Introduction
The basis of this report is to analyze the general marketing strategy of the business organization. The report also outlines the fundamental steps for the application of strategic marketing. The external and internal threats are also analysed.
A comprehensive analysis of the basic market factors is important. This report acknowledges this significance and analyses various market factors that have influence on market performance. An examination of the historical background and the general corporate strategy for the corporation is important.
It is eminent that the various strategic marketing principles are appropriate. Particularly, this is applicable in the design and implementation of strategic marketing plans.
The potential challenges require an adequate analysis (Fernando 2010, P. 14). Ideally, it is part of the needs assessment. Needs assessment is pertinent in the development of a successful marketing approach.
The development of a possible marketing mix is important. The report includes the analysis and proposal for the most applicable “4 P’s” of marketing. Other limiting and promoting factors require a proper analysis. These might include the consideration of legal and ethical issues that have the capacity to manipulate the general business performance.
Any comprehensive strategic marketing plan must present the basic expected benefits. The analysis of these expected benefits must be eminent, considering the disparities between different strategies applicable in marketing. Perhaps, it is vital to note the historical background of this business organization. The company achieved a state of incorporation by 1994.
The corporation has a remarkable and explicit record of accomplishment of performance (Foley 2007, P. 29). Principally, this is notable from 1995 during the launch of their internationally acclaimed iceberg vodka. The initiative seems sustainable relative to other potential competitors. This is evident within the international and domestic contexts.
Generally, the utilization of the domestically grown corn in Ontario increases the easy availability of crucial raw materials. The business organization has steadily risen in the competitive bracket within the global market. The company continues to excel amidst the increased competition (Joseph 2010).
There are other several and diverse limiting factors that face the company. The increased level of technology, transformations in the media industry and globalization impacts are eminent. Individuals and other relevant consumers of the product have also changed their tastes and preferences.
The companies have to adopt strategic marketing plans in order to be more competitive and establish powerful brands. In this context, there is an urgent need to identify the various market segments. Apart from this, comprehensive analysis of the important and other influencing market elements is critical.
The Statement of Fit with Corporate Strategy
An appropriate corporate strategy is important for effective performance. Business organizations must appreciate the need to adopt and practice efficient organizational policies. This is vital in the present competitive global and domestic markets.
Marketing is an activity or process that involves diverse initiatives aimed at improving the level of sales (Johnson, Scholes & Whittington 2010, P. 10). It may involve he creation, communication, dispensing and even the exchange of certain offerings. These offerings must have specific values.
Particularly, the values must be important to the various customers, the general clientele as well as other important parties within particular societies. The processes involve both the science and art.
Therefore, it must follow a specific channel, procedure or strategy. This explains the significance of development of a significant marketing strategy plan.
The term strategy may mean or relate to the method in which any business entity or organization performs its basic processes. For instance, it may refer to how these organizations have the capacity to determine and fill an existent gap. Such gaps must be appropriate in the utilization of a specific opportunity.
A strategy also helps to mitigate eminent risks notable within the external and internal business environment (Dransfield 2001, P. 34). It is important to note that the efficiency of any strategy depends on diverse factors. For instance, it may relate to how sufficient a given organization has the potential to unearth its resource limitations.
Canadian ICEBERG VODKA Corporation must adopt a corporate strategy that is capable of enhancing its level of competitiveness. A critical analysis of the Canadian ICEBERG VODKA Corporation’s strategy indicates considerable lessons (Joseph 2010). Evidently, various loopholes and benefits emanate from the corporate strategy.
The historical analysis of the corporation indicates its persistent dedication to efficiency and novelty. Particularly, its venture into the field of iceberg production caused a remarkable market stir. This effect was eminent within the general global marketplace.
There is an eminent effective utilization of the locally available raw materials. The most appropriate corporate strategy for this business organization must embody several positive elements. It must be able to address critical concerns relating to the performance of the business.
The focus of the corporate strategy must be to focus on the utilization of pertinent resources. These might include raw materials, human resources, and even the financial resources. The fundamental objective of the corporate strategy must remain on the maximization of the potential synergies (Kapferer 2012, p. 44).
