In business, it is always a challenging task to launch a product. Every time when a new product is launching, it goes through a several problems and a stream of processes. Several researches and a huge amount of knowledge are required to properly utilize the opportunities and get the best possible solutions. When a company is launching a product, its marketing plan has to be very powerful. It is important to understand the marketing processes before getting into the marketing plan. The processes which are required for marketing includes setting of cooperate objectives, carrying out external and internal marketing research, carrying out SWOT analysis, making assumptions, setting marketing objectives and estimating expected results, generating marketing strategies, defining programs for advertisements, setting budgets, write and communicate plans, using control systems and review and update.
Coca cola is the company whose main objective is to provide its customer the taste they want in their drinks and satisfy their thirst and needs. It has been providing more than 3,300 beverages since 1886.cocal cola is an international company which is operating in 200 countries. The rate of its consummation is 1.06 billion per day. It has some missions and aims that it has been following. According to its mission it will provide fresh drinks to everyone and benefit its customers by it services. It has been providing a good quality product and it s employees are giving their fullest possible support to achieve this aims. Our plan is to launch a new product of our company. We are proposing the plan of launching “fresh fruit juice” [John westwood (2004).The marketing plan].
External marketing research:
The companies operate in the marketing environment, the external research is important to find out the level of competition and demand of the customers in the market. Our research has been carried out in several external markets. Analyzing and collecting data in the external market is important before going into in- house research. The key information about the companies and industries that are providing the same product in the market has to be collected which has been done. The information about the customers’ demands is necessary to collect. This information was collected through surveys in external market. The financial effect of the new product on the company is analyzed by the economical environment of the market. Inflation rate of past, present and future are covered in this research along with research about the exchange rate. Coca cola is an international company which is providing its services in many countries but initially the plan is to launch the new product of fresh fruit juices in the USA only. The political, cultural and social environments are some factors that affect the business therefore it was important to consider these factors before making plans for new product[John westwood (2004).The marketing plan].
Internal marketing research:
It is observed that sometimes the more vital information is found in the house. The costs that will include expenses’ that can be made, margin and sales data are information’s that are important to collect and can be found in the internal research. More technical and specific data regarding this new product has been collected by the company’s records. The type of products that it is providing are of beverages and its market stakeholders includes associates, bottling partners, share holders, government, NGO’s, suppliers, customers, and consumers. I am listing some of its products that it has been providing include apollinaris, aquana, aquarius, aquarius active diet, aqurius fresh style, aqurius spring, and aqurius spring fluoridate etc. This sort of research needs to add marketing strategies of company’s products and promotion plans. It objective for marketing is to design a product with simplicity and has clarity about the brand. The renewal of strength and celebration are the core elements of it marketing strategy. It scripting and shape of the bottle tells its customer about its promising quality[John westwood (2004).The marketing plan, http://www.thecoca-colacompany.com].
The analysis about company’s strength, weaknesses, opportunities and threats is the next step after collection of required data through internal and external researches. This step is helpful in making decisions about the future product. Strengths and weaknesses are helpful to analyze in making strategies and for the competitions. This analysis helps to focus on the areas which required more attention than other areas of less importance. The performance and marketing strategies are considered. Coca cola is the company that has been operating all over the world successfully. It is providing its services in about 200 countries. A large part of its share is hold by cola segment. Coca cola is big brand and well recognized in all over the world. The negotiations for the contact with bottlers are constantly carrying out. It still has significant opportunities for growth. It has the potential to launch new products and benefits its customer through its creative ideas. It has the capability to expand its business. One of its biggest competitors is PepsiCo and which can cause a threat to its existence and sustainability in market[John westwood (2004).The marketing plan].
We are planning to launch the new product of fresh fruit juices only in USA. We estimate that it will be accepted by our customers who are satisfied with our business style and by the quality of our services. Since market competition is high, there is also a possibility of struggle for the competition but our well known brand name will make it easier. The price level of this product varies from quality to quality[John westwood (2004).The marketing plan].
Marketing objective and estimating results:
Our marketing strategy to keep the simplicity element in all brands of coca cola will be preserved. The aesthetically pleasing design of the bottle will be included. On the basis data through various surveys that has been brought out in several states of USA, it is estimated that the fresh fruit juice will have the same demand as coca cola’s previous products have. The consumer’s expectations are very high about the new upcoming product of coca cola. These expectations helped us a lot in moving forward for taking the step of launching this product. It has clarified our objectives and strategies. The history of our sales and estimated market shares are well defined[John westwood (2004).The marketing plan].
