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Business Marketing Assignment
1. Marketing Plan
Nescafe has been in the business marketing for a very long time and over the time they have made a position in the market and also in the minds of the people. In the current times, the situation is such that the products that the company offers in the market are very well accepted by the people if the management of the company makes sure that they have the right means to convey their product to the people and then sell it. In this report there will be a detailed plan for the new product Nescafe Gold Original Coffee 100gm.
Product Introduction – Nescafe Gold Original Coffee 100gm
Nescafe Gold Original Coffee 100gm is the new product that the company is about to offer in the market and the promoting factor of this product is that it is the highest quality of coffee that has ever been offered in the market by the company of Nescafe. The raw material which are coffee beans are imported from Ghana and are processed under different and high process processing and quality tests to make sure that there are no problems in the product and it will give a desired satisfy to the people who purchase the product based on the name Nescafe. (Kotler, 2012)
Porters 5 Forces
Industry rivalry is the competition that is there for Nescafe with other companies of the coffee market like Starbucks, nestle etc to sell their products. Threat of substitute is again from the competitors industry as their product can replace the products of Nescafe if the company is not careful enough. Potential entrants are the new companies like the café coffee day that offer coffee related products to the people to chose from.
Power buyer is the purchasing power of the people of the market to buy the new product Nescafe Gold Original Coffee 100gm.
The supply power is the ability of the company to keep up with the demands hat they will get for Nescafe Gold Original Coffee 100gm.
SWOT Analysis on the coffee market
Strength of the company of Nescafe lies in the quality of the products that they offer to the people and also in their market image and market value. Weakness is that they do not have the right means in the working of the company to sell the products that they are offering to the people in the business market. Opportunities that Nescafe has for Nescafe Gold Original Coffee 100gm is that they can go international with the product and expand their area of operations. Threats are the new companies that enter the coffee market to expand the choice for the people to select their final choice of purchasing coffee products. (Jurevicius, 2013)
Political factor are the laws and rules of the country made by the government in which the new product is offered.
Environmental factor is that the company will have to ensure that the resources of the nature are not harmed or exhausted.
Social factor is that the people of the society are given the right message by the company. Technological factors are the means that the company will use for the production process of the Nescafe Gold Original Coffee 100gm.
Legal factor is that the company will have to make sure that they have all the required patents and trademarks. Economic factor is the purchasing ability of the people of the people in the country in which the product is offered.
Product Life cycle
The life cycle of the new product is Nescafe Gold Original Coffee 100gm is going to be comparatively longer than the average coffee products of the company because of the quality of the raw materials that are used and also the production process so the life cycle will be around one year.
Legal and Ethic requirements
The legal requirement of the product will be to secure all the patents and trademark of the production process and raw material and as far as the ethical issues are concerned the company will have to ensure that they safeguard the interest of all the company stakeholders.
The distribution channel for Nescafe Gold Original Coffee 100gm can be the company outlets that are there in different parts of the country and they can also have a tie up with the grocery and daily needs stores to shelf the product for a certain percentage of sales that they make. (Blatchford, 2013)
- To give all the relevant information and selling points to the people who could be the potential buyers of the company to influence them.
- To make sure that the masses of the country are aware of the offering of the product and are curious for trying it.
- To have such means that they can reach out to the maximum amount of people and also the time and money of the company.
- To make sure that the means that they are using for marketing are safe and authenticated for the image of the company in the market.
The primary target market for the Nescafe Gold Original Coffee 100gm will be the middle aged business executives who need high amount of caffeine during the day as they are ones who generate the maximum amount of sales for the company and for all the coffee related products that they offer.
The secondary target for the company for the new Nescafe Gold Original Coffee 100gm would be the college going people as they are the younger crowd of the market who are fond of the products that are coffee related and they can generate a decent amount of sale. (Kotler, 2012)
Pricing is one thing that has to be very carefully planned by the company if they want to make sure that the product that they are launching in the market will go a long way for the company and as far as the new product of Nescafe Gold Original Coffee 100gm is concerned, then the pricing in the initial stage should be set at bare minimum profit to give the product some time to settle in the market. Once this has been done then the company can increase their profit level by increasing the price of the product in the market.
The strategy for making sure that the marketing objectives that has been set by the company for Nescafe Gold Original Coffee 100gm is going to be a success is to select the latest means of marketing that are there in the business market and the best part about them is that they are all technology based so it is going to be a one time investment for the company but the results that they are going to get from them are going to last for a vey long time. The methods include promotion and marketing through social networking and other internet methods. (Jurevicius, 2013)
Implementation of each strategy
The method that the company of Nescafe should follow to make sure that they marketing plan for Nescafe Gold Original Coffee 100gm is carried out for the success rate set by the management is that first they should research the market and find out the best means that are there in the market for the process of marketing and when this has been done then the management of the company will have the arrange the resources that will be required to acquire the means that are needed to market and promote the product in the best manner.