These must prevail across all business units. Apart from this, the concentration must be to offer a sustainable and competitive advantage. This will help the Canadian ICEBERG VODKA Corporation to remain more competitive. This must be both domestically and within the overseas market.
An effective corporate strategy positively dictates the general marketing strategy. Ideally, any market strategy must be comprehensive. This relates to the factors important while addressing the competition, clientele needs and sustainability.
Adequate application of relevant technology must be eminent. Generally, marketing and advertising initiatives have undergone immense transformations. These are largely due to the high level of technology (Lindgren & Bandhold 2003, p. 67).
With the emergence of increased social networking, media marketing is set to transform. This explains the need to learn and integrate appropriate technology within all marketing strategies. Canadian ICEBERG VODKA Corporation must be engaging a strategy that is able to survive.
In addition, it must remain competitive and thrive vibrantly within extremely competitive business environments. Perhaps, it is more appropriate to apply the Aaker’s basic concepts of a strategy for the Canadian ICEBERG VODKA Corporation.
The strategy must sufficiently identify the product market. This is important because it highlights the basic market territorial where effective competition is necessary.
There must be an adequate exposition of the nature and investment level within the corporate strategy (Joseph 2010). Additionally, the strategy must address the functional domains required for the competition of the particular product. These include the issues such as the establishment of product prices and the necessary elements of the positioning mechanism.
The necessary assets and required expertise must be availed. In other words, the fit corporate strategy must outline the best methodology for availing these assets and expertise. Proper resource allocation is critical within all business organizations (Lamb, Hair & Mcdaniel 2012, p. 51). The general corporate strategy must stress or emphasize on the significance of availing and allocating vital resources.
This must be applicable within all the relevant business units. The strategy must focus on the targeted vision, goals and objectives. These must be inevitable for the overall business organization. Moreover, the strategy must also comprehensively define the best approach for achieving these aims. A proper definition of how to attain the underlined goals is appropriate.
A sufficient description is necessary. This applies to the means of attaining these goals within the organization. The definition of the period for achieving these outlined objectives is important.
External and Internal Situational Analysis
Canadian ICEBERG VODKA Corporation faces significant challenges from its external environment. There is an eminent stiff competition from other notable business corporations. The recent initiative of the corporation to venture international market has potential impacts. The global competition threat is evident.
Apart from these, the Canadian ICEBERG VODKA Corporation faces the legal restrictions on international ventures (Marketwire 2007). These are evident within other overseas investment destinations. There are unfavourable investment policies within particular global investment destinations. The Canadian ICEBERG VODKA Corporation targets these destinations.
These conditions have the capacity to influence the external operations of the business organizations. Consequently, it might lead to the minimization of market coverage. The potential external competitors also have the capacity to reduce the extent of market coverage.
However, it is important to indicate that there are other rich and virgin market zones to venture. These include the developing states.
The high level of technological application may be a potential threat. Indicatively, this might be eminent, particularly, if the organization fails to utilize the highly transformative technology (Mcdonald 2008, p. 40).
Certain unfair taxation policies within international destinations might pose potential challenges. The company may also suffer from huge expenses associated with hiring employees. Evidently, most business organizations compete for the little available pool of human resources. This has led to the increase in hiring and maintenance costs for the personnel.
This is a remarkable external factor. It is likely to have a significant weight on the performance of the corporation. There are notable internal factors that require proper analysis and consideration. The Canadian ICEBERG VODKA Corporation might not have the capacity to finance some of its operations (Joseph 2010).
The impacts of global economic crunch are notable. This might lead to this internal threat. Ineffective adoption and integration of information technology in marketing may lead to dismal performance. Furthermore, marketing requires adequate resources in order to attain high level of efficiency.
Statement of the Problems and Opportunities
The Canadian ICEBERG VODKA Corporation deals in alcoholic drinks. There are a considerable negative factors associated with the consumption of alcoholic drinks. These beliefs exist within almost all global destinations.
