MARKETING PLAN OF V6 VEGETABLE JUICE
Subject: Submission of marketing plan Dear Sir This is our marketing plan for “V6 vegetable juice” which is launched by Holborn Consumers Ltd. In the time of preparing this plan, we had to face some problems with marketing and sales. But we try to apply our marketing knowledge as much as we learn. We prepare this marketing plan on the basis of our own knowledge and also on the collected information from different sources.
Executive Summary: A concrete marketing plan is one of the major tools of a marketer to be successful in his business. As a student of Agricultural Marketing, we were assigned to make a marketing plan. For this purpose, we selected “V6 vegetable juice” as our product and made a marketing plan for this product. Holborn Consumers Ltd serves both the consumer market, as well as local restaurants.
We will succeed in developing a profitable business through the use of our two competitive advantages, quality, and flexibility. The local farmers of vegetables cannot produce enough products to satiate local demand and also other beverage companies can’t able to satisfy the consumer through their product. We see this market opportunity and are prepared to seize it. Our mission is to provide the highest-quality vegetable Juice. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers.
We have first formed a company then as per requirement we have given a description of the business and current market situation. We have provides these details based on our own knowledge and collected information from different sources. Then we have discussed our strategic plan, market summary, market trends, and market growth. We did SWOT analysis, STP analysis, Competition analysis, and also our competitive advantage. We also provide marketing strategy, pricing strategy, and also distribution channel. We mentioned our local and advertising and promotional activities.
In favoring the environmental factors as considered for the hygienic manufacturing plant as further the Ishurdi EPZ which area is much free from the violence of political disturbance & other hindering factors. * Central office: our target distribution place in Dhaka division with other renowned districts of the noteworthy division of Bangladesh. So, our central official position is situated at the twin builder’s complex at Motijhil. In other districts, our own distributor sends our products at low cost with our great transportation facility.
Size & Capacity: Establishing the manufacturing plant the size of capacity is a great factor to run the whole processing plant. Size & capacity should be effective for proper working. * In total we need 5600 square feet to move freely. * A small portion of that place will be used as a controller office. * Warehouse free space to store & preserve the raw materials. * Central office space is about 4000 square feet.
Product and Service overview: Product and service overview includes categories of the product, raw-materials of product, and also the nutritional value of the V6 vegetable Juice.
CATEGORIES OF PRODUCT: There are six seasons in Bangladesh. Among them, winter is the most vital season for the huge production of green vegetables. We select winter vegetables for our juice production. So our target product is winter vegetable juice. We divided our product into three types on the basis of their weight and size. 1 liter500ml200ml.
Raw Materials of Product: Vegetables are an essential part of any healthy diet. Vegetables provide nutrients, such as potassium, magnesium, and vitamins A, C, and E that are vital for overall health and maintenance of your body. That’s why we select the following vegetables. Tomato: Tomato provides powerful, natural antioxidants. The antioxidant Lycopene is found naturally in tomatoes and helps protect against cell damage. Cabbage: It helps to round out your diet with other vitamins, minerals, and natural antioxidant Carrots: Delivers vitamin A (alpha- and beta-carotene) to help maintain vision and a healthy immune system Lettuce: One cup of iceberg lettuce has only 10 calories! Spinach: Supply a huge amount of vitamin A E K C & with calcium energy and iron Swamp cabbage: It gives us a vital amount of vitamin A & C with a high amount of protein calcium and iron.
Nutrition: Example nutrition information for V6 Vegetable Juice
Servings per package
Serving size: 250 ml
Average qty per 100 g
165 kJ (40 cal)
66 kJ (16 cal)
2. 4 g
1. 0 g
6. 3 g
2. 5 g
6. 3 g
2. 5 g
325 µg (40%)
52 mg (130%)
The new marketing plan has developed its strategies by focusing on the vision, mission, goals as well as its core competency.
Vision: We envision a marketing system that quickly and efficiently moves wholesome, affordable agricultural products from the farm to the consumer. Our target customer, they can take the nutrition of the vegetable. Our product must be diversified as the consumer need. We have to create our market demand and grow awareness among the people. At first, we have to capture our local market within two years and we will start to export our product within five years.
Mission: Our mission is to provide the highest-quality vegetable Juice. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers. We also focus on the following missions. Hygienic food. Finest quality of our product. Keeping the affordable price. Provide the best customer service. Provide energetic and nutritious food.
