Discuss About the Global Market for Non-Alcoholic Beverage Is Gradually Rising?
Increasing of market size in recent years and globalization has led to multiple product innovation in recent years (Wood, 2008). There is a steady rise in non-alcoholic beverage industry amongst which energy drinks accounts for a considerable amount. While Red Bull and Mother V has dominated markets for several years the impact of these products on the health of an individual is questionable. Hence, there is a growing gap in consumer demand and drinks sold in the market. XYZ Company with its introduction of health drink has capabilities to fill in gaps in the non-alcoholic beverage market. The drink introduced by the Company is considered to have multiple benefits on the health of consumers, hence has a huge scope of attaining leadership in the market (Goi, 2015). The scope of the current report is focused on devising the pricing strategy and product introduction strategy in Australian market according to its marketing mix.
Marketing mix of a product plays a pre-determinant role in capturing market and generating market share for consumers. There are four typically important actor for any marketing mix for a company that creates unique disposition for it, as product, price, place and promotional strategy (Mullins, 2012). For XYZ Company the marketing mix will play an integral role as the product is being newly introduced in the market, as each aspect of the mix will help create a unique edge for the product. The various components of the mix are highlighted as below.
Product decision plays an important determinant in deciding success for a particular product. Australian markets already remains saturated with a number of national as well as international brand names, hence the key product features needs to be attractive for penetrating the market.
The three layers of the natural energy drink launched by the Company can be augmented as core product, actual product and augmented product. The core product of the drink is to quench thirst and provide energy to the consumers. The actual layer of the drink is the tangible benefit that consumers have from it as drinking it quenches thirst and provides energy to consumers. Appendix 1.
The augmented layer of the product is the non-physical aspect that adds immense value and might or might not convince consumer to pay a premium price. As in this case the augmented factor is the natural sweetener and associated health benefits from the product.
Marketers make use of brand name immensely to target the consumers in the market. There are number of energy drinks present in the market that have attractive brand names, hence deciding for a brand name for this product will enhance its sale. The brand name decided for the product should be “Calm energy drink”.
Packaging consideration for each and every product plays a relevant role in every product disposition. As far as calm energy drink is concerned for Australian market an environmental friendly type of packaging will play a significant role. Australian market is highly sensitive to the issue of environmental damage, hence creating a product with a sustainable packaging material which can be recycled and cause minimum pollution will be greatly beneficial in attracting the targeted consumer segment.
The pricing decision is the key to capture market share and grow in a new market for Calm energy drink.
The pricing objective of the Company will be to introduce the high quality product at a low price such as to gain market share.
XYZ Company needs to adopt skimming pricing methods for the product for capturing market share.
The Company should introduce the product at a low rate and gradually increase the rate with increasing market share. Hence, the pricing strategy should shift from skimming price to premium pricing methods.
The Company with its product and pricing strategy will be able to gain considerable market share. The introduction of the new product in the market will prove to be highly effective and will be able to capture market share.
Aaker, D. K. 2008. Marketing research. John Wiley & Sons.
aviationbusinessconsultants.com. (Retrieved on 29th April 2017). Pricing Strategy. https://aviationbusinessconsultants.com/2010/02/a-word-about-pricing-strategy-for-aviation-products/.
Goi, C. L. 2015. Marketing Mix: A review of'P'. . The Journal of Internet Banking and Commerce,2005.
Ivy, J. 2008. A new higher education marketing mix: the 7Ps for MBA marketing. International Journal of educational management, 288-299.
Mullins, J. W. 2012. Marketing management: A strategic decision-making approach. McGraw-Hill Higher Education.
Peter, J. P. 2011. Marketing management: knowledge and skills: text, analysis, cases, plans.
Varadarajan, R. 2010. Strategic marketing and marketing strategy: domain, definition, fundamental issues and foundational premises. Journal of the Academy of Marketing Science, 38(2), 119-140.
Wilson, R. a. 2012. Strategic marketing management. Routledge.
Wood, M. 2008. The marketing plan handbook. Pearson Prentice Hall.
www.marketingteacher.com. (Retrieved on 29th April 2017). Product Layers. https://www.marketingteacher.com/three-levels-of-a-product/
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