The business of target will involve Beverly Hills City Water as the item to produce and sell. There is more of a bottled water business or market that needs to be capitalized on by a savvy business person. Thus, all the market needs for the product will have to be considered. There is an expanding consumer market, a super luxury one that ought to be explored. Among the many market segments, only a few of them can be targeted that will help develop the product and its marketing mixes.
Overview
The quality and quantity of water are critical concerns as it enters the market. Water consumption is vital as the business can keep being strong for many years with people trying to access pure water to prevent illnesses. Well-managing a bottled water company has to make it a profitable business for the company. So, its production includes water purification and packaging for human consumption. Glass and plastic bottles are the packaging materials. Beverly Hills market has a large market for bottled water. Water is drunk at a high rate, thus, a strategic plan will help gain revenue from the growing market. Also, it has to compete with other firms that have ventured into bottled water production. The company can also cater to small-scale local players.
Brand Name
The product will be named JL Water and this will be its brand name for easy marketing. JL Water will be marketed locally in Beverly Hills before advancing the marketing in other states. Start-up marketing will involve the United States and seek an international market in Canada. JL water is a name that will be easy to identify customers. The logo design will have a great influence on helping the product easy to choose and make the decision for the consumers. The brand name will help in easily rolling out the new product and get it a position and recognition in the market. The first influence is vital as it has the power to effect the brand’s growth. First memorable impression will help customers to have loyalty and value influence going forward.
Marketing Message
JL Water is unique in its production and packaging with its water from mountains and glacial lakes. Its packaging will be unique with a well-labeled bottle containing a clear company address, website, and email. JL Water’s slogan will be, ‘Feel it, Water is not tasteless.’ The water is safe and cannot be compared with tap water. Its taste is springy and many people will like it.
SWOT Analysis
A SWOT analysis will help the new business maximize its strengths and reduce the risks. In addition, this method ensures that opportunities are explored and protection established against threats. This is a strategy that will facilitate effective marketing of the item.
Strengths
JL Water will Beverly Hills City Water as a renowned area for the production of quality water in the area. People in the United States prefer bottled water from Beverly Hills due to its achievements. The quality of the branding and labeling will create a reason for liking and help consumers choose it as a preference. To help with it, the JL Water Company will have qualified personnel who are passionate about the company’s goals and objectives.
Weaknesses
The company will have concerns about the location to enable its world-class quality water to be accessible. It will look at the competition and seek to have its competitive advantage in the local small markets. For instance, the company will focus on strategic areas to avoid stiff competition.
Opportunities
JL Water Company will take the advantage of the United States population and produce many gallons of water. The production will be hourly to help target as many customers as possible. The company will look to step up and make try to meet the growing demand for safe water through supply. Many people are becoming health-conscious so the company will encourage and use it as a potential opportunity.
Threats
JL Water will ensure it meets all the government and state policies for the company which appears as a threat to new business. Adhering to the policies will enhance the trust of our consumers for quality. It will help minimize the threats in the locality of the business in Beverly Hills.
Startup Cost
The startup cost of JL Water will range between $100,000 and $150,000. The water production will not be a big size for starting. The amount will allow for use of current technology and other innovations to make the production decent. Based on a budget $19,000 will be used for marketing. There will be good involvement in the workforce to enable the efficiency of resources and help the company find its initial growth. The profit making levels in the first month will help know which market sector to invest more to get the JL Water gain revenue.
Pricing and Marketing Strategy
JL Water will use advertising as its focus on marketing. Advertisements will help make the product known both locally in the United States and in the first international target market of Canada. Advertisements will be done on electronic and print media. Also, online media will be utilized as most consumers are digital or online users.
Excellent branding of JL Water Company will help place the product out there and start building relationships with an audience. The audience slowly turn into loyal customers upon liking our product. It will get new customers who care about the brand and help place the business ahead. The product will be also marketed through locally sponsoring events or programs. For instance, local sports will help customers interact with the brand.
Pricing is also part of the market strategy that will help develop loyal customers. Customers can pay for the product through various convenient payment platforms that will be made available from the start. It will include bank transfers, POS machines, and cash payments. A good penetrating-pricing system will be used to help attract customers in the first few months. With the product being quality, selling it slightly below the average bottled water cost in the state will be a great strategy. It will give the company an opportunity to produce more quantities and gain increased marginal profit.
Target Market and Market Trends
The target market for JL Water will cut across all demographics. It will target consumers from all age ranges between, 30 -49 years and 50-64 years as its target for bottled water. Sales will be made from our stores before exploring other friendly areas and special occasions to sell our products. JL Water Company will explore the market trends to have a better start to the business. In the bottled water industry, competition seems to exist at all levels from small-medium scale or the big players’ business. JL Water Company’s best quality will be a competitive advantage. The choice of labeling will be fixed at first to make the customers stick with and familiarize themselves with the brand.
References
Benzaghta, M. A., Elwalda, A., Mousa, M. M., Erkan, I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), 55-73.