Effective Marketing Strategies For Bundaberg Rum: Objectives, Target Market, And Market Targeting Essay.

A number of assumptions have been made in the development of this global marketing plan, including:

• THE COMPANY is committed to expanding its global presence
• A level of primary global marketing research has taken place to confirm strategies
• Local regulations in the target market will enable entry by THE COMPANY
• Required budget to deliver the logistics, infrastructure and marketing plan will be available
• No limitations on raw product supply will arise
• SMART goal targets are estimates only and would require deeper modelling and analysis

The use of the SMART model enables the setting of marketing objectives by detailing of the overall business targets that the marketing plan is designed to achieve (Belch & Belch, 2015).

There are three defined marketing objectives for THE COMPANY:

1.Launch a new product line of cured meats

2.Penetrate a new market, Singapore

HE COMPANY will develop and launch a new cured meats product range that resonates with both its new and current markets, enabling market expansion globally and locally, driving 5% sales uplift.

• Specific – Increase market share by 5% as attributed to new product sales
• Measurable – Measured by distribution levels of new product in retail supermarket and financial sales reports
• Attainable –There is demand opportunity for new product lines (Waldhuter, 2015)
• Realistic – THE COMPANY has had presence in Australia for over 30 years, with sustained 10% YOY growth (Schelling, 2016)
• Timeframe – R&D, including market research over next eight months, with a view to launch within 12months

By entering a market like Singapore, where all produce is required to be imported due to the country’s inability to farm, there a natural comparability of pricing across product lines. Further, Singaporean have a level of price de-sensitivity as the country scores an overall higher cost of living index than New York, Hong Kong and the UK (Acunzo, 2016). Of note is that food inflation has been historically rising at 2% YOY higher than overall CPI inflation in Singapore, which bodes well for THE COMPANY when setting its price (Cheung, Szeto & Tam, 2008).

In the current business scenario, it is important for the contemporary business organizations to have effective and ideal marketing strategies. This is due to the reason that the high level of the intensity of competition in the market is posing challenges for the business organizations in coming up with differentiated approach to stay ahead over their competitors (Borland & Lindgreen, 2013). In this case, effective marketing strategies will help the organizations to have right promotional activities for the right offerings and reaching out to the right sets of customers (Leonidou et al., 2013). In recent time, the choice and selection of the media campaign is also gaining much importance due to the availability of various types of mediums effective in different customer segments.

Bundaberg Rum is one of the major distilling brands in Australia being founded in 1888 in Bundaberg. They are being considered as one of the legendary rum and cola brands in the Australian region. Even though they are having the advantages of Australian born brand but with the current aggression of the global brands and increasing threat of new entrants, they are having the need to review their existing marketing approach (Bundabergrum.com.au, 2018). This will help them to have the element of marketing strategies according to the current state of affairs. In addition, implementation of a new and effective marketing strategy will further help Bundaberg Rum in gaining competitiveness in the market.

This report will discuss about the potential target market of Bundaberg Rum and in doing so this report will evaluate the different segmentation variables. In addition, this report will also discuss about the partners of business for Bundaberg Rum. The marketing mix elements including the major factors will be recommended for them, which will further help them to design their marketing approach according to the market situation. The market positioning strategy for Bundaberg Rum will also be identified along with the positioning statement, which will be the accurate for them in re aching out to the target customers. This report will also include action plan for media selection, schedule and campaign evaluation.

The major objective of Bundaberg Rum is to provide the best rum in the world with having right set of premium and exclusive quality.  In addition, they also aim to become the first choice of the target customers among the rum drinking community by offering higher end and niche products (Basin, Burri & Karjoth, 2014). Thus, their current objectives state their desire of staying as a niche player and having the exclusive status in the target market. This is assisting them in having more average profitability from their sales. However, on the other hand, the current objectives of Bundaberg Rum are not meeting the current business standards due to the reason that provision for market development and expansion should also be given major focus. This will only help them to increase their revenue and business viability (Li & Ma, 2015). It is also being identified that product strategy is also not effectively placed in the current business objectives of Bundaberg Rum. Therefore, the following sections will discuss about the recommended objectives.

