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[answered] MARKETING PLAN & SALES STRATEGY BUS 599 STRATEG


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Assignment 3 Part 2: Business Plan ? Draft

This assignment consists of two (2) sections: a draft of your business plan and an income statement containing your business plan financials (i.e. Week 7 Discussion "The Financials"). Note: You must submit both sections as separate files for the completion of this assignment.

You must intend to raise money for your startup company. You can start with money from friends and family but at some point you will need funds from outside investors, either angels or venture capitalists, depending on how much money you project you will need to raise. Another possible angle is to develop money through crowdfunding, assuming your product meets the demand of such audiences.

Before you can raise money, you must develop a business plan that convinces an investor that your company will succeed.

Section 1: Business Plan (MS Word or equivalent)

Read Chapters 18 and 19 of the course text: Successful Business Plan. Use the Plan Preparation Forms at the end of each chapter of Successful Business Plan as a rough guide.

Write an approximately fifteen to twenty (15-20) page draft of your business plan in which you:

1. Revise the components of the following previously submitted sections based on the feedback you have received.

A. Company Description (Assignment 1)

B. Industry Analysis and Trends (Assignment 1)

C. Strategic Position & Risk Assessment (Assignment 1)

D. Target Market (Assignment 2)

E. Competition (Assignment 2)

F. Marketing Plan & Sales Strategy (Assignment 2)

2. Create an Ethics & Social Responsibility Plan.

Note: The Ethics & Social Responsibility plan should account for approximately three to five (3-5) pages of the Business Plan Draft.

3. Describe the ways in which your company is committed to being a good corporate citizen.

Hints: Consider the following areas:

Creating jobs

Following the laws of every jurisdiction in which your company operates

Fair and honest treatment of employees

Non-discrimination of employees and increasing diversity of your work force

Hints: If your company is designed as a social venture?in which you have a primary purpose of achieving a social or environmental goal?describe what that goal is and what aspects of your company are designed to reach that goal. Provide a rationale for why you have or why you have not chosen this to be a social venture.

4. Discuss how your company?s activities will affect the environment and identify the steps you will take to mitigate any negative impacts.

Hints: As a beverage company, consider such issues as your choice of packaging, disposal of bottles / packages by consumers, and your use of resources, such as water in areas where water may be scarce.

5. Determine any health issues / claims related to the product you are making, whether negative or positive. Suggest the strategy your company will use to mitigate any negative issues, and to ensure any positive claims are true.

A. Many beverage products have negative health impacts on certain segments of a population (e.g., children, pregnant mothers, etc.). Suggest your company?s plan, through advertising, distribution, and / or other methods, to target and reach only appropriate market segments.

6. Format your assignment according to these formatting requirements:

A. Cite the resources you have used to complete the exercise. Note: There is no minimum requirement for the number of resources used in the exercise.

B. Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.

C. Include a cover page containing the title of the assignment, the student?s name, the professor?s name, the course title, and the date. The cover page and the reference page are not included in the required page length.

Section 2: Business Plan Financials (MS Excel worksheets template)

For year one, revise and submit the Income Statement, Cash Flow Projections, and Balance Sheet sections from the ?Business Plan Financials? MS Excel template (see: Course Required Files in Week 1).

The specific course learning outcomes associated with this assignment are:

Describe strategic planning techniques used to formulate alternative strategies designed to achieve stated business goals.

Create a plan to implement a firm?s strategy and manage the change from current operations.

Analyze strategies for exerting the internal leadership needed to drive the implementation of strategic initiatives and improve operating excellence.

Use technology and information resources to research issues in strategic management.

Write clearly and concisely about strategic management using proper writing mechanics.


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MARKETING PLAN & SALES STRATEGY

 

BUS 599

 

STRATEGIC MANAGEMENT - CAPSTONE

 

11/14/2016 Target Market MARKETING PLAN & SALES STRATEGY 1 It is critical for your respective business to have a clear understanding of its target market

 

before formulating your marketing and executing a sales strategy. The consumer perspective

 

factor that has been designated for strategic positioning by ?Fruit-Succus? focuses on the

 

positioning by price and quality coupled with projected customer expectations are the main

 

reasons for forming this strategy.

 

Consumer

 

?Fruit-Succus? sells a wide range of fruit juices and various fruits with a fusion of fruits,

 

vegetables coupled with coconut water. The target customer is comprised of all facets from

 

children to the middle-aged and our seniors while catering to all segments of people to include:

 

approximately 4% of the population under 21, while 71.2% are between 21-61 years old and the

 

remaining 13.4% of the population are between 62-64 years old. Thus ?Fruit-Succus? is highly

 

focused on the 71.2% of the 21-61 year old population group with the target income being over

 

$40K annually, which is approximately 57.3% of Fairfax, VA?s population (Infoplease, n.d.).

