Introduction
The entire world is moving with a robust and effective pace and the essence of entrepreneurship and industrialization are also increasing heavily in all over the world. Entities are now in a state of war in getting an upper edge over its competitors and other peer companies by employing effective strategies. Without any doubt, all of these things and actions are more than essential for an organization to increase its financial and economical belongings with perfection.
Organizations usually have numerous departments and every department deems extremely important for the sake of the company because it crippled up or helps in accelerating the pace of flow of funds (FOF) towards the company in total (Hales 2001, p12). Marketing department is the most important department from the viewpoint of an organization as it is directly associated with the net income of the company. A well established and effective marketing department would certainly assist a company to have high amount of net income provisions.
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 augment their financial health. Among these concepts, the name of “Media 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 Jack Daniel. There is a perfect approach which has been taken into consideration for the same. In the next section, a small description about the chosen company has been defined followed by the analytical provision which has been taken into account for this purpose.
Jack Daniel: An Overview
Jack Daniel is basically a brand of sour mash Tennessee whiskey which is the highest selling American based whiskey in the entire world. The whiskey is produced in Lynchburg, since 1956. Moore is the home country of Jack Daniel, which is a dry county. The products of the company are available for consumption at stores or restaurant within the county.
There are number of products which are currently under the product portfolio of the company in total. The Products of Jack Daniel generally meets with the regulatory based criteria for the classification as straight bourbon which disavows this classifications and markets. A total of 11 million cases of the flagship “Black Label” product were sold in the company’s fiscal year. Whiskey is the main product of Jack Daniel which is known as a Flagship product of the company in total which is increasing its financial belongings with perfection in total. The management of the company is perfect and ethically sound as well, which is a great sign from the viewpoint of the company. The company is small and there are only 768 employees are currently working in the company (Fabbi 2013, p13). Jack Daniel has a unique flavor in all of its products and always strives to maintain winning approach in total. Jack Daniel is a subsidiary of Brown Forman Corporation, which has its active recognition in different parts of the world in the name of providing quality based spirits and wines.
The total net income earned by the company last year was $3.6 billion in the year 2012 (Fabbi 2013, p20) Apart from the Whiskey product, there is yet another product found in the company which is perfect in total. There are number of models and matrices which have been used and taken into account for the same provisions in total and it is devised in the same manner.
How Well Jack Daniel is doing?
Jack Daniel is running its operations across 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 Jack Daniel’s product having a split of 27% sales. The graph of the proportion of the sales of the products of Jack Daniel is mentioned below,
Jack Daniel, by considering its current state is intending to expand of its main distillery, with over 1.1 million cases merely sold in United Kingdom (UK). 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 Jack Daniel 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 Jack Daniel
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. Jack Daniel 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 Jack Daniel, to increase its financial belongings.
Target Audience
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 Jack Daniel would become able to attract such personality towards their product, then ample opportunities would be available for the company (Stevens et al., 2013, p115).
Weaknesses in the Current Media Plan of Jack Daniel
It is important for the companies to market their products with all sorts of efficacy and professionalism, while 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 media plan of Jack Daniel 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 on 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 Jack Daniel. They are very much familiar with the products of Jack Daniel along with its product’s quality, but they never willing to try it.
New Approaches
- In order to attract women towards the products of Jack Daniel, there is a need of new approaches in total. The summary of new approaches are mentioned below in the bullet points:
- Jack Daniel is strategizing to approach the women through the Fashion Magazines as women are more inclined towards studying magazines
- It is important for the company to have effective, colorful, fancy 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 Jack Daniel’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 Jack Daniel 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 Jack Daniel’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 media plan of Jack Daniel 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 media plan of the company in order to aware the people regarding the products of the company.
- Jack Daniel Honey Released in 2011 and it was under the umbrella of Jack Daniel, 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 JD as well. JD adverts available in three different forms and names, which are
- Beekeepers
- Swarm
- 3D Cinema Adverts
Merchandising
The merchandisings of Jack Daniel are based on Clothing and Glasses. Apart from this, it is also on the calendars and pool football based tables.