• To be the market leader in the beverage industry within the next decade and introduce the existing products in different foreign markets. This will help in increasing the business revenue and brand value, which will further help in attaining the goal of becoming world leader (Urde, Baumgarth & Merrilees, 2013). It is estimated that 10 percent of revenue will be gained from foreign business within the next 5 years.
• To have more diverse product portfolio within the next 4 years covering new products such as beer and other cola drinks. This will help in targeting and catering to larger customer segments and having more sales revenue. In addition, diverse product portfolio will further help in catering to different customer segments in different markets.  

Target Market

Target market customers for Bundaberg Rum will be the end customers due to the reason that finished products are being sold by them. In doing business in the global market, it is important for Bundaberg Rum to segregate their target customers in terms of different variables (Zenker & Beckmann, 2013). This is due to the reason that customers in the globalmarket are having different taste and preference patterns. The following sections will discuss about different segmentation variables for Bundaberg Rum.

Demographic variables are important for Bundaberg Rum in their global market development due to the reason that consumption of alcohol is being determined by the social trends. In terms of age groups, the target customers for Bundaberg Rum are the between the age groups of 24 and 60. The key reason for selecting these vast and wide customer age groups is extensive social acceptance for rum. This is due to the fact that rum is being considered as one of the most popular beverages across the world (Li et al., 2013). On the other hand, both the genders will be targeted equally as rum is having acceptance among both male and female customers. In terms of income level, customers from middle income to higher income groups will be targeted. As of now, the existing products of Bundaberg Rum are priced at premium and they are only catering to the higher end customers. However, with the new market penetration price and more diverse products will be in place. Middle income customers will also be targeted.  

  It is recommended that Bundaberg Rum should first target the developed foreign markets and majorly the tier I cities. This is due to the reason that rum and other alcohol products will be preferred by the customers with favourable purchasing power as leisure mediums. Thus, the market potentiality in the less developed states will be low. Existing products along with the new products of Bundaberg Rum will be made available in the entire tier I cities across the world. It is also being recommended that in the following stage of their global business operation, developing countries such as India and China will be targeted (Cross, Belich & Rudelius, 2015). This is due to the reason that these markets are developing faster than other locations around the world.

In terms of the behavioral variables, loyal customers will be targeted due to the reason that they will help in having continuous generation of revenue for Bundaberg Rum. In addition, customers with having the preferences for the original and authentic taste will also be targeted by having the premium products of Bundaberg Rum. This will also help Bundaberg Rum to have distinctive positioning in the market over their competitors (Jacques, Manaugh & El-Geneidy, 2013). Customers having the preferences for trying out new brands and having active lifestyle will also be targeted. This is due to the reason that Bundaberg Rum will be considered as a new brand in the new foreign markets and these sets of customer will help in penetrating in the market.

Demographic Variables

  It is important for the business organizations to have effective targeting strategy in order to reach out to the segmented customers properly. It is recommended that Porter generic strategies will be beneficial for Bundaberg Rum in initiating targeting strategies. Cost leadership strategy will not be applicable for them due to the reason that they will sell premium products and not for the mass market customers. Thus, it is suggested that Bundaberg Rum should have product differentiation strategy in terms of their products. This will be beneficial for them due to the fact that there are large numbers of competitors operating in the global beverage market with similar products and thus it is important for Bundaberg Rum to have differentiated approach for greater value proposition for the customers (Tanwar, 2013). It is also should be noted that Bundaberg Rum should initiate the differentiation strategy in terms of the taste and design of the packaging. This will help in fending off the competition. On the other hand, it is also recommended that market focus strategy should also be initiated by them. This is due to the reason that with the help of market focus strategy, Bundaberg Rum will be able to determine the taste and preference pattern of the target customers and can offer their products accordingly (Tansey, Spillane & Meng, 2014). This will further help in meeting the expectations of the customers and increasing the retention ratio.

