Business
Executive Market Summary
The given marketing plan is based on a sub-brand of Yogi tea, a tea known for its origin in Ayurveda. The tea comes in more than forty-four flavors which are divided into categories so as to please the customers with different preferences and tastes. The target market of Yogi tea includes individuals and families in Europe and America. The aim of Yogi tea is to give a feeling of comfort, freshness and relaxation to the customers as they sip the flavorful tea during or after a hectic day at work. Yogi tea is doing well in its business and now it wishes to include bottled water as its SBU. Marketing mix and SWOT analysis have been included as part of the marketing plan. Suitable marketing tactics have also been presented so as to strengthen the positioning of Yogi tea’s newly introduced bottled water. In the end, a financial pro-forma with a marketing plan budget is also provided.
Introduction
In this task, we will be presenting a marketing plan for Yogi Tea’s newly introduced bottled water. Yogi Tea was launched in the decade of sixties by a teacher of holistic living named as Yogi Bhajan. Yogi tea is based on the concept of Ayurveda. The tea is organic and made from naturally grown herbs. The tea is organic in nature and is sold in most parts of Europe and people love it for its unique taste and healthy properties (Yogi Tea, 26). Yogi tea has captured ample share and now it wishes to further strengthen its position in the international market by introducing the bottled water. The bottled water will also come in various flavors so as to appeal the customers of Yogi tea. The bottled water will be strongly associated with Yogi tea. We will be covering SWOT analysis for Yogi Tea’s bottled water- POOR analysis would also be conducted so as to organize the basic marketing strategy for the bottled water.
Marketing Mix
The marketing mix is composed of 4 P’s. We will look at each of them very closely and analytically.
Product
The product we have chosen is named as Yogi water. The Yogi water would not be like any other bottled water which has no taste and only guarantees purity. In fact, Yogi water would come in different flavors of natural herbs and will enjoy by customers for its natural and unique taste as well as organic properties. The basic herbs on which Yogi tea is based includes black pepper, cloves, cinnamon, ginger, and cardamom. The bottled water would also contain these ingredients as its base. The Yogi water will be light and healthy and encourage customers to adapt to a conscious lifestyle. Apart from the basic herbal ingredients, more than eighty herbs are included as part of the Yogi tea recipes. Like the categories of Yogi tea are based on rest and relax teas, energy teas, women teas, herbal teas, green teas, detox teas and special tea for the winter season similarly, the water would be available in all these categories and promote health and well-being of the target market.
Pricing
Yogi water will be priced at affordable rates so that customers can purchase the Yogi water along with Yogi tea conveniently and enjoy the benefits of natural and organic ingredients.
Placement
Yogi water can be easily purchased by customers a local supermarket in their areas as well as health stores. There will be a website of Yogi water which allows the customers to locate stores where the healthy water is available so that customers can enjoy the rich and natural flavor of it with ease of access. There is no specific store of Yogi tea and Yogi water but due to its friendly relationship with retailers, most supermarkets allow the placement of Yogi water on their shelves. There is a special website where customers can place orders and get the delivery of their favorite flavors of Yogi water in bulk within expected duration.
Promotion
Without having a consistent promotional campaign, no product or service can reach its target market and earn revenues. When Yogi tea was launched, some form of advertisement was practiced and marketing strategies existed but they were not as advanced and acceptable as they are at present. For the beginning, Yogi water would install small ‘Yogi stalls’ at shopping malls and public places and allow the individuals to taste the water for free. Yogi water would also ensure its presence on events such as festivals and concerts and health related seminars so as to generate brand awareness by focusing on its unique taste as well as healthy properties. Word of mouth will also be used as the most effective promotional tool. Yogi water would make the most of the social media marketing and other forms of marketing communication activities so as to acquire market share and build brand equity.