These negative perceptions on the consumption of the drinks bear a negative impact on the performance of the company (Kapferer 2012, p. 60). Therefore, the perceptions pose potential challenges in the realization of huge revenues on sales.
There are particular segments of the clientele that are likely to face extinction. An example of such segment of clientele includes the youth and school-going children. There is a widespread application of policies that undermine the consumption of these beverages by certain age groups.
Most government agencies have become prevalent perpetrators of such detrimental guidelines. It is notable that such policies have the potential to undermine business operations of the corporation within most nations. Indeed, this is a remarkable source of threat for the Canadian ICEBERG VODKA Corporation (Marketwire 2007).
There are other notable potential challenges. Another challenge may be the presence of other vibrant brands within the marketplace. People have different tastes and preferences. Other people might also prefer different brands or types of alcoholic drinks. This might be due to stereotype, peer pressures and unwarranted convictions.
These elements influence the efficiency of business performance. The element of competition remains as a potential threat in the success of any marketing strategy plan (Bose 2002, P. 112). Presently, organizations observe the importance of indulging highly qualified and experienced staff. Strategic marketing requires the engagement of a team of marketing experts.
However, there is a notable constriction and limitations within the general labour market. Therefore, the Canadian ICEBERG VODKA Corporation is likely to suffer. This is due to the inadequacy of competent employees concerned with marketing processes. The highly flexible and complicated technological applications pose potential impacts.
Observably, these might be either detrimental or beneficial. For instance, the Canadian ICEBERG VODKA Corporation has the capacity to employ appropriate technology during marketing processes. This might considerably transform the level of business operations (Marketwire 2007). Many customers might obtain the crucial information.
Consequently, this leads to an expanded market base. The application of social networking technology such as the facebook and twitter among others is highly advantageous. On the other hand, lack of application of this transformative technology might be disadvantageous.
This is because the Canadian ICEBERG VODKA Corporation might be redundant. Most competitive business organizations within the global market utilize these technological applications. The Canadian ICEBERG VODKA Corporation may remain non-competitive.
The developing nations offer viable market niche for the corporation (Mcdonald 2011, p. 60). Together with the BRIC nations, the Canadian ICEBERG VODKA Corporation has the opportunity to expand its market base.
However, strategic product promotion strategies are appropriate. This has the capacity to enhance the level of exploitation of these notable opportunities.
Currently, there is an evident high rate of transfer of information amongst most target groups. Indicatively, this is highly attributed to the increase in the level of technological application. There is an observable adequate and easy access of raw materials.
These are the raw materials used in the production of iceberg. The sweet corn that is grown in Ontario provides the Canadian ICEBERG VODKA Corporation with a locally available source of processing material (Joseph 2010). Notably, most alcohol processing corporations spend huge resources in the acquisition and exploitation of vital raw material.
The corporation enjoys the services of an innovative pool of employees. An analysis of the background of Canadian ICEBERG VODKA Corporation indicates significant lessons. For instance, the business organization has persistently applied novelty within its operations. This is evident in 1995 during the launch of its first iceberg.
The iceberg brand is unique from other brands prevalent within the general market. This is beneficial because it provides the Canadian ICEBERG VODKA Corporation with a remarkable competitive advantage (Thompson 2001, p. 36). This is relative to other notable brands from different corporations.
The trend is observable within the local and overseas market arena. The younger age has increasingly identified with this unique brand. Reportedly, they include some of the heavy consumers of this alcoholic drink. There are projections of a further increase in the rates of consumption of the drink in the future.
There is an observable role of increased application of information technology in catapulting this forward pattern. These include some of the important areas that form strategic points of opportunity for the corporation. The Canadian ICEBERG VODKA Corporation might face the challenge of developing a comprehensive organizational culture (Marketwire 2007).
Particularly, this applies to the multicultural environment that is appropriate for multinational corporations. This challenge might emanate during the design and communication of different advertising messages.
