Using theWaters Bottling CompanyinModule 1, continue t.docx
- 1. Using the Waters Bottling Company in Module 1 , continue to build the Marketing Plan Sections for the product you have selected/ invented/ created. Complete the following in MS Word: Be concise but complete in your analysis of each plan element. Your employer wants to know you have left nothing out in your analysis. This assignment represents Section 2 of the Marketing Plan. Use the Marketing Plan guide to identify the sections of the Marketing Plan and the marketing elements contained therein. This assignment will focus on Section 2 – Marketing Research & Target marketing ( Module 2 ). Section 2 – Market Research & Targeting (Module 2) Market Research Research Methods & Data Mining Market Research Process Consumer Behavior B2C vs. B2B Consumer Decision Making Process Factors Affecting B2C and B2B consumer behavior Market Segmentation Market Segmentation Concepts
- 2. Segmentation Process Segmentation Strategies Target Marketing Relate all responses using the WBC scenario and the product you have selected to market in Module 1 . Create a 4- to 6-page Word document for your Marketing Plan sections. Apply a standard business writing style using the Market Planning Guide sections as your (headers/ sub heads/ bullets) to your work. Be sure to cite your work in the APA format. The preceeding is the assignment and the following is my marketing plan: MARKETING PLAN FOR WATERS BOTTLING COMPANY Introduction Organizations exist under two main categories namely non- profit organizations and for-profit organizations (Westwood, 2013). Non-profit organizations are founded with the aim to provide services or products to the community without the main agenda of the company as making a profit. Whether the business makes a profit or not, the firm continues to operate. On the other hand, we have corporations that exists with the main aim of making a profit. These companies make a profit by selling services and products to the target market (Ferrell & Hartline, 2014). Therefore, all the activities that the profit-making companies undertake are aimed at maximizing profit. There are some ways
- 3. that a business can increase the chances to make more money. For instance, a company might cut the operations costs, production costs, increase prices and do marketing as well. Marketing in this context refers to the process of creating awareness via communication to the target market (Westwood, 2013). Note that this communication is based on the value of the product and the objective of the firm is to sell the product to their target market. In this study, a company has been founded know as Waters Bottling Company. The company needs a marketing plan that covers their product from the establishing the target market, packaging, and labelling of the mineral water packages. From my perspective, the company requires an extensive marketing plan that will propel the products from processing to making sales. Therefore, the plan needs to cover the marketing mix, environment and the relations with another functional area in Waters Bottling Company. These functional areas include the following; marketing ethics, marketing strategy, organizational objectives and the planning process. The Marketing Mix The process of marketing is based on some factors which work together to achieve the set objectives in marketing and sales process. These factors are commonly referred to as a marketing mix. The marketing mix works through four Ps. The four P’s are; place, promotion, price, and product (Westwood, 2013). In this study, the market plan intends to establish the right places where the target market can be found. Finding the right location requires taking the right amount and quantity of product which will be established under the product. Moreover that, the pricing on each quantity of the product will determine if the consumers buy the goods. Lastly, the suitable awareness creation means targeting the different target market is
- 4. important. It will ensure the firm focus where there is a high likelihood of purchasers (Ferrell & Hartline, 2014). Product The product will solve the need for quenching one's thirst. A day cannot go without anyone taking a glass of water. Thus, the product seeks to address a need that exists (Westwood, 2013) and will always be there for the consumers. The target market focuses on thirsty people participating in outdoor activities such as sports, touring, traveling, offices, hotels, and restaurants. There is a high likelihood of finding blues music within the specified categories as people try to keep themselves entertained. However, the company may extend the target market in future. The targeted market is important for the company to get feedback and improve on their product before targeting more people (Ferrell & Hartline, 2014). The target market explained above involves a higher number of people and there are higher chances of making sales. The product will be packaged in half a litter, one litter, and two litter Bottles. Packaging jerricans will be used specifically for the three litters. Other packages include the ten litter and eighteen point nine litters (Tsiotsou & Goldsmith, 2012). Price Since there are different packages available, the price label on each will be different according to capacity. The price on each product will determine the number of sales and revenue generated. The best approach is to set the price per what the value the consumers perceive (Westwood, 2013) on each package. This move will lead to more sales than if the company sets its price without considering the customer perception hence drive consumers away.
