Marketing for the Next Year for Atlantic Quench - Business Plan Example

Marketing plan for the next year for Atlantic Quench Executive Summary Atlantic Quench Cranberries Inc. (AQC) is one of the leading companies in North America in the segment of production and distribution of bottled and canned fruit juices and drinks. The company has been successfully operating in the US and UK market since 1974. However, due to emergence of a large number of branded and non-branded companies as well in order to address the changing consumer taste and preferences, it has become important for Atlantic Quench to bring modifications in their next year’s marketing plan. Therefore, before formulating strategies for the company, the internal and external circumstance of the company has been evaluated. Based on the analysis as well as the mission statement of the company, the growth strategy, marketing mix and budgetary controls are redesigned to structure the marketing plan for Atlantic Quench Cranberries Inc. Contents Executive Summary 2 Chapter 1: Introduction 5 Chapter 2: External Analysis 5 2.1. Macro Environment Analysis 5 2.1.1. Political 5 2.1.2. Economic 6 2.1.3. Social 6 2.1.4. Technological 7 2.2 Market Analysis 8 2.3 Customer Analysis 9 2.4 Competitor analysis 9 Chapter 3: Internal Analysis 10 3.1 Overall Performance of Atlantic Quench Cranberries Inc. 10 3.2 Marketing Mix 10 3.2.1 Product 10 3.2.2 Price 10 3.2.3. Promotion 11 3.2.4. Place 11 Chapter 4: SWOT Analysis 11 Chapter 5: Objectives of Atlantic Quench Cranberries Inc. 12 5.1. Mission Statements 12 5.2. SMART Objectives 13 Chapter 6: Marketing Strategy 14 6.1 Strategic Theories 14 6.2. Core Target Segments 15 6.3. Positioning 15 Chapter 7: Marketing Programs 15 7.1. Product Strategy 16 7.2. Pricing Strategy 16 7.3. Place 16 7.4. Promotional Strategies 17 7.5. Marketing Communication Strategies 17 8.1. Schedule 18 18 8.2. Budget 19 8.3. Control 20 Reference List 21 Bibliography 23 Chapter 1: Introduction A marketing plan indicates the overall effort of a company regarding its marketing activities that includes its products, planning, pricing and promotional activities so that the company can maintain its competitive positions in the concerned market segment. An efficient marketing plan facilitates the company to examine its prevailing marketing strategies incorporated by the company in the current year and outline a comprehensive marketing plan for the next year, taking into consideration the changes in marketplace in terms of level of competition and strategies adopted by other competitors (Alvesson, 2008). In this paper, a blueprint of the marketing plan will be outlined for the bottled fruit juice company, Atlantic Quench Cranberries Inc. (AQC) so that it can achieve a better position in the packaged fruit juice market of United Kingdom. Chapter 2: External Analysis 2.1. Macro Environment Analysis Macro environmental analysis enables a company to analyse the macroeconomic variables and their effect on a particular economy. Explicit analysis of such variables will make the company understand to what extent such variables can affect the business so that they can take corrective measures in order to maintain their competitiveness in a specific market (Bendapudi and Leone, 2007). In the next segment, the external environment of Atlantic Quench Cranberries Inc will be evaluated through the strategic management technique of PEST analysis. 2.1.1. Political Though the company operates in both the markets of United Kingdom and United States, existence of the company is more prominent in UK market. Therefore, the external political environment of UK influences Atlantic Quench Cranberries Inc. and its operations to a greater extend. For example, if UK determines of leaving European Union, ending the long enduring debate, the country will exposed to significant policy changes which in turn will definitely affect the business practices of the same. The political environment appears to be favourable for the packaged fruit juice company (Payne and Frow, 2009). 2.1.2. Economic United Kingdom is considered to be the most capital and resource enriched economies in the world (Elliotta, 2015). However, the financial crisis of 2008 had affected the economy to a large extent, diminishing the employment rate and per capita income of the citizens radically. Such unfavourable economic condition had affected the business of Atlantic Quench in the next decade. Nevertheless, in recent times the economy has started recovering which can be confirmed by experiencing the scenario of economic deflation of -1.00% in 2015 (PwC, 2015). In the last quarter of 2015, the rate of growth of Gross Domestic Product has also increased by 3% which also indicates prevalence of a sound economic condition of the economy. Unemployment has also decreased to 5.5% in the current year (PwC, 2015). Examination of such statistics signifies a positive economic condition in which Atlantic Quench will definitely be able to expand its business and mark its existence at the marketplace more profoundly (OECD, 2012). 