 

Most health conscious people are well-educated and employed. The target audiences are

 

those working in: private industry (74.7%), federal government (19.6%) and self-employed

 

professionals (5.5%). ?Fruit-Succus? targets professionals in the following fields: Educational,

 

Health and Social Services (18.3%), Administrative Management Services (11.6%),

 

Manufacturing Sector (11.3%), Public Administration (8.3%) and Insurance, Real Estate, Rentals

 

& Leasing (6.6%). ?Fruit-Succus?s? primary objective will be the Caucasian and Hispanic/Latino

 

populations that comprise over 74.9% of the population while family households are the main

 

target audience that comprise over 68.5% of the population (Infoplease, n.d.).

 

?Fruit Succus? will target mostly household owners and people with some form of higher

 

education to include: Associate?s, Bachelor?s, and Graduate or Doctorate Degrees that currently MARKETING PLAN & SALES STRATEGY 2 comprise over 56% of the population (Infoplease, n.d.). ?Fruit-Succus? has been in the fruit and

 

vegetable juices in the healthy beverage sector industry for one year now with its annual

 

company revenue being valued at approximately $500K. There are 20 employees associated with

 

the marketing and manufacturing of ?Fruit Succus? juices with one production plant and one

 

retail outlet. The production plant is over 10K square feet, the retail outlet is approximately 1K

 

square feet, and the ?Fruit Succus? ownership of the company currently resides in a partnership.

 

Market Competition

 

There is an intensified competition in the market. The specialty of this market segment is

 

that there is the separate market leader for each fruit and vegetable juice sector. For example,

 

60% of the cranberry juice market share in the US is held by Ocean Spray and Bolthouse Farms

 

holds about 22.6% market share in carrot juices within the US (Knudson, n.d.). Coca-Cola and

 

PepsiCo are both the major market leaders and shareholders by revenue in the fruit/vegetable

 

juice market as shown/reflected in both Appendices 1 and 2.

 

There is a substantial increase in the market share of the market leaders as they mainly

 

focus on acquiring various brands in the market to emerge as a larger company. There is an

 

overall increase in the competition across the industry, the level of competition has intensified in

 

the market, and more new competitors are entering the market at both the domestic and

 

international levels. Branding is the key used by the market leaders to expand their business. As

 

mentioned, Coca-Cola and PepsiCo are the key players in the market, and they are proactive in

 

understanding the growing market trends that make them unique as they continually focus on

 

intensified marketing to create higher brand equities for their respective products. Differentiation

 

and creating brand equity will be the keys to remaining on top of the market (Fry & Kim, 2015). MARKETING PLAN & SALES STRATEGY 3 The Fruit and Vegetable Juices is a matured market and Coca-Cola and Pepsi are the

 

competitors for ?Fruit-Succus?. The main competitive edge for ?Fruit-Succus? is the innovative

 

blend of fruits, vegetables mixed with coconut water as it is aromatic and fully loaded with

 

natural fruit flavors without any artificial sugars or artificial ingredients.

 

Its unique tastes separates ?Fruit-Succus? from the other competition in the fruit and

 

vegetable juice market and it is priced competitively to attract a plethora of potential customers.

 

?Fruit-Succus? will make a comprehensive Quality Assurance Quality Control (QAQC)

 

evaluations of the supplier's products are stringent to ensure there are no quality issues. ?FruitSuccus? manufactures juices in smaller lots so that consumers receive fresh stocks daily as they

 

buy their produce directly from farmers especially ones who grow organic vegetables and fruits

 

to ensure that the quality of ingredients is top-notch. ?Fruit-Succus? will sell their products in all

 

convenience stores (like 7-11), novelty markets (Wegmans and Whole Foods), Cafeterias

 

(offices, schools, colleges) and on-line. This will familiarize customers with the ?Fruit-Succus?

 

brand. The manufacturing plant is in Fairfax, VA and customers can visit the factory M-F to

 

personally monitor the quality of the product and manufacturing processes thus enabling local

 

customers to gain more confidence which increases the trust and provides a competitive edge.

 

The Five F?s

 

?Fruit-Succus? focuses on conveying the premium message to the customers so that they value

 

the quality of their products by enriching the lives of our communities for generations to come. Functions - Objective of ?Fruit Succus? is to cultivate the habit of living healthier

 

drinking natural juices instead of other unhealthy beverages. Finances - The price of the product remains competitive in the market. MARKETING PLAN & SALES STRATEGY 4 Freedom - Products are readily available in stores, grocery markets and even online. Feelings - ?Fruit Succus? focuses on obtaining optimal customer satisfaction, and the

 

unique taste and flavors should motivate customers to purchase the product continually. Future ? The Company is committed to the customers so that they can communicate their

 

views so that we can address all of the customer concerns responsively (Abrams, 2001).

 

Function and feeling are the most important motivating factors in the target market.

 

People prefer to switch to a healthier lifestyle, but it will require them to have accessibility to

 

healthier foods and drinks to satisfy and provide refreshment that creates brand loyalty. The

 

slogan is ?Good Nutrition is our Mission? which clearly indicates that ?Fruit-Succus ?sells a

 

more nutritious drink that will keep people energetic and feeling healthy for the entire day.