The marketing strategy of the organization is based on the priorities of making the products available and affordable for the customers. The marketing strategy of Bundaberg Rum  is based on the objectives of wide distribution of the products in the global markets. On the other hand, the identification of the pricing and the promotional strategies that are considered by the organization has facilitated in understanding the different prospects of growth in the global markets (Freeman et al., 2014). The section will be focusing on the identification of the different strategies that are considered by the organization for marketing its products in the global markets.

The organization might utilize penetration- pricing strategies for making the products affordable to the customers along with upholding the competitive edge of the business while operating in diverse global markets with existing players. The price of Bundaberg 100 proof Rum (700ml) in the Australian markets are around AU$ 55 (Carter et al., 2012). The organization might undertake the penetration pricing strategy in order to enhance their scopes of operating in diverse global markets. On the other hand, the penetration pricing structure along with improved quality of strong rum with 50% alcohol will be assisting the business in attracting the attention of majority of customers in Australia (Peacock,   Bruno  & Martin, 2013).

Figure 1: Pricing history

(Source: Lindsay et al., 2013)

The competitor, A.A. Baker & co. Australian Rum has quoted the price of the offerings as AU$ 1121.42, which is much higher than the pricing of the concerned company. It has helped the concerned organization in infesting different changes in the structure and the functioning of the same (Scully et al., 2012).  The different aspects of change that are considered by the business is based on the identification of the market trends and the assessment of the buyer’s buying habits. The diverse range of changes in the organizational operations is based on the pricing strategy that is being considered by the same. On the other hand, the pricing strategy of the business will be assisting the same in gaining a competitive advantage over the existing players in the markets,. The diverse range of changes that are considered by the business is based on the identification of the needs of the customers and thereby developing the product offerings as per the assessment of financial capabilities. Therefore, the penetration pricing strategy of the organization will be assisting the same in undertaking its spontaneous growth in the different regions and abroad.

Geographic Variables

Figure 2: Price of the rum

(Source: Jones,  Barrie  & Berry,  2012)

The concerned organization produces a dark rum in Bundaberg, Australia by Bundaberg Distilling Company. The rum that is created by the organization is strong enough and is called proof as it contains 50% or higher alcoholic contents. The quality of the rum has helped the business in upholding their efficacy while operating in the diverse regions of Australia and abroad. The difference in the product that is manufactured by the organization is specifically based o the alcohol content and the taste of the rum (Pettigrew,   Johnson  & Daube,  2013). In a survey, it was found that most of the Australians prefer the smooth taste of the Bundaberg Rum and they believe that it is the best quality of rum they have tasted over the offerings that are presented by the competitors of the concerned organization (Brimblecombe et al., 2017). The diverse range of changes in the organizational operations is based on the smooth functioning of the manufacturing departments. However, the organization might induce different changes in the product strategy through the introduction of wide range of beverages. The diversification of the product offerings will be assisting the organization in upholding the efficacy of the operations and thereby enhance their scopes of attracting the attention of wide range of customers. Most of the customers in the Australian markets are aware of the health related issues that might be faced by the same through the heavy consumption of hard drinks. Therefore, the organization must take steps to develop new range of health drinks in order to facilitate the needs of the customers.  It will be assisting the organization in gaining a competitive edge over the other competitors in the market through enhancement of the sales scopes in the markets.

The organization might undertake its distribution of the product through different retailers in order to maximize the availability of the products in the respective Australian markets.  The different aspects of change that might be considered by the organization while distributing the products are based on the assessment of the needs of the customers in different occasions. On the other hand, the organization might also facilitate different collaborations with event planners to supply and distribute their products in different occasions (Harrison  & Jackson,  2013). The wider distribution strategy of the organization will be assisting the same in mai8ntaining their efficacy in making the products widely available as per the convenience of the customers. The organization might also take steps to develop different takeaway shops and bars in order to promote and distribute their products. On the other hand, the organization might also undertake direct collaborations with hotels in Australia for the wider access to customers. The identification of the tastes and preferences of the customers might be assessed by the organization through consultation with the different food and beverage managers in different hotels. It will be assisting the organization in positioning their products as per the understanding of the  food habits of the target customers.