2.1.3. Social Concentrating on the social factors, the improvement of the UK economy is reflected in the social well-being of the province as well. As per the reports of 2014, the population of UK is growing at a rate of 0.8% (PwC, 2015). In spite of such a small increment in the population rate, the economic acceleration has resulted in improvement in the standard of living and lifestyle. Such improvement has made the individuals in the society more health conscious. The level of consumer confidence has also touched positive figure over the last year. Figure 1: Improvement in Consumer Confidence in Past One Year (Trading Economics, 2015) Therefore, a tendency has been noticed among the individuals to opt for packaged fruit juice instead of local unsophisticated products. However, it has also been noticed that the affluent consumer group are avoiding such packaged fruit juices due to excessive sugar content in such products (Kjellberg and Helgesson, 2010). 2.1.4. Technological Considering the technological factor, Atlantic Quench strives to include the latest technologies available in the UK market. In fact, the packaged fruit juice and beverage market has shown extensive inclination towards technological inclusion. In order to keep parity with that, Atlantic Quench also incorporates latest technologies in each and every step of production and distribution process such as harvesting, extracting, concentration and pasteurization, bottling and packaging, using of tetra pack etc (Martinez, 2013). 2.2 Market Analysis The beverage market in United Kingdom consists of a large number of alcoholic and non-alcoholic products. Between the non alcoholic beverages, the industry segment is characterised by existence of multiple products such as hot drinks such as tea and coffee, carbonated soft drinks, packaged bottled water, energy drinks, lemonade and packaged as well as normal fruit juices. The market value of such products is determined according to the retail selling price, inclusive taxes as applicable. Figure 2: Non- Alcoholic Beverage Market Share in United Kingdom (Martinez, 2013) Due to the improvement in the health consciousness and standard of living throughout the globe it has been experienced that there is a sharp increment in the volume of consumption of branded non- carbonated soft drinks such as packaged and bottled fruit juices. Whereas the average growth rate of the industry was 4.2% in 2013, it has been experienced that the average rate has been increased in 2015 by 5.2% and it is expected to grow up to 8.4% by the end of 2018 (Elliotta, 2015). However, according to the market share statistics in United Kingdom, carbonated soft drinks continues to be the market leader with a market share of 23% till now (Martinez, 2013). Nevertheless, as the companies involved in producing and distributing packaged fruit juice products are putting huge effort for capturing mass attention, it is expected that attractive promotional and packaging strategies combined with health awareness among individuals will definitely growth an exponential rate and outnumber the carbonated drinks in near future. 2.3 Customer Analysis The ideal customer group for bottled fruit juice in UK market can be analysed from two different perspectives. A large part of consumers in UK are preferring the packaged fruit juices because of its refreshing taste, capability of mitigating the requirements for frequent hydration, addressing health issues, easy availability in large supermarkets etc. In fact, a study has been shown that more than 78% of the UK population are demonstrating a trend of choosing juices and smoothies over tea, coffee or any other alternative beverages in the non-alcoholic segment. The study has also revealed that popularity of such drinks is maximum among the age group of 30 to 45 (Elliotta, 2015). In fact, it has been observed that this particular customer group, through concentrated, is so loyal that more than 60% of the total consumer segment tends to consume packaged fruit juice at least once per week. Considering the other perspective, the affluent group of people in the UK market segment considered it to be a part of their lifestyle to consume packaged health drink along with their breakfast or any other time (Fournier, 2007). However, due to high level of sugar content, a tendency of avoidance of such products has been noticed among this particular group of customers. 2.4 Competitor analysis The competition among the soft drink beverage industry in UK has becoming more intense over the period of time due to entry of a large number of market players in this market segment. The carbonated soft drink Coca cola leads the market with as much as 23% of the market share, followed by Pepsi Co (Santos and Carmen, 2012). However, in spite of this to be the main business of these two companies, in order to diversify their product basket they are also entering into the packaged fruit juice segment under the brand name of Minute Maid and Tropicana respectively. Naturally, as these two big companies enjoys huge competitive advantages on account of already established brand recognition and loyal customer base. These are posing real threats for Atlantic Quench Cranberries Inc (Elliotta, 2015). Chapter 3: Internal Analysis 3.1 Overall Performance of Atlantic Quench Cranberries Inc. Considering the current performance of Atlantic Quench, the company has shown considerable efficiency in business operations in terms of diversification of product basket and regional expansion, mainly in the US and UK markets. Sales of juices and non-juice items such as dried cranberries and cranberry sauces has increased more than 7% over the period of last 4 years. Consumption of dried cranberries, a sub product of Atlantic Quench under the brand name of Crantanas, has been increased by 26% in last one year. Concentrating on the market share, outstanding performance of this domestic company of United Kingdom has left all the branded and non-branded companies behind (Clancy, 2008). 