Goals: We divided our goals into two-part, financial goals, and Non-financial goals.
Financial goals: Realize a 5% increase in gross profit margins through efficiency gains every year. Reduce the transportation costs associated with product delivery by 10% by the end of the first year. We will address break-even analysis, sales forecasts, expenses forecasts, and how those links to the marketing strategy.
Non-financial goals: Maintain positive, steady growth each month. Experience an increase in new customers who are turned into long-term customers. Generate brand equity at the Farmer’s Market as well as within the commercial restaurant industry market. Awareness regarding services offered, develop the customer base, and work toward building customer loyalty. To enter into a new market. 05 Situation Analyses: V6 vegetable juice is a start-up business. The vegetables have been well received and marketing is now critical to its continued success and future profitability. Harbor offers a wide range of high-quality vegetable juice. The basic market need is high-quality vegetables with the flexibility of production for both the consumer and commercial market.
Market Summary: We possesses good information about the market and knows a great deal about the common attributes of our most prized and loyal customers. We will leverage this information to better understand who is served, their specific needs, and how we can better communicate with them.
Market Demographics: The profile for our customers consists of the following geographic, demographic, psychographic, and behavior factors. Individual’s demographics: singles and families. Children’s. Sick people. Ages 25-50, this segment makes up 53% of the market according to the Chamber of Commerce. Have attended college or graduate school. Are cognizant about their health. Female aged 30-52. Tend to eat out at least once a week. Behavior Factors are willing to pay a premium for higher quality, tastier vegetable juice. There is a value attributed to the more attractive beverage of vegetable juice. Enjoy a high-quality juice without the mess of making it themselves.
Psychographics: Moderate involvement with a product purchase, seeking information about health benefits and nutritional facts of V6 products. Well educated, hard-working, and active females with a desire to provide a healthy lifestyle for themselves and their families. Time-poor people, struggling to manage theirs and their family’s active lives who seek an easy solution to providing nutritional beverages as an alternative to soft drinks. Females who take both an emotional and rational approach to buying their families food. Prone to moderate levels of emotional attachment with brands. Eager to seek out the most consistently nutritious beverage products.
Market Needs: We provide individuals and restaurants with high-quality vegetable juice. We seek to fulfill the following benefits that are important to their customers. Selection: A wide choice of different vegetables with the flexibility to change crops midseason. Competitive Needs: Sugary soft drinks are low in nutritional value to recover this there needs a healthy and long-lasting energy drink. Customer service: The patron will be impressed with the level of attention that they receive. Competitive pricing: All products will be priced competitive to true substitutes.
Consumer Insight: Consumer insights are listed from most important to least important for the target audience. The need for a healthy alternative to soft drinks. Sugary soft drinks are low in nutritional value. Overindulgence of soft drinks leads to poor eating habits. Needs a variety of beverage choices. Needs a way to gain healthy long-lasting energy. Have fast-paced lives and do not have time to make healthy meals every day. Passionate about their and their family’s health and well being. Genuinely concerned about the overall health of their families. V6’s high volumes of vitamins and antioxidants contribute to healthy family members. Provides a solution to the worry of what to feed to themselves and their children with little post-purchase regret. Want to maximize opportunities to save time and effort by purchasing a quality product. Highly likely to put their families’ needs in front of their own. Needs to feel good about their dietary decisions and give them a sense of empowerment. Peer pressure forcing them to have a perfectly healthy family.
Market Trends: The market for vegetable juice has exploded within the last few years. Explanations for this trend. Market supply: The increase in supply has reinforced the demand. Within the last few years, many farms that were producing grains have moved to the production of vegetables because of the increased margins and market demand. Health consciousness: Now a day’s Bangladeshi’s have become more health-conscious and vegetables have supported this goal as the juice is inherently healthy and a vegetable mix juice is far tastier than the juice of the other. Presentation/appearance: Presentation as an element of the culinary experience has taken on more value as the juice has become more creative over the last several years.
Market Growth: We are learning to appreciate the more sophisticated taste of this healthy food. Therefore taste and health consciousness are what is driving this demand. This demand can be seen by the increase of juice offerings by finer restaurants. Lastly, presentation is becoming a variable in gauging the quality of a product, and a mix of vegetables as the juice is very aesthetically pleasing.
STP Analysis: The following STP analysis consists of market segmentation, target market, and positioning.
Market Segmentation: We have segmented our customers into three groups. Individual consumers.