Behavioral Variables

The organization might make use of different social media platforms in order to make the customers aware of the different product offerings of the business. On the other hand, the utilization of digital media will be assisting the organization in upholding their efficacy while promoting their products to different regions of Australia and in the global markets. Gupta et al. (2018) stated that the efficiency of the organization in promoting their product offerings to the customers will be assisting the same in maximizing their sales while operating in diverse globalmarkets. Therefore, the organization might take steps to develop efficient promotional practices through social media integration. On the other hand, the organization might also utilize different events and occasions in order to promote their products to the respective markets. The organization might also finance different shows in the different regions in order to promote their product offerings to the customers and introduce the products to the free customers through “try and buy campaigns” (Howard,   Gordon  & Jones,  2014). The organizational approach of undertaking the promotional activities will be assisting the same in upholding the efficacy of the operations as per the needs of the same to sustain in the competitive markets.  Successful promotional campaigns will be assisting the organization in upholding the efficacy of the functions and making the people aware of the product offerings. The promotional events will be assisting the organization in illustrating the competitive advantage that is provided by the product to the customers over the other players in the market. It will be assisting the organization in upholding the efficacy of the operations while operating in diverse global markets.

The organization will be undertaking an evaluation of the current trends in the markets for understanding the needs and preferences of the customers. The range of media coverage that might be considered by the organization is being discussed in this section of the report.

Social media integrations

The social media integration will be assisting the organization in upholding the efficacy of the operations while operating in diverse economies. The organization might consider on creating a Facebook fan page in order to reach out to wider target market. On the other hand, the organization might also utilize platforms like Twitter in order to identify the demand that is faced by the organization and the different ways through which the products of the organization might be developed (Chung,   Lu Wang & Huang,  2012). The social media integration of the organization will be assisting the same in upholding the efficacy of the operations while operating in diverse global markets.

Developing an online portal

Developing an online portal for the customers with all the relevant information of the product will be assisting the organization in making the target customers aware of the proposition that is made by the business (Pettigrew et al., 2015). On the other hand, facilitation of an online buying option will be assisting the organization in maximizing the sales volume of the business. The development of an online portal will be assisting the organization in optimizing the functions of the same as per the expectations of the customers.

Market Targeting Strategy

Events

The organization might undertake different events through active collaboration with hotels in order to make the target customers aware of the different product offerings. On the other hand, the “Try and buy” campaign that might be considered by the organization will be assisting the same to identify the needs of the customers. It will be assisting the organization in upholding the efficacy of the operations while operating in diverse global markets. The events that might be considered by the organization will be assisting the same in making the customers aware of the product offerings (Kponee, Siegel  & Jernigan,  2014).

The current market positioning for Bundaberg Rum states about the premium offerings and their status in the market. Even though the existing positioning of Bundaberg Rum is assisting in generating revenue in their current markets, but it will not be an effective option in the globalmarket (Kwak & Kim, 2013). This is due to the reason that in the globalmarket, there are number of premium brands already operating with the same positioning strategy. Thus, it will not provide competitiveness for Bundaberg Rum in their global business. It is recommended that the new positioning statement of the Bundaberg Rum will be “rich and authentic taste made simpler”. This statement will help Bundaberg Rum to portray their offerings as rich and authentic and original taste. In this case, it should be noted that taste of different brands will be different and Bundaberg Rum should position their products on the basis of taste (Neirotti, Raguseo & Paolucci, 2016). This will also act as differentiation factor. On the other hand, the made simpler statement will help to convey the wide availability of the products of Bundaberg Rum in the target market. Thus, the customers will get more attracted if the product is widely available in the market.  

