Three Spirit Marketing Plan Business & Marketing Coursework

0800100MARK5015Marketing ManagementMarketing Plan(Insert brand here)Semester 1 2019-20Student Number (Please insert)MARK5015Marketing ManagementMarketing Plan(Insert brand here)Semester 1 2019-20Student Number (Please insert)21907595250Oxford Brookes Business SchoolOxford Brookes Business School4005580-1936757194557200906840855160274072009099733107200907194554532630687705
Contents
TOC \o "1-3" \h \z \u Contents……………………………………………………………………………………………… PAGEREF _Toc525401122 \h 2
Introduction PAGEREF _Toc525401123 \h 3
SWOT PAGEREF _Toc525401124 \h 4
Assumptions PAGEREF _Toc525401125 \h 5
Segmentation, Targeting and Positioning PAGEREF _Toc525401126 \h 6
Objectives and Strategies PAGEREF _Toc525401127 \h 7
Programmes PAGEREF _Toc525401128 \h 8
Review and measurement PAGEREF _Toc525401129 \h 9
Reference List PAGEREF _Toc525401130 \h 10
AppendiX 1 PAGEREF _Toc525401131 \h 11
Introduction
Considerably, the non-alcoholic industry has a large market share based on the wide range of products offered to the consumers. Notably, most consumers fail to experiment with new products resulting in a high level of brand loyalty (Hagemann et al., 2017, p. 120). The trade has encountered dramatic change resulting from the various structural adjustments in the market. Over the years, the general business has become competitive, volatile, and unpredictable, creating the need for companies to develop strategies for defending their market share. Three Spirit offers non-alcoholic products to consumers, such as bright aromatics, vibrant berries, and bright aromatics to enhance euphoric and lively feeling among consumers. According to statistics, the trend in the reduction of alcohol appeals to a wide range of clients. Three Spirit offers quality non-alcoholic products, which influence most consumers to switch to the products without much sacrifice.
SWOT
Strengths
Dominant market share- Three Spirit is one of the prominent non-alcoholic companies across the United Kingdom. One of the company's key focus areas is to offer a wide range of products, such as livener, nightcap, social elixir, and FAQ. Notably, the products are of high quality to suit the needs of consumers who focus on non-alcoholic drinks. Three Spirit has an intriguing brand and packaging that makes it outstanding among the customers (Gürel & Tat, 2017). The beverage is designed to be consumed either as Spirit or mixed from a cocktail form. Three Spirit is made from natural plant-based ingredients, thus having a positive impact on consumers' energy and mood. Therefore, the drink is outstanding among consumers who prefer non-alcoholic beverages.
Customer loyalty- is an equally critical strength that is an advantage to Three Spirit's survival in the market. Since the drinks combine plants in stimulating mind and body, most clients choose to use the product without looking for alternatives in the market. Customers stick to the alcohol-free options for making non-alcoholic cocktails. Equally, they perceive that Thee Spirit is likely to enhance their night and interaction time from the start. One of the unique aspects of the non-alcoholic drink is to combine plants used for centuries in potions and ceremonies in stimulating the body during and after a party. For that reason, most customers utilize the products without seeking alternatives in the market. Three Spirit promotes healthy drinking among family members to ensure that the ones who take the product can execute their activities without any hangovers associated with alcoholic beverages.
Market power over consumers and suppliers- Three Spirit has a large size, which makes it possible to exercise control over the suppliers by demanding lower prices from them. Notably, the brand under prices its non-alcoholic cocktails to have a competitive advantage over close rivals in the market. As such, Three Spirit has brand recognition across the United Kingdom, unlike the other close competitors in the market. The brand can have a positive influence on the purchase decision of consumers through massive marketing campaigns and brand power. Through the use of the strategy, Three Spirit has acquired a broad reach of audience since the distribution network makes it possible to reach more customers in the market (Three Spirit. n.d.). As such, the brand can introduce new products with ease based on the wide range of potential customers.
Weaknesses
Low Product diversification- according to the assessment of the United Kingdom's market, most consumers prefer alcoholic beverages over the non-alcoholic drinks. Since alcoholic beverages have dominated in the market, Three Spirit ought to diversify to equally relevant products that suit their needs of consumers. Based on the fact that Three Spirit targets non-alcoholic customers, the company should adjust its operations to attain the set objectives.
Opportunity
Expanded market niche- is one of the opportunities for growth and expansion for the Three Spirit, primarily resulting from increased awareness of health and wellness associated with non-alcoholic beverages (Gürel & Tat, 2017). Therefore, Three Spirit has a possibility of thriving in the market based on the sale of non-alcoholic cocktails as party starter and dream maker. Notably, increasing research information has resulted in improved health and awareness. According to the United Kingdom's statistics, customers have an increased preference for non-alcoholic drinks and nutritional beverages. Therefore, Three Spirit has an opportunity of thriving in the market due to rising social responsibility and consumer awareness of healthy non-alcoholic beverages.
Diversification- the brand has been in operation, offering non-alcohol drinks to consumers. Therefore, Three Spirit can build its presence in the rapidly-growing beverage categories. Since it combines plants that have been used for centuries in stimulating the body and mind, it can diversify to related non-alcoholic products that suit consumers' needs across the United Kingdom. If customers can be aware of different brands in the market, Three Spirit will record higher sales and increased productivity. Such a deal can provide the brand with access to more segments in the market to bolster the top and bottom lines. The increased business segments in the non-alcoholic industry highlight an elevated need for a wide range of non-alcoholic cocktails.
Threats
The fluctuation of foreign currency- the change of foreign currency is one of the major weaknesses that affect the successful operation of the Three Spirit. The company owns numerous assets and other forms of liabilities in other countries using a different currency from that of the United Kingdom. Therefore, any currency fluctuation results in a significant threat to its operations. Notably, any increase or decrease of the value of the US dollar against other major currencies is likely to affect its operating revenues, the value of balance sheet, and operating income. Equally, any form of dramatic and unexpected devaluation of currencies as a negative influence on the earnings of the non-alcoholic beverages company.
Government Policies and regulations- is likely to be a significant threat to the Three Spirit's operation and survival in the United Kingdom's market. For instance, the brand will have to comply with the set taxation regulations, which can be major hindrances to its survival. Equally, government policies can influence interest rates, which might make it hard for the business to survive in the market. In other instances, the United Kingdom's government can issue regulations that relate to employee's practices, advertising practices, and environmental practices, which might affect the structure and operation of the Three Spirit.
Assumptions
Three Spirit has an opportunity of thriving in the market resulting from a high number of individuals who have realized the health benefits of non-alcoholic beverages. According to statistics of the United Kingdom, sober curious individuals have turned to alternative drinks that they can use in interacting and making fun with friends and family members. While water is an option, most customers will prefer Three Spirit as an original alcohol-free cocktail. In the current era of increased health awareness, most customers are likely to turn to a functional and healthier alternative to kick-start their night with vibrant berries and bright aromatics. While venturing i...