Marketing strategies consist of actions carried out to achieve specific objectives related to the promotion of a product or brand.
The main aim of a marketing strategy is to create and increase awareness of either a new or an existing brand or product so that sales can be increased besides gaining a greater market share (Kotler & Keller, 2012). Hence, a rigorous marketing plan is required to promote the new sports drink developed by the company.
In order to design effective marketing strategies or plan for the above product, it is crucial to take into account the desired company’s goals, available resources and capacity of the firm to meet the demand and supply of the market. It is prudent to analyze the targeted audience.
This essay offers a brief and succinct marketing plan for the newly developed sports drink.
Marketing strategies
Apart from analyzing the marketing target of the new sports drink, it is necessary to explore the current level of competition in the targeted market.
After this exploration, the marketing management team can create strategies that may permit the company to capitalize on the competitors’ weaknesses based on the techniques they are using to deliver their products to consumers.
For the best management of marketing strategies, it is prudent to divide or classify them into four aspects (Yannopoulos, 2011).
To begin with, the marketing plan for the sports drink should focus on the nature of the product itself. For instance, how is the quality of the drink?
Second, the pricing strategy ought to be devised and tested for validity. Third, distribution strategy for the drink is equally fundamental.
Finally, promotional (or communication) strategies should be clearly identified for the sake of sensitizing the market. The aforementioned elements of marketing mix will indeed be instrumental in ensuring that the sports drink is marketed successfully.
Product strategies in the marketing plan
A product is a good or service offered or sold to consumers. In this case, the product to being marketed is a sports drink that can remain cold for up to six hours. A number of strategies may be used to promote this product in the market.
First, new features should be added to the product (Kotler & Keller, 2012). For example, the targeted customers should be informed that the attributes, benefits, enhancements, functions, utilities, and applications of the new sports drink supersede those of the competitors.
The drink can be manufactured with less sugar content. Minimal use of preservatives is also highly recommended as part of the marketing strategies for the sports drink. Besides, the manufacturer can alter the product design, presentation, packaging, labeling, coloring and logo (Allender & Richards, 2012).
Launching a new line of complementary product will also enhance marketing of the sports drink. In other words, the manufacturing department should ensure that the new sports drink primarily compliments competitors’ products in terms of features and other attributes.
Moreover, the company should make sure that there is a return policy for the sports drink especially if a customer is not satisfied after an initial purchase.
Pricing strategies
A price refers to the monetary value attached to a good or service at the time of offering or selling it to buyers. The management may use numerous strategies to set the most competitive price for the new sports drink.
For example, the management should launch the new product with a low price in order to achieve rapid penetration and harboring in the market. Alternatively, the firm may launch the new sports drink with a high price in order to take advantage of purchases made as a result of the novelty of the product (Yannopoulos, 2011).
In regards to price reduction, it will attract more customers and consequently boost sales. Increasing the price of the drink will assist in attaining a higher profit margin. However, the latter strategy should not be initiated when the product is being launched into the market.
Price increase should come later after universal market acceptance of the sports drink. Price reduction below those of the competitors will obviously expedite sales. Better still; the marketing department should consider offering discounts for bulk purchases at the time when the product is being introduced in the market.
Distribution strategies
Distribution refers to locations or outlets where a product is offered or sold to consumers. It also implies the delivery or transfer options that can be used to avail a product to consumers (Kotler & Keller, 2012).
Distribution is part of a marketing plan. The company ought to use intermediaries such as agents, local distributors and retailers in order to achieve greater coverage of the sports drink. Creating a website or an online store for the product is also another viable distribution strategy that can assist in marketing the drink.
Additional strategies under this domain include selling the product through phone calls, emails or open-air campaigns, intensive distribution strategy, selective distribution strategy and exclusive distribution strategy.
Communication promotional strategies
This strategy increases awareness, informs or reminds buyers about the existence of a product. It should be able to persuade, encourage and motivate consumers to buy and consumpe a product.
Communication strategies include tender offer to acquire two products for the price of one, tender offer to purchase a second product at half price for the purchase of the former, working with coupons or discounts, and awarding small gifts to major customers (Yannopoulos, 2011).
Other strategies include advertising in print and electronic media, organizing road shows, using banners and advertising posters as well as printing and distributing leaflets, flyers and business cards to the targeted audience.
References
Allender, W. J., & Richards, T. J. (2012). Brand loyalty and price promotion strategies: An empirical analysis. Journal of Retailing, 88(3), 323-342.
Kotler, P. & Keller, K. (2012). Marketing management (14th ed.). Upper Saddle River, N.J.: Prentice Hall.
Yannopoulos, P. (2011). Defensive and offensive strategies for market success. International Journal of Business and Social Science, 2(13), 1-12.