RH1008 Marketing Fundamentals Assignment Sample

• Subject Code : RH1008
• University : Deakin University My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Marketing Fundamentals

Marketing Plan

Executive Summary

This report deals with the introduction of a Juice Bar and Takeaway food business at 360 A Queens St in May 2020. The owners have decided to introduce the business in the Australian marketplace. This report explains abousst the marketing plan of the business which is prepared for a year.There are numerous potential buyers of this product. These include people of any income group and any educational background. Mostly, juices will be purchased by the sports person and people who are heath conscious. Children can drink fruit juice after they attain an age of 1-2 years.

The business is in its initial stage so there is a requirement to attract more customers so that the yearly goal of 10 per cent increase in sales can be achieved. The owners are working to provide best quality and taste to its customers to retain them. Best marketing strategies are utilized so as to gain benefit from the juice bar in Australian marketplace. There are many competitors of the business so it is a bit difficult for the business to gain strong presence. As per the findings it became known that there are some macro environmental factors like climatic change and availability of resources which can affect the business.

Contents

Introduction.

Situation analysis.

Marketing environment

Competitors.

Marketing Objectives.

Target market, Strategy and Positioning.

Positioning.

Evaluation of the ‘Business case’ Internal marketing environment

5.1 Product/Service.

5.2 Price.

5.3 Place.

5.4 Promotion.

5.5 Physical Evidence.

5.6 People.

Conclusion.

Reference list

1.0 Introduction

Juice Bar and Takeaway food business is a rising industry and it offers incredible opportunities for businesses. This report targets to comprehend the marketing plan for a brand named Juice Bar and Takeaway food business. The juice bar will be situated at 360 A Queens St in May 2020(Magalhães, Pereira, Cardoso, Cairrão&Figueiredo, 2020). This study will include a marketing model for launching the bar. A marketing plan demonstrates suitable tactics and stages that will be supportive in the planning and applying the marketing plan. The plan will include efficient planning of target marketplace, positioning and segmentation. Therefore, a complete study of all the significant factors will be done. The scope of the study is to understand how a new business can enter the industry with the help of an effective marketing plan. The marketing plan is a yearly plan from May 2020 – May 2021.

2.0 Situation Analysis

Environmental factors are those which are recognizable components in the economic, cultural, physical, demographic, political or technological environment which influences the operations,growth and survival of the juice bar (Kwok, Wardle, Greenville &Dickman, 2016). These can be internal or external.While developing a marketing plan for the juice bar is important to consider the environmental factors so that a perfect picture of the market environment and trends can be obtained and it will help to understand where the business is standing. The environmental factors which can affect the juice bar and takeaway food business are:

Environmental Policies: These strategies are regarded as the main external factor which can influence the juice bar business.Environmental policy is the promise of a business to the rules and laws which are concerned with environmental problems. Environmental policy influencesjuice bar businesses because the law suggestschanging their functioningprocesses and tools so as to fulfil those criteriawhich can cost the juice business some decentsum of currency.

Climatic Change: Climatic change is an internal threat to the juice business. Rising problem of global warming and unfavourable weather conditions in these years, make it difficult for businesses to functionsimilarly in all kind of weather conditions(Kwok, Wardle, Greenville &Dickman, 2016). Juice business is directly reliant on adequate supply of fruits. Also, the consumers will not prefer drinking juice in the winter season.

Availability of natural resources: In the environmental factors, this factor is a physical factor which affects the juice business. Natural resources like fruits are very important for this business and these are the main raw material for the juice business. Lack of these raw materials which are the main resources can hamper a business’s productivity and its results.

2.1 Marketing Environment

The macro-environment factors which can influence the juice barscapability to serve its consumersare:

Table 1 Macro environmental factors

2.2 Competitors

The direct competitors who are in competition to this business are(Andaleeb, 2016):

Table 2 Competitors

3.0 Marketing Objectives

Objective: To increase sale by 10 per cent at the end of the year.

Specific: The goal of increasing sales is well-defined.

Measurable: Success can be measured by the number of customers, increase in revenue.

Achievable: The goal setter will complete the goal with the help of customer retention.

Relevant: The goal will help to the set the juice business.

Time-based: The goal setter has fixed a time limit to achieve the goal within a year.

4.0 Target market, Strategy and Positioning

Table 3 Market Segmentation

Demographically, the owners of the fruit juice and food take away business should focus on both male and females. The business is not particular for any income group or educational background. Any income group individuals or any educational background individuals can drink juice or neat take away food items. The business should plan on focusing on the ages somewhere in the range of above 2 years(Kreutzer, 2019). While talking about psychographics, the business should focus on young generation who are involved in exercising at gyms, sports person or heath conscious people. These are those individuals who have a sound way of life, who are keen on wellness products.

