a platform for the company to sell their products after they are tired. This will allow the students in gaining the necessary energy for the other activities. The drinks will have natural sugar content, which will be helpful for the customers in regaining their energy as well (Maga, Canale and Bohe 2013).
The company will be providing variety of flavours so that the product can be diversified and the customers can get many choices in choosing their drinks. This will help in increasing the rate of attraction among the customers with respect to the product (De Keyser, Schepers and Konus 2015). Most of the customers will be regular user for the company, as it will help in boosting the energy after the drink has been consumed. The price of the product will be kept low so that the willingness of the customers in purchasing the product can be increased. This will help in increasing the level of profit for the company as well and give competitive advantage as well (Cuadros and Dominguez 2014).
The customers will be attracted towards the products by uploading videos on the social networking sites such as Facebook and Twitter so that they can gain knowledge regarding the product. This will attract the customers towards the company as well. The use of latest videos and photos will help the company in advertising more about the products so that it can attract the customers. Competitors like Red Bull and Monster advertise their products heavily to the customers, which affects the customer segment and increases the sales volume as well (Maga, Canale and Bohe 2013).
Perceptual mapping is the use of visual diagram that helps the company in assessing the position of the competitors and its products within the operating market. It allows the company in understanding the perception of the consumers and plot it in the diagram to give a visual presentation. It takes in to consideration the attributes of the products as well that are present in the market so that the company can launch its product and gain a competitive advantage. The perceptual mapping are mainly of three types such as two determinant attributes, many product attributes and joint perceptual maps (Solomon et al. 2014).
The perceptual map has shown that the company will have a mass appeal due to the low content of sugar in its products. The company will provide superior quality of the products so that it can gain a competitive advantage over its competitors such as Monster and Red Bull who are also in this category. These companies are already established in the market and have a large base of customers due to the premium products that they supply to its customers (Weinstein 2013).
The company has positioned itself in the low sugar content and mass appeal quadrant, as it will help in gaining a loyal base of customers. The low sugar content is yet another feature of the product, as it will contain the natural level of sucrose that are generated from the ingredients that are being used in the product. The products are being targeted mainly towards the university students present in the United Kingdom where the product needs to be of a superior quality. Most of the students in the recent times are concerned with their health and are involved in many activities that will help them in maintaining a healthy lifestyle (Proctor 2014).
The product will also be priced at a lower rate from its competitors so that it can increase its mass appeal. This will help the company in increasing its customer base comprising mainly of university students. It has to be remembered by the company that since it will be attracting the university students, they have a shortage of cash and the best quality of products need to be supplied at a cheaper rate. This will also result in increasing the level of attraction with respect to the product among the customers (Tanner and Raymond 2015). The cheaper price of the products will also allow the company in gaining competitive advantage over the rival companies that are established in the market. Another major factor that has affected the company is that the products will be manufactured locally so that it can help in keeping the overhead costs to a minimum level. This will allow the company in providing it at a cheaper rate so that the potential customers can shift their tastes and preferences (Solomon et al. 2014).
Brand associations are related with the symbols and images that are present with the brand so that it can be beneficial for the company. The associations allow the product to be differentiated in the market from the competitors who are also dealing with the same kind of product. It allows the customer to have a detailed knowledge regarding the different attributes that are present in the brand so that it can help in influencing their purchasing behaviour. It can be formed through better levels of advertisement so that the awareness of the brand can be created in the market. The use of celebrity endorsements will also help in increasing the quality of the product to a great extent (Urde and Koch 2014).
Figure 1: Brand Association of Nomad Energy
The photos will help the company in having a brand association because it will help in explaining the factors that can be derived after the drink has been consumed by the customers. The drink will help the customers to feel refresh and be rejuvenated due to the presence of antioxidants in the product (Uder, Baumgarth and Merrilees 2013). They will also have a better level of focus due to the presence of caffeine in the product and the use of coffee fruit to increase the sustainability of the product. The photo collage also contains the entire diagram of the cans in which the product will be supplied so that the customers can have a better knowledge regarding the information that is available on it. This will help in increasing the knowledge regarding the product before they can purchase it (Sirianni et al. 2013).
The radical sustainability issue is also present in the photo, as it will help the company in associating itself with the ingredients that are sourced and used to make the product. It will provide a better level of information to the customers so that they can know the ingredients that are being used in making the final product (Proctor 2014). The most important part of the collage are the two friends who had the idea of starting this company. Since the customers will mostly consist of the university student in UK, it will have a positive effect on them due to the age factor. The entrepreneurs are younger in age and will help them in connecting with the students in a proper manner. This association will be important for the company, as the level of sales for the product will increase to a great extent (Weinstein 2013).
The major Unique Selling Proposition (USP) of the product will be that the product will have a celebrity endorsement as well that will be done by David Beckham. He is one of the popular faces in football and most of the young people in the United Kingdom looks up to him. This will allow the company in attracting majority of the customers towards the product as well.
References
Bull, J.W., Jobstvogt, N., Böhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., Lambini, C.K., Rawlins, M., Baral, H., Zähringer, J. and Carter-Silk, E., 2016. Strengths, Weaknesses, Opportunities and Threats: A SWOT analysis of the ecosystem services framework. Ecosystem Services, 17, pp.99-111.
Cuadros, A.J. and Domínguez, V.E., 2014. Customer segmentation model based on value generation for marketing strategies formulation. Estudios Gerenciales, 30(130), pp.25-30.
De Keyser, A., Schepers, J. and Konu?, U., 2015. Multichannel customer segmentation: Does the after-sales channel matter? A replication and extension. International Journal of Research in Marketing, 32(4), pp.453-456.
Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.
Kavitha, N.V. and Reddy, N.S., 2016. Buzz Marketing-SWOT Analysis. International Journal of Innovative Research and Development, 5(2).
Maga, M., Canale, P. and Bohe, A., Accenture Global Services Ltd, 2013. Customer profitability and value analysis system. U.S. Patent 8,428,997.
Proctor, T., 2014. Strategic marketing: an introduction. Routledge.
Sirianni, N.J., Bitner, M.J., Brown, S.W. and Mandel, N., 2013. Branded service encounters: Strategically aligning employee behavior with the brand positioning. Journal of Marketing, 77(6), pp.108-123.
Solomon, M.R., Dahl, D.W., White, K., Zaichkowsky, J.L. and Polegato, R., 2014. Consumer behavior: Buying, having, and being (Vol. 10). London: Pearson.
Tabi, A., Hille, S.L. and Wüstenhagen, R., 2014. What makes people seal the green power deal?—Customer segmentation based on choice experiment in Germany. Ecological Economics, 107, pp.206-215.
Tanner, J. and Raymond, M., 2015. Principles of marketing. University of Minnesota Libraries Publishing.
Urde, M. and Koch, C., 2014. Market and brand-oriented schools of positioning. Journal of Product & Brand Management, 23(7), pp.478-490.
Urde, M., Baumgarth, C. and Merrilees, B., 2013. Brand orientation and market orientation—From alternatives to synergy. Journal of Business Research, 66(1), pp.13-20.
Weinstein, A., 2013. Handbook of market segmentation: Strategic targeting for business and technology firms. Routledge.
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