Within the assignment we are recommended to include the following:
? Situation analysis
? Marketing objectives
? Financial considerations
? Timetable for implementation
I have an idea along the lines of marketing my own t-shirt company is this considered a hypothetical marketing plan since t-shirts is a real product? Any help would be greatly appreciated. I know the 6 steps. I just need an idea of what a hypothetical plan is.
Please see the attached document - it is far more than you need but hopefully you will be able to pare it down and utilize all parts.
b-Green, Inc. : b-Refreshed Marketing Plan
b-Green, Inc. is an environmentally friendly company who is introducing an innovative new product: b-Refreshed. The product allows consumers to produce their own sports and energy drinks in the comfort of their own home. Not only can the consumer produce the drinks they are also able to fully customize the ingredients by combining various flavors and nutritional additives to their liking.
The b-Refreshed product is targeting Generation Y & Z males who drink the most sports and energy drinks. This target market is also concerned with their health, communicating with their friends, being involved in the community, politics, and utilizing the Internet to the utmost including social networking. Through various advertising channels b-Green, Inc. will assist the target market in not only satisfying their needs but also building the b-Green, Inc. brand and b-Refreshed market share. This will be accomplished their various vehicles including eco-vertising, social networks and a youth advisory board.
It is the goal of b-Green to revolutionize the way parents and youth view sports and energy drinks by offering healthy alternatives. In additional to the offering b-Green, Inc. is committed to changing communities to become healthier though education and various community events.
Success will be reflected not only but a sizable capture of market share, while strategically carrying the company up to the top spot as the market leader in the drink segment but also by reducing the carbon footprint of its consumers and giving back to the community.
b-Green, Inc., began with a vision to provide healthy drinks and a green alternative for consumers. Founded in 2009 it was the product of sheer frustration as two sisters were tired of running to the store to purchase their energy/sports drinks. They were spending money on gas, and if they didn't buy in bulk (which was heavy and took up room in their apartment) they were buying singles, which didn't make much financial sense, not to mention their recycle bucket was always overflowing with plastic bottles. The Carlin sisters knew there had to be a better way for consumers to get the products they love while being environmentally friendly.
The b-Refreshed system was born. The system allows consumers to carbonate water, add flavor, and create personalized healthy energy/sports drinks at home. b-Refreshed drinks is a bottled beverage and is positioned to consumers as the only make at home energy/sports drink on the market. This product presents many benefits to the consumer including cost savings and being an environmentally friendly product. More detailed benefits including the following:
Cost effective: cost savings vs. purchasing single use drink bottles.
Customization and Personalization: Make the drinks you want with the flavors and nutritional additions based on your needs and wants.
Simplicity: No need to purchase from convenience stores or purchase in bulk packaging from wholesale stores.
Sustainable Product - b-Refreshed drink system provides environmental benefits by minimizing the carbon footprint of consumers who purchase single serving drinks.
There are 5 components that make up the b-Refreshed system: drink maker machine, flavors, nutritional additives, bottles and carbonators. The b-Refreshed drink maker machine is made from 50% post consumer recycled material and its sleek design is a wonderful decorative addition to any kitchen. The drink maker is easy to use; just fill the container with tap water, slip it into the b-Refreshed drink maker, push the carbonation button a few times (more for more carbonation and less for less carbonation), next you add the flavors from the flavor packets, then any nutritional additives you desire put the cap on, give it a shake and VOILA a nutritious energy/sports drink is born.
Flavors offer the customer the opportunity to customize their own drink. The initial flavor offering includes orange, lemon-lime, orange, grape, plain and strawberry. b-Refreshed has plans to add future flavors such as cranberry, raspberry, watermelon, tangerine and mango within the first year. Additional flavors will be added but they will be based up on requested from customer via the website and/or customer service.
Nutritional additives bring something different for the customer to consider when making their drink. Now they can add ginseng, bee pollen, Goji berry and Aloe Vera based on their particular nutritional needs or energy wants. b-Refreshed is committed to providing its customers with the most up to date nutritional additives available.
The b-Refreshed system revolves around being green and cutting down on waste, namely individual plastic bottles thus the system is equipped with high pressure-resistant bottles. These bottles are environmentally friendly, dishwasher safe and last up to 5 years. There are two sizes a 2-liter and 1 liter bottle which both fit into the b-Refreshed system without any adjustments. Just as the bottles have two sizes so do the carbonators. These carbonators are made out of recycled aluminum and consumers send them in when they are empty to receive back a full one. This is another way the b-Refreshed system stays green while saving the consumer green too.