Positioning: V6 juice helps to maintain good health, when time is short, which create value in consumers mind about this product and motivate rheumy to buy frequently. Holborn will position itself as Flexible. High-quality producer. Professional. Reliable.
SWOT Analysis: The following SWOT analysis captures key strengths and weaknesses within the company and describes the threats facing Holborn Consumers Ltd for marketing V6 vegetable juice.
Strengths: Availability of seasonal vegetables throughout the year. Flexibility in meeting vegetable needs. Flexibility in meeting the restaurant’s needs. High-quality product offerings that exceed competitor’s offerings of price, quality, and service. Higher than industry margins due to production efficiencies.
Weakness: V6 Vegetable juice lacks brand equity. A limited marketing budget to develop brand awareness. The decreased degree of flexibility when near full production.
Opportunities: A growing market with a significant percentage of the target market still not aware that vegetable juice exists. The ability to develop long-term commercial contracts which should lower costs associated with production. Children prefer juice to other meals.
Threats: An out of state, already established competitor that has decided to make customer service and flexibility their selling point. A health scare that questions the safety of V6 vegetable juice. Poor weather will affect the market of V6 vegetable juice. Customers are very much habitual to take the vegetable green.
Competition Analysis: Though V6 vegetable juice is a new product in the market there are some similar products also. Basically the beverages, fruit juices, and vegetable products are the major competitors. The competitors are divided into two – Direct Competitors: Beverages and fruit industries, like- Pepsi, coca-cola, PRAN juice, ACMI juice, Frutika, etc. Indirect Competitors: Raw vegetable markets, vegetable by-products (biscuits, soups, snacks), some healthy drinks like Boost, Flavored milk, etc.
Competitor Strength: Established brands- the competitors have established brands like Coca-Cola, Pran. etc. But we the newcomer; Product supply- the competitor’s product supply is very larger than our product; Price- the products are similar price like us.
Competitors Weakness: A quick, tasty, and healthy alternative to soft drinks and colas; Diet V6 juice has high levels of vitamin A & C, at the requirements of consumer’s daily values. General consciousness among the consumers of the bad effects of soft drinks. Soft drinks can be high in sugar which can be the main deterrent for consumers.
Points of Difference: The point of difference that makes this vegetable juice than the others. New idea- Vegetable juice concept is first in Bangladesh in the juice industry. Different experience & knowledge- The customers will have distinctive feelings & experiences that they will not get although other drinks exist in the market. Strong distribution channel- As this product has a strong channel distribution channel, the consumer gets it at every retail shop.
Competitive Advantage: Our competitive advantage is really a superior one; 100% vegetable juice. High contents of vitamin A & C. Low levels of sodium. Less fat & calories than other drinks. Tasty & healthy.
Key to Success: Exceed the customer’s expectations. Additionally, Holborn consumers Ltd will: Generate repeat business Increase the transaction amount per customer. Increase the number of restaurant accounts. Increase a variety of juice.
Critical Issue: Harlborn consumers Ltd is still in the speculative stage as a V6 juice producer. Its critical issues are to continue to take a modest fiscal approach; expand at a reasonable rate, not for the sake of expansion in itself, but because it is economically wise to, and continue to build brand awareness to lower future marketing costs.
Strategic Marketing Analyses: Strategic marketing analysis includes marketing objectives, marketing strategies, marketing mix, and market research of V6 vegetable juice.
Marketing Objectives: The objectives of all integrated marketing communications will be to Inspire consumers to view V6 in a new more vibrant light. Empower the female target audience about their dietary decisions. Showcase the nutritional benefits and great taste of all V6 products. Establish a connection between V6 and healthy active lifestyles.
Strategies: The single objective is to position vegetable juice as THE finest producer of vegetables in Bangladesh, commanding a majority of the market share within five years. The marketing strategy will seek to first create customer awareness regarding services offered, develop the customer base, and work toward building customer loyalty. We seek to communicate the message that we are the finest producer of high-end vegetables as JUICE. This message will be communicated through a variety of methods. The first method will be advertisements. Some of the advertisements will be co-branding with the Farmer’s Market. Other advertisements will be solely Harlborn advertisements. The ads will be placed in both the local newspaper as well as the local art/entertainment paper. The message will also be communicated to different hospitals through networking with owners and managers. We will also communicate our message through informal gatherings and networking with consumers and hospital owners.
