VITALMIN C MARKETING PLAN
In the world today, the most rampant killers are the lifestyle diseases that come with poor lifestyles. That involves heart diseases, diabetes and even cancer. Therefore, people have become aware of these diseases and most of them are changing their lifestyles to make them healthier. That reduces market for businesses dealing in ‘junk’ foods. At the same time, however, it opens a market niche for businesses intending to specialize in healthy food stuff such as healthy drinks. Thus, this company’s choice of investment in vitalmin C drinks is not a coincidence but an opportunity to utilize this niche. The company, Vitalmin C, is based on its prized commodity, vitalmin C drinks. The product is special because it is essential in stabilizing the vitals of people suffering from attacks such as shock, seizures, heart attacks and even stroke. Therefore, the best target market will be the older generation people that are more prone to getting lifestyle diseases.
Following the age, the target market should consist of members who are in their middle ages. These are people who have control of their financial circumstances. Owing to the level of technology in the world today, people are more aware of the lifestyle diseases and that the only way of dealing with these diseases is living healthy. Maslow’s hierarchy of needs depict safety as the second level of motivation for an individual in life. That safety entails not only the safety from lack of wars, famine and drought, but also, from being free of life threatening conditions. Thus, at the middle age, these people are more willing to invest in resources that promise a better future for them. New York State being the target area has a total population of 19,795,791. 21.3 percent of this total are people under the age of eighteen while fifteen percent makes up the people of sixty-five years or more. The difference gives 6.3 percent which makes up the number of people within the target age group (Middle age group).
Market Competition
Energy drinks are not new in the market. There are many drinks such as Pepsi, Coca-Cola, and other carbonated drinks that are still very common. Their competitive edge is that they have an already established customer base which means that for this business to develop, there will be a need to focus on the identified market segment. Owing to the fact that this product is new in the market, the biggest challenge is introducing the product into the market (Pomeranz, 2010). The competitive edge for Vitalmin C business enterprise is the fact that it fulfills the immediate need for drink and a healthy lifestyle all of which are crucial. Future competition will also come in the form of many organizations identifying this niche and going after the same market segment as this organization. That will cause a strain in the value chain depriving the organization a sturdy market base.
Competing against market leaders in the segment
Market segmentation is the best strategy for Vitalmin C to utilize especially because it is a new comer in the industry. Older companies in the drink industry such as Pepsi and Coca-Cola offer a huge challenge since they have a wider market base. They do not need to use market segmentation since their products are suitable for almost every consumer. Recently, Coke introduced a diet soda to cater for those people suffering from diabetes which poses an even greater challenge (Berek, 2012). Therefore, for Vitalmin C Company products to be effective, there is a need for a more streamlined focus on the target market. That will allow the organization to focus its resources towards getting the attention of these potential customers. The first step is demographic segmentation which is describes the various bases of market segmentation in terms in terms of factors such as religion, gender, age and so on.
Differentiating from competition
Through product differentiation, the Vitalmin C Company’s product is slightly different from those of the primary competitors (Pepsi and Coca-Cola). Whereas the competitors sell carbonated drinks, this company focuses on producing healthy energy drinks to revitalize the body of the target market protecting them from lifestyle diseases. That gives the company a competitive edge against the competitors because of the level of specialization. As much as Pepsi and Coca-Cola produce drinks that are varied, such as in the case of diet cokes, there is less specialization as opposed to this company only focusing on children as the target consumers of the product. The primary message that will reach the customer through the marketing vehicles will be the healthiness of the drinks an aspect that the competitors lack. That message will be instrumental in capturing the attention of the potential clients turning them in the direction of the Vitalmin C products.
Marketing vehicles
The most crucial tool that will promote the marketing of this product is social networking with potential clients all over the state. Using social media platforms, the organization will have the capability of reaching many consumers who want the product. Social media also provides a platform upon which the organization can maintain linkage to the customers allowing for faster feedback from the clients (Hollerbach, 2009). That will ensure that the organization can learn of the customers’ likes and preference so that the products can be tailored in a manner that the consumers want. Another vehicle that will promote the successful introduction of the product into the market will be the use of targeted advertising. The organization should be able to develop a monumental object that captures the attention of the target consumers such as a ‘show room’ where all the products of the organization are advertised and sold.
Marketing budget
The first benchmark of the budget is the professional assistance that will be involved in the marketing. For this venture, there will be a need for marketing consultants as well as PR consultants who will take up USD 500,000. The reason for this estimate is the high fees that is always attached to using consultants as guides. It is advantageous since the consultants will be providing the organization with a hands-on experience that they have used before. Social media specialists will advertise on how to use social media platforms for targeted advertising. Specialists in web and graphic design will assist in the development of websites and other advertising mechanisms such as merchandising displays. These will cost significant amounts of money which may be disadvantageous to the organization. However, it holds potential of yielding positive results.
Using media advertising is very essential if the product is to make a significant entry into the market so that it can take up a strategic market position. Television and radio will create a lot of media presence for the product capturing the attention of the potential client. An online presence will also be essential which comes in with the Vitalmin C’s websites. That will make sure that the customers can formulate the image of the company by looking at its online presence attracting the clients to the organization. Trade shows also make up a huge part of the targeted advertising where the organization invests in having all its products displayed in a place where business is central and can be used to showcase these products. That totals to USD 2,395,000 for the first quarter and the same amount can be projected to the other remaining financial quarters allowing for better planning.
References
BEREK, P. (2012). The Market for Playbooks and the Development of the Reading Public. Philological Quarterly, 91(2), 151-184.
Hollerbach, K. L. (2009). The Impact of Market Segmentation on African American Frequency, Centrality, and Status in Television Advertising. Journal Of Broadcasting & Electronic Media, 53(4), 599-614. doi:10.1080/08838150903324014
Pomeranz, J. L. (2010). Television Food Marketing to Children Revisited: The Federal Trade Commission Has the Constitutional and Statutory Authority to Regulate. Journal Of Law, Medicine & Ethics, 38(1), 98-116. doi:10.1111/j.1748-720X.2010.00470.x