3.2 Marketing Mix In the next segment, the existing marketing strategies exercised by Atlantic Quench Cranberries Inc. will be analysed in terms of its product, price, place and promotional activities. 3.2.1 Product The products of Atlantic Quench Cranberries Inc. can be categorised under two segments viz. Juice drinks and non-juice items. Under the first segment, the company presents juices of various flavours such as cranberry, raspberry etc. Juice Max and Grab ‘n’ Go are two of the most preferred products of the company in UK and US market. The next product segment consists of packaged dried cranberries under the brand name of Crantanas and cranberry sauces etc (Santos and Carmen, 2012). 3.2.2 Price The pricing of the products of Atlantic Quench has been designed keeping mind the needs of middle and upper middle class. Generally, the company follows a competitive pricing which is evident from the price band of juice and non-juice items within a range between $30 and $60. Recently, the company has brought down the price level to $20 due to the requirement of stock clearance as the company has over-produced more than 2000 packages of cranberry juices (Reinartz, Krafft and Hoyer, 2009). 3.2.3. Promotion Considering promotional strategies, Atlantic Quench runs extensive advertisements in order to attract the attention of the pool of their target audience. In fact, according to the company reports, the reason behind increase in sales by 6% in the last year has been attributed on account of the company’s effort to drive efficient advertisement strategies. The recently launched advertisement of Diet Atlantic Quench Juice Drinks has secured fourth position among the top 10 Most-Recalled New TV Ads (Reinartz, Krafft and Hoyer, 2009). 3.2.4. Place As the main operation of Atlantic Quench Cranberries Inc. is concentrated mainly in the markets of United Kingdom and partly in United States, the company incorporates all these pricing and promotional strategies into these two markets only. Chapter 4: SWOT Analysis The SWOT analysis of Atlantic Quench Cranberries Inc. is as follows: Strength: Atlantic Quench Cranberries Inc. has been operating in the market since long. Therefore, the company has an in-built reputation in the UK market. Moreover, as the company has its own plant and supplies of raw material, it also enjoys a low cost of production. In fact, the product basket is already diversified with various juice and non-juice items. Weakness: Utilization of sugar content in the packaged fruit juices is very high which is causing for health issues among the consumers. In fact, due to uncalculated production of fruit juices, the company often has to sell the products at a minimum price for the purpose of stock clearance. These are considered to be weakness of the company (Payne and Frow, 2009). Opportunity: Opportunities are huge for Atlantic Quench Cranberries Inc. to grow due to growing market of fruit juices in the western market. As the young population are becoming heath aware and consumers’ inclination towards packaged products are also increasing, Atlantic Quench can capitalise such opportunities and enrich its business in future. Threat: Though there is a growing fruit juice market in western countries, Atlantic Quench has to compete inherently with the big brands of carbonated soft drinks. In fact, such soft drinks companies are also entering into the fruit juice segment and intensifying the competition for Atlantic Quench further. Moreover, due to involvement of high sugar content, a large chunk of consumers are shifting from packaged fruit juices to packaged plain water in order to avoid any sort of health issues (Payne and Frow, 2009). Figure 3: SWOT Analysis of Atlantic Quench Cranberries Inc. (Source: Author’s Creation) Chapter 5: Objectives of Atlantic Quench Cranberries Inc. 5.1. Mission Statements The mission statement that reflects the long term aim and objectives of the company can be summarised as follows: To evolve as the market leader in producing and distributing of the packaged and bottled fruit juices in its focus market. To maintain superiority in the quality of products and to strive for innovation for maximum product diversifications as possible. To establish long term relationship with the producers, suppliers of raw materials and all other stakeholders. To capture larger chunk of market share and enhance customer base. To increase profitability by 20% from the previous year (Duncan and Everett, 2008). 