Sprite Marketing Strategy, Budgets, and Controls - Essay Example

Sprite Marketing Strategy, Budgets, and Controls Objectives and Issues ment of marketing objectives The one-year marketing strategy will be formulated in response to declining sprite sales. The marketing aims at aligning the objectives and companys goal, which is to provide high-quality non-alcoholic beverages to the consumer and achieve consumer’s satisfaction. The main objectives of the marketing statement include delivering a clear message among potential consumers about the Sprite and its quality features, facilitate good company’s image and reputation, and present a good impression to the world that the products is of very high quality. 2. Issues that may hinder marketing objectives Although Sprite is one of the leading beverage producers in the world, it faces a number of challenges and risk in marketing the Sprite product. In the recent past, government agencies and health professional have been awareness on some potential health problems such as obesity among the consumers. Being a food product, sprite faces many challenges, as obesity is now a big health issue (Turner, 2000). Commitment is important for the Sprite to ensure that its broad product include another option of beverage whose health value deal with the obesity and problem. This is possible by including an option that is lemon flavored, but does not include a lot of sugar. Sprite is committed to adhering to the set policies in schools and marketplace. They aim at meeting customer need through provision of product’s varieties such Sprite Zero and other varieties that meet every consumer needs. Furthermore, sprite in corporation with different government agencies, consumers, and schools to bring a solution based on underlying science. Water quality and quantity is also another challenge facing Sprite marketing strategies. Water quantity and quality are increasingly demanding a lot of attention and collaboration with other non-alcoholic beverages produces, governmental agencies, and communities. Water is a key Sprite’s ingredient among the beverages produce and due to climatic changes; it has become a scarce resource. In order to curb the problem, the company is partnering with communities and government organization in introducing initiative for water preservation, water treatment, and recycling (Turner, 2000). Globalization is also introducing new challenges to sprite products. Globalization is making human lifestyle and market places dynamic. The consumers’ needs is increasing becoming complex. For this reason, Sprite product is forced to concentrate in the evolving consumer’s product and consumers are looking for more and more ideal choices. There is now a number shift in consumers’ demographic needs as there is empowered with knowledge and information. The higher numbers of the aging population plus ever-increasing styles are is influencing Sprite products marketing strategies. Every increasing competition and capabilities of the marketplace is also fostering a lot of challenges. Sprite beverages experience both local and international competition in countries where they market their products. Sprite is a well-known product and is able to overcome the issue. The product has decided to provide different options of the same product to ensure that increase their market capability and competitiveness. Marketing Strategy Recommendations Due to the great decline in Sprites’ consumers’ trends and sale’s reduction in different parts of the world, it is important to devise effective marketing strategies to reposition the product brand. At present, the product is the most widely carbonated drink available in the market. however, due to a lot of competitive product that utilize the latest technology in the market, it time for the company to enhance the product in order to make it a better product as compared to those available in the market. To place the product in a stronger position as compared to other beverages, the product must be reposition as carbonated instant energy and nutritious drinks. 1. Positioning strategy We should devise a way of setting the company and the product to occupy a distinctive place in the target consumers’ minds. This effort will be made to encourage the consumer to make a decision of buying the product and have in there that sprite is quality drink of great test. The positioning strategies will be directed toward achieving the marketing objectives and should be deign to fit global level (Turner, 2000). 2. Product and branding strategy The product brand will be designed carefully to ensure that it presents Sprite as one of the highest quality drinks available in the market. The brand should be able to create a nice picture in consumer’s minds that Sprite is an attractive and ideal product in the market. 3. Pricing strategy One of the greatest challenges that have led to decline in Sprite demand and consumption is availability of substitutes and competitors’ products at low prices. To respond to these challenges the company will make the product available at prices that are more competitive. The company has strategized to give the product at an offer price for six months, and later the price will be increased slowly considering the market condition. 4. Distribution strategy According to the company strategies, the product will be delivered to all retailers and consumers at the right time. The define areas of delivery include supermarkets, retail shops, retail stores, and video cinemas. The company transport services are responsible for the supplies of the product to the consumers. 