Marketing Plan Essay Example | Topics and Well Written Essays - 2500 words

Marketing Plan - Essay Example Also, it is a sports drink which hydrates human body as well gives guaranteed additional 6 hours of energy for performing the daily activities. This marketing plan is meant to be effective only in the United States and as of now the company does not have any plans to operate in the overseas market. The study carried out a detailed analysis of the energy drink market of USA in order to get an idea of the business environment. The study revealed that the industry is fiercely competitive due to the presence of a large number of established players. However, Coca Cola being an established firm will get certain advantages in the market such as the brand identity and trust of consumers. The short term objective of the company is to create awareness of the product and achieve 2-5% of the market share by the end of the 1st year. In order to achieve it, the company has been strongly recommended to use a variety of promotional techniques and pursue a competitive pricing strategy. In addition, intensive distribution and entering into a treaty with sports companies has also been recommended. Situation Analysis Before the launch of a new product in the market, it is essential to perform a thorough analysis of the external business environment of a country. In addition, the industry in which the business will operate also needs to be assessed. Apart from that it is also essential to assess the competitors and customers. The sections below will try to examine the aforementioned factors and draw a conclusion based on which the marketing strategy for the energy drink will be designed. Description of the Product The product which will be marketed is an energy drink named as Hydra-Energy Shot. The product generally falls into the category of sports beverage product and is meant for providing additional energy to the consumers. The product can be described as smooth in taste, contains added electrolyte, Vitamin B12 (for energy), assorted fruit flavors and low in calorie. The produ ct promises to provide an additional 6 hours of energy to the consumers for performing their routine activities. Customer Analysis A business cannot operate in vacant and requires a base of customers for continuing operation and sustaining in the marketplace over a long period of time. The analysis of the customer is the recording and evaluating the data associated with the needs of consumers as well as market trends. Hydra-Energy Shot will principally target sportspersons. In addition, the product is also targeted for office goers and individuals who work out at different fitness centers. Energy drinks generally falls into the group of functional beverages and encompasses ‘nutraceutical’ and sports drinks. The share of the same is presented in the figure below: - Figure 1 – Market Share breakdown of Functional Beverages (Source: Heckman, Sherry & De Mejia, 2010) Sports drinks are essentially designed to consume before or during the process of action so as to pre vent any kind of dehydration and supply carbohydrate and electrolytes for maintaining proper metabolism in the system (Coombes & Hamilton 2000). Smith Kline Beecham Energy & Sports Drinks Report suggests that in the USA, around 53% of the people who consumes energy or sports drinks are within the age group of 14-34 years. Initially, athletes are the sole consumers of energy drinks, but the course of time and increased awareness the market grew tremendously and expanded to other niche segments. A study by Mintel (2009) made