Understanding Ethical Marketing Practices By Rapid Assignment Help
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Specialist stores aims at changing the thought proceeds of world regarding the nutrition beverages and providing an extra ordinary experience to them. Every athlete or sportsperson aims at taking drinks which could improve their health and energy level. This report highlights the beverage which company will be launching aiming at the providing nutrition for the sport person. The chosen sector (sports nutrition drink) is highly aligned with Specialist stores which also offer beverages to the customers. Through research, it has been identified that 31% of total American population between the age of 20 and 34 are more affectionate towards drinking sport nutrition drinks (Sport Nutrition Market Size and trend analysis, 2022).
After taking these supplements, there is improvement in the physical health of the 83% individual with an average of 4.7%. This is an opportunity for the companies to expand as expect sportsperson others are also focusing in maintain the nutrition level and aim at in taking appropriate amount of protein on regular basis. It has been estimated that sports nutrition industry shows an annual growth rate of 8.1 % in upcoming years. This report highlights the sport nutrition beverage which consists of Gatorade’s endurance formula and nutrition power that the company is launching focusing on the providing nutrition to the sport persons. Environment analysis has also been done to identify the micro and macro factors which are affecting the growth of specialist stores. This report highlights the marketing plan for effective launching and promoting the product in the market.
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Strengths: Company has a strong brand recognition as well as loyal costumer all over the world which helps them to launch new product conveniently and gather larger costumer easily. There are focusing on maintaining the sustainability by using environmental products which improves its reputation in the industry (Pandey, et. al, 2021). Company has high digital presence and it will help in easy promoting of the new product leading to creating demand in the market.
Weaknesses: The companies provide beverages which are costly which leads limited international expansion in some markets. Due to higher prices firm is facing issues in creating loyal customer base and the stiff competition from the local retailers. Company had tried introducing various dietary options to the menu but not been successful to attract more customers.
Opportunities: company could focus on establishing its presence in countries like Africa and India. This could be done by providing goods according to the need and preference of the costumers (Pestle analysis of retail industry 2023). They could focus on including new product line which aim at providing healthier and nutrition product as most of people are focusing on them.
Threats: Now a day’s people are shifting toward a healthy lifestyle which aims at change in customer needs and pReferences toward many product of the company leading in decrease in the profitability (Tien, et. al, 2020). Market instability and economic downturn would impact its sales as at this time people are more concern toward lower product.
Political factors: political instability leading to change in the rules and regulation and bureaucratic movement hamper the growth. It also includes the changes in the tax rate of the country from where raw material has been acquired as this will increase the cost of the product.
Economic factors: specialist store provide good at higher rate which can’t be affordable by every income group. Recession in the countries lead to decrease the profit as consumers is shifting on low price products (SWOT analysis of retail industry 2023).There is continuous fluctuation in the price of the currency leading to changes in the profitability.
Social Factors: Consumers are shifting toward including low calories and healthy food into their diet which decreases the sales of the sugary beverages. Thus, by offering products or services to the customers according to their need firm can maximize profitability.
Technological factors: Continuous up gradation in the coffee machines in the market leading to decreases in the sales for the company (Cao, and Qiu, 2021). These in trend of online delivery of the coffee at the home through mobile this lead to company increase expenditure on home delivery services.
Legal factors: Company has its stores in more than 80 countries which force them to have knowledge regarding the changes in rules and regulations of each country and taking appropriate step to overcome them (Kamaruzzaman, 2022). Costumer safety and employees right needs to be properly followed by the company.
Environmental factors: Natural calamities which hamper the agricultural growth of coffee impact its availability and the cost. Specialist stores have shifted toward Carbon neutral Green coffee and recyclable packaging which decreasing the negative impact on the environment.
Specialist stores will segment the sport nutrition drink on the demographic, psychographic and geographical segment. The ingredient of this drink is not suitable for every age group so segmentation will be done on the basis of age. Company will target middle and high age consumer whose age is 18-60 year old. This will target the most of sport persons across world focusing on improving their nutrition level (Alwaleed, et. al, 2019). Company will focus on providing these drinks in urban areas and in countries where people are more focused toward health. Lifestyle and social class will be covered under psychographic segmentation as it covers people who are involved or shifting toward a healthy and nutritious lifestyle.
Specialist stores will use differentiated targeting strategy for targeting people with different age group and different class. Company will provide the beverages and powder in different flavor and different level of nutrition according to particular age group. They will provide different sizes of cups which will create choice for consumer to purchase according to their need and capability. Its main target is person who does intense physical exercise or athlete so the amount of preposition will be divergent.