Customers with more health focused ways of life will progressively buy and use the products contrasted with individuals who are not or less health focused. The potential target market of fruit juice and food take away business is huge. The target market also depends on the geographic location of the business as the customers in the range of 50 m from Queen St will be more attracted towards the fruit juice and food takeaway bar. The main behavioral trait which is considered is the consumption pattern of juice in the summer season will be higher but lower in winter. Similarly, the consumption pattern of takeaway food items will be more in winters as compared to summers.With the help of this market segmentation, the owners of the fruit juice and food take away business can target the potential buyers easily.

4.1 Positioning

Figure 1: Perceptual map

The juice and takeaway food business provides high quality juices to the customers at a reasonable price. The main pricing policy of the business is linked with the competitor based pricing. This implies that the business costs items are reliant on the benefits and value it brings to customers (Camilleri, 2018). The competitors like Death Star Canteen are providing less quality juices in high prices. Also, another competitor like Merlo is providing high quality juices at a little bit low price. The business is facing high competition to these competitors. The perceptual map which is shown in the figure depicts the positioning of the brand with respect to its competitors.

5.0 Evaluation of The ‘Business Case’ Internal Marketing Environment

The analysis or evaluation of the internal marketing environment is of great importance. There are various elements which include:

5.1 Product/Service

The business is offering fresh fruit juices and take away food item to its customers. There are numerous food products which can be included in takeaway food. This business sells products which are tangible in nature.

5.2 Price

The price of the fruit juice will be between $2 -$4 and that if a take away food will be $3-$5. The owners decided the pricing policy as:

Cost plus pricing: This policy includes a markup to the price of juicesfor knowing its selling price(Farm, 2020).

Markup pricing: As per this policy the markup can be expressed as a fixed proportion, and is shown by applying that proportion to the actual price of the juice.

Competitor-based pricing: Juice and take away food are generally low-cost items so it is not possible to follow a penetration strategy (Chen, Zenou&Zhou, 2018). So, this is the best suited pricing policy for the juice and takes away food bar since it includes fixing of prices on the basis of competitor. The prices are decided which is in line with the values charged by the direct competitors.

5.3 Place

The selected place is best as there is a lot of consumption of juice in Australia every year which is predicted to increase every year.

5.4 Promotion

The juice and take away food bar is a very valued business for the Australian population and will meet all the requirements for the people (Clow, 2016). The business of juice and take away food bar is not a high cost business so the promotional strategies which will be used will be those which involves low cost. The main mediums which can be used for promotion is social media, Instagramor distributing flyers.

5.5 Physical Evidence

Physical evidence will help the customers to interact with the juice and take away food business (Kaushik, 2018). This will include the cleanliness of the physical environment in which the services are provided and packaging of the food stuff. Also, the layout or the interior designs have an impact on the customers.

5.6 People

One of the vital components of the internal marketing environment is people. This comprises of everybody who is included in the juice and takes away food business whether indirectly or directly. The owners should ensure best customer service while serving fruit juice to them.

6.0 Conclusion

It can be concluded that the owners of the fruit juice and take away food business are concerned to provide good quality products to the customers. The marketing plan will be helpful for the owners to know about the target customers and the pricing strategies. This marketing plan is helpful for knowing the direct competitors of the business. There are various environmental factors which can affect the juice and takeaway food business. The owners of the business are trying to achieve the specific goal which is to increase the sales of juice and food products by 10 per cent till the end of the year. This marketing plan is very efficient and will serve the business propose till the year 2021.

References

Andaleeb, S. S. (2016). Market segmentation, targeting, and positioning. Strategic Marketing Management in Asia, 179-207.

Camilleri, M. A. (2018). Market segmentation, targeting and positioning.In Travel marketing, tourism economics and the airline product (pp. 69-83).Springer, Cham.

Chen, Y. J., Zenou, Y., & Zhou, J. (2018).Competitive pricing strategies in social networks. The RAND Journal of Economics, 49(3), 672-705.

Clow, K. E. (2016). Integrated advertising, promotion, and marketing communications. Pearson Education India,1(3).

Farm, A. (2020).Pricing in practice in consumer markets. Journal of Post Keynesian Economics, 43(1), 61-75.

Kaushik, A. (2018). 7P’s of marketing mix in MOOCs environment. International Journal of Information Dissemination and Technology, 8(2), 57-61.

Kreutzer, R. T. (2019).Strategic and Operational Marketing Plan.In Toolbox for Marketing and Management (pp. 225-229).Springer, Cham.

Kwok, A. B., Wardle, G. M., Greenville, A. C., &Dickman, C. R. (2016). Long‐term patterns of invertebrate abundance and relationships to environmental factors in arid Australia. Austral Ecology, 41(5), 480-491.

Magalhães, M., Pereira, M., Cardoso, A., Cairrão, Á.,&Figueiredo, J. (2020). Canvas marketing plan: How to structure a marketing plan with interactive value?.In Handbook of Research on Emerging Technologies for Effective Project Management (pp. 158-168).IGI Global.

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