1. Company's Target Market
A target market is a collection of consumers or business organizations that use the products and services produced by a given company. It is essential that because these people will probably always require the products and services, it is wise for the Company to come up with marketing efforts that will help reach them easily (Giroud & Mueller, 2011). For Better Drinks Company, the purpose is to come up with a proper plan that will enhance the Company's relationship with its customers so that it can build a long-term relationship so that it can realize its objectives as outlined in the mission and vision statements. It is true that the best the Company can offer to its target market is marketing to these buyers and other consumers.
a. Analysis of the type of consumers
Having identified the target market of the Company, I went deeply to look for more excellent details about these customers being part of the concern of the Company so that it could be able to know the different customers it is dealing with regarding education level, age, gender among others. In doing this, Better Drinks Company, therefore, defined the target market using these elements by firstly finding the approach that is closer in describing these customers. The following were differentiated about the target market (Ryan & Bauman 2016).
By knowing the age of the target market, the Company stood in a position to be able to distinguish different ways of dealing with its customers. This is by finding the appropriate ways to address the youths as well as the aged in luring them to buy the products as well as informing them of new changes in the product offered at terms prices, quality and quantity provided to them.
To successfully market products in the market, it is essential for a Company to differentiate the education level of its target market (Ryan & Bauman 2016). This is beneficial because it aids in knowing the manner in which to address the different levels of the Company's customers. Some customers with high education level would want to be treated professionally as opposed to those whose education level is down and any language can fit them.
This is another essential element that a Company must be aware of. It will help in knowing the financial capability of the target market. It is also used by the company to define the prices of Better Drinks products and other services.
The Company must be aware of the gender type that it is serving with goods. In doing so, it will be in a pole position to know the kind of products it should deliver to them. If it is a male-dominated market, then the company will provide Better Drinks products which are liked by a male vice versa in a female dominated area (Giroud & Mueller, 2011).
Being that the community is inhabited by a single ethnic group of about six thousand people, it is easier to communicate and manage their demands as the number offers an excellent base for the customer of Better Drinks.
b. Demographic information of Better Drinks Company
As much as it is in the interest of the Company to know the demographic profile of its customers, it is equally essential for the Better Drinks Company to disclose its demographic profile to the customers so that they can understand how it carries out its production activities and any other relevant information that is necessary to reach them.
The age of the Company
This is important for the customers as it will help them understand whether the company is established or not. In this sense, the local consumers and other outside buyers will be able to understand the company's production activities.
Number of employees
Better Drinks Company has to disclose the number and type of its employees so that it communicates with the local community that it has met the requirements and ethical standards and expectations of the community concerning employment expectations.
The company must inform its customers the region it is located within the community so that they can easily access the products and services offered by the company conveniently without any delays.
The number of office locations
Better Drinks Company, being a new business that has just taken a few years still operates within the head office. The market is contemplating opening up of new branches soon of which appropriate information using appropriate means will be communicated to the customers.
The infrastructure of the company
It is important for customers of a Company's products and services to know the ownership of the company. This will help them to prepare their mind concerning uncertainties that always affect company ownership. They can as well decide to buy a share from the company. In the case of Better Drinks Company, which exclusively deals in the non-alcoholic product, it is wise for the customers to understand that the company is privately owned.
2. Asses the Company's competition
This is a collective action in any market and business. It involves rivalry between companies who are producing and selling similar products and services with the aim of realizing profits and market share regarding growth. Competition motivates companies to increase volumes of sales by utilizing the following. By knowing and understanding the competition is an essential step for Better Drinks Company. This will help me in designing appropriate market strategy.
Factors used in assessing competition
Three types of completion involve; the direct competition where similar companies are offering similar products and services as well as employing the same strategy to win the market. The second type of game is indirect where the same companies are providing similar products even though they use a different approach to acquire the market share. Lastly is the replacement competition where a company produces products and services that can be used in place of the beverages that Better Drinks Company is producing (Giroud & Mueller, 2011). To acquire a market portion, a company must adopt a strategy that will best suit its objective of revenue growth.
Defending the Better Drinks Company strategy
Among the approaches that are always taken by these companies include; production of quality products, method of place which primarily involves delivering of the products to where consumers require them, promotion strategy so that many people can be aware of the availability of the products and services produced by a company and finally price strategy which as Better Drinks Company, we adopted. This was backed up by the argument that with reducing the prices of these non-alcoholic drinks, many consumers will be encouraged to consume them (Kotler & Armstrong, 2010). Another reason was that because this is more of a community company, with lower prices, it will be pocket-friendly to the many low-income members of the society.
Defending the Plan of the Company to Differentiate From the Competition
It is true that almost all business face any competition. The best way to make your company different from that of competitors is by coming up with a strategy and sticking to it. In differentiating Better Drinks Company from other competing businesses in the market, the pricing strategy has proved to be very useful in the sense that by selling these beverage products at lower prices, they are sold off faster, and the company realizes average prices. This too prevents drinks from going bad more quickly.
3. Clarifying the Company's message
In explaining the message of the company, the following are considered.
- Finance: where the company has put in place atop pricing strategy which has helped Better Drinks Company to rip higher margins.
- Freedom: the company is getting into a market where a good proportion of the community consumes its products many times each day.
- Future: the market for juice products that the company produces have been growing and will maintain the trend.
- Function: another message that Better Drinks Company will be conveying to the market is about the readiness to drink products, cold juice that can be consumed any time of the day (Kotler & Armstrong, 2010).
The most significant message of Better Drinks Company is for our esteemed consumers to be aware that we are a top brand. This will help the company because as our consumers pride themselves on quality products and the status, they drive the new customer into the business too.
4. Marketing vehicles
The only sure and the most effective way consumers can be informed about products and services offered are through marketing. It is helpful in increasing the awareness of the brand. Marketing methods have been changing over the years, and the most6 common and modern way is online marketing. Better Drinks Company also adopted this marketing vehicle in a bid to capture more customers using some of the following methods (Giroud & Mueller, 2011).
- Advertising through Facebook: the fact that many people access Facebook will help the company to more customers from this platform.
- Social Media marketing: it does not matter the type of social media the company uses to market its products. What is essential is informing consumers about the products. Various ways can be used in monitoring conversations in the social media. Social media is also helpful in promoting the strategy of the company (Marconi, 2005).
- Marketing through YouTube: this is another important platform for doing marketing that the company will be exploiting. It is important to note that most marketers are using you tube to advertise their products and services. However, a significant challenge is in growing followers.
- Localization: this is another marketing method that the company will be exploiting as it will help the company to locate the location of its customers. This type of marketing though demands discretion on the part of marketers when applied appropriately, it enables the company to reach the local consumers (Giroud & Mueller, 2011). Nevertheless, the company being a local company serving mostly local and partially informed population regarding technology, we will use other local measures as the need arises to market the products and services of the company.
With all the above having been stated, it is important to conclude that marketing requires a complicated procedure that when keenly observed, the Company will be in a better position to establish its customer base and have a better future regarding its growth concerning service delivery and its size.
Giroud, X., & Mueller, H. M. (2011). Corporate governance, product market competition, and equity prices. The Journal of Finance, 66(2), 563-600.
Kotler, P., & Armstrong, G. (2010). Principles of marketing. Pearson education.
Marconi, J. (2005). Creating the Marketing Experience: new strategies for building relationships with your target market. South-Western Pub.
Ryan, C. L., & Bauman, K. (2016). Educational attainment in the United States: 2015.
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