Introduction
There are numerous concepts which come under the ambit of marketing department and all of these concepts are more than essential for a company to increase their financial belongings. Among these concepts, the name of “Marketing planning” is one of them, which is more than essential for an organization to get certain added advantage (Rossiter & Danaher 2005, p26). The main objective of this assignment is to make a perfect and well organized media plan for a chosen brand. The name of the brand is Classic Whiskey (A Hypothetical brand). There is a perfect approach which has been taken into consideration for the same..
How Well Classic Whiskey is doing?
Classic Whiskey is having its operations in all over the world and General alcohol is the most effective product for the company as a whole. The sales of General Alcohol in the United States (US) in total are 42%, while in the rest of the world it is nearly 31%. Europe is yet another important region for Classic Whiskey’s product accounts for 27% sales. The graph of the proportion of the sales of the products of Classic Whiskey is mentioned below,
Classic Whiskey, by considering its current state is intending to expand of its main distillery, with over 1.1 million cases sold in United Kingdom (UK) only. The company is trying extremely hard to building its roots in Asian market as well, because Asian region has a remarkable potential in it, which would certainly effective for Classic Whiskey in its near future. The net income of the company in the year 2012 was £75m which is extremely high for the company.
Current Market Analysis of Classic Whiskey
Consumers are the end users of a company and organizations have to consider number of things in order to increase the financial belongings, and among these strategies, the name of targeting the right people for the product is one of them (Sissors & Baron 2002, p.36). Targeting is one of the most important activities for an entity to accelerate the pace of its earning potential.
Company net objectives would be fulfilling only, if it targets the right audience at the right time. Classic Whiskey is targeting men mainly because researches show that only 20% of women like to drink whiskey. According to the current media plan, the company is strategizing to attract women as well towards their products. In 2010, a new research had been conducted in identifying the relationship between women and drinking of whiskey. According to the report, Whiskey is now winning the heart of women as well as women made up of 29.4% of Irish whiskey drinkers and 30.4% of the bourbon market in total (Ehler 2010, p67). It could be said that it is a new start for every company stride in this particular industry, therefore the market is open for Classic Whiskey, to increase its financial belongings.
Target Audience/Segmentation
According to the new media plan, the target audience of the company is women who have a certain amount of income in a year. For example, we have targeted a Lady Manager in a designer store, whose name is Laura (26 years old), who has yearly income of 35K. Laura is one of those people who go for outing once a week with her friends and have strong interest in shopping. If Classic Whiskey would become able to attract such personality towards their product, then there are ample opportunities are available for the company (Stevens et al., 2013, p115).
The Ps of Marketing
Products: Products of the company is whiskey made up of honey
Pricing: In the start, we are trying to have penetration marketing strategy
Place: Place strategy would be offline
Promotion: it is used both electronic and paper mediums
Weaknesses in the Current Marketing Plan of Classic Whiskey
It is important for the companies to market their products with all sorts of efficacy and professionalism and effective provisions should have been considered in order to become economically active (Surmanek 1996, p52). From the analysis of the company, it is found that most of the Television adds, billboards are not competent and effective enough from which they can attract the attention of women towards the whiskey based products.
The second weakness which has been highlighted in the Marketing plan of Classic Whiskey is the current outlook of the bottle. The bottle is bit hard shaped, which is not eye catching for Women. There are number of new companies are entering in the market of Whiskey and are attracting young consumers of regular basis. The names of these companies are Tequila, Vodka and Cognac. The biggest weakness associated with the company is less drive of women towards Classic Whiskey. They are well aware of with the products of Classic Whiskey along with its product’s quality, but they never willing to try it.
New Approaches
- In order to attract women towards the products of Classic Whiskey, there is a need of new approaches in total. The summary of new approaches are mentioned below in the bullet points
- Classic Whiskey is strategizing to approach the women through the Fashion Magazines as women are more towards studying magazines
- It is important for the company to have effective, colorful and eye catching billboards because it is one of the major essentials to attract women towards their products (SHARMA & SINGH 2006, p100)
- Promotional activity like giving out limited free Classic Whiskey’s Honey flavored cocktail to the women which would certainly help out the company to become recognized in targeting women
- Strategy to hire men waiters to serve Classic Whiskey Honey Cocktail for the women in the bar would certainly assist the flavor to attract attention of the women
- It is important to have effective and appealing TV commercials of Classic Whiskey’s product merely to attract women (Barker& Angelopulo 2005, p167)
Relationship based Analysis
There are number of relationships which have been identified in the new Marketing plan of Classic Whiskey and the description of the same are
- Human based Interactions in which one would share their experience with the other one, known commonly as World of Mouth (WOM) strategy in total.
- Service Transactions to Personal Interactions is the 2nd most influential activities and strategies which is effective for the company in total.
- Marketing Led Transactions is essential to drive the demand with the user led
- Structured based research process for the organic based discovery is important to enhance the relationship among the company and its end users with perfection and full of efficacy (Pride 2013, p149).
