Marketing Plan: Your company has just developed a new sports drink that is in a container which will keep it cool for up to 6 hours. Develop a marketing plan for this product and then write a paper discussing how you would market the product. This is a 2-part assignment.
Deliverable #1 = Develop a marketing plan for this product. NOTE: Not a full fledged plan, but an outline that addresses all the key elements of a marketing plan with a short oratory for that section.
Deliverable #2 = Write a paper discussing how you would market the product.© BrainMass Inc. brainmass.com April 3, 2020, 9:31 pm ad1c9bdddf
Marketing Plan: Your Company has just developed a new sports drink that is in a container, which will keep it cool for up to 6 hours. Develop a marketing plan for this product and then write a paper discussing how you would market the product. This is a 2-part assignment.
Deliverable #1 = Develop a marketing plan for this product. NOTE: Not a full-fledged plan, but an outline that addresses all the key elements of a marketing plan with a short oratory for that section.
Deliverable #2 = Write a paper discussing how you would market the product.
!. Executive Summary
Cool It! Is a sports drink, which replaces electrolytes in a unique, innovative package, delivering a quality drink at a cool temperature? This product will be rolled out nationally in the next three months through our network of beverage distributors and major retail customers. In addition, we will partner with sports teams to gain awareness and credibility for our product. Furthermore we will capitalize on the unique ability of Cool It! to deliver cold beverages for aid to the military and aid communities.
II. The Challenge:
Cool It! is an electrolyte replacement drink with a specially designed, patented container that keeps the product cool for up to six hours. Our goal is to market this product throughout the United States in major retailers, and to achieve 1% of sales the sports drink market category within the first year, ultimately gaining 15% of the sports drink category within five years. This would amount to 30 million dollars. The sports drink market is growing at a rate of 28% per year.
III. Situation Analysis:
As stated, our goal is to gain 1% of market share within the first year, 15% of market share within 5 years. This is aggressive but attainable based on our share of market in beverages.
Energy drinks have experienced growth in the US from 2004 to 2009 (http://guayaki.com/images/uploads/pages/File/ENERGY%20DRINKS%20UI.pdf) however energy drinks have begun to carve into market share. Currently sports drinks are estimated at a $3 billion dollar segment of the beverage market.
Our focus is on obtaining distribution throughout the major retail chains in the United States, procuring shelf space, displays, and exposure. In addition we plan to partner with major sports team to publicize the product.
Our company culture as a leading beverage manufacturer will aid in gaining visibility, distribution and promoting this product.
Strengths include our wide network of retailers, our relationship with door-to-door beverage distributors, and our powerful company reputation.
Weakness includes our ability to keep up with production based on use of new supply network with package manufacturing.
Market share: We currently enjoy a 30% market share in the beverage category with our varied line of soft drinks and bottled water. We are well placed to add a product extension.
Currently our company has products in major retailers including Costco, Wal-Mart, Sam's Club and all major drug and supermarket chains. We are represented with our complete line in 80% of the stores across the company. In addition we have beverage distributors positioned throughout the nation to distribute the product. Cool It! Will dovetail into the category, with its' container as a catch for retailers to add it, in spite of the crowded category of sports drinks. In addition this product will allow us to gain entry into the military and aid organization network, and further our connections with the sport world.
Market position: Our major competitors are strong and include Gatorade (Pepsi Co), PowerAde (Coca Cola) and All Sport (Pepsi Cola). In addition, there are crossovers from other beverage categories including bottled water and some competition from private label manufacturers.
Strengths include market placement and brand awareness.
Weaknesses are standard packaging and lack of unique packaging.
Market share: Gatorade 75%, Powerade 20%.
We will utilize our beverage distributor network to gain access into smaller stores, mom and pop locations.
The political and legal environment appear to be amendable to this product.
Economically the beverage will be well received as a low price option for consumers wishing to quench their thirst with a unique cooled product.
Social and cultural ...
This detailed solution describes the development of a new sports drink, naming it, and choosing the marketing strategy. It includes an executive summary, SWOT, competitive analysis, customer analysis, market situation, and potential market partners and strategy. It includes examples and links.