Marketing Plan for Nexba
Title page, table of contents, executive summary and introduction: – Includes a title page, table of contents and executive summary that are professionally written and organized. The executive summary contains the key points of the whole report in 3-5 paragraphs written in single page. Introduction section should provide background information of the product or service chosen in assessment 1. You can summarize the key information from assessment 1 in the introduction section. Specifically, you will be assessed on the following aspects:
- Executive summary
- Situation analysis recap
Discussion of the segmentation, targeting and positioning approach : A discussion on the potential customer segments for your product or service and which one(s) you wish to target with good justifications. Also, discuss the desired positioning for the product or service. Develop a clear positioning statement. Specifically, you will be assessed on the following aspects:
- Problem statement
- Discussion of potential market segment
- Discussion of target market and positioning
Set 3 marketing and 3 financial objectives : Provide realistic marketing and financial objectives. Specifically, you will be assessed on the following aspects:
- Marketing objectives and goals
- Financial objectives and goals
Formulation of a detailed marketing mix strategy: Should cover specifics of the product, price, promotion and place aspects. Specifically, you will be assessed on the following aspects:
- Marketing mix – how are they to be applied?
- Marketing strategy proposed implementation
Budget allocation for promotion mix : Should provide the media and budget allocation for each of the promotional mix elements and mapped against the objectives of the promotional mix elements. Put special emphasis on digital communications strategies.
Conclusion and reference: Includes a summary of the key points of the presentation. Provide a list of at least 15 (fifteen) citations and references of some published academic and research papers, textbooks and authentic Web sources. Referencing should follow the APA style.
Evidence of research: The quality and integration of research in the writeup to support key points. This should include theoretical and empirical research findings from a combination of academic journals and textbooks. Any website which is used to find statistical information is also considered as part of evidence of research but not part of academic journal or textbooks. Useful websites include Australian Bureau of Statistics, Austrade, CIA Factbook, Doing Business and any state or commonwealth authority websites.
Mechanics : Use of headings, sub headings, cohesion of paragraphs were of high quality. Grammar, spelling and punctuation are of exceptional standard.
The purpose of this report is to develop a marketing plan for Nexba beverages in the business world which is highly dynamic which leads to intense market competition for the new ventures and the budding companies. Nexba beverages is one of the most innovative companies which offers the customers with the sugar free drinks.The report will address the discussion of the segmentation, targeting and the positioning approach deciding the various key segments for Nexba beverages. The next part of the report will highlight the key marketing and financial objectives for the company which is required to be fulfilled by the implementation and execution of the marketing plan. The next part of the report will present the marketing mix for Nexba beverages. The paper will highlight the budget allocation for the promotion mix providing the media and budget allocation for every promotion mix elements. The paper will end with a brief conclusion highlighting the key points discussed in the report.
In the growing and highly competitive world, the businesses are in a need to enhance and expand their roots in several other regions and areas. In a similar way, the organisation named Nexba Beverages also wanted to expand itself to grow, develop and attain higher number of customer base. It is an Australian based organisation which offers the customers with an extended range of natural and sugar free drinks. It is an organisation which has its key mission as to fight against sugar and offer delicious, nutritious and mouthwatering beverages to the customers. Founded in the year 2010, the company had grown itself with a rapid rate and has marked its presence across the various regions of the globe and still there are a number of regions left for the company to discover and explore where it can successfully sell its products and gain higher market share (Nexba, 2018).
Situation analysis recap
The key strength of Nexba beverages is that it is sugar free soft drinks which are provided to the customers which are low and medium price range. There are various other strengths of the company as it is a healthy sugar free drink which has no other side effects on the health of the consumers. Another key strength of Nexba beverages is that the potential consumers have high level of interest for such products for maintaining their health (Product of the Year, 2018). The weakness of the company is that there is lack of opportunity for the innovative products as the potential customers cannot be reached without much popularity. Secondly, it is also vital that the company does not have international recognition therefore it requires high efforts for fetching the attention of the potential customers and analyzing the demand and needs of the consumers. The opportunity for the company is that it can effectively sell the products in various regions across the globe as other companies have not started selling such sugar free soft drink. The company also faces threat as there can be other companies who can enter the market or the existing company can also deliversuch products to the consumers (Telstra Smarter, 2018).
