MKT703 Marketing Assignment Sample

MKT703 Marketing Assignment Sample

Introduction

In this report, the marketing process of the Irish beverage corporation named Copeland Distillery will be discussed with references to the ways the company is implicating digital transformation. The company will be introduced briefly along with the evaluation of the external and internal environment followed by the business approaches through the acquisition of the marketing mixes.

Task 1-Overview of the organisation, analysis of environmental and digital transformation

Company Overview

The Copeland Distillery is located on the northern coast of Ireland and manufactures or produces craft beverages of Irish Gin, Rum, Pot still whiskey and Single Malt. The journey has been started in 2016 and is hoisting the flag of success now from the crowd funding of £30,000 and with the help of 390 people who intended to find this firm (Copelanddistillery, 2023). The annual revenue of this developing craft producer is $5 million which shows the financial strength of the company along with another potentiality of the product diversification of the drinks (Refer to Appendix A). The current employee strength of Copeland distillery is sufficiently low with the number 7 that needs to be augmented on the large scale for excellence in the business operations (Refer to Appendix 3).  It may be argued the craft products of this company won several awards for the quality control of the drinks which is coming from the digital transformation as one of the strengths of this company.

Macro-environmental factors

UK seems the most favoured nation for its consumption of beverages where craft beers hold high market demand. Economic might has heightened the Gross Domestic Product of the country with an amount of $3.13 trillion indicating the power of purchase. On the other hand, the per capita income of this country is and value of the amount 6,613which shows the essentiality of manufacturing beers for all levels (Ons.gov.uk. 2023). The dominance of craft beers in the UK market and chances of heavy profit (Drakopoulou et al., 2019). Consistency among the innovations within the craft beer processing surging the chances of endorsement in the business, which relates with the social acceptance of the product. Ample technologies for digital transformation and mixing along with the chances of commercial optimization of the business process and operation (Pokrivčák et al., 2019). Although, the company is not able to deploy sufficient technologies that may improve the operations and compete with big brewery firms. Preservation of the Environmental Act of 2021 for reduction of the pollutants and implicating the sustainable craft brewing process for the company to regulate business sustainability.

Industrial factor analysis

Supplier bargaining power is high because of the surge in the demand for raw materials and the inversely proportional ratio of the suppliers within the greater market arena as the company owns a limited range of supply sources. Consumer bargaining power remain moderate because of the existence of the other craft-producing companies however qualities play an effective role in the reprise of brand loyalty. The threat from substitute product is high for this company as it is operating within a smaller region as many other firms may enter this premise and may outperform the company with high investment in R&D, marketing and services. Market competition is high with leading rivals of Copeland distillery are English Whisky, Pernod Ricard and Diageo. The share amount of Diageo Plc. is £780 million which may give a financial threat to this brewing firm (Duarte, 2019).

PESTLE analysis has given the overall idea of how political, economic, social, technological, legal and environmental determinants are for the magnification of the business of craft beers. Porter’s five forces portrayed the relevance of the industrial factors, namely the bargaining power and competitive threats for the company to proceed with the business of craft beer.

Summary of SWOT based on the above evaluation

The SWOT analysis shows the summary of the strength, weaknesses, opportunities and threats that are being extracted from the above analysis of PESTLE and evaluation of porter’s five forces. On the other hand, the weak points of the technical scarcities and few quantities of suppliers give the company massive threats of substitution and competition in case of innovation (Refer to Appendix 3).

The current marketing approach of Copeland Distillery

The Copeland distillery is focusing on the elevation of digital marketing to reach many consumers through diversity across social media platforms along with a housing outlook. The importance of digital strategies in modern business is enormous that helps in the process of design thinking which may improve the trajectory of the integral commercial ecosystem of a firm (Lewrick, 2018). The shipment method of this firm is currently at the base level which needs to be developed for further improvement in the in-house marketing and e-commerce process. Marketing analytics is an important part of the persuasion of e-commerce and enhances the application-based purchase process for hitting large numbers of buyers (Iacobucci et al., 2019). Moreover, creativity as a digital tool is also under the radar of the company for the elevation of the business operations and to grow of the number of sales through upgraded technicalities.

Future objectives of marketing

The first and foremost future objective of this company is to enlarge the circumference of digital transformation marketing for the amplified propagation of business operations along with the productive consequences. The detailed mode of digital transformation is among the leading objectives of the company to grow the range of the product to gain diversification and grow sales through automation in research and development and operational management.  One more objective of the company is raising brand awareness and popularity through the help of extensive marketing, especially with social media and digital endorsement. The progress in digital marketing is important for the optimization of the establishment of the familiarity and popularity of a company, especially for Small and Medium Enterprises (Makrides et al., 2020).

Task 2 – Marketing mix of Copeland Distillery

Product

Copeland Distillery is situated on Ireland’s East Coast bringing a wide range of products through its craft production in the beverage industry such as Irish Rum, Pot Still Whiskey, Irish Gin and Single Malt. The company has also extended the product range into a sanitiser range bringing in single and twin packs of 500ml bottles each. The company may develop unique gift packages for the UK market by bringing all the beverage products and merchandise focusing on British culture. The UK population, as the target audience of Copeland Distillery, may be attracted to purchasing decisions with the introduction of a new product strategy of bringing the in-house craft of fine beer.  Beer seems to be one of the most popular drinks among UK consumers as evidenced by a survey stating 17% of the population is the preferred drink of choice (Millerfoodservice.co.uk. 2023).

