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Nexba beverages Marketing Management Strategy Assignment

Question

Topic: Nexba Beverages
(https://startups.venturecrowd.com.au/deal/detail/nexba_seriesaextension)
(https://www.nexba.com/)

Task Description
Assessment 2 requires students to work individually on their selected new product or service (nexba beverages) to create a comprehensive strategic marketing plan. This is an individual assessment with a maximum word limit of 2500. Your assessment should be an application of relevant marketing concepts learnt in the unit. There is no need to go into details about explaining marketing concepts, rather it should be an applied discussion.

Any assessment with a ‘Turnitin’ similarity score of more than 25% will be checked by the marker for plagiarism although it may not necessarily mean that you have plagiarised. If there is a substantial similarity score in the ‘Turnitin’ report, your assessment could be forwarded to an appropriate office/authority.

Assessment Criteria
Title page, table of contents, executive summary and introduction (3 marks): – 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
  • ) Introduction
  • Situation analysis recap

Discussion of the segmentation, targeting and positioning approach (10 marks): 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 (10 marks): 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 (3 marks): 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 (6 marks): 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.

Answer

Executive summary
The aim of the report is to present a marketing plan for one of the beverages company of Australia named Nexba beverages. It is one of the organisations that of sugar free beverages to the individuals. The paper will present the STP approach analyzing the positioning, targeting and segmentation for the Nexba beverages. The paper will throw light upon the financial goals and the marketing goals of the company to be fulfilled by the execution of the marketing plan for Nexba beverages. Next to IT, the study will present the key marketing mix for the company highlighting the product, price, place and promotion for Nexba. There will also be presented budget allocation for the various activities of promotional mix of the marketing plan. The paper will end with a brief conclusion comprising of the various discussed sessions in the report.

Introduction
Food and beverages sector is one of the highly competitive sectors across the globe which requires innovative and unique products for sustaining longer time in the Global market. There is also need to have continuous expansions in the untapped regions of the country to have an extended market share. Next day beverages is an Australian organisation which also planning to develop itself. The paper will present a marketing plan for the company so that it can grow and extend its market share. Nexba offers healthy and sugar free beverages to the customers mainly in the Australian regions as well as a across the globe (Telstra Smarter, 2018).The aim of the company is to provide sugar free beverages in number of varieties so that there can be a healthy lifestyle of the people. By establishing itself in 2010, Nexba has successfully grown itself in the global as well as in the domestic market and further there is plan to expand its roots in the untapped regions for extending the market share and enhance the sales of the products (Nexba, 2018).

Recap of the situational analysis
There are various strength of Nexba beverages such as the company offers healthy and sugar free beverages to the consumers which are offered at low and medium price range. Such kind of the beverages have high demand in the market SBS are healthy and do not have any kind of side effects on the help of the customers. The SWOT analyses presented the weakness of the company as the unique and healthy products of Nexba do not have much growth because the company does not have much knowledge about the products of Nexba which slow down the growth of the company (Packaging news, 2015).Another major weakness of the company is that it does not possess much global recognition which lessens the growth in the international market. The key opportunity for the company is that it has innovative sugar free drinks which can be offered in the various regions as there are very few companies which provide such products. There is a huge threat for the company as many new companies are entering into the food and beverages market as well as the already existing companies is planning to offer such products to the customers which can impact the sales and market share of Nexba beverages (Harris, 2016).

Discussion of STP Approach
Problem Statement: The key problem statement is that the food and beverages industry provide the customers with beverages that contains high amount of sugar which has a negative impact upon the health of the customers. The consumption of these drinks on regular basis can deteriorate the heath and may lead to a number of health diseases. In Australia, there is high demand for the fast food and cold drinks which creates a number of issues for the children and young people (Tuten& Solomon, 2014). To overcome the issues, Nexba beverages substitute the cold drinks with their sugar free beverages which can reduce the level of obesity and can save the coming generation from various health related problems. There are a variety of beverages offered by Nexba to satisfy the diverse demands of customers (Telstra Smarter, 2018).

Discussion and analysis of market segment: The complete market for Nexba is divided into under various segments comprising of the behaviour segmentation, psychographic segmentation, geographic segmentation and demographic segmentation.

Demographic Segmentation: As per the demographic segmentation, the entire market is segmented by various factors such as the age group. The potential customers of the company are both young as well as the adults as they have a sense of brand loyalty towards the company. Segmentation is on the basis of the potential customers who prefer products for a fit and healthy life as these customers prefer products which are sugar free (Armstrong, Kotler, Harker& Brennan, 2015).

Psychographic Segmentation: As per the psychographic segmentation in the STP approach, the entire market is segmented on the basis of the attitude and style of the customers. The psychographic factors include the self-expression, the image associated with the beverages offered by Nexba and the individual personality which affects the sales of a product (Harris, 2016).