Discussion of the segmentation, targeting and positioning approach
Problem statement: The problem statement of the report is that the beverage industry provides the consumers with the drinks which contains high level of sugar and is unhealthy for the consumers. It can have a negative impact on the health of the customers if they consume such drinks on regular basis. In the Australian food market as well as in the global market,the demand for the soft drinks is increasing with a rapid rate and it is resulting in high level of obesity in the young children as well as in adults. To overcome with such issues, there is a need to have soft drinks or beverages which are sugar free (Davis, Lockwood, Pantelidis& Alcott, 2013). Nexba beverages provide such soft drinks to the consumers which are sugar free and are offered indiverse variety which can satisfy the needs and demands of the consumers.
Discussion of potential market segment: In the market segmentation Nexba averages divide the entire market in small segments which is based upon demographic segmentation, geographic segmentation, psychographic segmentation and behavioral segmentation.
Demographic Segmentation: In the demographic segmentation, the market is segmented on the basis of age group The key customers of Nexba beverage comprise of the youth aging from 10 to 19 years which has a spending power and the brand loyalty develops through adulthood. The next segment is on the basis of young adult who prefer more dietary products which are sugar free and safe for the health.
Psychographic segmentation: Segmentation is on the basis of psychographics life style and attitude of the customers the life style includes the personality of the individual and the group the image associated with the product and the self-expression in respect with the Nexba beverages. The people who prefer a Healthy lifestyle and drinks with no sugarwant to consume such products (Morschett, Schramm-Klein &Zentes, 2015).
Geographic segmentation: Based on the Geographic segmentation includes the people who can easily access to the devices such as depends on the regional areas the people who can access these drinks are the one who decide nearby to the stores of Nexba beverages as well as people can also order online it is a global company which shows the customer both domestically and internationally people can order the averages online and can consume themso from the geographical segmentation there are no boundaries (Rasane, Jha, Sabikhi, Kumar&Unnikrishnan, 2015).
Behavioral segmentation: From the behaviour segmentation, it segments the market on the basis of the individual behaviour of the customers it comprises of the behaviour norms and attitude related to the product. In respect with the attitude aspect of behavioral segmentation the people who are more fitness freak and want to taste unique and diverse products prefer such beverages (Richey& Klein, 2014).
Discussion of target market and positioning
Market Positioning: For the positioning of the products by beverage will take use of different factors such as the behaviour lifestyle of the income level of the potential customers for example the company even position as product and supply the products to the recognize Supermarket Chains of Australia such as course so that the upper class people as well as the middle class people can be easily targeted also position itself as a vibrant and young brand the message is to have diverse sort of drinks which are sugar free (Hollensen, 2015).
Target marketing: Market segmentation helps the firm in analysing the market opportunities then the company sort market targeting by analysing the various types of market segments and deciding that which segment should be targeted and also analyse the various sort of market segments on the basis of structure attractiveness, growth and segment size as well as on the basis of resources and objective of Nexba Beverages (Evans, 2017). The company distribute their products in various regions of Australia to satisfy the needs and requirements of diverse set of the individuals, For targeting the customers there will be used to different types of strategies that is differentiated target marketing and undifferentiated marketing in the undifferentiated market King all the individual will be targeted through a single strategy and in the differentiated target marketing there will be used diverse set of strategies for targeting the potential customers (Deresky, 2017). The target market for the products of Nexba Beverages will be the upper middle class and the middle class people as well as it will also target the adult and the youth who encourage them to have healthy drinks which are sugar free and embrace a Healthy lifestyle in the target market (Hughson, 2017). There will be women, children youngsters and adults who are the influences and have the key role in the buying process and appeals themselves to have a healthy life without the conception of the sugary drinks (Rushton, Croucher& Baker, 2014).
Marketing and Financial objectives
Marketing objectives and goals
- The first marketing objective of the business is to provide diverse taste to the individuals with number of variety in the beverages or soft drink which can upsurge the sales of the company.
- The second key marketing objectives of the c company is to increase the market share by providing the products in various Global regions and by increasing the visibility of the company by rapidly extending and delivering the products of Nexba beverages in the various untapped regions of Australia(Hughson, 2017).
- • The third objective is to provide sugar free beverages with high quality at a lower price range to target the potential customers comprising of the youngsters children and adults (Brewster, Houldsworth, Sparrow& Vernon, 2016).