 

The keywords for marketing are ?Nutrition and Mission.? The marketing message will

 

motivate the target group to purchase ?Fruit Succus?, which in-turn will create a better brand

 

value. The product will be designed in attractive colors that will indicate the flavor and

 

ingredients of ?Fruit Succus? as every juice will have a unique identification indicating the major

 

fruit/vegetables used in the products and containers.

 

The logo will be bold but simple and contain the name of the product ?Fruit-Succus.? It

 

will be designed to be simply attractive, and colorful with trees, fruits, vegetables and coconuts

 

on the bottles and will also be available in dry formula packets that are easy to carry and pour in

 

water bottles for improved shelf-life and they are environmental friendly. Attractive pictures of

 

fruits and vegetables along with coconut water images will be extensively used for designing the

 

marketing displays and store decorations. Employees and sales distributors will be formally

 

dressed with the ?Fruit-Succus? logo of the company on polo shirts for employees to ensure

 

retail stores are familiar with the products sold by ?Fruit-Succus?.

 

Marketing Vehicles with Examples MARKETING PLAN & SALES STRATEGY 5 The primary objective of the ?Fruit-Succus ?website will be to create brand awareness on

 

Social Media to further promote their brand using various online sites especially e-commerce

 

websites frequently visited by potential customers. The ?Fruit-Succus? site will provide a vast

 

level of information about the benefits of living healthier to the readers by providing detailed

 

information about the nutrition and energy of every product that benefits consumers.

 

Thus, more traffic will be attracted to the website using the unpaid search engine

 

marketing. ?Fruit-Succus? will try to make use of keywords in the search engine so that their

 

website will pop up whenever people are searching for information about fruit vegetable juices.

 

Blogs and social media networking will also be used extensively by the company to reach

 

prospective customers. Blogs will contain more valuable information about the benefits of

 

choosing healthy alternative fruit juice drinks that promote a healthier lifestyle.

 

Using social media for attracting more customers is the best way to reach them both

 

economically and effectively. More videos and online advertisements will be produced and

 

published online by ?Fruit-Succus? to attract more customers. ?Fruit-Succus? will make use of

 

local paper advertisements, billboards, malls and initial local commercials to attract more

 

customers to familiarize themselves with the ?Fruit-Succus? brand. Lastly, the estimated annual

 

marketing budget is provided in Appendix 3. Appendix 1 MARKETING PLAN & SALES STRATEGY Source: Bloomberg, n.d. Appendix 2 6 MARKETING PLAN & SALES STRATEGY 7 Revenue Shares Coca-cola juice 3%

 

P epsi 5%

 

Ocean Spray 2%

 

Tropicana pure premium Simple orange Private label 2% 1% 29% 58% Other Source: Company book, n.d.; Fitch Ratings, 2016; Statista, 2015 Florida's Natural MARKETING PLAN & SALES STRATEGY 8

 

Appendix 3 MARKETING PLAN & SALES STRATEGY References

 

Abrams, R. (2001, July 8). Five F's of Motivating Customers. Retrieved from

 

http://www.enquirer.com/editions/2001/07/08/fin_five_fs_of.html

 

Bloomberg. (n.d.). Fruit and Vegetable Juice Market Share. Retrieved from

 

https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ibft.M8vvfz8/v1/1200x-1.png

 

Company book. (n.d.). Langer Juice Company. Retrieved from

 

http://www.companybooknetworking.com/langer-juice-company-inc- MARKETING PLAN & SALES STRATEGY 1 Fitch Ratings. (2016, July 22). Fitch Affirms Ocean Spray's IDR at 'BBB-'; Outlook Revised to

 

Positive. Retrieved from

 

https://www.fitchratings.com/site/pr/1009286

 

Fry, N., & Kim, H. (2015). The Evolving Non-Alcoholic Beverage Landscape. Retrieved from

 

First Beverage Group website:

 

http://www.firstbev.com/wordpress/wp-content/uploads/2015/03/FBG_Non-Alc-WhitePaper_March-2015.pdf

 

Infoplease. (n.d.). Virginia Demographic Statistics. Retrieved from

 

http://www.infoplease.com/us/census/data/virginia/demographic.html

 

Infoplease. (n.d.). Virginia Economic Statistics. Retrieved from

 

http://www.infoplease.com/us/census/data/virginia/economic.html

 

Infoplease. (n.d.). Virginia Social Statistics. Retrieved from

 

http://www.infoplease.com/us/census/data/virginia/social.html

 

Knudson, W. A. (n.d.). The Economic Impact of Expanded Cranberry Production (01-1208).

 

Retrieved from Michigan State University website:

 

http://productcenter.msu.edu/uploads/files/cranberries.pdf MARKETING PLAN & SALES STRATEGY

 

Statista. (2015). Sales of the leading refrigerated orange juice brands of the United States in

 

2015 (in million U.S. dollars). Retrieved from

 

https://www.statista.com/statistics/188749/top-refrigerated-orange-juice-brands-in-theunited-states/

 


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