Awareness
Brand Awareness is one of the most important activities from the viewpoint of an organization and it is used to enhance the productivity of the company from different standpoint. Brand awareness is basically an activity through which a company would become able to get the people aware with their new products with efficacy (Katz 2010, p45). There are number of methods which have been identified in the Marketing plan of the company in order to aware the people regarding the products of the company.
- Classic Whiskey Honey Released in 2011 and it was under the umbrella of Classic Whiskey, hence some sort of awareness regarding the product already have by the people and consumers
- After the launching of the product, way back in 2011, its first spirit published on the Twitter, which is one of the major awareness activities
- Apart from Twitter, Face Book is yet another important and diverse medium used for the same purpose in total. It is the most economically efficient medium used for the marketing and creating awareness purpose
Adverts
Adverts are an important activity from the viewpoint of a company and it is equally beneficial for CW as well. CW adverts available in three different forms and names, which are
- Beekeepers
- Swarm
- 3D Cinema Adverts
Merchandising
The merchandising of Classic Whiskey are based on Clothing and Glasses. Apart from this, it is also on the calendars and pool football based tables.
Current Marketing Utilization and its Weaknesses/ Positioning of Products
The utilization of Marketing in the enhancement of the product recognition and awareness is extremely important for an organization in total. The association of Marketing is extremely important for an organization in total (Katz 2010, p.17). There are certain weaknesses of the current Marketing which has been highlighted in the Marketing plan of the company
- Advertisement of Classic Whiskey is not competent enough in speaking to a specific and particular segment in total, and it is not effective as well, as far as attracting high number of women towards the products of the company
- The value proposition of Classic Whiskey is still in lacking, as it is unable to define regarding what sort of benefit it will bring on the life of the new market segments
- Emotional based appeals are still lacking from the marketing strategy of the company in total, which is not at all a good sign from the viewpoint of the company.
- Advertisement of Classic Whiskey (CW) which has been made to focus on a particular segment of women are too much generic and would not bring any sort of economic and strategic change towards the brand in total. In order to decrease down the pressure, it is vital for the brand to have effective recommendations in total and the recommendations to become effective mentioned below,
Recommendations
- Classic Whiskey has to take advantage of the Television advertisement and clearly defined the targets and messages accordingly which will certainly help out the brand to be well recognized among the targeted market
- Utilization of Print Marketing is important for the company and it should be used accordingly
Marketing Based Strategy
The proportion and association of Marketing could be extremely important and vital for an organization in total and organizations have to use the same in order to be competitive and effective at the same time (Menon 2009, p97).. There are number of companies and brands around the globe which are using the same Marketing strategies to make them eminent and effective in total. Classic Whiskey is one of those companies which have a perfect Marketing strategy in total, which is extremely important for their future belongings. Marketing based strategies could be extremely important and effective for an organization in total (Menon 2009, p77). In order to attain the new target market, effective Marketing strategy should have been taken into account by Classic Whiskey and the mediums of Marketing which should be used are
- Magazines
- Televisions
- Billboards
- Social Marketing
Point of Purchase
The new Marketing plan is identifying the Point of Purchase (POP) for the new products of the company and mentioned below points are essential for the same.
The new honey flavored bottles will also include a sort of cocktail recipe tags merely to show the ingredients and all sorts of distinctions
Coupons pertain to money off would also take into account for the same
We have a specific Slogan for our new target audience and our new slogan is mentioned below
“If she ain’t top notch, she ain’t worth Jack”
According to the new Marketing plan, it is found that the main idea to appeal the women is desire to be their ideal selves
New Segmentation
As mentioned above segmentation is an important activity from the viewpoint of a company. The new segmentation of Classic Whiskey is mentioned below
The segmentation of the products of Classic Whiskey are mentioned below
Existing Male Customers are the primary market for Classic Whiskey (CW)
New Females customers aged between 2 to 34 are our new target markets
The Appeal
It is important to appeal each target segment with some other and effective appealing things are some of them are mentioned below
- Different and Specific adverts for each group of the segmentation
- Having new sweet and smooth taste of the new product of the company
- Independence in having the products of Classic Whiskey
Conclusion
The association of marketing department is extremely important for a company as it deals with different exotic and important things for a company as whole. The concept of marketing has numerous things under it and among them; the name of Marketing Planning is one of them which has its own importance and recognition. The main objective of this assignment is to make a perfect and well organized Marketing plan for a chosen brand. The name of the brand is Classic Whiskey. From the entire analysis, it is found that Classic Whiskey has a remarkable recognition of its product in front of the users which would be effective for the company in near future. The Marketing plan is made to apprise the women to use whiskey in total and the new Marketing plan is well organized and competent enough from which the company may increase the recognition of women and could accelerate the pace of sales and earning potential of the company as a whole. The company has to consider the plan for its corporate move and especially while strengthen its roots in the market of Asia merely because of its high potential.
Reference List
Colin Hales (2001). Managing Through Organization: The Management Process, Forms of Organization and the Work of Managers. London: Cengage Learning EMEA. p12-16.
John R. Rossiter, Peter J. Danaher (2005). Advanced Marketing Planning, Volume 1. Chicago: Springer. p26-32.
Matteo Fabbi (2013). Classic Whiskey's Brand Activity Analysis. New York: GRIN Verlag. p10-18.
