MARKETING PLAN FOR A NEW SOFT DRINK Students will have the opportunity to develop and demonstrate their marketing knowledge through the creation and marketing of a new soft drink. You will: Identify an appropriate target market Develop and create a new soft drink for this market Develop a marketing plan to accompany the soft drink Student teams will develop a new soft drink while following the practice of the Marketing Mix - the 4P's: What is the Product? Who would want to buy it? What is the Price of the product? Why has that price been chosen? Place; where will it be sold? Why? Promotion; how will it be sold? What will the label, etc. look like? How/where will it be advertised? When? Why? In addition to developing a soft drink and prototype, each group must create a brand name, logo and slogan or jingle for their new product. The brand name, logo and slogan or jingle must be original. Your report can/should include the following: Prototype of the final product. A brand name, logo, slogan. Full description of the product. Features of the product that will make it competitive with other brands. An overview of who your competitors are, and why yours is better. Overview of soft drink market. Description of target market and identification of needs and wants your product will satisfy. Decision and explanation of where your product will be sold geographically and how consumers will purchase your product. (ie. Grocery stores, convenience stores, etc.) Explanation of how soft drinks will be packaged and sold. (ie. 12 or 24 can cases, 1L or 2L bottles, etc.) Determining a selling price. Explanation of pricing strategies; why have you chosen your prices? Name and describe at least 1 sales promotion that will be used during the life of the product. Describe the promotion(s) fully including all details of the campaign. For example, decide where it will be placed (which media), length of campaign, start date of campaign, reason for doing the campaign, cost of campaign, rules or restrictions of the campaign, how to promote the campaign, how to judge the effectiveness of the campaign, etc. Marketing Plan For A NEW SOFT DRINK Putting It All Together Each team is to submit a 4-6 page marketing plan for their new soft drink that they have created. The marketing plan should be formatted in report style. Therefore you need to include a title page, table of contents, headings, subheadings and any necessary exhibits (graphs, tables, illustrations, graphics, etc.) to help the report. The report MUST be formatted full block (single spaced paragraphs, double space between paragraphs, no indents) plus include a header and footer (that does not appear on the title page, table of contents, or bibliography). Any reference or research material used in your report must be referenced. The following sections must be included and addressed in the Marketing Plan: 1. Title Page A well formatted title page. It is the first thing a reader will see and should therefore leave a positive impression. Ensure that the title page information is clear and visible. It should contain the following information: Product (Soft Drink) Name Company Name Name Date of submission Course Code Teacher's Name 2. Table of Contents Should list all the main elements of the marketing plan including appendices. 3. Introduction Introduction, Mission Statement and Objectives Summary highlighting the key features of your plan. State the goals that you have/are setting out for your soft drink. Such things as market share, market introduction/penetration and profitability should be included here. 4. Company Description Company Name, Brand Name(s) Background of your business. A description of your product (soft drink). What needs or wants are you satisfying with your soft drink? 5. Market Overview A description of the current conditions in the marketplace for the product similar to what you are proposing. A description of the companies (competitors) currently in the market: their products; their features, their strengths and weaknesses. What products are directly and indirectly competing with your company? How does your product compare to others in the market? In other words what are the opportunities and threats that exist? A description of where you see your company and its product(s) fitting into the scheme of things (niche). Any additional economic, legal, socio-cultural or technological analysis or information that you deem appropriate. 6. Market Analysis Target Market – who is it and why was it chosen? Identify the demographic, psychographic, etc. characteristics of the target market. Is there a primary and secondary market for your product? 7. Marketing Strategies and Activities This is where you will provide all the details of what you are planning to do with your product. You will need to describe in as much detail as possible your strategies covering the "4 P's of Marketing" What are your strategies for… a) Pricing – price, strategy chosen and rationale. What do you anticipate your break-even point to be? What type of pricing strategy would you suggest that your distributors/retailers use? What do you anticipate the demand for your soft drink to be? b) Distribution - Where will your product be available for sale in the marketplace? What type of distribution strategy and channel(s) will you employ? What is your rationale for these strategies? c) Product - Description of the type of soft drink your team has created. What is the soft drink's unique selling position? d) Advertising and Promotional Campaign – Outline the advertising and promotional plans. What media and techniques will be used? What is the message that you wish to send to your target audience? When will the advertising and promotional plans run and with what frequency? What do you anticipate the cost of your advertising and promotional campaign to be? 8. Other Relevant Information What risks do you anticipate? What are your contingency plans if any? 9. Appendices 10. Bibliography Evaluation MARKETING PLAN for a NEW SOFT DRINK Putting it All Together THINKING & INQUIRY (30 Marks) Introduction (3) Company Description (4) Market Overview (4) Market Analysis (2) Marketing Strategies and Activities (8) Other Relevant Information (3) Appendices (3) Bibliography (3) APPLICATION (30 Marks) Report Format Title page – contains all parts (5) Table of contents - used the automatic table of contents; no header and footer present (5) Headers and Footers - page number, company and product name / logo present on all content pages (5) Use of sections – Document separated into sections (5) Headings – Headings used to format titles and subtitles Spacing and paragraph format – single spacing, paragraphs separated by a space, justify aligned (5) COMMUNICATION (5 Marks) Spelling, grammar Quality of writing, effort COMMENTS: /30 /30 /5