The challenge might be eminent with the need to expand into other international investment destinations. Observably, there are states that regulate and monitor the content of advertising messages. Apart from this, they also have notable restrictions on the basic channels for product advertisement.
Therefore, there is a high likelihood of minimization of the extent of product promotion within certain communities. Generally, most statutory authorities believe that restrictive policies on advertisement remain as an effective way of reducing alcohol consumption Mcdonald 2011, p. 66).
Such policies usually target the protection of particular segment of the general population. An example is the teenage age group. These include some of the remarkable challenges and opportunities that the Canadian ICEBERG VODKA Corporation might encounter.
Marketing Strategy Development Objectives
Marketing may refer to the human process or initiative aimed at meeting the demands or wants of various customers. This is attainable through important exchange procedures. The identification of the specific customers is important.
Ideally, an effective marketing strategy must endeavour to meet the needs of these groups of persons. In this context, the Canadian ICEBERG VODKA Corporation must be able to identify its target customers (Nijssen & Frambach 2000, p. 12). It is critical for any business organization to have the capacity to identify its potential competitors.
The strategy applied by the potential competitors in meeting their customer demands must remain identifiable. This is important in the establishment of a counteraction. The organization must also assess its inherent skills. The competencies pertinent for the company and the needs gaps require sufficient definition.
The Canadian ICEBERG VODKA Corporation must note its various collaborators. There is an eminent importance of initiating effective collaborations with the relevant stakeholders. It is also vital to analyse the context and sustainability of the various strategies.
The future impacts and performance standards in the general market require adequate extrapolation (Joseph 2010). Indeed, these outlined operations indicate the huge amount of work and input that is required from the marketing department and professionals. Strategic decisions that may embody marketing strategies are important.
This is because they deal with both the present and upcoming operations within the external and internal environments. Therefore, any strategic marketing plan must have considerations for the future as well as the present. There must be a perfect match between the business organization and its environments.
The strategies must assume a retrospective course. In essence, they must avoid the aspect of myopia. The thorough observation of the appropriate marketing mix is crucial. Ideally, the Canadian ICEBERG VODKA Corporation must consider the four P’s of marketing.
A marketing strategy deals with an eminent interaction between a set of fundamental factors. These include the clientele, the competitors as well as the company itself. Nonetheless, the environment must also form part of the factors in consideration.
The strategies focus on the fundamental ways through which any business organization can distinguish itself appropriately from other competitors (Wallace, 2012). In achieving this aim, the business organization must capitalize on the idiosyncratic competencies to provide the best value for its clientele.
The strategy must undergo implementation with certain important considerations. For instance, the managment or marketing department must employ the appropriate energy in the execution of these strategies. The considerations must involve critical resources and skills intrinsic within the business organization.
According to Porter, this process involves the establishment of the firm in a superior rank within the entire marketplace. The strategy must follow the design that allows for the establishment of remarkable market share. Increasing the level of profitability within the general market is an important aim of any marketing strategy.
The Canadian ICEBERG VODKA Corporation seeks to develop a marketing strategy with explicitly outlined objectives (Marketwire 2007). The marketing strategy must have the capacity to address all relevant factors. These must include both external and internal factors.
Apart from this, the strategy must analyze the competitive and other market segment factors. Provision of the optional strategic approaches is critical. The Canadian ICEBERG VODKA Corporation must operate in compliance to its fit corporate strategy.
The Canadian ICEBERG VODKA Corporation has to address the potential needs of its clientele. Furthermore, the strategy must focus on the development of an appropriate resource allocation plan. This is important in attaining the strategic marketing goals.
The business corporation must adopt the marketing mix that indicates the real figures within the entire market. The strategic marketing plan has to have a transformative and distinct viral campaign messages.
The application of appropriate graphics and artwork in the viral campaign messages must be eminent. This must target different age groups or target audiences within the general marketplace.
The design of the strategy must involve the application of appropriate technology (Wallace, 2012,). The internet technology is applicable in the dispersion of viral messages. Ideally, this might involve the use of emailing techniques.