5.2. SMART Objectives Devising marketing plan based on the mission statements can prove to be worthless if such missions appear to be unrealistic and unattainable. Therefore, the mission statement obtained by any company should justify five distinct parameters as specified in SMART objective. According to this strategic technique, the mission statement should be specific, measurable, achievable, relevant and time-bound (Watson and Preedy, 2009). The SMART objective for Atlantic Quench Cranberries Inc. is as follows. Specific: The attribute specific under the SMART objective answers the question of what is to be done in order to achieve the organizational mission. In order expand business in UK market, Atlantic Quench should diversify its product basket with various other juices in addition to cranberries and raspberries and target young consumers to maximise sales (Kjellberg and Helgesson, 2010). Measurable: As the company has taken an objective of growth in profitability up to 20% and the current year’s profit is known, success of the mission statement is definitely measurable for Atlantic Quench Cranberries Inc. (Kjellberg and Helgesson, 2010). Achievable: Considering the growth rate of fruit juice market in US and UK, which is approximately 12% in 2015, a growth of 20% for an individual company like Atlantic Quench is definitely achievable (Kjellberg and Helgesson, 2010). Relevant: Relevant answers to the question of whether the company should go for the plan or not. Considering the present financial position, technological inclusion and production capacity, Atlantic Quench must go with the obtained mission (Kjellberg and Helgesson, 2010). Time-bound: As stated earlier, the growth rate of the packaged fruit juice market is very sharp and the company has every potential to achieve the targeted success within a one year time frame. In the next segment, a detailed scheduling will be provided that will further confirm how Atlantic Quench can achieve the plan within one year period of time (Kjellberg and Helgesson, 2010). Chapter 6: Marketing Strategy 6.1 Strategic Theories For the purpose of formulating marketing strategies for the Atlantic Quench Cranberries Inc, the strategic technique of Ansoff Matrix will be incorporated. The four quadrant matrix indicates the most appropriate growth options for a particular company in their existing market or new markets. Figure 4: Ansoff Matrix (Wang, Bleich and Gortmaker, 2008) Market Penetration: Though the company is operating in the European and US market since long, it has been noticed that a large portion of consumers are still there, especially the growing youth segment is still un-captured by Atlantic Quench. Therefore, the company should strive to penetrate the existing products further in the existing market (Wang, Bleich and Gortmaker, 2008). Product Development: Along with market penetration, the company should also concentrate on product development. In this context, apart from their cranberries and raspberries juices, Atlantic Quench can introduce bottled fruit juices of banana, grapes and oranges etc. In fact, introducing retail chain where along with fresh juices various smoothies and mocktails will also help them to capture attention of youths in UK and US markets (Wang, Bleich and Gortmaker, 2008). Market Development: Though the business of Atlantic Quench is heavily dependent on UK and US market, it is prominent that it is the company has still not been able to capture the aggregate market. Therefore, rather than penetrating in new markets, the company should concentrate on capturing a larger market share in the existing markets. Diversification: Rather than developing products in the new market, Atlantic Quench should strive to diversify their product basket in the existing markets. 6.2. Core Target Segments The core target audience of Atlantic Quench should be divided into two segments. The primary target should be the growing youth population of United Kingdom who are becoming more health conscious overtime. Another target segment will be the affluent and high class people in UK, who consider drinking packaged fruit juice at the time of breakfast as a part of their lifestyle (Overby, Woodruff and Gardial, 2005). 6.3. Positioning The packaged fruit juices of Atlantic Quench should be positioned in the green fruit juice segment so that it can portray an image of fresh fruit juices and attract the youngsters in the market to a great extent. Chapter 7: Marketing Programs Based on the current marketing plan and the areas identified for strategic development, in the next segment a marketing plan will be developed for Atlantic Quench Cranberries Inc. that the company will exercise in the next year. 7.1. Product Strategy The products of Atlantic Quench are highly concentrated on cranberry and raspberries. Therefore, immense opportunities are there for the company to introduce a wide range of packaged juices of oranges, grapes, lychee, strawberry etc. Hence, the company should plan to harvest all these trees in this year only so that it can start production of juices in the next year. In fact, Atlantic Quench should plan to introduce smoothies, fruit based energy drinks, mocktails, ice cream and fruit juice based desserts and health drinks etc. as well in order to address the consumption pattern of the growing youth consumer segment. In the non-juice segment, products such as fruit jellies, pulps, toffees etc can be introduced to enrich product basket. Moreover, the company should also try to reduce sugar contents in its products as well (Pelsmacker, Geuens and Bergh, 2009). 7.2. Pricing Strategy The pricing of the products should be done in two parts. In order to attract the corporate and professionals with their premium brands, the company should plan to implement premium pricing so that the consumers can derive the value of the products through pricing. Another product segment should plan to offer competitive pricing so that the youth consumers can satisfy their needs of refreshments and energise them after gyms. Competitive pricing will make the products affordable to the young consumers and hence. The company can generate immense sales opportunities through such pricing strategies (Pickton and Hartley, 2007). 