Company Description and SWOT Analysis
Required supporting documents needed for Section 1 of this assignment:
-Non-Alcoholic beverage (NAB) Portfolio 2019
-Assignment 2_Chapter Pages
-Assignment 1_Company Description and SWOT Analysis
Section 1: NAB Marketing Plan
Write the 6-page (use the layout format in Example_Assignment 2—1 cover page, 4 pages of content and 1 reference page—do not exceed the page length) marketing plan and sales strategy section of your business plan in which you do the following:
1. Define your company’s target market.
a. Analyze the types of consumers who will be drinking your beverage in demographic terms (i.e., age, education level, income, gender, ethnic group, etc.). Outline the demographic information for your company specified on the worksheet in the course text (p. 107 | Demographic Description).
o Specification for this NAB: Coffee is the main NAB but the store will also include a selection of specialty teas, as well as a variety of breakfast pastries.
o Specification for this NAB: This store will be located near a college/university (i.e. students and teachers are the target customers for the coffee mainly; however providing the assortment of specialty teas offers a variety for the non-coffee patrons).
b. Support your analysis with actual data on the size of the demographic groups in your local community (nearby zip codes 23529).
o Hints: At American FactFinder (http://factfinder.census.gov), you will find demographic information on potential consumers in your area. If you are selling through other businesses (such as grocery stores), indicate the number of those businesses in your local area. You will find information about such businesses in your local area at County Business Patterns (http://www.census.gov/econ/cbp/). Check Chapter 2 of Successful Business Plan for more research sources.
2. Assess your company’s market competition.
a. Use the factors listed in the course text graphic (p. 123 | Assess the Competition) to assess your company’s market competition.
b. Defend your plan to differentiate yourself from the competition using the information detailed on the worksheet in the text (p. 131 | Market Share Distribution).
o Hints: Every business faces competition, and the non-alcoholic beverage market is an especially crowded market.
o Hints: For example, in the soft drink market, it is intimidating to try to compete against Coke and Pepsi. Newcomers in mature markets typically must pursue niche markets or even create new market categories, as Red Bull did with energy drinks.
3. Clarify your company’s message using the information provided on the worksheet in the text (p. 160 | The Five F’s). Create a marketing slogan/tagline for your product.
o Hints: Before you choose your marketing vehicles, you must determine the message you want to convey through those vehicles.
4. Identify the marketing vehicles you plan to use to build your company’s brand. Justify the key reasons why they will be effective.
o Hints: If you plan to use online marketing tactics, refer to the worksheet in the text (p. 171 | Online Marketing Tactics) to aid your response. Remember that even if you’re selling through grocery stores, you need to build your brand and social media is a major part of that in regard to beverages. Some of the marketing tactics that beverage companies use include sampling in grocery stores, building a following on social media, sponsoring events, and exhibiting at trade shows attended by retailers. You will use a combination of these tactics. For example, if you decide to give out samples in grocery stores, promote your sampling on your social media networks and those of the grocery store.
o Hints: If you are planning to distribute through resellers, describe how you plan to reach them, for example, through industry trade shows or by establishing your own sales force. For information on trade shows, visit the Trade Show News Network (http://www.tsnn.com). You can exhibit or network at these shows.
5. Format your assignment according to these formatting requirements:
a. Cite the resources you have used to complete the exercise.
o The course textbook must be used at least once as a resource.
o Resources should be no older than 10 years (i.e. no earlier than 2009).
b. Note: There is no minimum requirement for the number of resources used in the exercise.
c. The paper must be typed, double-spaced, using Times New Roman font (size 12), with 1-inch margins on all sides; references must follow APA.
d. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.
Required supporting documents needed for Section 2 of this assignment:
-Business Plan Financials (BPF) MS Excel template (Assignment 2_Marketing Budget)
Section 2: Marketing Budget (MS Excel worksheets template)
6. See attached “Marketing Budget” worksheet for your company.
Note: Only the setup tab and marketing tab should be completed for this assignment.
- Hints: The goal of the marketing budget is to help you determine how much it will cost you to reach your market and achieve your sales goals.
- Hints: When filling out the “Marketing Budget” worksheet in the Excel spreadsheet, do the following:
- Begin in the current year (October 2019) and complete a marketing budget for the first year of your business (October 2019 through September 2019). The information you enter in the marketing budget spreadsheet will flow through to your “Income Statement” in the “Business Plan Financials.”
- Leave the number at zero (0) for any marketing vehicles you do not intend to use.
- Remember that all marketing activities involve costs. If social media represents a significant portion of your marketing, assume you will incur costs of advertising and these should be reflected on your budget. Even if a social media site charges nothing to use it, you will need to use company resources to manage the site, pay someone to execute your social media marketing campaigns, and most likely pay for ads on that site.
- Do not leave the “Marketing Budget” blank assuming you will not have any marketing costs.
- Do not complete all the rows; only fill in the costs for the marketing vehicles you will actually use. These must match the content you describe in Question 4 Word portion of this assignment.