Core proposition
This strategy is about an offer of bottling water to the Hong Kong market as the target audience. Bottled water is not something new in this market so some of them may be aware of the advantages of consuming it over traditional water.
It is likely that this product will receive a great reception from these intended members because of the fact that it contains minerals like sodium chloride and magnesium sulphate which are healthy for them.
This makes them healthier and better tasting than ordinary tap water. This specific brand of bottled water has vitamin C as an additional feature that makes it quite distinct from the other brands in the market and this is likely to make it stand out from the rest.
The central promise to the Hong Kong market is to offer them bottled water that will contribute to better health and will be accessible to them because of its low prices. The quality of the product will be top notch and customers can prove this through ISO standards followed during the product’s production process (Raymond, 53).
Competitive positioning
The first thing that will distinguish the product from the competitors’ offerings is the fact that the new brand will be healthier than the offerings. It will contain an added mineral that is not prevalent in other bottled water brands in the Hong Kong market which is vitamin C. This means that consumers can benefit from better immunity against diseases and better functioning of body organs.
This particular brand will also stand out from the market because of its competitive pricing. This will be designed to reach those individuals who may want to enjoy the benefits of bottled water but may not have the financial backing to do so. Our product will also be environmentally friendly.
The packaging utilised and the production process will be eco friendly. This is likely to appeal to those individuals who are highly concerned about the sustainability of consumer products (Laemer & Simmons, 71). Lastly, the product will be better tasting than any other commodity in the market especially in the sparkling market.
Marketing objectives
- To gain twenty five percent market share of the bottled water market in a period of one year.
- To inform 60% of the Hong Kong consumer market about the product
- To alter perceptions of bottling water in Hong Kong
These objectives relate to the market share, positioning and competitive place of the firm. It should be noted that there are eleven bottling waters companies in the Hong Kong market already and some of them include Evian, Snowy mountain and Iceni.
This means that in order to be realistic, the company needs to work with a relatively small market share which in this case is twenty five percent. The best bet for the firm would be focusing on the sparkling market because this is the least competitive i.e. it only has three competing firms.
The other marketing objective concerns product turnover
- To achieve a 95% product turnover
- Marketing strategy
The target audience for this product will be the Hong Kong market. This will comprise of individuals from all parts of the region i.e. middle, low and high income earners. All individuals need to replenish their bodies with the fluids provided with the SME company and they could therefore purchase this product. These potential consumers will be accessed within a period of one year.
The brand image to be marketed is a high quality water product with great accessibility owing to its prices. This marketing plan will be communicating to those individuals who own television sets and radios because those will be the marketing tools. It will be a considerable part of the population because almost all of them have access to these means of communication.
In the strategy, the company will be trying to inform them about all the potential benefits of their product and will also be getting them to buy it. They will be convinced to this owing to the superior taste, low price, high standards found in the product. The members of this target audience can be found in different parts of Hong Kong as TV and radio use is not a problem.
It will be preferable to speak to the audience at different times of the day such 9am, 12 noon, 3pm, 7pm and 9pm. Those are the times when people tune into their televisions and it would be a good time to capture their attention through information from the company. The media strategy will be advertisement; in particular television and radio advertisements.
Product development will be an essential part of this strategy because the company will be introducing a modified product from what is already in the market currently; it will have certain mineral additions that make it taste better.
Packaging development will also be another important phase of the strategy because the product will be placed in very striking packaging designed to attract the attention of the consumer while visiting supermarkets. Lastly, the strategy will entail pricing strategies. Here the product will be sold at a lower price than other bottled water brands in the market so that it can penetrate into the market (Laemer & Simmons, 8).
References
Raymond, M. (2003). Organisational strategy, process and structure. Stanford: Stanford University press
Laemer, R. & Simmons, M. (2007). Punk marketing. NY: Harper Collins