Goal	Person or department  responsible	Actions	Rationale
Reviewing the pricing structure	Accounts department of the organization	· Assessing the pricing structure that is followed by the competitors · Identification of the market trends and the affordability of the customers through close study of demographics and employability · Restructuring the pricing structure of the organization	The introduction of the penetration pricing strategy will be assisting the organization in gaining a competitive advantage over the existing players in the market (O'Brien,  2014). On the other hand, the development of the penetration pricing strategy will be assisting the organization in maximizing the sales output of the same while operating in diverse regions (Alonso  & Liu,  2012).
Development of marketing communications	PR (Public Relation) department	· Assessing the communication needs of the customers · Assessing the technological elements and the suitability of social media integrations in enhancing the profitability of the business · Undertaking the implementation of different medias in order to reach out to the customers	Developments in the public relations of the organization are based on the enhancements in the marketing communication initiatives of the organization (Cameron et al., 2015). On the other hand, the enhanced marketing communication of the organization will be assisting the same in understanding the tastes and preferences of the customers, which will be assisting in the product development process of the enterprise.
Development of wider range of products	Product development and R&D department	· Assessing the needs and preferences of the customers · Examining the product development processes that are considered by the existing players in the market · Undertaking different technological innovations in the product development processes in order to enhance the operations of the same as per the expectation of the customers	A strong R&D department of the organization will be assisting the organization in designing the beverages as per the tastes and preferences of the customers. On the other hand, the different procedures of product development will be assisting the organization in inducing continuous innovation for sustainability of the same (Winpenny et al., 2012).
Wider distribution networks	Supply chain management and logistics department	· Assessing the wider distribution needs of the organization · Undertaking different initiatives in order to develop the operations of the logistics department through proper calculation of inventories and stock at hand · Undertaking collaboration with different hotels in order to induce suitable distribution of the products as per the needs of the customers in the market	The development of the supply chain operations of the business will be assisting the same in enhancing the changes of product availability in the markets. It will be assisting the organization in holding on the customer loyalty towards their products. on the other hand, the smooth functioning of the supply chain and logistics department will be assisting the organization in upholding the efficacy of the operations while distributing their products to different events or hotels as per the contracts (Harrison & Jackson, 2013).

Media Schedule	3 months	7 months	9 months	5 months
Reviewing the pricing structure
Development of marketing communications
Development of wider range of products
Wider distribution networks

Evaluation and measurement techniques are also important for Bundaberg Rum in determining the efficiency of the market plan discussed here. This is due to the reason that there are may be differences in the desired outcome and actual result. In this case, a few quantitative and qualitative key performance indicators will be discussed. These performance indicators will help Bundaberg Rum to have the effective monitoring mechanism in determining their efficiency. The following sections will discuss about these key performance indicators.  

Key performance indicators	Outcome
Increase in sales revenue	Determination of the sales revenue will help in identifying the percentage of sales generated from the foreign markets after the implementation of the marketing plan (Bai & Sarkis, 2014).
Increase in sales volume	Determination of the sales volume will help in identifying the ratio of sales volume in the foreign markets as compared to the existing market.
Customer satisfaction	Determination of the satisfaction level of the customers by gaining feedback from them will help Bundaberg Rum in having the idea about the effectiveness of the segmenting strategy of the marketing plan (Masood, Jahanzaib & Akhtar, 2013).
Brand awareness	Determination of the brand awareness will help to identify the effectiveness of the marketing plan in re aching out to the target customers and penetrating in the existing market.

Conclusion  

Therefore, from the above research it might be stated that the concerned company, Bundaberg Rum, might undertake  different strategies in order to enhance the marketing operations of the same. The report enumerates the different marketing strategies that might be considered by the concerned organization in order to enhance the business operations through identification of the needs and preferences of the customers. On the other hand, the report also identifies the market trends and identifies the target market of the business.  It will be assisting the business in identifying the specific actions that they might undertake for satisfying the demands of the customers and thereby gain a competitive edge in the global markets.

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