Promotion

Copeland Distillery is to be benefited from the development of promotional activities by following omnichannel, involving marketing activities to be promoted in both online and offline channels. The company may opt for traditional promotional activities through advertisements designed for television and radio casting to reach a larger audience both in urban and suburban areas of the UK. Omni-channel marketing is a business strategy which aims at providing the organisation with the opportunity in creating a seamless experience while shopping which includes stores, online and mobile (Jocevski et al., 2019). Moreover, Copeland Distillery may implement a push marketing strategy which is aimed at providing the company with a chance to make sales immediately. The implementation of a push marketing strategy for the company in the new market may involve the process of marketing to be both online through email marketing and offline that is through direct mailing (Yurchuk, 2021).

Price

In terms of pricing of the existing products and the newly developed products brought in for the UK beverage industry consumers, Copeland Distillery has to analyse the pricing needs of the beverage products in the new market. It is analysed that UK consumers associate the value of a new product based on the pricing, expensive products tend to be of high quality and increase the value of the brand to the consumers (Nguyen et al., 2019). For this, Copeland Distillery may include a skimming pricing strategy which may lead to setting the existing or new products at a high price range during the introduction and subsequently lower price when demand increases. The company with the adaptation of the skimming pricing strategy may be used in capitalising novelty, exclusiveness, innovation and timeliness in increasing the value of the brand (Martins, 2020). The basic components of pricing, distribution, promotion and product development are a part of the marketing mix activities which makes sense in dominating the process of production and distribution by firms for consumer needs (Visconti et al., 2020).

Place

In introducing the new brand Copeland Distillery in the UK, the company may opt for a distribution strategy in offering the target audiences the availability of the beverage products. In terms of determining place strategy, the company may opt for a direct distribution strategy which allows the manufacturer to take orders and send the products directly to the consumers (Reardon et al., 2021). Copeland Distillery with the implementation of a direct distribution strategy of alcoholic beverage products in the new UK market may be benefited from valuable insight into consumer buying behaviour and avoid sharing profits with other third-party distributors. The company involving the direct distribution strategy in terms of place marketing activities may earn a competitive edge through the development of strong consumer relationships (Suchek et al., 2021).

People

Copeland Distillery has to focus on increasing the brand loyalty of the target audiences in the UK, by providing excellence in customer services and building brand value to gather a competitive advantage. The segmentation of the target consumers as identified by the brand determines the loyalty however, the customer service employees of the brand are key in developing consumer and brand relationships (Fahy and Jobber, 2019). Copeland Distillery may implement the strategy of encouraging self-directed learning which may enable the employees in their development to build a sustainable rapport with the consumers. The company may implement the Work Engagement Theory of Kahn, which works as a strategy for the promotion of connection between self and job and increase job performance through cognitive, physical and emotional self-investment (Huang et al., 2022).

Process

In the process mix of the 7Ps marketing mix, Copeland Distillery may develop a unique delivery strategy which may present information on the e-commerce website to provide consumers with real-time data on the whole process. The company may present real-time delivery tracking options about the marketing process involved till the products arrive at the consumer’s doorstep. The company may also use the strategy of building a team specified to guide the consumers through the delivery process through required training facilities resulting in increased consumer satisfaction. The unique set of delivery options brought in by the company may lead to increasing transparency of the company towards the target audiences resulting in improved brand value.

Physical pieces of evidence

It is stated that physical evidence in marketing enables an organisation in providing tangible cues of the quality of experiences which the company is focused on offering to the new consumers in the UK market. The organisation may opt for bringing retail counters with the development of business relations with local supermarkets in the UK such as TESCO, ASDA and Sainsbury to introduce the beverage products to the new market of the UK. In determining the physical evidence strategy for Copeland Distillery, the company may focus on the development of unique packaging which plays a crucial part in bringing value to the target audiences. In terms of product development, the company may focus on a unique product strategy developing eco-friendly packaging of the goods to meet the taste of the UK population being environmentally-friendly consumers (Barone et al., 2021).

Task 3 – Statement of the reflective learning

My practical experience from this group-based project is standing upon the complete insights about the company of Copeland Distillery consolidated with its marketing process and overall development. The five steps of Gibb’s reflective cycle namely the description, feelings, evaluation, conclusion and actions are being adjoined for the evaluation of a reflective study (Pieper et al., 2021).

Description 

My learning process may be described as an insightful journey through the present business operations and strategies of Copeland Distillery for the attainment of success and enlarging the commercial peripherals. I have also gained profound knowledge about the political, economic, social, technological, legal and environmental factors of the UK that may help me to showcase my thoughts and comprehension in the future project.

Feelings 

I have felt that there is a massive gap in the knowledge of industrial analysis precisely on Porter’s five forces framework in which my group-mates have helped me. In my feelings, I am more proficient in Pestle analysis which has benefitted my group members with a huge amount of information.

