Coconut Bliss is a leading ice cream company that has a unique element attached to it. The product is soy and gluten free. It not only gives a competitive edge to organisation but makes customers curious about this product.
Current Market Situation Analysis
Before devising a market plan, it is essential to conduct a situational analysis of current targeted market. Business environment consists of internal and external factors which influence various divisions (Westwood, 2016). Internal analysis is performed by using SWOT tool while external analysis will be conducted by using PEST tool.
From this SWOT analysis, it is clearly visible that Coconut Bliss has to make business expansion strategies for obtaining more profits. This step will enhance company's reputation to a rich brand image and provide strong recognition in the global markets (Bickhoff, Hollensen and Opresnik, 2014).
PEST is used for carrying out external analysis of company. Coconut Bliss's external analysis is performed as follows:
Political factors: Government policies which influence company's decisions are considered as political factors affecting businesses. Strategies have to be devised in such a way that trade tariffs, changes in fiscal policies, etc. are managed easily (Ritter, 2014).
Economic factors: Marketing strategies of Coconut Bliss is influenced by inflation rate, recessions, economic growth of country, etc. These factors are economic determinants of company's growth. Pricing of product is majorly affected through these factors.
Socio-Cultural factors: Cultural acceptance of product is essential for every company. Coconut Bliss manufactures vegan ice creams which is a unique conceptual product. It has been running very well in the native markets. Marketing strategies are formed with coordination of socio-cultural factors. These connect company with beliefs and preferences of audiences.
Technological factors: Operations play a crucial role for producing a good output. Technology's support helps all sorts of operations be it manufacturing or marketing. Trending technological advancements have to be utilised by company for achieving better results (Filiatrault and Chebat, 2015).
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Following SMART objectives are defined for marketing plan of Coconut Bliss:
- To develop new markets with existing products with efficient pricing
- To increase sales by 35% within 12 months in our native markets
- To approach tech savvy customers with digital marketing techniques
Segmentation, Targeting and Positioning
Segmentation: Psycho-graphic segmentation will be conducted for dividing audiences according to their food habits. This will help in developing better marketing strategies with segmented audiences (Taylor, 2016). No harm will be caused to company when surrounding factors of these consumers are clear to strategists.
Targeting: Marketing strategy focuses on commercial attractiveness. This is only possible when accessibility, benefits and money expectations are fulfilled. Coconut Bliss targets health conscious consumers in both; middle and higher income groups.
Positioning: A positioning map has to be produced by organisation to understand its place in current targeted markets. It also includes an idea about the level of competition and current pricing strategy used by other companies.
Marketing tactics to be used
There are different marketing tactics that can be used by Coconut Bliss's marketing analysts. Some of these are discussed ahead:
- Marketing mix is based on 7Ps principle which is used for allocating strategic marketing plan. It includes product, pricing, place, promotion, people, physical evidence and process. Marketing mix is a systematic approach towards marketing strategies.
- User generated content has to be used for this operation (Armstrong and et. al., 2014). This will provide better connectivity with consumers and develop particular image for the brand.
- Technologies like internet, social media, promotions through brand endorsements, use of celebrity icon, etc. are some other tactics applicable for marketing Coconut Bliss's products.
Budgeting is performed for getting an estimated cost value which will be involved in marketing operations (Rabie, Cant and Wiid, 2015). From advertisements to proper implementation strategies, all have to be funded. An investment of approximately £2000 is required. According to proposed tactics, £500 can be used for promotion in local malls and events that take place regularly. Remaining money must be invested in televised advertisements and promotions on radio, internet, websites and social communities.
Monitoring and Evaluation
The marketing manager has to perform this task. After implementing all strategies and distributing particular responsibilities, it is important to monitor these activities. It helps in reducing unfair practises as well as provides a sense of control over complete functioning.
Certain conclusion has to be drawn after marketing plan is executed. These are based on feedbacks, acceptance levels, change in sales and other analytical features. Evaluation of these factors is essential for providing recommendations and making necessary changes in the future strategies.
Coherent Marketing Plan
Coconut Bliss has been functioning in UK since 1997. The major reason behind their success is providing unique products with blended ingredient. Marketing plans support such strategies (Westwood, 2016). For advancing as a brand image, company can adopt following marketing plan which is based on marketing mix principle. assignment writers australia
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Coconut Bliss aims to acquire better market share in the current financial year by increasing at least 35% sales. Company also aims to acquire the foreign markets by digital marketing techniques.
There are 7Ps comprising complete marketing strategy of a company (Chernev, 2015). Most common and widely used principle technique for creating better marketing structure are:
Product/Services: Vegan ice creams will be produced with new flavours and an option to customise their sundaes at the nearest stores. Coconut Bliss will produce its special flavours on weekends apart from regular items.
Prices: Pricing strategies are mediocre. Affordable pricing range has been opted by the company so that all income groups can easily buy healthy ice creams. Often healthier products are perceived to be costlier. Coconut Bliss can conquer this notion by providing affordable prices to its products.
Places: Advertisements will be projected on all buses and public utility vehicles for mass awareness. Although, current stores and ice cream vans are being developed, online presence of company is also targeted through this marketing plan. Distribution channels must be efficient enough to provide products on time (Bickhoff, Hollensen and Opresnik, 2014).
Promotion: Malls and public places which have large number of audiences can be used for promotion of products. Small stalls and shops can be settled on temporary basis at various locations for letting people taste and purchase products. Moreover, sponsorships for certain events can be provided by Coconut Bliss.
Physical Environment: Branding process has to be initialised for communicating company’s products to potential consumers. Smart technology can be used for creating a brand presence.
Processes: Employees that are involved in complete operational processes must be skilled and talented. Marketing officials must have important capabilities so that execution of plan is unhindered.
People: Employee satisfaction must be focused by company. When achievements are gathered, it is corporate responsibility of company to distribute appropriate rewards and incentives to the contributors of success (Rabie, Cant and Wiid, 2015). These are employees, management and customers. Stakeholder’s respect also provides sustainability in competition.
Achieving all these components in a marketing mix plan will be helpful for company to implement the proposed marketing strategy with greater effectiveness. Moreover, it helps in meeting set objectives by company and marketers.
You may also like to read:
- Global Marketing
- Marketing in Travel and Tourism
- Market Planning For Services
- Marketing Planning
- Strategic Marketing
- Westwood, J., 2016. How to write a marketing plan. Kogan Page Publishers.
- Chernev, A., 2015. The marketing plan handbook. Cerebellum Press.
- Bickhoff, N., Hollensen, S. and Opresnik, M., 2014. Step 3: Marketing Implementation—Executing the Marketing Plan. In The Quintessence of Marketing Springer Berlin Heidelberg.
- Ritter, J., 2014. What is the role of marketing in strategic planning?. The Business & Management Review.
- Filiatrault, P. and Chebat, J. C., 2015. Marketing Budgeting Practices: An Empirical Study. In Proceedings of the 1987 Academy of Marketing Science (AMS) Annual Conference. Springer International Publishing.
- Taylor, B., 2016. Social Media and Digital Marketing: Identifying and bridging the gap.
- Armstrong, G. and et. al., 2014. Principles of marketing. Pearson Australia.
- Rabie, C., Cant, M. C. and Wiid, J. A., 2015. Small and medium enterprise development: do traditional marketing functions have a role to play?