Marketing Plan

Introduction

This marketing plan explains the strategic preparations for launching a new sports drink in a unique bottle that will keep it cool for up to 6 hours. The improved feature will promote the renowned drink and compel consumers to purchase (Peter & Olson, 2008). Considering the company’s projection, this product will take three months to reach all national market. From the product’s description, customers may spend more money to cover the high quality. Nonetheless, pricing will act as a marketing approach for market penetration. In addition, the product needs ideal marketing channels to reach its target customers. According to the company’s plan, to increase and dominate the market share, the response to external influences and consumer expectations are the key catalysts to achieve its goals. These objectives will propel the company to realize a cumulative net profit’s growth of at least 25% over the next two financial years. This plan shows how promotion of the new product through marketing will contribute to achieving company aims.

Product Description (Price)

The value of a product should match its price. Pricing is a crucial element in marketing and companies ought to make strategic decisions on how to price items such that they meet their business objectives (Thieu, Hieu, Le Huyen, Binh, & Hoang, 2017). While pricing strategies vary from being a high-value to being a cost leader, the new sports drink will use the former approach as a luxury option offered to consumers.