A Marketing Plan for the Launch of Colargy (Business & Marketing Research Paper)

A Marketing Plan for the Launch of Colargy
Student Name
Institution Affiliation
A Marketing Plan for the Launch of Colargy
The current business environment is not only utterly hostile but also competitive. As such, it is only businesses that are strategic and tactical that ensures their success and productivity for the foreseeable future. One notable strategy that most successful firms employ is aggressive marketing. These companies are investing heavily in skilled and experienced individuals who abilities of scanning both the internal and external markets they operate not just for opportunities but also on areas they can mitigate on risks. Aggressive marketing is also centered on innovation and ensuring that dynamic consumer tastes and preferences are continuously met through the provision of required products and services. The aforementioned fact is essential because it assists firms to remain relevant, maintain their consumer base and overall market share in the region. With the competitiveness that characterizes the business landscape; well-known brands such as Coca Cola have also been forced to be aggressive in their marketing efforts. While Coca Cola is one of the largest beverage corporations in the world with presence on every corner of the globe, it faces stiff competition from other players such as Pepsi that are offering a wide range of products including energy drinks. To guarantee and cement its global position, it is extremely vital that the American multinational beverage corporation invests heavily in the energy drinks product line. However, for the new product line to be successful, the company has to have a clear direction and guide in the form of a marketing plan that will take into account target market segmentation, micro and macro environment and SWOT analysis.
Overview of the New Product Line, Colargy
Coca Cola Company has been in the beverage industry for centuries. It has grown immensely and has presence on all ends of the globe. Its products are renowned for their unique and satisfying tastes. However, despite the success the company has enjoyed in the past, new entrants in the market are threatening its market share and overall productivity through the provision of a wide a range of products including energy drinks. This is an area that Coca Cola has barely scratched the surface but has quite an outstanding customer base. Considering that Coca Cola has already established itself as a global brand with a good reputation, venturing fully into the production of energy drinks promises the company instant success. The company can call the new energy drink product line Colargy and which in addition to energizing consumers will also excite and thrill them with the unique, crisp and satisfying taste that is part and parcel of the beverage firm.
Target Market Segmentation
Colargy uses mass market techniques to serve its products. In mass marketing, the market addresses all market addresses all parts of the market as if they are the same. This is also known as undifferentiated marketing. Market segmentation includes demographic, behavioral, demographic and psychographic (Dewhirst & Lee, 2018). The demographic segmentation of Colargy includes the age and income. Colargy is trying to reach three different target markets. The first segmentation is the people between 18 to 24 years who belong to college or have just completed college. The people who belong to this market have access to a modest income that takes the form of parental funds. Additionally, the beverage assists with studies and recreation. The second target market is the people belonging to the age bracket of 14-18. Studies have shown that the people within this age bracket are more energetic than older people. Colargy seeks to replenish water, carbohydrates and electrolytes in people who work out or participate in physical education. Research suggests that the energy drink not only provides additional energy but also improves mood, enhances one’s physical endurance, reduces mental fatigue and increases reaction time. Colargy satisfies customers who have health concerns and focuses on a wellness program at a reasonable price. The third target market is the people who belong to the age bracket of 24 to 34. People within this age bracket often tend to exert themselves physically. The energy drink replenishes lost energy and reduces mental fatigue whenever someone puts in over time. Additionally, these people are often able to afford the price of buying energy drinks. A recent analysis showed that 44% of energy drink customers belong to the age bracket of 18 to 24, 36% belong to the age bracket of 14 to 18 and 20% belong to the age bracket of 24 to 34.<...