The main product in focus must undergo a comprehensive promotion and marketing. Dispersion of product differentiation messages and other distinct qualities of the iceberg is crucial. Strategic approaches are appropriate for the development of the viral messages.
The Canadian ICEBERG VODKA Corporation must recognize the significance of innovation within its market operations. Effective innovation may include the design of alternative methodologies for marketing the iceberg vodka. The advertisement messages must be culturally sensitive within all venture zones.
Multi-cultural considerations and awareness create an interactive and encouraging platform for the establishment of a powerful brand. Massive campaigns and awareness creation about the product is necessary. These initiatives must be eminent within all the media sources or channels.
Both the print and electronic media channels are applicable in these processes (Wallace, 2012). The viral messages must consider ethical as well as regulatory concerns prevalent within all investment destinations.
It is also vital to develop a positive attitude towards iceberg vodka. Such an attitude would lead to the development of a positive attitude or intent to buy the product.
Segmentation and Target Audience
The ICEBERG VODKA Corporation enjoys a considerably wider segment of market audience. The corporation’s market segment is distinct. It is the young population. The specific age bracket is between the eighteen and thirty five years old. The age bracket or market segment has unique characteristics.
They have adequate education and are more sociable. This means that they might have access to advertisement information within a relatively short time. They depict an increased tendency in the utilization of internet information.
Generally, they are more technophile in nature (Marketwire 2007). The ICEBERG VODKA Corporation has the capacity to extend its operations within other newer market environments. In these initiatives, it is able to expand its market domain and capture other potential market segments.
The identified market segment is composed of transformative young professionals. Both the females and the males constitute this segment. They are typically from almost all the notable socio-economic as well as cultural orientations.
They are recognizable within the market as independent and individually crafted personalities. It is important to note the distinctive features of this category or market segment. For example, they have a tendency for belief in the freedom of speech (Richter 2012, p. 34).
They also have firm convictions on the concept of justice, fairness and impartiality. It is identifiable that the ICEBERG VODKA Corporation would require a more robust and comprehensive approach in its advertisements.
This category of consumers appreciates the significance of living life to its fullest. They also adore leisure, recreation and enjoy the contemporary lifestyle. This means that they frequently identify themselves with recent technological applications.
Notably, the group adores balancing their lifestyles. They work and have fun with equal measure. Therefore, it is appropriate to note that these people adore distinct goods with unique preference and features.
Most business organizations dealing in the production, distribution and promotion of alcoholic drinks presently continue to adapt to this observable trends. The group also depicts the characteristics of trendy bar and home-party drinkers (Marketwire 2007).
The social perceptions and peer influence have a significant impact on the level of consumption and preference on certain alcoholic brands. Social visibility and the celebrity tastes also have important influences on their level of consumption of the available alcoholic drinks.
There is an observable increased application of mobile phone and other advanced technology within this group. There is a notable capacity of this group to operate effectively within multicultural environments (Tehrani 2008, p. 11). They also have high rates of international travels and can work within diverse destinations.
The group has notable characteristic of awareness on most advertisement methods. They only relate and associate with transformative and unique advertisement messages. There is an urgent need for comprehensive market research and analysis.
This is applicable within all endeavours to initiate any product promotion initiative. The ICEBERG VODKA Corporation must not integrate rude or confronting advertisement information (Joseph 2010).
This is because the main market segment prefers and enjoys unique advertisements. These product promotion initiatives must embody humour, entertainment and intellectual stimulation. The communication methodologies are increasingly transforming in the present world. Indeed, the impacts of globalization influence the lives of this target group (Watkins 2009, p. 70).
The marketing initiatives must consider the engagement of strategic communication and feedback mechanism. It is crucial to note the importance of including customer care messages within any advertisement content. This market audience is associates with high level of customer service and quality products.
Tactical Marketing Strategy
A properly designed marketing strategy ensures the success of a particular brand. The focus of the ICEBERG VODKA Corporation must be to integrate a comprehensive marketing mix. There should be a focus on approaching the target market segment from diverse orientations (Bowman & Gatignon 2010, P. 22).