Geographic segmentation : On the basis of the geographical segmentation, the market is divided and segmented on the basis where the products can be easily accessed by the customers. Nexba offers the product by the physical store as well as by the online platforms. Nexba offers the products both at the international level as well as in various regions of Australia as the beverages which are sugar free are offered directly to the people who can easily access to the location as the one who resides near to the store (Czinkota, Ronkainen, Moffett,Marinova&Marinov, 2009).

Behavioral segmentation: As per the behavioral segmentation, the entire market is divided on the grounds of individual behaviour as well as upon the attitude and norms of the customers. The people who are health conscious and prefer fitness used to purchase the beverages of Nexba as they are sugar free and healthy (Mangold&Faulds, 2009).

Analysis of discussion of positioning and target market
Market positioning: Products will be positioned in the markets by taking use of variety of factors such as the income level order or the purchasing power of the customers and the behavioral lifestyle factors of individuals. To increase the reach, the company will position its products in the most well-known super markets of Australia such as Coles Supermarket so that the people of middle class as well as the upper class can easily access to the beverages of Nexba (Kotler, Kartajaya&Setiawan, 2010).

Target Marketing: Segmentation of the market analyzing the various opportunities available in the market. Once the market is segmented analyses which market segments are most for the products and target the best segment which can give increased sales for the products. The target market is selected on the basis of growth, the company's structural attractiveness, resources of the firm and the segment size. In the various sectors of Australia, Nexba distribute its products for satisfying the requirements as well as the diverse needs of the individuals. The company will take use of multiple strategies for targeting the potential customers such as the undifferentiated marketing strategy and the differentiated marketing strategy (Armstrong, Kotler, Harker& Brennan, 2015). Firstly in the differentiated target marketing, the company will take help of various strategies and diverse approaches for targeting the diverse set of potential customers and in the undifferentiated marketing strategy, the company will take help of a single and particular strategy for targeting all the customers (Mangold&Faulds, 2009). The middle class people and the upper class people are the key target market for the products of Nexba. It also comprises of the adult as well as the young individuals as rather than cold drinks with high sugar substances they prefer consuming drinks which are completely sugar free and satisfy the needs for soft drinks. The target market for Nexba comprises of adults, youngsters, children as well as women as they are the key role players in the buying process (Packaging news, 2015).

Financial and Marketing Objectives
Marketing goalsand objectives

  • First objective of the company is to provide to the customers different flavour of soft drink and variety in the beverages which results in increase of the market sale of the company (Telstra Smarter, 2018).
  • Second important objective of the company is to increase the market share by delivering the products in the global market into numerous zones which shall result to an increase perceptibility of the products of Nexba beverages in several untapped areas of Australia (Richey& Klein, 2014).
  • Third objective to increase the market sale of the company is by providing zero sugar beverages and soft drinks which will increase the quality of the product and lower down the cost of production of the beverage and shall target the young adults and children (Harris, 2016).

Financial goals and objectives

  • Every company’s first and foremost objective is to increase the revenue and gain maximum profit which is similarly derived by Nexba beverage. Increase in the sale of the company can only increase the maximum revenue which will automatically results into the profit maximisation (Armstrong, Kotler, Harker& Brennan, 2015).
  • Reducing the Cost: The production comes with a cost and when the production is increase the cost of the production increase in the same ratio which depends upon several factors and every company wants to reduce the cost. Capital investment shall be reduced by taking the measures as planned with the cost reduction objective. Reducing the cost will increase the sale of beverages by reduction in the cost price and will increase the profit margin for Nexba beverages(Telstra Smarter, 2018).
  • Maximizing the value: The growth and profits of the company does not only depend on the monetary realisation for the company but also by value maximization. Under value maximization the stakeholder relationships, relationship with various clients and vendors of the company describe the growth of the company in its market segmentation (Cateora, 2007). Enhancing the shareholders’ value shall increase the value of product of the company in the similar ratio. Brand recognition of the customers of Nexba beverages will maximise the value of its product (Harris, 2016).

Detailed marketing mix strategy
Marketing mix:
Product: Nexba offers fresh beverages which are sugar free and are made up of high quality. There are offered diverse set of beverages as per the requirements of the customers so that they can enjoy their food and refreshments (Babin&Zikmund, 2015). The most innovative feature of the product is that they are healthy and sugar free which are made up of the natural materials and do not have any kind of side effects on the health of the customers (Richey& Klein, 2014).

Price: The beverages are offered at medium price range by the customers of medium class as well as the upper class people. The company takes use of the cost leadership strategy to have extended number of customers as well as it also take use of the differentiation strategy to have diverse set of potential customers. Several discounts are also offered to the customers when the purchase the beverages in various combos and in high quantity which makes their buying more affordable (Telstra Smarter, 2018).

Place: the organisation is placed at Australia is considered as one of the premium locations for the budding company as there is high demand for the healthy and sugar free beverages. Because of the unhealthy food habits there is high rate of obesity among the Australian children and youngsters. Therefore, there is a high need for such products at the prime location so that the needs of the customer can be met with the sugar free beverages without impacting the health and causing health issues (Evans, 20170.

