Discuss about the Marketing Plan Development and Objective.
The marketing plan refers to a process that assists in the development of the products as well as services offered by respective organization that in turn can satisfy the needs of the target consumers. The marketing plan therefore offers clear as well as explicit statement regarding different strategies as well as actions that can be executed by the organization.
As rightly put forward by Blythe (2012), there are several advantages of development of a marketing plan that directs the marketers to develop an appropriate marketing plan according to the requirements of the functions of the business.
The development of an effective marketing plan can help the marketers to gain better understanding regarding the operations of the business, their consumers as well as market competition prevalent in the market. In addition to this, the development of the marketing plan also helps in the improvement of the risk management that in turn can help in gaining a competitive edge in the market. Furthermore, the development of the marketing plan also helps in motivating the employees and the mangers of the organization and exerts immense influence on the productivity as well as the efficiency of the members of the staff. Particularly, the marketing plan can also act as a guide that can direct the ways for the development of a suitable budget as well as optimum allocation of the resources.
However, the present marketing plan for Boost Juice can also help in the identification of the target segment of the market and gaining an in depth insight regarding the products as well as the services of the company. The current marketing plan for the products of the Boot Juice also help in recognizing with the competitors as well as the perception of the target consumers regarding the strengths as well as weaknesses of the rival companies. Apart from this, writing a marketing plan for the Boost Juice can also aid the management of the organization to get assistance for formulating appropriate strategies imperative for brand management that again in turn helps in the positioning of the brand. In addition to this, writing up the marketing plan for Boost Juice can also help in the determining a particular as well as measurable objectives along with the time frames for carrying out the marketing doings. This marketing plan can also help in sketching a strategy in order to access the target segment of the consumers counting the messages, multiple channels as well as the tools and the marketer can utilize.
Advantages of preparation of a marketing plan for Boost Juice
The marketing plan is to a large extent based on the notion of product innovations as well as utilization of advanced marketing mixes and strategies in order to target diverse groups of the target consumers in a highly competitive market. The market consists of several companies that offer identical products and that the companies promote their products with the help of advertisements that carry similar sort of messages. The key competence of Boost Juice includes the innovative product offerings of the Boost Juice Bar that helps in both manufacturing that is making of the juice and the manner of distribution of suitable messages to the target addressee. The brand of Boost Juice is entirely founded on the Boost Experience that occurs each and every time a consumer utilizes the products and the services of the corporation. The objective of the corporation is to craft a strategy that can help the management to shape an appropriate image of the business in the minds of the target audience that refers to the young, fresh as well as healthy plans to attract the attention of the young consumers in Australia. However, the rivals of Boost Juice might perhaps replicate the product as well as designs of the products. However, it becomes difficult to replicate the brand royalty of the product of Boost Juice. Nevertheless, the Boost Juice bar is quite contented with the present marketing campaigns in order to retain the consumers of the company. For instance, the Vibe Club initiative is a campaign of the Boost Juice in which the consumers of the business firm can get offers of free drinks on special occasions. For that reason, the innovative campaigns of the company that is either tactical or else branding comprises of unique communication strategies such as the Healthy Sucker, the Big Banana Peel, What’s Ya Name Game and the Kids Cups among others (Boostjuice.com.au, 2016).
Therefore, it is imperative to keep a close watch on the fact that the consumers of the company hold a positive perception towards the products and the services of the company and avoid the risk of weakening brand image. Again, the life cycle of brand and the different stages or else the timeline require diverse marketing mix in order to re-enforce and to develop the customer perception.
Relevant characterization of the customers, company, context, collaborators as well as the competitors
The situation analysis essentially refers to the critical evaluation using the 5Cs that includes the customer, company, context, collaboration as well as competitors.
The management of Boost Juice targets the typical household section and the super market segment of the market. The Boost Juice primarily targets the young teenagers having the desire to have a healthy diet. However, the primary target customers of Boost Juice comprises of the Kids (who are very fond of fruit juice especially the mango and strawberry), teen aged individuals (people who love experimenting with different products), youth (individuals who love experimenting and have greater purchasing power in comparison to the teenagers, working people as well as housewives. In addition to the secondary target customers of the company refers to the travel industry, airlines, railways in addition to the regional transport system and the recreational place. In addition to this, other secondary target market also refers to movie theatre, shopping malls, and enjoyment parks. The secondary market also includes the school, colleges together with the hotels, eateries and bars.
The company Boost Juice is a global chain of retail outlet that specializes in marketing different kinds of fruit juice. The Boost Juice Bars was founded in the year 2000 where the first store was situated in Adelaide in South Australia. However, the market also expanded in the international is considered as the most loved juice bar of Australia that presents an innovative retail juice bar concept. Boost Juice is popular brand in the Wellness Category, one of the fastest developing sectors in the entire world that alone generates the revenue of US$2 billion each year and the developed by more than 30% over the last four years. Boost is well known global brand that has developed on the foundation of the marketing as well as the operational excellence. This has assisted the company to attain 94% awareness regarding the brand. Boost Juice markets a range of products that include the low fat smoothies, fruit crushes, super smoothies, fruit juices, indulgence smoothies among many others. The company can also be analysed by using the SWOT analysis in an illustrative manner (Boostjuice.com.au, 2016).
