05 Marketing and Services Assignment Sample
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Introduction
The above report discusses about a product which is been selected from the beverage section. The product chosen for the report is a Cold Drink product. The report discusses about the product and the Product’s STP i.e. segmentation, Targeting, and Positioning. At the same time the report also discusses about the SWOT Analysis of the product i.e. the Strengths, weaknesses, Opportunities and the Threats of the product. Additionally, the 7P’s of the product Cold Drink will also be discussed in the report. The 7P’s are the Place, Price, Promotion, Product, Physical evidence, People and the Process. At the same time, the report will also discuss the strategies been adopted for the product Cold Drink.
STP (Segmentation, Targeting, and Positioning)
Segmenting: Segmentation refers to get an understanding in regard of why people buy or purchase a particular product or services. At the same time, it means that who are the ones you can satisfy fully and what all you can do so that people get attracted towards your product and purchase it (Kazbare, et al., 2014). Additionally, it means to identify the market which has to be segmented. It is not possible to select the whole market and then deliver the product, the market has to be divided in segments and then the product is delivered according to needs of the segment (Blasius and Mühlichen, 2010). All the segments are not similar there are differences in the market segments. A market segment is done on various basis; demographic, geographic, behavioral, psychographic.
STP of cold drink-
Segmentation:
| Type of segmentation | Segmentation criteria | Cold Drink target segment | ||
| Geographic | Region | International (Australia) | ||
| Density | Urban/ Rural | |||
|
Demographic |
Age | 15-45 | ||
| Gender | Females & Males | |||
| Income | Average, middle class and high earners | |||
| Occupation | Students, employees | |||
| Life-cycle stage | Bachelors, newly married, etc | |||
|
Behavioral |
Benefits sought | Refreshment, good taste, etc | ||
| User status | Regular users | |||
| Psychographic | Social class | Working, middle and upper class | ||
Targeting: Targeting means that after you have divided the market according to different segments, now from the different segments you will decide which segment to target. For cold drink various market segments are been targeted MacDonell, et al., (2012). For Cold Drink they have targeted mostly the youngsters between age group 15-30 as it includes both college and school students and also the working employees. Target market is the group of customers that exists in a market that a business will decide to capture by putting all its marketing efforts. The size of the market should not be very large so that it becomes difficult to capture and deliver the product (Taber, et al., 2011).
Positioning: Positioning refers to the unique place the product occupies or holds in customer’s mind. It is one of most significant or vital attributes as per the customers. It states the various benefits the customers sought from the product and what differentiation the product made in the customer’s mind. It is very important to decide how you want to position your product to target the most important customer segments (Noseworthy and Trudel, 2011). The goal of positioning the product is to offer something unique and which is very different from others, which more valuable as compared to your competitors to a particular market segment. For this cold drink the company should identify who are the target customers, and should then analyze the market and the completion that is prevailing in the market, and then the company should define the competitive advantage, identify its relevant and significant attributes and then finally should then communicate and deliver the selected position to the customers (Noseworthy, et al., 2010).
SWOT Analysis:
SWOT Analysis refers to the Strengths, Weaknesses, Opportunities and the threats. It is referred to as the practice of identifying the organization’s internal strengths and weaknesses and also its external opportunities and threats. Strengths- the Strengths refer to what your organization or business enterprise is good at and does better than your competition. It is further the internal attributes or elements, the resources that support a successful outcome. It also means that what are the positive aspects that adds value in your business or offers the company a competitive advantage. Weaknesses- the Weaknesses refer to what are the aspects your company needs to improve (Helms and Nixon, 2010). It includes the internal attributes or elements that work in against the successful outcome for a company. These include all those aspects that provide a competitive disadvantage to the company or organization. The areas where the company should improve itself. Does your business have the required workforce, resources, etc? Opportunities- the opportunities refer to the external factors that can help a company can utilize to take an advantage. At the same time, it mentions all the reasons your business organization is likely to prosper (Sarter, et al., 2010).The strengths can be used to provide an opportunity to a company. Threats- the threats refer to the advantages that are with the competitors as compared to your business. These are further called as the external factors that are likely to jeopardize your business organization’s success. The threats that can prevail in a business includes, situations that threaten the marketing efforts of a business, the strong competitors present in the market, challenges or issues created by unfavorable environment, any new technology shift or advancement been introduced, etc.
The SWOT Analysis of Cold Drink:
Strengths– the strengths of our cold drink are as follows:
Brand Equity- The product of our company has a high brand quality in the market as it is been preferred by a lot of customers. It has also been awarded as the best tasty cold drink award in 2010. It also has a global presence and unique brand identity. Large market share- The Company has only two competitors in the beverage market segment. The customers will find our cold drink wherever they go as it has a global presence .Customer Loyalty- The customers are very loyal towards our products and are the regular loyal users for our cold drink. Because of the good taste and as it is also healthy for the customers they become loyal towards the brand (Mainali, et al., 2011). The other strengths of our cold drink product are high penetration in urban as well as the rural markets, excellent advertising campaigns to attract the customers, available in all sizes, etc.
Weaknesses– the Company faces the competition from big brands such as Pepsi, Coco-Cola. The product diversification is also poor. The continuous pressure exerted by the other brands resulted in limited market share for the cold drink product of our company. The competitors have introduced much cheaper products in the market (García-Almeida, et al., 2013).
Opportunities– the Company have lots of opportunities that it can utilize to overcome its weaknesses and to maintain its position in the market and within the customers. The company can diversify its product range i.e. it should not only deliver or provide the customers with cold drinks; it can also sell different other unique products as well to its customers. The company should also start to cater different other target markets where its reach was once not possible. It can launch its product in a country like India where hot summer weather is a big issue (Laeequddin, et al., 2016). So the company can utilize this opportunity and can launch its cold drink in India and gain access to a larger market share. The company can also improve its supply chain which will help to save its transportation costs. It can also use the celebrities to promote and advertise its product in the market.