7.3. Place In the present year, it has been experienced that the consumers of United States has shown a better response for the products of Atlantic Quench as compared to the consumers in United Kingdom. In order to reach every customers of United Kingdom, the company should divide its distribution channels into three segments. The first channel is Direct Store Delivery through which Atlantic Quench should aim to deliver its products directly to the Point of Consumption (POC) or Point of Sales (POS), rather than depending upon any retailer or external vendors (Payne and Frow, 2009). The next channel should be Customer Warehouse in which the products will be delivered from the company’s manufacturing units to retail stores such as various supermarkets like Tesco Plc and Sainsburry’s. The third channel is an integrated distribution network that will enable that will ensure the product movement of Atlantic Quench from wholesalers to distributors and from distributors to retailer so that the products can reach the target audience for final consumption at the right time (Payne and Frow, 2009) 7.4. Promotional Strategies In the next year, the main weapon of Atlantic Quench Cranberries Inc. to increase sales and revenue should be the company’s promotional strategy. Rather than only relying on advertisements, the company should drive for promotional activities in malls and public places in order to draw consumer attention at a larger scale. The company can also go for tie-ups with gymnasiums and plan to distribute free samples in malls and superstores. This will also help the consumers to taste the superior quality products of Atlantic Quench and shift their buying behaviour from competitors’ product to the company’s products (Ravald and Grönroos, 2008). 7.5. Marketing Communication Strategies Marketing communication is a particular part of the marketing mix that helps the company to push the products to the target consumers within a shorter span of sales cycle. For this purpose, Atlantic Quench will make effective use of online marketing, social media and digital marketing that can reaches to the consumer group, especially to the youth population very fast and motivate them to opt for the products. These communication processes are cost effective and considered to be the best way to attract large consumer base within a short span of time (Tiwari, Norton and Holden, 2013). Chapter 8: Marketing Implementation and Control 8.1. Schedule The following Gantt chart will represent the time schedule for one year marketing plan of Atlantic Quench Cranberries Inc. Month Month 1-6 Month 7-12 Months 1 2 3 4 5 6 7 8 9 10 11 12 Activities                           Internal Environment Analysis                         External Environment Analysis                         Evaluation of Existing Marketing Mix                         Formulation of Mission Statement                         Preparation of Marketing Strategy                         Scheduling and Budgetary Control                         8.2. Budget The mission statement expressed that Atlantic Quench Cranberries Inc will aim to increase its profitability by 20% in the next year. Keeping in mind the particular condition, a budget has been prepared for the year of 2016, taking into consideration the budget of the existing year (2015) and previous year (2016). Expenditure Matrix ($)   2014 2015 2016 Personnel Salaries 4,400,000 4,620,000 5060000 Allowances 50,000 54,000 58,000 Other expenses 110,400 120,575 130,600 Total 4,560,400 4,794,575 5,248,600 Manufacturing Costs 41,668,000 50,000,000 60,000,000 Research Primary Research 700 600 200 Secondary research 1,000 2,500 350 Total 1,700 3,100 550 Marketing Media 122,190.00 125,000.00 400,000.00 Web 8,000.00 9,567.00 12,000.00 Social Networking 0.00 10,000.00 15,000.00 Total 130,190.00 144,567.00 427,000 Total Cost 46,360,290.00 54,942,242.00 65,676,150.00 Response matrix Growth rate 20% 20% 20% Gross revenue 62,280,580 74,736,696 89,684,035 Profits 15,920,290.00 19,794,454.00 24,007,885.00 8.3. Control Budgetary control enables the company to review whether the revenue generated by the company will be able to cover its expenditures (Wilson and Temple, 2003). Therefore, concurrent to the marketing plan for next year, Atlantic Quench should forecast a budget, taking into consideration the current budget in order to evaluate how much revenue should they generate in order to capitalise the targeted profit. The above graphs indicate that the revenue and profitability of Atlantic Quench has been increased sharply from 2014 to 2015 and such increment can be continued it the company can execute their marketing plan on the scheduled time and exercise similar control on the financial and human resources and drive them in such a way that will yield them the targeted success in one year. Reference List Alvesson, M., 2008. Critical theory and consumer marketing. Scandinavian Journal of Management, 10(3), pp. 291-313. Bendapudi, N. and Leone, R. P., 2007. Psychological Implications of Customer Participation in Co-Production. Journal of Marketing, 67(1), pp. 14-28. Clancy, K. J., 2008. 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