Evaluation 

It may be evaluated from the above analysis and experiences that the sharing of knowledge among all the members is not good enough which might impact the project with notable deficiencies. Arguably individual efficiency including mine is praiseworthy within this project work that may help in the personal insight development of the team members regarding the topic.

Analysis 

I may take the factor of absent knowledge distribution as a challenge and hence from my end the cent per cent insight about my place of expertise that is PESTLE may be served to other members of the teams. Opposingly, the in-depth viewpoints of the team-members may privilege me with detailed perspectives and explanations that will help me in the future for any project persuasion.

Conclusion 

I might have done the interaction with other members through effective communication to magnify and vivid my knowledge peripherals concerning the topic of the report. I, my perspectives on Porter’s five forces and industrial analysis and soft skills of communication are weak which might be enhanced.

Action plan

Table 3: An action plan for the development of communication and (Source: Self-Created)

Conclusion

From the above report, it may be concluded that the Copeland Distillery is trying to accelerate the interface of digital marketing to increase the sales of the products. The marketing mix and analysis of the external and internal environment with current strategies and future objectives have been done in this report.

References

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Drakopoulou Dodd, S., Wilson, J., Bhaird, C.M.A. and Bisignano, A.P., 2018. Habitus emerging: The development of hybrid logics and collaborative business models in the Irish craft beer sector. International Small Business Journal, 36(6), 637-661.

Duarte, A.M.B., 2019. Equity Research: Diageo Plc (Doctoral dissertation, Universidade de Lisboa (Portugal)).

Fahy, J. and Jobber, D., 2019. EBOOK: Foundations of Marketing, 6e. McGraw Hill.

Huang, S.Y., Huang, C.H. and Chang, T.W., 2022. A new concept of work engagement theory in cognitive engagement, emotional engagement, and physical engagement. Frontiers in Psychology, 12, p.6503.

Iacobucci, D., Petrescu, M., Krishen, A. and Bendixen, M., 2019. The state of marketing analytics in research and practice. Journal of Marketing Analytics, 7, pp.152-181.

Jocevski, M., Arvidsson, N., Miragliotta, G., Ghezzi, A. and Mangiaracina, R., 2019. Transitions towards omni-channel retailing strategies: a business model perspective. International Journal of Retail & Distribution Management.

Lewrick, M., 2018. The Design thinking playbook: mindful digital transformation of teams, products, services, businesses and ecosystems.

Makrides, A., Vrontis, D. and Christofi, M., 2020. The gold rush of digital marketing: assessing prospects of building brand awareness overseas. Business Perspectives and Research, 8(1), pp.4-20.

Martins, F.M.L. (2020). The idea of exclusivity in luxury: is it real or created?: a study on how to grow and remain exclusive. Thesis (PhD).

Millerfoodservice.co.uk. 2023.  What is the most popular drink in the UK?: Miller Food Services, Default Store View. Available at: https://www.millerfoodservice.co.uk/blog/what-is-the-most-popular-drink-in-the-uk.html#:~:text=Britain’s%20favourite%20alcoholic%20drinks&text=Beer%2C%20it%20seems%2C%20is%20the,favourite%20drink%2C%20regardless%20of%20brand. [Accessed: February 28, 2023].

Nguyen, D.H., De Leeuw, S., Dullaert, W. and Foubert, B.P., 2019. What is the right delivery option for you? Consumer preferences for delivery attributes in online retailing. Journal of Business Logistics, 40(4), pp.299-321.

Ons.gov.uk. 2023  Rizzo, M. (2022) UK real net domestic product per capita CVM SA, UK Real net domestic product per capita CVM SA – Office for National Statistics. Office for National Statistics. Available at: https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/mwb6/ukea (Accessed: February 28, 2023).

Pieper, M., Roelle, J., vom Hofe, R., Salle, A. and Berthold, K., 2021. Feedback in reflective journals fosters reflection skills of student teachers. Psychology Learning & Teaching, 20(1), pp.107-127.

Pokrivčák, J., Supeková, S.C., Lančarič, D., Savov, R., Tóth, M. and Vašina, R., 2019. Development of beer industry and craft beer expansion. Journal of Food & Nutrition Research, 58(1).

Reardon, T., Heiman, A., Lu, L., Nuthalapati, C.S., Vos, R. and Zilberman, D., 2021. “Pivoting” by food industry firms to cope with COVID‐19 in developing regions: E‐commerce and “copivoting” delivery intermediaries. Agricultural Economics, 52(3), pp.459-475.

Suchek, N., Fernandes, C.I., Kraus, S., Filser, M. and Sjögrén, H., 2021. Innovation and the circular economy: A systematic literature review. Business Strategy and the Environment, 30(8), pp.3686-3702.

Visconti, L.M., Peñaloza, L. and Toulouse, N. eds., 2020. Marketing management: A cultural perspective. Routledge.

Yurchuk, N., 2021. Digital marketing tools in the context of digitization processes. The Scientific Heritage, (61-1), pp.32-41.

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