Threats– the Company also faces threats as other companies. The threat which the company faces is form the other strong competitors present in the market. The threat is also from the other substitutes such as the fruit juices (Kvitsand, et al., 2017).
7 P’s analysis
The 7P’s analysis defines the marketing strategy of the company by the use of different marketing mix tools. The 7P’s analysis includes the several marking mix tools such as Product, Price, Place, Promotion, People, Physical evidence, and Process.
Product
A product is anything that is offered by the company to the target market for the purpose of the successful business. The product of the company should be attractive for the consumer for making the business successful. In concern to the cold drink product, the product should include the design, technology, branding, and packaging to attract the people. Additionally, it can be found that a successful cold drink company creates the consumer need by developing the attractive and tasty product (Al Muala and Al Qurneh, 2012). The company provides the perfect product that creates the value of the product in front of the customer. The company also created the system, which provides the support to the customer by the feedback. The quality of the cold drink is very good with the valuable brand name. Moreover, this product of the company mostly targets the young age and teenagers because they prefer the cold drinks as a beverage in the party (Pomering et al., 2011).
Price
The price of the product is essentially an amount that offers by the customer to buy the product or use the service. It is the most important in the marketing of the product and highly impacts on the demand for the product. The company provides the best pricing policy to attract the customer and make them a loyal customer. The pricing policy provides competitive price to the company that is helpful to make the market position of the company. The company increases the price according to the competitor’s price because the company does not fight on the price of the product (Lee and Kotler, 2011). The company provides the average price of the cold drink product that covers the cost and attracts the loyal customer. This pricing policy also provides the profit to the company after covering the cost. The company can achieve the organizational goal by the use of effective pricing policy.
Place
The place is the area where a consumer can buy the product. In the other word, the distribution is the place of the product, where the consumer can purchase the needful product. The place is the tool of the marketing mix, which provides the product to the customer at the right place in the right quantity to fulfill the consumer needs (Armstrong et al., 2014). The company has chosen the Australian market as a place to distribute their product in an effective way. At the same time, the company has covered all the area of the Australia that includes the rural, urban and suburban areas to distribute the product in the overall country. According to the survey by the company, it can be found that the company has a good delivery performance to cover the market. The company includes the retailer, wholesaler, and direct selling, for making the easier process of the buy the product by the final consumers.
Promotion
The promotion is the way to increase the selling of the company by offering some attractive things to the consumers (Morrish et al., 2010). The promotion can be done by the different activities in an organization like advertising, sales management, provide special offers, management of the sales, exhibition, etc. The company uses the good promotion strategy to attract the customer and increase the sales by making a loyal customer. The company provides the offers on the special occasion and makes concentrating on the brands of the company to promote the customer and positively communicates with the customer. The promotion strategy of the company differentiates their product for the effective competition in the target market of the Australia (Gordon, 2012). In addition to this, the company uses the discount offers, new packaging, change in taste, brochures and advertisement through TV, radio, newspaper etc. to promote the product in the market.
People
The company is represented by the organizational people such as management, employees, and workers. The target market and people are directly connected with the business that helps the business for development. The employees and service of the company play a vital role in the marketing of the products of the company. The company provides the training to the organizational people for the purpose of delivering the superior quality of the production. The people of the company create the image of the company by the achievement of the mission (Chrysochou, 2010). In the company, it is found that the staff members help the company to represent the good culture of the business. The staff members also provide the highly innovative ideas for the marketing of the product that makes the positive image of the company. The people are the internal competitive advantages of the company because they always try for the success of the business.
Physical Evidence
The physical evidence includes the physical establishment of the business, which delivers the products or services to the consumers (Chikweche and Fletcher, 2012). It is the environment where the product is delivered to the final consumer and provides the tangibility of the product or service. As physical evidence, the company provides the products (Cold Drink) to the customer that has a specific smell and taste. The company has a proper building, equipment, production machines, logo, business report, the website of the company, etc. that represents the physical evidence of the company (Al Muala and Al Qurneh, 2012). The physical environment of the business helps the company achieve the marketing objectives by the use of different brands in the cold drink.
Process
The process is the tool of the marketing mix, in which the company decides that how the product should develop to make the position in the heart of the customer. The business process helps to develop the product and provide it to the market for the consumption. Additionally, the company decides that the consumer should consume the product with the highest attraction. In this process, the company applied the attractive strategy to cover all the market areas of the business ((Lee and Kotler, 2011). The company deals with the consumer for providing the best quality in the product to attract more consumers. The well-defined process of the company is helpful to reduce the cost of the production and sale the product in less price than a competitor. The process of the company is difficult, but highly attractive for the consumers and help to make attention to the product consumption.
Strategy
The company should use the penetration pricing strategy for the cold drink products to adjust their price. Additionally, in the product, the company differentiates their product by changing in the packaging and using the extension strategy to increase the sales (Chikweche and Fletcher, 2012). The promotion of the company is done through the advertisement, acquisition of small organizations, and discount. The company will distribute their product through direct selling and wholesale to retailer and retailer to customer.
Conclusion
From the above analysis, it is concluded that this paper includes the SWOT analysis of the cold drink product to determine the positive and negative aspects of the organizational products. In addition, it is also concluded that this paper also discussed the STP analysis of the products of the company, which is helpful to create the brand image in the beverage sector in the Australia. In the STP, the segmentation, targeting, and positioning of the company is described to build the target market and make planning according to them. Additionally, from the analysis of the 7P’s marketing mix tools, it is concluded that the effective marketing is possible only by the use of marketing techniques. The organization has also adopted the proper strategies for the success of the cold drink product.
References
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