Marketing mix: V6 Vegetable Juice marketing mix is comprised of the following approaches to product, price, distribution, advertising and promotion, and customer service.
Product strategies: Basically, in the beginning, we are producing only vegetable juice made through winter vegetables. Afterward, we will produce juice made through summer, year-round vegetable, souses, etc. Since our product fulfills both vegetable needs and beverage needs it will be competing with both green vegetables and beverage drinks.
Pricing Strategies: Pricing strategies are the most important stage in the marketing mix. As we are going to launch a new product on the market, we do not have any idea whether the price would be accepted or not by the customers. If we select an extensively high price, customers will not buy and the volume of sales will be very low. On the other hand, setting a lower price will not cover our costs. So we have to consider the following things in selecting the price. Acceptance of the product: As our product faces competition against both green vegetables and beverage drinks, the price of our product should be accepted by customers. Our product fulfills both vegetable needs and beverage needs. For this extra utility, we will charge higher prices than our competitors. Maintaining market share: If our product is accepted by customers in the near future, more competitors will enter the market. So our price should be such that can protect our market share in the competition period. Moreover, we will need to lower the price to hold the market share at the time of competition. Earning profit: As a business, our main objective is to earn a profit. So we should not set any price that will not cover the cost of the product. After covering the cost we set a profit margin for our pricing. After analyzing all of this we select Market-oriented pricing that is setting a price based upon analysis and research compiled from the targeted market and also with the cost.
Distribution Strategies: In general there are different types of marketing distribution systems. Consumers are able to buy the products from the different market place. All these distribution strategies are consist of producer, wholesaler, retailer, and finally to the consumer. There are mainly four types of marketing distribution channels: Conventional Marketing channel. Vertical marketing channel. Horizontal Marketing channel. Hybrid Marketing channel We select the conventional marketing channel to distribute our product. Our juice will be distributed by the specified distributor which will be selected by the company. The selected distributor will supply the juice product to the wholesaler and also to the retailer and the consumer will collect the product from the retailers. There are three types of distribution strategies: Selective distribution. Intensive distribution. Exclusive distribution We choose the intensive distribution for our product. We will supply our product all over the country on the basis of our product demand so that the consumer can get the product easily.
Advertising and promotion: A mixture of advertisements and networking will be used to increase visibility for V6 vegetable juice. In first we will be focused on introducing the product. The advertisement will be done on different media e. g. television, newspaper, and billboard to make people aware of the product. These focus groups provided helpful insight into the decision making processes. An additional source of dynamic market research is a feedback mechanism based on a suggestion card system. The suggestion card has several statements that customers are asked to rate in terms of a given scale. There are also several open-ended questions that allow the customer to freely offer constructive criticism or praise. The “V6 vegetable juice” will work hard to implement reasonable suggestions in order to improve their service offerings, as well as show its commitment to the customer that their suggestions are valued. The last source of market research is competitive analysis. Holborn consumers will send people to local competitors to gain information about their product offerings. Financial Overview: As we start our business in the year of 2011, we can’t expect huge sales as well as huge profits. But our market research says that there is a good potentiality of this unique featured product.
We project our sales will keep rising next’s year. More ever promotion and advertising will help in increasing sales. At the very first of our business, our mission should be an emphasis on promotional activities and recognizing the product at every level. Now we are showing our five years projected plan.
The first three months of the first year will be used to set up the processing and manufacturing plant for the production of V6 vegetable juice. There will not be sales activity until the processing plant has established.
Controls: The purpose of the V6 vegetable juice marketing plan is to serve as a guide for the organization. The following areas will be monitored to gauge performance: Revenue: annually. Expenses: annually. Repeat business. Customer satisfaction.
Implementation: The following milestones identify the key marketing programs. It is important to accomplish each one on time and on budget. As a successful entrepreneur, we must fix the detailed action plan with when we are going to perform that. There are some primary activities (planning, permeation from Government) that we assume we have already performed.
Company Organogram: CEO DIRECTOR Chief HR Chief Finance Chief marketing Chief IT GM IT & Planning GM Finance & Accounts GM HR Operation GM Product & Service GM HR Training GM Corporate GM Sales & Distribution GM IT & Operation.
Contingency Planning: Difficulties and risks: Problems generating visibility.An already established competitor that chooses to compete on quality and flexibility. Poor weather could hamper crop yields. Worst case risks may include: Determining that the business cannot support itself on an ongoing basis. Having to liquidate equipment to cover liabilities.