SWOT Analysis
Strengths
Yogi tea has a strong brand which was established forty years ago. The concept of Yogi water is also based on Ayurveda which was an effective remedy for various ailments some three thousand years ago. There is a variety of flavors of water offered by Yogi water. These flavors are very intense, aromatic and full of properties which are beneficial for a healthy lifestyle. The product by Yogi water will be available in Europe and North America at almost all the local stores, supermarkets, and organic shops. The recipe of Yogi water is original and the ingredients imported would be grown organically in India. The authentic flavor of Yogi water is different and more exciting as compared to the normal water. Customers would feel attracted to it due to its unique taste and concept.
Weaknesses
The prime weakness of the brand is that it is not a very well known brand as compared to other water brands. The brand of Yogi is popular among Indians as flavored tea is a very typical beverage of India so basically, the major part of customers would be Indians residing in Europe and America. Europeans also like to consume specially flavored water Yogi but when compared to the finest water brands, the brand is not generally popular. Moreover, relating Yogi water with Yogi tea would be hard to accept in the beginning.
Opportunities
Yogi water has concentrated its business in Europe and some parts of America. However, if it considers expanding its business in other parts of the world with special focus on Asian and Middle Eastern countries, it could improve its market share. Business expansion is the best opportunity for the market to increase its market share and establish long-term relationships with the customers (Luo, Yadong, and Rosalie L. Tung, 485). Although Yogi tea is enjoying good financial position but it can be further strengthened if it considers the opportunity of business expansion for promoting its Yogi water.
Threats
The treats to Yogi water are from its competitors which include several flavored water brands which have established themselves over many years. Moreover, the new brands of water coming from various parts of the world are also joining the competition. The marketing campaigns and advertisements of Yogi water are not very strong which can cause it to lose its revenues.
POOR Analysis
Problems
The problem Yogi water can face is towards setting up it's positioning. Since customers have known Yogi tea for a long time so developing a perception that Yogi water also contains similar properties can be difficult. Moreover, other flavored waters are already present in the market which is popular for maintaining glucose and vitamin levels in the body. Effective marketing can help in the fine positioning of Yogi water.
Opportunities
The opportunities for Yogi water are present in the markets of the Middle East and Asia. People would find the concept of Ayurveda linked to the Yogi water quite appealing and they would want to try the water and enjoy its benefits.
Objectives
The objective of launching Yogi water is to increase the market share of Yogi tea as well as explore more markets and attract more customers.
Recommendations
It is highly recommended that Yogi water makes use of several promotional tools so as to attract more and more customers. Yogi tea has not focused much on marketing efforts but the new SBU would certainly make the most of the marketing efforts because, in the times of today, businesses rely on marketing strategies for gaining success.
Suggested Marketing Strategies
After carrying out SWOT analysis and marketing mix for Yogi water, we would suggest that the company takes measures to improve the promotional efforts for the brand. Although the brand is well established now but if advertisements are made while focusing on the strong positioning of Yogi water, more market share can be grabbed. Yogi tea is positioned as an Ayurveda tea with organic and naturally grown spices and healing properties. So if the brand positioning is carried out effectively with the help of promotional campaigns in relation to the positioning of the parent brand, the efforts will prove to be fruitful for the company. Television advertisements, radio ads, placement of banners and posters in public places, placing of billboards on busy roads, giving special discount offers to customers, promoting the product on social media and ensuring the availability of Yogi water at convenience stores can prove to be successful marketing tactics for Yogi water.
Financial pro-forma with a Marketing Plan Budget
Given below is a template for marketing budget for a period of 5 months for Yogi water.
Conclusion
We have seen that Yogi water offers a wide variety of flavors to fit the taste and preferences of its customers. The marketing mix and SWOT analysis have been discussed in detail coupled with the POOR analysis and suitable marketing tactics for the increased market share and brand strengthening of Yogi water.
References
Luo, Yadong, and Rosalie L. Tung. "International expansion of emerging market enterprises: A springboard perspective." Journal of international business studies 38.4 (2007): 481-498.
Yogi Tea. "Our Story" Yogi Tea. Yogi Tea, n.d.. Web. 20 May 2016.