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Strength · Innovative concepts of products as well as services that has made the company largest chain in the Southern Hemisphere · Recorded highest turnover in every per square meter · Personalised designs of retail stores · Strong franchise system for expansion of the shops · Strong brand name and recognition as well as name in Australia · Concentration on both promotion as well as advertising campaigns that includes the VIBE, promotion of “LOVE LIFE” (Boostjuice.com.au, 2016). · Strong customer loyalty owing to its popularity amongst the consumers · Good ability for customer engagement · Availability of financial resources · Expansion of operations in more than 15 nations (Boostjuice.com.au, 2016). |
Weakness · The company may perhaps high marketing costs for the purpose of development of advertising and promotional campaigns · The brand has not yet established properly in the international market · Reduction in the sales figure during the winter season · Differences in prices at different bar locations · Trade off between different franchise as well as the uniform system of control |
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Opportunity · Boost Juice targets expansion in the emerging market of Asian Nations (Paliwoda, Andrews and Chen, 2012) · Strategies for advertisements as well as marketing through different media that includes the TVs, social networking sites, online media as well as print media · Non-existence of any direct rival firm |
Threat · Strong competition in the market might perhaps reduce the market share of the industry and adversely affect the entire businesses of Boost Juice (Peter and Donnelly, 2011) · Increase in the overall cost of raw materials · Changes in the government strategies as well as the fluctuating foreign currencies can also adversely affect the business of the company |
Company Strategies for the future includes expansion in the emerging markets of Asia for development of the growth potential of the business in the international market while strengthening the foothold in the domestic nation. The company might perhaps focus on the low product pricing strategy for the target customers of the new markets for penetrating the emerging market. Boost Juice can also concentrate on localising policies that is the international customization for advertisements as well as promotions in local language taking into account the differences in culture while staying true to the own integrity of the firm for international expansion (Clow and Baack, 2012). Meanwhile, the management also intends to maintain worldwide brand consistency in order to uphold the brand name of the business. The management can carry out market research before carrying the process of business expansion be developing its own research and development department and by the help of market research agencies. However, the company also intends to carry out the differentiation strategy by making in front of the eyes of the customer at the counter, set both flavours as well as recipes with no preservatives. The company also intends to undertake the franchising system for business expansion. In addition to this, the company can frame the strategy of customer retention in the domestic as well as in the domestic market for developing the growth potential. The management of the company can also develop its tactical strategies of customer engagement as well as retention through establishment of improved campaigns, good customer services, introduction of different loyalty programs in the emerging markets such as the VIBE loyalty programs (Boostjuice.com.au, 2016)..
The analysis of the context of the business of Boost can be carried out using the PEST analysis in a comprehensive manner. The PEST analysis refers to the critical evaluation of the political, social, economic as well as the legal facets that affect the business environment of the company in which Boost Juice operates.
The evaluations of the collaborations of the company include critical analysis of the supply chain management of the company, relationship of the management of the company with its downstream members of the channels of distribution (Kotler and Keller, 2011). The company has developed the Master Franchise Partners that has helped in the improvement of the overall retail experience of the company. The supply chain management strategies of the company includes development of different franchises that has also helped in the successful operations with developed infrastructure as well as driven teams having great exposure as well as contacts for leasing, developed supply chain management, policies of construction, process of training, policies of marketing as well as operational expertise (Kotler and Keller, 2012). The company also operates through multiple outlets located at the prime market places that in turn can help in the agreed schedule set for development in the selected market. Again, the financial ability to finance the overall explosion of Boost in the emerging as well as the new markets is also regarded as a mandatory factor for the collaborative plan for expansion.
The analysis of the competitors of the company Boost Juice can be widely categorised into two different sections that include the retail industry as well as the wellbeing industry. The retail industry refers to the food and beverages companies, health food retail outlets in addition to the fast food. The competitor in the well being industry include Gloria Jeans, Nudie, New Zealand Natural among many others. Again, the emerging competitors of the company include the availability of the Frozen Yoghurt, Moochi, Easy Chat Time and the Noggi that offers fruit to different milk based beverages including tea, extra topping where the consumers can select the amount of both ice as well as sugar in their drinks (Boostjuice.com.au, 2016).