Specialist stores has an identical positioning in the market due to service it provide which help in creating a competitive edge over other competitions. The positioning strategy aim at providing more than the costumer need and improving the goodwill of the company (Kumaresan, 2019). Specialist stores also aim at introducing new environmental measure to protect the nature, providing good ambiance and commitment towards soviet which improve the reputation. Company has also invested in providing educational and career opportunities to others which create a positive image in the industry.
Product: Companies aim at providing product which could satisfy the need and wants of the consumer. For understanding needs market research have been conducted cover various age group and occupational people (Liu, 2022). Through this research, it has been identified that consumer are focusing on healthy lifestyle and focusing on consuming adequate level of nutritious products. Company has mainly focused on the athletes and sportsperson of every gender and age.
Company will provided beverages which will have Gatorade’s endurance formula as this help in fulfilling athlete need of high sodium. As individual sweat it decreases the level of water and electrolytes in them so this drink will help in compensating this need. With these beverage company will launch a nutrition power which can be used at every where to make the drink. This will be available in 4 flavors to enhance the taste and providing wide Varity to costumers.
Price: The most important factor which decides the profitability and sustainability of a product in the market is the price of the product. Any mistake in deciding the price will lead to failure of the company. Organization will conduct value based pricing method which included detailed investigating and analysis the customer preference in paying particular prices. It helps in determining the price level which could be kept that will not drive off the consumer from buying it.
After analysis this company wills apply cost plus pricing method which include the actual cost the company is inquiring in preparing one drink and the profit margin on it. For this drink company will focus on keeping the profit margin at least 15% of the cost to overcome all its cost and long term survival of the product.
Place: For a product to be successful it is very necessary to be available at various places at any point of time. Company will establish a new store which contains sport nutritious drinks and powder. Both canes and fresh drinks will provide at specialist stores so one would drink there or take it with them. Online website will be launch through which product could be purchased and deliver at any place. Drinks will be delivering through various food delivery sites within city.
Promotion: For increasing the profitability of the company its sales should be increased so to increase sales company will employ carious promotional activity. Company will focus on advertisement through TVs pivot on the health benefit these products will contain. For advertising athlete will be appointed which will have more long lasting impact on the consumer mind (Mohammad, and Zahira, 2023). Buying Specialist store’s products from specialist stores enhance the status of the individual so the influencer and social media marketing will help in increasing the sales.
People: This includes staff, barista and human resource that will control the online website of the company. It will hire all these for proper functioning of the company. Barista are the people who will take order from the costumer and prepare suitable drink according to their preferences. Staff will help in proper functioning of the stores and helping costumer at every point of time. We will also focus on providing various training session to employees who will help in developing their knowledge and skill in working in the stores. This company and product are all aim at fulfilling costumer need so they will be covered under this.
Process: Every function in the company will be completed through a process. For providing service to a single costumer it will start with greeting them by the employees. Then it will include taking orders from them as per their demand and fulfilling it as soon as possible. Specialist stores is much crowed place with lots of order at a time and staff needs to effectively and efficiently complete their order (Tien, et.al, 2020). This process will continued by providing order to the costumer collecting payment and farewell been given.
Physical Environment: The environment of all the stores of has designed differently according to its local area. Infrastructure of a place also help in gain more costumer and help in promoting of the products .This store will focus on infrastructures which will have nutritious frames and a theme which will focus on healthy lifestyle. it will also included logo, store design and the design of the cup which will differentiate it from other stores.
CONCLUSION
It has been concluded from the report that most of the people are shifting toward living a healthier and nutritious lifestyle. Specialist store found this an opportunity and establishes a marketing plan relating to launching a sport nutritious product. Company has strong international presence and numerous stores which create a strong brand recognition which made it easier to launch new product line. Change in the tax rate and the political instability are the political factor impacted the growth of organization. Currency fluctuation, expensive products and continuous change in the technology are the factors leading to change in profitability of the company. The nutrition range is targeted toward the age a group of 18- 60 year old targeting middle and high income class.
Company is improving its position in the market by providing the excellence infrastructure, Free Wi-Fi, quality of the beverages and employing various environmental protection measures. This also included the marketing plan launching a new range of nutritious powder and beverage with Gatorade’s endurance formula and in wide variety. Price will be decided by using cost plus pricing method and will be provided through online and offline stores. Various marketing strategy such as Advertisement through TVs, social media marketing and influencer and athlete marketing will be carried out to increase the demand and sales of the products.
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