Marketing Plan
Executive Summary
Foster’s Group Ltd has experienced a significant decrease in profits in recent years. However, its portfolio of ciders is increasingly becoming a significant point of revenue for the company. This report will focus on Strongbow Cider and detail the new marketing strategies for the organisation, which focus on improving brand awareness and introducing a new product into Strongbow’s cider range. Ultimately, this will create competitive advantage and improve the financial performance of the company.
Currently Strongbow cider is positioned in the growth stage of the product life cycle. Although pre-existing in the maturity stage, it was not performing to its utmost potential and achieving ideal revenue. Therefore, Strongbow has regressed to the growth stage of its lifecycle, which allows for decisions to be made to develop and market the product more successfully to improve financial growth and stability.
The predominant consumers of this product can be defined as ‘young adults’, aged between 18 to 25 years. They are generally university students who have low but dispensable income and, because they are recreationally orientated and prioritise drinking as a social activity, they are keen to spend their money on this product. However, interest and excitement needs to be rejuvenated around Strongbow cider to maintain the attention of the young demographic.
Consequently, the most noteworthy strategy to be discussed is the proposal to introduce a ‘Peach Flavoured Cider’ to the already well-established cider range. The product benefit advantage is that none of Strongbow’s main competitors have introduced a peach flavour to their cider range. Therefore, this will create interest in our current and potential consumers, and allow this company to gain first-mover advantage. Introducing an entirely new product to the Strongbow range will rejuvenate the brand and spark interest in our target market.
Introducing a new product can consequently
Foster’s Group Ltd has experienced a significant decrease in profits in recent years. However, its portfolio of ciders is increasingly becoming a significant point of revenue for the company. This report will focus on Strongbow Cider and detail the new marketing strategies for the organisation, which focus on improving brand awareness and introducing a new product into Strongbow’s cider range. Ultimately, this will create competitive advantage and improve the financial performance of the company.
Currently Strongbow cider is positioned in the growth stage of the product life cycle. Although pre-existing in the maturity stage, it was not performing to its utmost potential and achieving ideal revenue. Therefore, Strongbow has regressed to the growth stage of its lifecycle, which allows for decisions to be made to develop and market the product more successfully to improve financial growth and stability.
The predominant consumers of this product can be defined as ‘young adults’, aged between 18 to 25 years. They are generally university students who have low but dispensable income and, because they are recreationally orientated and prioritise drinking as a social activity, they are keen to spend their money on this product. However, interest and excitement needs to be rejuvenated around Strongbow cider to maintain the attention of the young demographic.
Consequently, the most noteworthy strategy to be discussed is the proposal to introduce a ‘Peach Flavoured Cider’ to the already well-established cider range. The product benefit advantage is that none of Strongbow’s main competitors have introduced a peach flavour to their cider range. Therefore, this will create interest in our current and potential consumers, and allow this company to gain first-mover advantage. Introducing an entirely new product to the Strongbow range will rejuvenate the brand and spark interest in our target market.
Introducing a new product can consequently
Bibliography: Lion Co. 2011, Reports, Available: http://www.lionco.com/category/reports/ Accessed 6 April 2012 Pricing Information obtained from “Cellarbrations” Recommended Retail Price Guide, via personal communication on the 25th of March 2012.