Segmentation, Targeting and Positioning
Market segmentation is considered as the market strategy that includes division of a broad market especially the division of a target market on the basis of businesses, nations and customers that have common priorities, interests and needs (Kotler and Keller 2012). Depending upon this division or segment, designing of strategies and its implementation takes place in order to target them. On the other hand, a target market is defined as a cluster of consumers that an organization has decided to aim the efforts of the business and lastly its merchandise towards. It has been found that for any organization target market is considered as the primary element of the market strategy. Thus, the company Boost Juice also has target market. The target market of Boost Juice can be divided into primary and secondary market for better understanding and for better and detailed analysis (Pride and Ferrell, 2012). The primary target market of the company Boost Juice is composed of kids who are fond of fruit juice like juice of strawberry and mango, teens who are more experimental, youth who have more buying power and are more experimental. The primary people, elderly people and housewives are also considered as the primary target market of the firm. On the other hand, the secondary target market of Boost Juice includes airlines, local transport systems and railways; travel industry, recreational, colleges, schools, restaurants, hotels, bars, movie theatres, amusement parks and malls. In addition to this, segmentation is done by Boost Juice on the basis of various variables. These include – behavioural variables, psychographic variables, demographic variables and geographic variables (Lancaster and Massingham, 2011). On the basis of leveraging the advantages of integration and liberalization of all the markets across the world, the particular company Boost Juice generally seek in order to serve both the international and domestic customers. In case of geographical variables, the company Boost Juice draws segmentation in the geographical location depending on the metropolitan cities, major towns and cities of the states. The company also differentiates and form segmentation on the basis of the density of the area like – rural, urban and semi-urban. In addition to these, climate like tropical influences the sales volume of the particular firm. Therefore, it can be said that the position of the firm in the market depends on the segmentation. The demographic segmentation also plays an important role for Boost Juice as the all the age group, both male and female gender of the society are the target customers of the firm (Grewal and Levy 2012). Moreover, the sales of the firm increases as the size of family, education of customers do not affect the sales volume. Both high and middle income level of people can buy the products, even the people who are student, retired or working can buy the products. Thus, it can be said that segmentation leads to increase in income and also helps in positioning the products of the firm Boost Juice. Moreover, psychographic variables also influence the sales of the firm. The attitude, lifestyle and value promote the products. The segmentation based on behavioural variables like income status, profitability, brand loyalty, product usage rate and benefit sought also helps in positioning of the firm (Cateora, Gilly and Graham 2013)
Product Strategy
The product strategy of Boost Juice includes the development of innovative as well as sustainable product (Mamula, 2012). The management of Boost Juice manufactures the paper cups that are not re-closable and are very much easy to handle. However, the use of the paper cups is not very much suitable for the urban as well as the busy environment as it involves the risk of getting perished easily. The management of the company also concentrates on the packaging strategy and markets the re-closable packaging that is the reusable bottles (Tadajewski and Hewer, 2012). This reusable bottle permits the customers to not consume all at the same time and they can preserve it and drink later.
Price
The marketing management of Boost Juice uses the bundles pricing strategy as well as BOGO. The company offers two juices at a decreased price. In addition to this, the company has also introduced the meal or else the snack deal for pricing. In addition to this, the management of Boost Juice has also launched the Nation Wide Pricing Policy or else the BOGO on particular opening day that provides the chance to acquire different experiential information and to boost the brand loyalty by way of shaping (Boostjuice.com.au, 2016).
Place
The place is considered one of the most important factors in the 4Ps strategy of the company. The company takes into the account the different variables of the target market before deciding the places (Marketing Management, 2014). The company uses the franchise system for the penetration of the local markets in order to the increase the availability of the products in the regional markets (Morgan, 2012).
Promotion
The promotional strategies of the company aim at improvement of the brand loyalty of the company through proper utilization of the different social media stages. This promotional strategy thereby essentially targets the avid users of technology as well as social media among the Australian consumers. The promotional strategies of Boost Juice include the introduction of the Smart Phone apps that can develop the online sales of the company. The use of the digital applications can help the company to appeal to a wide market as there is high level of smart phone penetration in the nation (Around 15 to 35 populations). This digital application can help the company to receive orders online and at the same time help the consumers to order their products of their choice in advance and gain more time (Peter and Donnelly, 2011). The applications also help the company to communicate different features of the company to the target consumers that includes the location of the nearby Boost Juice Bars (Weinstein, 2014). In addition to this, the mobile apps also provide links to the VIBE loyalty cards in order to keep up different points. The smart phone apps also helps in sending the promotion notifications that might include different price and quantity discounts (Ramachandra, Chandrashekara and Shivakumar, 2010). Furthermore, the use of the smart phone app for the promotional practice of Boost Juice also provides the option to the consumers to customize the smoothies with different supplementary ingredients as well as boosters. Therefore, this strategy of promotion thereby increases the customer orientation of the products. Consequently, this current strategy of using the smart phone apps for promotion helps in development of strong and enduring customer relationship as well as generation of greater identification of the brand (Sherlekar and Gordon, 2010). The promotional strategies eventually helps in the development of the associations with the corporation that have helped in the establishment of social media communities with identical target that includes student communities, gyms as well as health product franchises.
Conclusion
The above study presents a detailed analysis of the marketing plan based on the situational analysis that refers to the evaluation of the 5Cs, the strategies for segmentation, targeting and positioning and the tactical plans. The situational analysis carried out in this study helps in understanding different factors that includes the consumers, company, context, competitors and the collaborations that affects the overall business operation of the company. The current study also carries out SWOT and the Pest analysis that in turn helps in gaining comprehensive understanding regarding the business environment as well as the situation of the company. Thereafter, the current study also focuses on evaluation of different tactical plans of the company that refers to the analysis of the product, price, place as well as promotion strategies of the company.
References
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