Natural Evolution is an Australian company that produces Banana Tea bags. Owing to the unique market of this product, the company is planning to device a comprehensive marketing plan that will enable the company achieve the objectives of increasing the market coverage and increasing the sales revenue and sales volume. The paper will analyse and propose some of the marketing principles to consider.
As stated Banana Tea bag is a product of Natural Evolution company in Australia. It is a product of modern technologies. The PESTLE analysis clearly reveals that the political, economic, social, technological and legal environment is favourable for the production and marketing of Banana Tea bag. SWOT analysis, on the other hand, reveals several strengths related to the Banana Tea bag, which include the technology used, the health benefits associated with the product. The key weaknesses include the high price and limited product offering. The Banana Tea bag has a lot of opportunities in the market with few threats such as substitution from Blue Tea and increasing competition. The marketing plan will attempt to propose how strengths can be leveraged and how weakness can be alleviated.
So far, Natural Evolution has not devised a plan to ensure that specific potential market segment is targeted. As a result, a lot of money is wasted reaching the general consumer segments. One way of economizing the advertisement is by market segmentation and targeting
Based on market analysis, Banana Tea bag market can be segmented into a number of segments. The first market segment which will be targeted would be the health-conscious Australians. In the Australian market, consumption of organic, health tea products is growing as many Australians are conscious about their health (Boz, Erdogdu & Tutar, 2014). Why is the growth of Australian green tea consumption so fast? Because people want to be healthy. Although they don’t like the bitter taste of green tea, they like the health benefits of green tea. Australians love sports very much, including yoga. Australian green tea ads and green tea have a lot of good health ads, and Australian doctors are pushing people to drink green tea instead of drinking drinks, telling people that green tea is a very good alternative to drinks. Consequently, by tailoring the marketing plan to this group of people, Natural Evolution is likely to reap a lot of benefits.
The second market segment represents the business executives. Australian business executives love tea so much that they are willing to stop what they are doing in order to take tea. It is reported that the Australian Foreign Ministry once had a very famous tea shop. One day, Minister of Foreign Affairs to meet everyone, but afternoon tea time is up, so the tea wait to go knock on the door interrupted the meeting, the Minister told the tea is ready, cannot wait too long. After a while, the meeting was not finished, and the tea shop forced the meeting to be suspended. Of course, this is an exception, but then explained that land, even the minister cannot destroy everyone’s afternoon tea time. Australians adopted this culture from British. This means that if Natural Evolution designed the marketing plan according to the needs of business executive, it is likely to increase the sales significantly.
The third market segment comprises the early adopters. In Australia, the tea culture is so strong that everyone will wish to join the culture. Early adopters represent a very potential target market for Banana Tea bag.
Market segmentation and targeting will represent a key marketing principle to consider as far as marketing of Banana Tea bag is concerned. For a long time, the tea market has been a thirst-consuming consumer market. With the improvement of people’s health awareness, traditional tea consumption has changed from tea quenching and thirst to modern tea health, tea tourism and other comprehensive health services, from general tea consumption to functional health services, which is the tea market (Heasman and Lang, 2015). It should be noted that before wasting finance to advertise a given product, the target market and segments should be clearly identified. The company operating in a market cannot address all potential buyers at the same time, as the market is dispersed and heterogeneous (Kotler & Armstrong, 2010). Another important point to consider is that market has different consumers with different taste, preference, aspirations and beliefs. These subsets are called ” market segments.” (Hajer, et al 2016). Consumers therefore differ from one another and respond to company offers according to their own purchasing behavior patterns (Huang, et al 2017). The popular general tea demand is developed into a market segmentation and targeted health tea market service. In essence, it is the transformation of the traditional tea market to the new health tea market. From the perspective of health tea as a whole, there are both health markets for middle-aged and elderly people, as well as health markets for young people. Therefore, the health needs of different subjects determine the direction and development scale of the health tea market (Ton & Raman, 2008). The development of all health products is based on the needs of human health, and the health products are innovated according to the health needs of different groups of people.
Apart from market segmentation and targeting, another key marketing principle that will be considered is positioning approach…. Revealed that knowing which product to offer in which market (product-market combination) is of crucial importance. Positioning your product or service is even more important. Positioning expressing the specific attributes about a given product in a concise, simple, but comprehensive manner so that consumers can get more about the product. It entails identifying key selling attributes and letting the customers know. These can come in different forms: one of these forms is functional (Marriott, Schilling & Gravani, 2018). This describes how the product is likely to solves problems, offers benefits such as speed, etc. Here, we shall position Banana Tea Bag as an easy to use remedy to variety of healthy needs rich in uncountable antioxidant that is associated with sensational feeling, taste and satisfaction. By positioning this way, the potential consumers will create a mental picture that Banana Tea bag is not only easy to use but is a remedy to many health needs and also tasty and brings satisfaction. Combination of these attributes is likely to attract a lot of market. The concept of including remedy to health needs and antioxidant in the positioning statement is designed to attract attention of health-conscious market segment.
The marketing objectives will focus at ensuring that the proposed target market is able to learn about Banana Tea Bag and act by buying it. Consequently, the marketing objectives will revolve around the proposed target market and include:
Financial objectives
The financial objectives on the other hand will focus on aspects such as sales revenue and sales volume. Consequently, the financial objective for Banana Tea bag include the following objectives:
Marketing mix include for key principles, which are the product, price, place and promotion. It is believed that effective marketing plan should ensure that these principles matches the features of the market. The product, for example, should have good attributes that can attract potential market. The price should reflect the purchasing power and the quality. It should not be too low or too high. The place should ensure that product is delivered at the right place (Bailey & McKnight, 1995). Promotion, on the other hand, expects the marketers to use effective advertising and marketing channels.
