You are the marketing manager responsible for launching an innovative new product called V Fusion + Energy. See this web site for more information.
You have a challenge to overcome in the marketplace. Nearly 2 in 3 people wish they had more energy, but 40% of consumers do not believe energy drinks are healthy for them. Your Vice President of Beverage Marketing believes this is an opportunity in the marketplace.
Your Vice President of Beverage Marketing has asked you to prepare a marketing plan to launch this new brand in the U.S. market. She has asked you to conduct research on the following:
Analyze the marketing environment, including the macroenvironmental factors. Outline what environmental factors you should be aware of and how you will adjust accordingly.
Perform a competitive analysis. Who are the firm's competitors and what is their positioning strategy for similar products? What are their marketing tactics?
Using the segmentation, targeting, and positioning process outlined in your textbook select your target market. Also, develop your positioning strategy.
Using the market research process outlined in your textbook, develop a research study to help you determine the pricing strategy for the product. What research method would you use and why?
Marketing plans are essential for promoting a new product within the targeted consumer industry that will increase the brand identity. Thus, the marketing plan provides a blueprint for businesses to effectively analyze the marketing environment by honing key brand identity factors and on the macro-environmental factors.
Let's take a look at the following areas included in a marketing plan for a new product entry:
- Perform a competitive analysis. Who are the firm's competitors and what is their positioning strategy for similar products? What are their marketing tactics?
With the product example, V Fusion + Energy, the product currently has significant brand awareness through the first popular all vegetable drink product V-8. Thus, the new product of V Fusion + Energy provides an opportunity to surpass the competition due to the added ingredient of green tea. The natural powder ingredient of green tea provides the exceptional marketing talking point to promoting the V Fusion + Energy product. Thus, the identified competitors are brands that are aiming for the same concept of energy drinks with sweet taste but lacks in the natural and healthy consensus test. Some competitors are in the range of:
ZipFizz Energy Drink
Marketing tactics - the primarily utilizes are social networks along with magazine placement advertising to introducing the product but in selected markets. The advertising angle to showcasing a selected product flavors to expanding the consumer targeted marketplace. In using the brand name as a unique concept, the energy drink will incorporate healthy goals in fast intake with branding product name.
Feel Energy Drink
Marketing tactics - the primarily utilizes are social networks along with magazine placement advertising to introducing the product but in selected markets. The marketing approach entails highlighting the younger demographic based on their corporate platform ...
The solution assists with preparing a marketing plan to launch a new brand.