Promotion: For the effective promotion and the advertisement of the Nexba beverages, the organisation will take use of the various advertisements, television advertisements, radio advertisements, public relation, hoardings, poster as well as social media (Esch&Strödter, 2008). Among all the promotional mix, the social media platforms will be used as the key promotional tool which be used for targeting the potential customers (Kotler, Kartajaya&Setiawan, 2010).

Marketing strategy proposed implementation: Implementation of an effective marketing plan could be possible with an effective marketing strategy and will result into increase in revenue of the company. The potential customers are to be traced in the given market for developing the marketing strategy and its successful implementation.

Strategy 1: Going to market: Go to market strategy defines a situation under which the potential customers of the company are separated from the non-potential customers and a marketing plan is developed under which direct marketing of marketing through different medium is placed which is taken forward by the leaders and manager of the company. The target plan has to managed by the managers and leaders and implementing it with simplicity so that the data base can be collected from the various marketing networks (Deresky, 2017).

Strategy 2: Launching a product Strategy: By the development of a strategy planning and implementation of the marketing techniques and plans, the marketing executives need optimum information by which the company could reach to the potential customers for the product launch (Kotler, 2015). The key networks are defined and the policies for the product launch are framed so that the demand in the market for the product of Nexba beverages could be increase day by day gradually. Goals of the company have to be defined before the product launch strategy such that the sales target and the volume could be easily achieved (Telstra Smarter, 2018).

Strategy 3: Conflict Management Channel: There are two aspects of the channel partners of every company. Firstly, the channel partners of Nexba beverages channel the sales by increasing the revenue for the company. Secondly, in the manner the goals of the Nexba Beverages could be accomplished. These two aspects for the channel partner give birth to the channel conflict management and strategy for the same ha to be developed (Richey& Klein, 2014). These are several conflicts which arise between the channel partners due to the two aspects and for inspiring the channel partners without discouraging those towards their incompetence from one another channel conflict management is needed (Kotler, Kartajaya&Setiawan, 2010).

Budget Allocation

Marketing Management Budget Allocation

Conclusion
In the food and beverage Industries, there is an intense market competition emphasizing the companies to grow and expand their businesses in various untapped regions. For the business expansion there is a need to have an effective marketing plan which can support the business expansion of the company. Nexba beverages are one of the Australian organisations which are rapidly growing. It offers the customers with soft drinks which are healthy and unique as they are completely sugar free. The study concludes that the extended variety of products of Nexba is one of its key strengths which help in acquiring the high market share and extended customer base. The paper concludes that the sound positioning, segmenting and targeting helps the company in attainment of increased sales of the beverages. Lastly the paper also concludes that with the help of the effective marketing strategies and adequate promotional and advertising activities there can be efficient implementation of the marketing plan and the company can achieve its goals and objectives.

References
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Pearson Education.

Babin, B. J., &Zikmund, W. G. (2015). Exploring marketing research.Cengage Learning.

Cateora, P. R. (2007). International Marketing 13E (Sie).Tata McGraw-Hill Education.

Czinkota, M. R., Ronkainen, I., Moffett, M. H., Marinova, S., &Marinov, M. (2009). International business.Wiley.

Deresky, H. (2017). International management: Managing across borders and cultures. Pearson Education India.

Esch, F. R., &Strödter, K. (2008). Marketing.John Wiley & Sons, Ltd.

Evans, S., (2017).Anti-sugar drinks firm Nexba rides Woolworths wave, Retrieved on: 12th May, 2018, Retrieved from: http://www.afr.com/business/health/antisugar-drinks-firm-nexba-rides-woolworths-wave-20170830-gy7okz

Harris, T., (2016). Nexba launches Australia’s first naturally sugar free cola, Retrieved on: 12th May, 2018, Retrieved from:https://www.c-store.com.au/2016/08/04/nexba-launches-australias-first-naturally-free-cola/

Kotler, P. (2015). Framework for marketing management.Pearson Education India.

Kotler, P., Kartajaya, H. &Setiawan, I., (2010). Marketing 3.0: From products to customers to the human spirit. John Wiley & Sons.

Mangold, W.G. &Faulds, D.J., (2009). Social media: The new hybrid element of the promotion mix. Business horizons, 52(4), pp.357-365.

Nexba, (2018).About us, Retrieved on: 12th May, 2018, Retrieved from: https://www.nexba.com/

Packaging news, (2015). Nexba goes 'bespoke' for Christmas, Retrieved on: 12th May, 2018, Retrieved from:http://www.packagingnews.com.au/news/nexba-goes-bespoke-for-christmas

Richey, R. C., & Klein, J. D. (2014). Design and development research: Methods, strategies, and issues. Routledge.

Telstra Smarter, (2018).How Nexba Beverages is revolutionising iced tea, Retrieved on: 12th May, 2018, Retrieved from: https://smarterbusiness.telstra.com.au/success-stories/telstra-business-award-winners/how-nexba-beverages-is-revolutionising-iced-tea

Tuten, T.L. & Solomon, M.R., (2014). Social media marketing.Sage.

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