Introduction
We have chosen energy drink for the purpose of identifying the marketing and branding strategy. The energy drink is newly launched by a renowned beverage company. Ever since people all around the globe become aware of the benefits of a healthy lifestyle, the concept of energy drinks has started gaining popularity. The first type of energy drinks were introduced in Europe some twenty five years ago. Many popular beverage brands came up with their versions of energy drinks. People preferred consuming energy drinks over soda as they possessed less number of calories, little or no preservatives and leave the body and mind fresh, energetic and acts as a great stress reliever. The energy drink we have chosen is called Booster which is aimed at giving new fuel to those drinking it after long hours of activities such as long driving, working out, sports, swimming or overworking.
Mission of Booster Energy Drink
The mission of Booster energy drink is as follows:
“To offer the best alcohol free and delicious flavors of natural beverage that vitalizes the brain and body.”
The slogan of Booster
As the name suggests, Booster, aims to give an augment to the body of individuals whenever glucose levels are going down during a physical or mental activity. So the slogan of booster could be: ‘Energy on the Go, Just for You’.
Logo
The logo of Booster will look like this:. The colors used in this logo are blue and red. Blue is the symbol of power and energy whereas red reveals passion to achieve a goal. The logo of Booster will differentiate it from the rest of the energy drink available in the market.
Target Market
William, Ferrell (2010) suggested that target market identification is a mandatory step in marketing strategy as it helps companies provide specified products and services. The target market of Booster includes people in their twenties to middle aged group. This target market is composed of people who are at the peak of engaging their bodies and minds into mental and physical activities and usually need energy supplements to keep their organs work efficiently and in harmony. The target market consists of 70% males and 30% females as males are more involved into physical tasks.
How Booster Will Become a Success Drink
Bhasin (2012) wrote that the first question that we as marketers would ask: What are the factors which will make Boost stand out in competition? The energy drinks market is already well captured by players such as Red Bull, Monster, Sting, Rockstar etc. By allocating significant amount of budget to marketing and advertisement, Booster can successfully grab more market share and develop long term relationships with customers.
4 P’s of Marketing for Booster
Product
The product is Booster energy drink which is free of alcohol and has minimal amount of preservatives. Natural ingredients are added in the drink and the quantity is mentioned on the packing clearly. Four flavors of Booster energy drink are launched namely lemon, orange, cranberry and cocoa. None of these flavors come in carbonated form and posses less sugar content which means low calories and more health. A special zero cal drink will be launched soon which would target the weight conscious market.
Pricing
The pricing has been done carefully as other energy drinks are already available in the market which have successfully grabbed ample share in the market. Initially, the price of Booster energy drink will be 50% less than other drinks so as to attract customers who consider energy drinks as a luxury for upper class.
Placement
Booster energy drink will be available in all super stores in the beverage sections along with competitors’ drinks. The drink will also be available in the cafeterias of schools and colleges so as to attract youngsters to boost their energy in their sports and studies. The distribution network will be simple where products would be collected in bulk by wholesalers at discounted rates and then supplied to retail stores with some extra benefit so that they place the cans of Booster energy drink at prominent positions on the shelves and in refrigerators.
Promotion
As mentioned, Booster will need to promote its product better than other drinks in the market. Booster will have brand ambassadors such as famous sports players as they would attract their fans to consume this drink to help them stay alert, active, energetic and successful like them. StephenZoeller (2015) mentions that social media is a great source to attract customers towards a new product. Booster will make use of Facebook and Twitter as well as use billboards to create awareness among the target market. Advertisements posing youngsters on television and radios is another way to make consumers buy Booster energy drink over other regular drinks.
Market Positioning
Ries, Trout (2008) believed that market positioning is all about creating an exact brand image in the eyes of customers. It is very important for brands to communicate the right image to the customers because perceptions once built are not easy to change (Dibb, Simkin, 1996). The brand Booster energy drink will have a strong positioning statement which would say that “With Booster energy drink, customers can vitalize their bodies and minds at just half the price”. This low price positioning will attract a large number of customers from competitors as well.
Brand Extension
Brand extension is all about increasing brand equity by using the established brand name to launch another product category (Kapferer, 2012). Booster energy drink once established will consider brand extension as a way to strengthen brand equity. Booster energy drink will launch Booster Memory with special extracts of Ginkgo biloba, a herb popularly consumed for strengthening of memory and thinking skills.
Perceptual Map
Price
High
Red Bull
Monster
Booster
Market Share
High Low
Fling
Low
Perceptual map is a technique employed by brands to see how customers perceive them as compared to competitors (Easey, 2009). Strouse (2004) suggested that companies have to put in a lot of effort to ensure that perception of customers is in line with the identified marketing objectives. In the perceptual mapping for Booster, we can see that Redbull is the market leader which has the highest market share compared to the rest. It is assumed that Booster will be priced low and have significant market share. Booster will focus on maintaining high market share at low pricing so as to gain maximum benefit from its marketing strategy.
References
Bhasin, K. (2012). The Marketing Strategy This Energy Drink Used To Take On Red Bull And Become A Billion Dollar Brand. Available: http://www.businessinsider.com/the-marketing-strategy-this-energy-drink-used-to-take-on-red-bull-and-become-a-billion-dollar-brand-2012-2. Last accessed 11th Feb 2016.
Dibb,S., Simkin, L. (1996). The Market Segmentation Workbook: Target Marketing for Marketing Managers. London: Thomson Learning. p17-22.
Easey, M. (2009). Fashion Marketing. West Sussex: John Wiley & Sons, Ltd. p140-141.
Kapferer, J. N. (2012). The new strategic brand management: Advanced insights and strategic thinking. Kogan page publishers.
Ries, A., Trout, J. (2008). Positioning: The Battle For Your Mind. New Dehli: Tata McGraw Hill. p2-10.
StephenZoeller. (2015). Positioning Strategy for a New Energy Drink Brand. Available: http://www.stephenzoeller.com/positioning-strategy-new-energy-drink-brand/. Last accessed 12th Feb 2016
Strouse, K.G. (2004). Customer-centered Telecommunications Services Marketing. Norwood, MA: Artech House, Inc. p71-73.
William,P., Ferrell, O.C. (2010). Marketing. Mason, OH: Cengage Learning. p160-170.