Current Media Utilization and its Weaknesses
The utilization of Media in the enhancement of the product recognition and awareness is extremely important for an organization in total. The association of media is extremely important for an organization in total (Katz 2010, p.17). There are certain weaknesses of the current media which has been highlighted in the media plan of the company
- Advertisement of Jack Daniel 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 Jack Daniel 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 Jack Daniel (JD) 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
- Jack Daniel 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 Media is important for the company and it should be used accordingly
Media Based Strategy
The proportion and association of media 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 media strategies to make them eminent and effective in total. Jack Daniel is one of those companies which have a perfect media strategy in total, which is extremely important for their future belongings. Media 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 media strategy should have been taken into account by Jack Daniel and the mediums of media which should be used are
- Magazines
- Televisions
- Billboards
- Social Media
Media Planning
•Setting Media Objectives
We have to set effective objectives and values which we are intending to have from the media as far as our brand is concerned
•Deciding Media Strategies
Jack Daniel’s management has to come up with effective strategies to pamper them in a way that no issue or problem could hurt them for a specific time period. Media Strategies should be in a perfect manner that it could not derail the functions of the company.
•Choosing the Media Mix
Jack Daniel has to select a perfect media mix for its products which they have already selected and it is mentioned above
•Charting the Tactical Plan
Tactics and strategies are at the heart of an organization, and Jack Daniel has to make contingency plan or tactical plan which should be considered accordingly, if a thing goes wrong.
Media Strategy and Calculations
There are found different mediums have been selected for the media planning, which are mentioned above and each associated with a certain amount of cost. Two different cost functions would be used in this particular analysis, which are Cost per Media (CPM) and Cost per Point (CPP). We are assuming a target audience of 500,000 people but the cost of each medium is different
CPM Computation for Media Vehicles
This media vehicles will have a total cost of £100,000, hence the CPM would be
= 500,000 / 100,000
CPM = £5
Cost per Media/Per Audience is £5
The cost Per Point in the same scenario
= 100,000 / 500,000
= 20%
Gross Target Impression Computation
Gross Target Impression (GTI) is yet another important ratio which is used to analyze total number of exposure of audience size and makeup. We are supposing that total 10,000 people are impressing with a an add 10 times each hence the GTI of our product would be
Total Impression would be = 10,000 * 10 = 100,000
GTI = (100,000 / 500,000) * 100
GTI = 20%
Cost Per Thousand Impression
Cost / Impression *1000
= 100,000 / 100,000 * 1000
Cost per thousand Impression would be 1000
Budgeting
Media Planning is an important thing and it requires high amount of cost association as well. Total Budget which is required by Jack Daniel in year wise is mentioned below
Total Cost which may be incurred by the company for such media planning would be over 1 million £.
Timeline
It requires at least two years for us to keep recognize our brand among the women as well as it is not an easy job for us in the current economic environment.
Point of Purchase
The new media 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 media 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 Jack Daniel is mentioned below
The segmentation of the products of Jack Daniel are mentioned below
Existing Male Customers are the primary market for Jack Daniel (JD)
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 jack Daniel
Conclusion
There are numerous things in surroundings of an organization in total and entities have to consider every bit of thing to become economically prosper and strategically effective (Solomon et al.2010, p36. When it comes to organizational productivity then there are certain things which come across in their corporate moves. Organizations usually get pampered with different things and provisions, which often known as Business Ethics and Regulations.
Every department of organizations depends heavily over the productivity of an organization in total, and it is vital for the companies to use the specification of every department merely to increase the financial belongings of the companies as a whole (Blakeman 2011, p90). 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 Media 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 media plan for a chosen brand. The name of the brand is Jack Daniel. From the entire analysis, it is found that Jack Daniel has a remarkable recognition of its product in front of the users which would be effective for the company in near future. The media plan is made to apprise the women to use whiskey in total and the new media 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
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