An old friend of yours has been making and selling vitamin-fortified smoothies t
ID: 415846 • Letter: A
Question
An old friend of yours has been making and selling vitamin-fortified smoothies to acquaintances and friends of friends for some time. He is now thinking about opening a shop in a small college town, but he is worried about whether just having a great smoothie is enough to be successful. Knowing that you are a marketing student, he’s asked you for some advice. What can you tell him about product, price, promotion, and place (distribution) strategies that will help him get his business off the ground?
Explanation / Answer
Marketing Mix (4P) for launching vitamin-fortified smoothies in a small college town
Mission: “To be a leading producer of smoothies which is vitamin fortified to human and is based on dedication to corporate, hygiene and other stakeholder’s commitment.”
Vision: “To be the country’s top smoothie company offering the best quality product to its consumers. By 2020, the aim of the company will be to achieve most of the market share and maintaining a good customer relation with the stakeholders.”
Marketing Mix: Product Price Place Promotion
PRODUCT
PLC(Product Life Cycle)
The product is in the introduction stage of above presented Product Life Cycle.
At this stage it has low sales, negative profits, innovators and very few competitors. In order to overcome such hurdles the company should provide the product at low price. Awareness strategies should be adopted to make it viable among the customers and dealers.
PRICE:
As the product is in its introductory stage the strategy should be to keep the price low of the product in order to create huge demand for the product and to compete with the other competetors existing in the market.
The product will lie on the penetration strategy with high quality and low price
PLACE
The product will be distributed to retail and the wholesalers of the country. The reach will be expanded to the youths, and above age group customer.
PROMOTION
We have to initiate informative advertising in which we have to brief about the features of the product. The use of print media, samples, tv commercials, radios, will be the mode to make more and more customers aware about the product.
Also the details about the product can be disseminated through social media like facebook and twitter. With that a feedback can also be noted in order to make the product perfect and more and more innovations can be done.
So these are the 4P’s called the marketing mix which one should adopt to florish his product in the market.