Financial objectives and goals
- Profit Maximization Objective: The first financial objective of the company is to maximize the profit the revenue derived by Nexba beverage. The goal is to increase the overall sales of the products. When there will be an increase in the sales of the products then the company can earn higher profits and revenues.
- Cost Reduction Objective: The second key financial objective of the company is to reduce the cost and increase the revenue. There are a number of factors which consumes a lot of capital investment and there is a need to reduce the cost. If there will be reduced cost then there could be increased sales of the beverages by lowering the prices of the products. This will result in higher profit generation for Nexba beverages (Armstrong, Kotler, Harker& Brennan, 2015).
- Value Maximization Objective: The third financial objective of the company is the value maximization. Value maximization comprises of not only increasing the overall profit or revenue of the company but also enhancing the shareholders’ value and the market value of the product and the company. It will result in higher brand recognition of Nexba beverages which will ultimately enhance the value for the company and thus increase the customer base (Sparrow, Brewster & Chung, 2016).
Formulation of a detailed marketing mix strategy
Marketing mix – how are they to be applied
Product: The company offers high quality and fresh beverages and natural sugar free drinks to the customers. There are variety of beverages according to the needs and requirements of the customers so that people can enjoy their meals. The most unique feature of all the beverages is that they are completely sugar free and made up of natural materials which are healthy for the customers (Hughson, 2017).
Price:The prices of the beverages are comparatively of medium range. They are affordable when Nature as the company is use of differentiation as well as cost leadership strategy to have extended customer base. When the customers purchase beverages in combos there are discounted prices of a to tell which makes the buying affordable for the customer (Kotler, Kartajaya&Setiawan, 2010).
Place: The company is situated in Australia which is one of the best locations for tea growing and budding organisations there is high demand of such beverages which are sugar free and healthy. Due to the increase rate of obesity such kind of products are preferred by the customers and thus it is one of the most adequate location for the company. There is high demand of the beverages some various customer segments including children adult families and youngsters (Tuten& Solomon, 2014).
Promotion: For the advertising and the promotion of the beverages the company has taken use of a number of diverse means that comprises of advertisement templates hoardings posters, advertisement digital communication social media platform and public relation. The one of the most used promotional mix is the use of social media platforms and the online media as it helps in fetching the attention of increased number of customers (Mangold&Faulds, 2009).
Marketing strategy proposed implementation
For successful implementation of the marketing strategy there is a need of effective marketing plan a line with the strategies of the company they are potential components of the marketing strategy implementation:
Go to market strategy: This strategy defines the manner in which the company will be reaching into the marketplace. It comprises of a particular target plan for the people who are decision takers by the company and the key influences. There is a need to keep the plan manageable and simple so that can be attained extended customer base through a variety of marketing channels(Lin, 2011).
Product Launch Strategy: Marketing strategy implementation needs to develop a strategy for the product launch which requires adequate knowledge of the potential target customer and the channels by which the company can reach them. There is also a need to gain adequate knowledge of the marketing environment and the business competitors. The marketing strategy implementation must be driven by set objectives goals and aims comprising of sales volume and the market preparation objectives (Mathur, 2008).
Channel Conflict Management: The various channels support the company in bringing products into the consumer market where decisions are made. The channel partners of Nexba typically have competing priorities and they make decisions based upon two aspects. The first aspect is that in what manner they can make the most money and the second aspect is how feasible it would be for a company to accomplish the same. There are a number of conflicts that take place between the channel partner so there is a need that the channel partners must be motivated by the various opportunities rather than being discouraged by the inefficiency of the channels of the company (Rushton, Croucher& Baker, 2014).
Budget allocation for promotion mix
From the overall report it can be concluded that in the growing business industry there is a need for the companies also to grow and develop by expanding themselves in various untapped regions in the country and across the nation. Nexba Beverages is a fastest developing organisation which offers the customers with sugar free soft drinks and beverages. The paper concludes that the unique and diverse product range of Nexba is its strengths which can help the company in enhancing the customer base and market share. The study states that effective market segmentation; targeting and positioning will helps the company in effective sales of its products by fetching the attention of the potential customers and targeting them. The paper concludes that for the effective implementation of the marketing plan there is a need to have sound promotions and advertisements as well as adequate marketing strategies must be used.
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