5. Marketing communications strategy More efforts will be applied to communicate to the potential Sprite’s consumers. To ensure that most consumers are reached, special promotion campaign such as cricket, football and other games will be sponsored. Other events organized by the government, schools, colleges, and universities will be sponsored. A special offer such as ‘Buy Two Get One Free will’ and bulk discounts will also be made. 6. Marketing research The current data show that Sprite appeals to young people especially young men and the design brand should include messages that appeals to them. The company marketing research will establish if it true that the product appeals to the youths and if so, which way is the best for communicating to them. For the purpose of this research, more information about teens will be gathered through a new primary research. Having defined the objective, the company design a plan to assist in gathering information that are necessary for marketing strategies. Market research information can be by the researcher directly from different sources such as retailers and distributors. Other data can also be obtained from already existing sources such as newspaper, internet, and the magazines. Secondary data sources such as newspaper and magazines are very important in obtaining background information about the marketing problem and is used is the starting in the research process (Turner, 2000). Action Programs: 1. IMC To communicate effectively with the target consumers, Coca cola must use integrated market communication. It is a leading company in 360° communication as they must get in touch with customers and look for them wherever they are. The company will adapt a communication plan after considering the product position, society, and the potential customers, among other factors. Coca cola is willing to part of consumers’ daily life by keeping in touch with the consumer throughout. To do that, they must use the social media such as Facebook, Twitter, etc. and social marketing such as creation of emotions and feeling of affiliation towards its customers. For example, they may decide to raise funds for social causes such as earthquake or hurricane. They have also strategies to focus on entertainment and fun messages, as they are the best way of capturing consumer’s attention (Ries & Trout, 2006). 2. Message design, content, and structure Apart from creating conveying that Sprite is a light, crisp, and refreshing beverage, the message should show that Sprite is not pretentious. The company introduces “Obey Your Thirst” campaign and spoke with legitimacy and integrity, encouraging the consumers to obey their thirst and in another message informing young people to exercise their own judgments. 3. Media choices Effective marketing involves creation of integrative marketing communication, which is a strategic process involving planning, developing, exercising, evaluating, measuring, persuasive brand communication and organization. As a top international company, which should reach all consumers around the globe, they must use a combination of various marketing mix, which include public relation, advertisement, direct marketing, and sales promotion. 4. Promotion-mix tools Sprite recognizes the concept of marketing communications planning that recognizes the benefit of a comprehensive plan. It will utilize all components of a marketing mix to reach the consumers. The promotion mix includes advertising, personal sales, sales promotion, direct marketing, and public relation. Sprite utilizes all part of the mix in different proportion to the needs of the product. As a world nonalcoholic beverage company, the best way of reaching all the consumers worldwide, is to use different mix ratio. Apart from that, our marketing team will coordinate with retailers to reach the customers through exhibition. They will also consider displaying the product is some popular movies and games. The marketing mix is not made in isolation, all aspect of the marketing mix are blended together carefully. The promotion mix must be aligned with the decision made with regarding product pricing, marketing, and distribution to ensure that all customers are reached. Adverting will be used with sales promotion to bring more impacts on the sales (Halloran, 2014). Budgets The company should increase the media spending and brand building initiatives. The marketing investment should be able to reach as many consumers as possible. Marketing investment is funded through a combination of different economic initiatives and improved utilization of the global marketing network. To make the marketing investment more effective, the company as a plan to transform the marketing and commercial model that uses resources in a more efficient was that accelerates the investment growth. Sprite is also trying to implement a multifaceted approach as a part of strategizing reverse of slower soft-drink sales. The budget will target the concerns that soft drinks cause obesity and features innovation in sweeteners and packaging. Controls Sprite will apply different marketing metrics and keep the whole process on track. Since the company will spend millions of money in advertisement, there should be a way of knowing that the marketing is doing its purpose effectively. The company will use a combination of studies, product development, qualitative and quantitative, competitive threats, looking for positioning, pricing, advertising design, and overall marketing strategy. A time, they will be forced to combine some of the metrics (Allen, 1994). Estimating the market size can be very difficult as it is the number of units sold to the customers in a given period of the year. To estimate, a survey must be carried out including surveying manufactures, surveying the channel route, and surveying end users. Basket size will be obtained by driving the market size with the number of customers. References Allen, F. (1994). Secret formula: how brilliant marketing and relentless salesmanship made Coca-Cola the best-known product in the world. New York, NY: HarperBusiness. Halloran, T. (2014). Romancing the Brand How Brands Create Strong, Intimate Relationships with Consumers. Hoboken: Wiley. Ries, A., & Trout, J. (2006). Marketing warfare (20th anniversary ed.). New York: McGraw- Hill. Turner, M. L. (2000). How to think like the worlds greatest marketing minds. New York: McGraw-Hill. Read More