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MKT101A Marketing Fundamentals
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MKT101A Marketing Fundamentals
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Course Code: MKT101A
University: Laureate International Universities
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Country: United States
Question:
You have been working as a marketing assistant for Talented Gen & Co. – a small marketing agency located in Sydney. Last week, Mary Blue – your marketing manager – has offered you a position as junior marketing associate, and to be successful, you need to develop a comprehensive marketing plan for a client of your choice.
Generally, Talented Gen & Co. assists small and medium size businesses in Australia with different marketing strategies; therefore, you should consider firms that follow the same scope. For instance, you could create a marketing plan for a new packaging, a flavour of a product, a feature that could be incorporated into an existing product, promotional strategies for existing products/services, an additional service that could be offered to increase value and/or increase competitive advantage, and so forth.
During the trimester, you are required to prepare a detailed marketing plan.
Identifying and explaining the macro and micro environmental factors that could influence the business or the industry from a marketing point-of-view. You should also be able to identify new trends as part of the situational analysis, in order to propose marketing solutions to potential issues that may affect the client.
Answer:
Introduction
Boost Juice Bar Company Overview
Boost Juice is recognized as one of the most prominent and loved juice and smoothie brands that has been launched in 2000 by Janine Allis. The Boost Juice Bars has exhibited immense rapidity to capitalize on the increasing recognition and awareness for healthy eating and the company’s financial performance has been consistent (Boostjuice.com.au, 2018). The sales revenue and incomes have been expected to have elevated by an annualized 13% for the following five years to 2019. To Boost Juice, establishing one of the Australia’s most cherished brands has never been an easy business process (Boostjuice.com.au, 2018). The assertive perspective and consistent endeavours has been helping the company to celebrate the opening of its 250th Australian store with around 500 across the world.
Newly Developed Product of Boost Juices
Boost Juice being one of Australia’s loved and recognized juice brands effectively offers a wide range of products to cater the needs and demands of its customers. Australian entrepreneur Janine Allis has successfully carried the brand to a significant position in the Australian food retail market by offering appealing combination of healthy fresh fruits, blended and squeezed into delicious smoothies and delicious juices to 483 countries in over 15 countries (Elepu, 2018). Though the company has been significantly providing wide range of products ranging from blended, crushed to juiced drinks along with dairy and gluten free drinks, Boost Juices must initiate a new product of diabetes-healthy diet which the diabetics may consume and make healthier choices. Ogg and Faint, (2018) are of the perspective that juicing can be an effective way to consume some additional fruits and vegetables; however for people suffering from high diabetes, the health trends create significant drawbacks in their lives.
SWOT Analysis
Strengths- Boost Juice has inventive strategy of offering fresh juices through several retail outlets and also offers exceptional consumer experience. The company has a strong competence to engage with its customers by implementing convincing approach by posting queries to them through emails to gather grievance posts about their services (Boostjuice.com.au, 2018).
Boost Juices has expanded its business operations in more than 15 countries where it has captured global markets of Malaysia, Kuwait, and Germany, Dubai as well as other foreign nations.
Weaknesses- Boost Juice takes very high expense rate, as it primarily endorses innovative promotional and endorsement activities to enhance its brand value (Cormack, 2016).
As juice is typically consumed as a drink that tends to energize and rejuvenate people, the sales growth of Boost Juice significantly reduces in winter season.
Opportunities- Boost Juices must penetrate into Asian markets in order to expand and improve its brand image and value overseas (Ogg & Faint, 2018).
It must evaluate diverse channels of buying and selling through mobile application platform to successfully increase its geographical market.
Threats- Cormack, (2016) analyses that the Company encounters severe competition from its competitors such as pulp juice, golden circle and nudie juicing that impacts the sales of Boost Juice.
PEST Analysis
Political- As Boost Juices has been operating its business in Australia the company must adhere to its government plans. The company has to accordingly decide on appropriate incomes and costs allocation.
Economic- These factors are related to the system of production, allocation and buyer purchase power which will affect the decisions of Boost Juices (Mitchelson, 2018).
Socio-cultural- As Boost Juices execute in various regions it is important for the company to structure their products in accordance to correspond to the demographic attributes of the specific region (Elepu, 2018).
Technological- These factors reveals the product and services of the company and understand the capability of Boost juices in offering services.
Competitive Analysis of Boost Juices
Studies reveal that the competitors of Boost Juices are other places which offer similar range of products. The primary competitors from which Boost Juices face most challenging competitors is from Mc Donald’s, Wendy’s and also Woolworths and Coles who sell varied kinds of fruit juices. Customers typically incline to primary factors of their judgements such as finance, environment, marketing and other demographic factors (Ogg & Faint, 2018). Through these strategies Boost juices must identify its most appropriate target market and develop innovativeness to magnetize greater number of customers. Elepu, (2018) recommends that Boost further must differentiate itself from large enterprises like Coles and Woolworths to promote their healthy and newly launched diabetic drinks.
Company Profile
Boost Juices
Woolworths
Most renowned and loved juice brands in Australia. It is specialized in offering wide range of fresh juices, smoothies and blended shakes.
Woolworths, leading Australian retail organization offers wide range of retail products and services.
Product Information
Boost juice primarily focus on offering fresh and blended juices. It is aiming to introduce diabetic juices. This product is essentially aimed for the diabetic patients who tend lose several opportunities in having tasty drinks.
Woolworths on the contrary deals with diverse products. It has been offering packaged juices in tetra packs.
Benefits of newly launched products
Since the diabetic juice product line is extracted from fresh fruits, consumers have been inclining more towards this product due to its nutrition value.
Consumers with excessively busy lifestyle used to prefer tetra pack juices. Such a preference rises due to shortage of time. Woolworths have still not introduced diabetic juices. Furthermore, after the online delivery system of Boost Juices, this section of consumers have been showing utmost inclination towards the freshly extracted and blended juices that offer valuable health benefits to the diabetic section of buyers.
Conclusion
Thus Boost Juices must begin strategizing new approaches in order to attain new customers by launching new products and further expand into the existing as well as new markets and acquiring new customer base. With the newly launched product, Boost juice can benefit and attain a competitive advantageous position within the Australian food sector.
References
Boostjuice.com.au. (2018). Juice and Smoothies – Boost Juice. Retrieved from https://www.boostjuice.com.au/drinks/
Cormack. L. (2016). How nutrition in on-the-go drinks from Boost Juice, Nudie and McDonalds compares. Retrieved from https://www.smh.com.au/business/consumer-affairs/how-nutrition-in-onthego-drinks-from-boost-juice-nudie-and-mcdonalds-compares-20160907-graq9o.html.
Elepu, G. (2018). Market valuation of processed fruit juice attributes in Uganda: what do market prices of processed fruit juice reflect?. African Journal of Food, Agriculture, Nutrition and Development, 18(2), 13438-13451. DOI: 10.18697/ajfand.82.17075
Mitchelson. A. (2018). Coles Little Shop boosts sales of White King, Daily Juice and Messy Monkeys. Retrieved from https://thenewdaily.com.au/money/consumer/2018/09/13/coles-little-shop-white-king-juice/.
Ogg, M., & Faint, P. (2018). Tanda clocks up big-name clients as live wage tracker goes global. Retrieved from https://www.businessnewsaus.com.au/articles/tanda-clocks-up-big-name-clients-as-live-wage-tracker-goes-global.html
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