Generating marketing strategies and action plans:
Our strategy for marketing the new product is the use of effective advertisements through media. The promotion campaign will target the areas where our survey found the maximum demand along with the areas of warm weather. Schools, colleges and offices are red hot spot where fresh fruit juices are required after long tiring day. Web advertisement will also be a part of marketing campaign. More effective the marketing strategy more profit it will produce. The expenses for this campaign have been estimated and it is reasonably afforded by the company. Our marketing strategy is feasible [John westwood (2004).The marketing plan].
The development of new products is necessary for the survival of the company in the market and market competitions. In the development process heavy investments are required with experienced and highly qualified knowledge about the development and management of the products. Every organization that is planning to launch a new product must have strong objectives and marketing plans. The objectives that are essential in the development of new product have been followed by us. We have created new market for our innovative product and have penetrated by our improved ideas. For competition the new product that we are launching is modified. We will offer competitive prices.
The packaging of this new product will be done along with keeping the good quality reputation of the company in the market. Since it is fresh fruit juice it has to be protected from germs and should be made and packed under proper hygiene condition. The bottles of the juice will be highly modernized by our innovative designs.
Product life cycle:
The market demands give emergence of the new products. The main idea behind introducing new product is to introduce a superior product to the market in terms of technology and quality. Product life cycle demands for heavy investments and open mindedness of customers. There are several stages of product life cycle[Peter N.T Pang (2003). Essential of quality control management.trafford].
The first stage is of business analysis which is a very critical stage. At this stage all the critical decisions are taken by the top management regarding new product. Reports, plans, objectives and strategies are reviewed by them. Project cost, estimated schedule and resources are also to be considered in this stage[Peter N.T Pang (2003). Essential of quality control management.trafford].
Prototype development and testing:
When a new product is under development it has to be regularly reviewed by the quality control, production marketing and finance departments. This step is essential for minimizing the risks of failure of the new product[Peter N.T Pang (2003). Essential of quality control management.trafford].
Manufacturing start up:
The design and production problems are solved at this step. All the expected errors, faults and bugs have to be removed before getting into the production process. Resources should be made available for the production[Peter N.T Pang (2003). Essential of quality control management.trafford].
In launching a product advertisement is very important. The time and place has to be decided by the upper management for the launch of the product. The organization has to manage appropriate budget to support marketing plans[Peter N.T Pang (2003). Essential of quality control management.trafford].
Technical support and service:
Customer adaptation is made possible by the technical support and service. Trained Staff should be allotted for technical support and service [Peter N.T Pang (2003). Essential of quality control management.trafford].
Advantages of product:
Juices are very healthy for our life style. If a company with a name and brand will start to provide another product of fresh fruit juices then it will adopted easily because of the confidence of the customers on the company. We are going to provide juices that are freshly made under supervision of our skilled staff. The hygiene conditions will be maintained. This new idea is a step to provide healthy life to the customers who have supported us from years and have faith in our business styles and strategies.
There are several plans that have been made for promotions. Different campaigns will be started in different areas to promote our new product. Broachers will also be used in schools, colleges and offices to support our cause. Advertisement with a sense of celebration will be used so as to follow our marketing objectives. Since, it is fresh fruit juices so the age limit of our target audience is boundless.
Theme of promotion will be a healthy and lively life style. So the bottles will be selected that are aesthetically pleasing. Coca cola promotes celebration and life and so as our new product of fresh fruit juices.
The distributions of this new product will done by our own distributors. Before launching the product in market we will distribute sample juices in different areas to find our change that our very own customers want and to implement them before launching it in the market. The cost of channels that will distribute has been estimated on the bases of our company’s history.
Prices will be kept low to compete our competitors of the market. Prices vary with variance in quality. We have a plan to provide good quality product with low prices. The survey found that the juices that are provided by our competitors have an average price of $5. We are planning to launch our product with a competitive retail price of less than $5 with a high quality. Our suggestion about special offers is that we can initially offer buy one get another with half price for the promotion of the product.
On the basis of our assumptions that we have made with accordance to our suggestions, the estimated sales forecast in two years will be very high. With our deals we can give a strong competition to our competitors. The brand is very important to get the confidence of our customer. We will keep the high quality with low price which will boost the business of our company and the expenses and costs required for the advertisements and promotions and distributions is also affordable by the company.
John westwood (2004).The marketing plan.
Peter N.T Pang (2003). Essential of quality control management.trafford.