Product policy is the starting point for any marketing strategy (Oloko, Anene, Kiara, Kathambi & Mutulu, 2009). It entails identifying unique elements in a product and using such element to create marketing advertisements. The term product here refers to both consumer goods and services, and material or immaterial products (eg e-books). In a typical marketing plan, the product policy must define in detail all the characteristics of the product: the quality level, content or features, the design (colors, format, etc.) (McGill, et al 2015). The functionalization of products is the focus of the health tea industry and its product innovation. Health tea is premised on the functional needs of the market, and the shape and composition of the products are completely market-oriented. The health tea industry and the function of its products determine the success or failure of the product. The ingredients of functionalized health tea products play a specific role. It is difficult to achieve a functional health tea by relying on a single raw material component, which requires a combination of multiple functional materials to complete (Sigalla – King, 2013). Therefore, functional raw materials are the basis of functional health products. Comprehensive service function of health tea.
In order to ensure that Banana Tea bag get the maximum market possible, a number of attributes related to this product would be advertised (Kalyanam & McIntyre, 2002). The marketing plan will therefore cover the unique attributes associated with Banana Tea bag. Firstly, we would design the plan such that the potential customers know how the Banana Tea bag is produced. Here, we will focus on the innovative technology of Banana Blankey and Nutro Lock Technology. The advertisement designed will capture this idea very clearly. This is important because Australians drink coffee or tea not just for a cup of coffee or tea but also want to know where this coffee comes from, how it is processed, and why it has such a flavor. Now, the Australian tea industry combines the introduction of flavored tea with coffee. For example, for the coffee beans in Ethiopia, the promotion and promotion cards have been used to explain the production areas and processing techniques. Nowadays, tea cards have been made for black tea, green tea. We will design tea card to capture how our new technology is effective and unique. Besides capturing the production process, the marketing advertisement will be designed to cover other product attributes such as packaging, ingredients such as antioxidant and how the Banana Tea bag is certified. Additionally, as a way of presenting Banana Tea bag as the best option to our potential customer, we shall design the marketing plan to capture the health attributes associated with Banana Tea bag. This is an important consideration because public health needs promote the development of the health tea market. Due to the accelerated spread of health care knowledge, the demand for health tea is increasing. In large, medium and small cities across the country, the rapid growth of the aging population and the accompanying health and wellness needs of the elderly have led to the supply of functionalized health tea products. The health tea industry presents a development trend of both supply and demand. The functionalization of tea consumption promotes the accelerated innovation of the health tea industry. With the improvement of people’s living standards, the health function of tea is increasingly recognized by people. Affected by modern lifestyles, people’s demand for tea consumption is shifting from quenching thirst to eating, using, and playing multi-functionality.
Pricing is another central principle in the marketing mix (Lovelock & Wirtz, 2007). The (sales) price policy must be implemented considering a set of internal and external constraints. Internal constraints include aspects such current market share and target market share, cost price and profitability objective, positioning (luxury, premium, cheap, etc.) (Rueter, 2014). On the other hand, external constraints include aspects such as competition, transportation and distribution costs, and purchasing power of target consumers. Based on the principle of ostentation, we shall set the price for Banana Tea bag relatively higher than that of the competitors because it will create a psychological notion that since the price is higher than that of competitors, the quality must be high and since out target market comprise the business executive and the health-conscious consumers, they will not hesitate to buy the product because this segment value their health and status more than the money.
Ensuring that the product is delivered to the right place is one of the ultimate objectives of a viable marketing plan (Mahalan, 2013). Since our target market comprise of health segment and business executive, their possible channels for searching their products would be online search. This means that we shall adopt online distribution system (Lee & Lehto, 2010). By online, people can choose and buy the tea they want to drink online. This is a very convenient way. Australia is also launching a tea-line project. By online, people can choose and buy the tea they want to drink online. This is a very convenient way (Kotlyarov, 2012). Another place where people like to buy tea is supermarkets, supermarkets or the main place to provide tea consumption. A few years ago, one-third of the shelves in our supermarket beverage area were selling tea, and there were many different flavors of tea. We look forward to a very good growth and expansion in the future. The Australian tea retail market includes Unilever and some of its own supermarket brands. In Australian supermarkets, operators also want to be able to embody their own brand of tea drinks, including green tea and herbal tea. There are also mixed teas in Australia, which have a variety of flavors, such as citrus and bergamot, which are very popular and grow very fast.
Promotion is also an integral aspect of a marketing mix. At present, for the new market of health tea industry, we must do a good job in scientific guidance, focus on and strengthen promotion, in order to accelerate the formation of the health tea market. Use effective channels such as Facebook, WeChat, Internet, and conferences to launch a series of promotional activities around consumption hotspots, product functions, and scientific drinking methods.
|
Media |
Budget |
|
|
$2000 |
|
|
$1000 |
|
SEO |
$900 |
|
Conferences |
$2500 |
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Total |
$6400 |
Conclusion
The marketing plan covered some of the key marketing principles. The plan explored how the marketing mix and market segmentation would be carried out. With proper implementation of the proposed marketing plan, Natural Evolution would be able to drive the market for Banana Tea bag high and compete favorably with other companies.
References
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