- 5. Promotion Promotion is the activities undertaken to increase the number of products sold. It involves strategies and techniques from marketing. These activities may use one or more of the following means; giving offers, good relations with the public, advertising process and promotion of sales. The type of channels used for the campaign should be a suitable platform to meet the target market in addition to being suitable for the product and its price (Ferrell & Hartline, 2014). Promotion is communication within the whole marketing plan. Place The place simply refers to where the consumers can find the product. IN this case, business to business transactions will help Waters Bottling Company to sell directly to big firms and offices, hotels and restaurants (Tsiotsou & Goldsmith, 2012). Individuals can find the products in chain stores, hotels, and restaurants. The products will be distributed to outlets near camping sites and tour destinations (Tsiotsou & Goldsmith, 2012). The Marketing Environment There exists an environment that marketing revolves around. The environment comprises of factors that affect the process of marketing. These factors can either be internal or external to the organization. Internal factors include forces from individual such as the employees, distributors, and retailers, shareholders, and customers (Ferrell & Hartline, 2014). On the other hand, external factors emanate from the following forces technological, social, legal, economic and political. All these factors determine the marketing plans that a firm will adopt. The current marketing environment will affect how the
- 6. marketing performs. Some factors can be controlled while the others dictate require the firms to adopt to their dictation (Tsiotsou & Goldsmith, 2012). The environment divides into three units; internal, micro and macro-units. Internal environment The Waters Bottling Company can control these factors; logistics, labor, capital assets, inventory and the firm's policies. These areas are part of the business and affect how the firm relates to customers (Westwood, 2013). It is important to control these factors and establish good relations. Microenvironment First, a profit-making organization should aim at addressing their target market wants and needs. Thus, the firm should focus on offering the best quality. Second, Waters Bottling Company should educate their employees on marketing so that they can deliver high output. Third, the government bodies mare rules regulations such as policies in credit and policing; the company needs to update itself on the policies and see how it can benefit. Fourth, closely watch the rivals and do what the current market strategy suggests. Fifth, the warfare of public within which the organization operates should be reflected in the marketing strategy (Smith & Murphy, 2012). Sixth, marketing activities should aim at increasing wealth for the shareholders. Seventh, the company can get customer feedback and needs from the distributors and retailers. Lastly, it is critical for the firm to know the suppliers who can let them achieve their firms’ objective. Macro environment These are factors Waters Bottling Company must adhere to and cannot change them. First, adopting the current technology to
- 7. gain competitiveness. Second, economic progress; marketing strategies will different depending on a recession or inflation period (Tsiotsou & Goldsmith, 2012). Third, legal and political changes affect the taxes, market regulations and regulations within the industry and the company will have to comply. Fourth, social factors promoting the welfare of the people require the company to engage in corporate social responsibility that improves lives of the people (Smith & Murphy, 2012). Marketing relationship to other functional areas: Strategic marketing The marketing plan is based on a major focus that is defined on strategic marketing. It clarifies what needs to be achieved and the marketing plan expounds the scope and puts in place the supporting processes. Planning process The planning process is responsible for establishing what needs to be done to achieve set objectives. Market planning requires planning process so that all the necessary activities are distinguished and the roles under each established (Tsiotsou & Goldsmith, 2012). Organizational objectives A firm has an overall defined within the organizational objectives. The marketing plan must lay strategies aligned to the companies’ objectives for the firm to grow. Objectives planning Based on the general objectives, the marketing plan sets
- 8. objectives that are in line with the general goal of the company. The success of the objectives determines if the company will achieve its general objectives through marketing (Tsiotsou & Goldsmith, 2012). Ethics Ethics requires the marketing plan to avoid deceptive marketing that will raise the expectation of the customer. Deceptive marketing lures customers to buy products they will later realize they are not worth the price. Thus, damaging the firm's reputation (Smith & Murphy, 2012). References Ferrell, O. C., & Hartline, M. D. (2014). Marketing strategy: Text and cases . Mason, OH: South-Western/Cengage Learning. Smith, N. C., & Murphy, P. E. (2012). Marketing ethics . Los Angeles: SAGE. Tsiotsou, R. H., & Goldsmith, R. E. (2012). Strategic marketing in tourism services . Bingley, UK: Emerald Group Pub. Ltd. Westwood, J. (2013). How to write a marketing plan . London: Kogan Page.