Strengths: healthy alternative, environmentally friendly, customizable, rate of growth of industry, sustainable competitive advantage through improvision.
Weaknesses: brand recognition, market penetration,
Opportunities: global opportunities, brand extension, rising environmental awareness, global expansion
Threats: competition entering the market, substitutes, volatile fuel prices
As the economy tightened at the end of 2008 and into 2009 the non-alcoholic beverage industry faced new challenges as well as new opportunities. Consumer spending is down and they are watching their wallets. b-Refreshed alleviates the cost of purchasing single serving energy/sports drinks. The middle class is looking for beverages with improved nutrition and products they can feel good about purchasing. The industry as a whole anticipates a continuation of a long-term trend toward the consumption of healthier, nutritious foods and beverages.
Consumers are more price-conscious thus private labels are gaining market share. In early November 2008, Standard & Poor's was projecting a US economic contraction that would last until about mid-2009, with the unemployment rate peaking at 7.8% in the second half of 2009, compared to an average of just 4.6% for all of 2007. Consumers are looking for ways to cut down on consumption and innovative ways to pinch pennies. This means fewer trips to the grocery store, purchasing more in bulk and price shopping.
Energy drinks have experienced a 53% increase and sports drinks a 19% increase over the past couple of years. Industry giants Coca Cola and Pepsi continue to diversify their portfolios into the energy and sports drink market with the purchase of Glaceau's vitaminwater and Fuze, as well as, Izze Natural Soda respectively.
Functional beverages are by far the hottest segment driven by energy drinks. Red Bull continues to be the leader in their category but Monster and Rockstar are challenging and overtaking in some markets. (See Appendix) With the wants and need of the consumer to be healthier the "super-fruits" continue to capture the attention of wellness enthusiasts. They offer a significant dose of antioxidants and other elements that address a myriad of health concerns. Pom Wonderful led the super-fruit movement with its pomegranate blends while Bossa Nova features the powerful Oprah endorsed Acai berry from the depths of the South American rain forests. Additional nutritional additives of interest are Goji berries, Aloe vera, bee pollen, cacao, flaxseed and agave nectar. Goji berries pack a pretty antioxidant punch and help to attack the free radical in the environment around us. Aloe Vera provides less potent detoxifying ability yet it aids in healthy digestion and immune support and function. Aloe vera and bee pollen both help with vitality, stamina and elastin repair. All of these benefits are very important to everyone as we grow older.
The interest in companies supporting sustainability and protecting the environment is also growing. Consumers are concerned with reducing their carbon footprint, precycling, and eco-friendly behavior. Looking ahead b-Green, Inc. believes that environmentally focused consumers will ask the beverage manufacturers and retailers to use packaging that is biodegradable, can be recycled, and/or uses less energy in the manufacturing process.
According to Beverageworld.com males between the ages of 13-19 consumer the most energy and sports drinks. There are a total of 147,129,583 males according to the US Census Bureau and 7.2%, roughly 11 million, fall into the range of 15-19 year olds. Approximately 27.6% of the population consists of people less than 20 years of age. The youth of today have an income and purchasing power of $233 billion. Generation Y & Z (ages 13-19) are generations like no other. Generation Y has been tagged the Net Generation. Gen Y is in touch with their parents, uses technology and have become multitasking junkies. (see Appendix B) Generation Z are very active and educated consumer. They are very important in influencing various household purchases and the objects that they surround themselves with are of great importance. Their purchases are viewed as symbols of who they are and what they desire to be. Customization and personalization are very important to this age group as it acts as a way to stand out. They are conscious of what their friends may have purchase and look to their friends for cues as to what is acceptable. While friends may play a major role in influencing purchases, advertising also plays an important part.
Youth and young adults pay particular attention to advertisements to ensure they are purchasing the right things and celebrities are key. Teens feel like they know celebrities since they are so connected to the world and information/ gossip is constantly flowing albeit on facebook, the latest blog, or TMZ. Teens and young adults read magazines, listen to rhythmic CHR (top 40), go to movies, surf the Internet and make more and more purchases online. ...
The solution helps create a hypothetical marketing plan.