Time line for a 6 month period
The first 6 months of a new project is a very crucial time for the company in the market as it is the time in which the product makes a place in the market and in the minds of the people and this is the time that the company has to use to come up with the best possible marketing and promotion methods that they can manage so that they can get the maximum leverage for the new product. The same has to be done by the management of company Nescafe for the new product Nescafe Gold Original Coffee 100gm. (Blatchford, 2013)
Measurement of marketing campaign
Evaluation and the measurement of the marketing plan is also very important step that has to be taken by a company since it tells them where they stand in the market and same is the case for the company of Nescafe as well for the new Nescafe Gold Original Coffee 100gm. They can analyze the sales figures of the product that they get post the implementation plan and they can also keep in mind the market value of the company once they have fully get the product in the market and these steps will a good way for measurement of success. (Friesner, 2014)
2. List the stakeholders you would expect to influence your marketing plan
The customers are the first set of stakeholders that have to influence with the marketing plan and this is that they can be convinced with the offering of the company and can use the purchasing power that they have in the market to buy the new product that is Nescafe Gold Original Coffee 100gm.
The investors of the company are the next set of stakeholders that have to be influenced with the marketing plan of the new product and this is so that they can be reassured that the money that they have invested in the company ill be returned to them with good level of profits.
The employees are the next set of stakeholders that have to be influenced with the marketing plan as it is important for the management of the company to have them on their side as they are ones who are going to put to practical use. (Kokemuller, 2007)
3. Show the feedback you have received from 3 stakeholders
The customers of the market have showed a high curiosity for the new product that is about to be launched by the company which is Nescafe Gold Original Coffee 100gm and also they have out in their inquiries with the company to know more about the product.
The investors of the company are not fully convinced about the success of the new product in the market and which is justifiable as it is still in a very initial stages and since investors are all about the money that they have invested in the project they will only be satisfied with the profit figures.
The employees of the company are under process of studying the plan that has been made by the company for Nescafe Gold Original Coffee 100gm and once this has been done they will be able to form their opinion and choose side that they are going to be on. (Bryant, 2010)
4. Using this feedback as your guide, list 3 adjustments you now need to make to your marketing plan.
The feedback that the company has got from the customers, investors and the employees of the company has been fairly positive and this is a good start for the company as they have stakeholders on their side and together they can achieve the goals that they drafted for the product Nescafe Gold Original Coffee 100gm. Given the scale of the operations of the company and the amount of resources that they have on stake, it is necessary for the company to get their stakeholders on their side so that they can come up as a united front. The one adjustment that they have make to get the investors and the employee fully on their side is that they should disclose all the financial research that they have done of the market as it is the finance of the project that interests the stakeholders the most. (Helmikuuta, 2012)
5. What is a balanced score card? What does a balance scorecard approach provide? List 4 factors a balanced score card covers.
A balance score card is a management tool that can be used by the management of the companies like Nescafe to keep an eye on the factors that are in the working of the project that they are currently working on. It is a tool that has been introduced in the business market to help the managers that have a lot to do in the working of their companies and this tool is there to keep tabs on all operations all at the same time. The balance scorecard helps the managers to keep their work systematic and also keep track of the success that they have achieved till date. Under the balance score card tool, there are many factors that are covered and a far as the case of Nescafe Gold Original Coffee 100gm is concerned the factors are finance, customer, internal process and organizational capacity of the company of Nescafe. (Kotler, 2012)
- Blatchford, J., (2013), Related diversification, [Blog], Available:http://manifestedmarketing.com/2013/10/07/Starbucks-related-diversification/ [Accessed 29 March 2016]
- Bryant, M., (2010), Why is SWOT Important to Marketers? [Article], Available:http://smallbusiness.chron.com/swot-important-marketers-43933.html [Accessed 28 March 2016]
- Friesner, T., (2014), The Stages of Buyer Decision Process, [Online], Available: http://www.marketingteacher.com/buyer-decision-process/ [Accessed 28 March 2016]
- Helmikuuta, (2012), Starbuck’s Distribution Channel, [Blog], Available: http://thecoffeeteam.blogspot.in/2012/02/starbucks-distribution-channel.html [Accessed 27 March 2016]
- Jurevicius, O., (2013), SWOT analysis of Starbucks, [Online], Available: http://www.strategicmanagementinsight.com/swot-analyses/starbucks-swot-analysis.html [Accessed 28 March 2016]
- Kokemuller, N., (2007), Advantages of Marketing Orientation, [Article], Available:http://smallbusiness.chron.com/advantages-marketing-orientation-20975.html [Accessed 27 March 2016]
- Kotler, P., (2012), Dr. Philip Kotler Answers Your Questions on Marketing, [Online], Available:http://www.kotlermarketing.com/phil_questions.shtml [Accessed 27 March 2016]