Employment of the required technical and qualified marketing professionals by the corporation is important. It is the first fundamental consideration in ensuring success of any marketing strategy. The second tactic for enhancing success is the application of relevant technology in marketing interventions.
Campaigns, use of emails, press releases and face-to-face networking approaches are critical. Social networking sites such as the twitter and facebook are recognizable as important routes for marketing efficiency. In observing the marketing mix, the corporation must continuously improve its product.
The iceberg vodka is an important brand that has significance within the domestic and global domain (Bers 2011, P. 45). The ICEBERG VODKA Corporation must consider an appropriate product design. Issues related to packaging, bottling and appealing physical presentation are important.
The sustainability of the product during the stages of market saturation remains considerable. Persistent innovations contribute to a sustained system of product extension. This aspect enhances the process of differentiation of the product. The ICEBERG VODKA Corporation must adopt a competitive pricing mechanism for its products.
These prices must not outweigh the expected benefits. Pricing should occur after an analysis of the patterns notable within other external potential competitors (Jansson 2008, P. 98).
Generally, fare prices within the market ensure high level of demand. Other considerations during the establishment of the prices may include economic factors, income levels and taxation policies. The location of the market must is also critical. In order to realize benefits, the ICEBERG VODKA Corporation must venture into newer market zones.
Distribution channels enhancing the access of the iceberg vodka within local and global consumer zones are appropriate (Lamb 2012, p. 78). The promotion methodologies are crucial in the establishment of a tactful marketing strategy. Advertising must be transformative.
Application of relevant technology is advantageous. Other significant processes may include public relations and personal selling initiatives. Below is a typical presentation of an implementation chart for the marketing mix that ICEBERG VODKA Corporation may utilize:
Expected Benefit
Thorough implementation of the SMP can enable the corporation to enjoy diverse benefits. The exploration of novel market opportunities increases the likelihood of a higher return on investment. The ICEBERG VODKA Corporation is likely to enjoy a higher competitive advantage.
This is only possible after a comprehensive utilization of the available resources, market and technological applications. The ICEBERG VODKA Corporation has the potential to enjoy a powerful domain in the general market share. This means that most notable competitors may lack the capacity to affect the performance of the company (Cannon 2006, P. 78).
Identification of the market segment or target clientele within the general population is vital. This is because the corporation is able to design competitive promotion initiatives aimed at attracting more of the segment.
Novelty and practical innovation makes the ICEBERG VODKA Corporation to establish a powerful brand within the market. Indeed, there are many potential benefits of implementing strategic marketing plan.
Ethical and Regulatory Considerations
Notably, there are many ethical and legal concerns associated with the production and distribution of alcoholic drinks. These are eminent within all global destinations. The ICEBERG VODKA Corporation must take care to comply with the advertisement ethics and regulations associated with alcoholic drinks (Beer 2010, P. 56).
There are policies concerning the content of the viral or advertisement messages. These require the practice of total adherence. There are specific age groups or personalities barred from consuming alcoholic drinks within most nations. This is due to the potential danger posed by the alcohol consumption. As provided by various legal agencies, the product promotion or marketing strategies must note these considerations.
For instance, advertisement messages should include warning on the danger of excessive consumption of alcohol. Ideally, this is part of social responsibility. The ICEBERG VODKA Corporation must not focus on greater financial gain at the expense of a compromised society.
Conclusion and Recommendations
Strategic management is applicable within most business organizations. This is also eminent for marketing operations. Corporations continue to redesign their marketing strategies. This is observable in the increasingly flexible global marketplace.
It is important to conduct empirical investigations on the best marketing approaches. Organizations with ineffective marketing strategies are bound to fail (Bers 2011, P. 45). This highlights the basic objective of the report.
The Canadian ICEBERG VODKA Corporation must consider and implement some of the highlighted recommendations. This is in order to gain a competitive advantage. A strategic marketing plan is critical for the advancement of business performance.
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