Assignment 2 Part B Week 6
Professor Benjamin Bao
May 14, 2018
The name of the company is Lite Vine non-alcoholic beverage company, a name that was chosen to be that the company needs a unique and appealing name to foster its positive image to its customers as well as the entire public. By that, the name of the company in itself should be able to market it. The physical location of the company will be in Brooklyn whose population is expected to form a consumer base for the company’s products. The central selling and dispatch point for the company will be the company’s main store in Brooklyn. The company will major in the production of both white and red non-alcoholic wine brands with their main target, the people of Brooklyn who do not consume alcoholic beverages as a result of health problems among other personal reasons. The brands of wine will be flavored differently to satisfy the demands of different customers as well as their differences in tastes and preferences regarding consumption of sugary drinks. Sale of these products by the company will be done in both wholesale and retail.
The operations and success of the business will be partly driven by the company’s solid mission statement. A mission statement a is a concise and clear statement stating the reason for the existence and the scope of business operations. In this case, the company’s mission statement is “To be the world leading producer and provider of the softest and high-quality non-alcoholic wines that give our customers the best healthy, tasty and satisfying product without compromising the originality of their wine experience.” The mission statement will provide the business plan and roadmap of how the company wants to achieve the goals and objectives of its business. The company will regularly update the mission statement to maintain its sustainable competitive advantage for the future planning periods as well as to adjust to the changes in the future business environment.
A brand name is generally a word or words that identify both the product and the producer or manufacturer of the product. Lite Vine company will use the brand name “Lite V” to identify the product and its manufacturer in the competitive non-alcoholic beverage market. This brand name is significant as it carries both the name of the brand and that of its manufacturer. The brand name is also expected to create buzz and position the company ass a true leader as well as an innovator. It will also reinforce the company’s value proposition in just two words which makes it very powerful. Also, it can convey a culture or a position while differentiating the company and its products from the rest of the market or industry.
A log is generally a graphic mark, symbol or an emblem used in aiding and promoting public recognition of a company and its products. Log design is very significant to Lite Vine company. The company designed logo will be the name of the company written in red-bold italics “ Lite Vine ” that will be put on all the company’s products. This logo is very significant as it tells the public the company’s name as well as it creates a visual symbol that represents the business. There is also a high likelihood that this logo has a higher symbolic association that will connect to people’s memory. Additionally, the logo will be able to invite new customers to know the company as well as distinguish the company and its products from its competitors. In one way or the other, company logo also facilitates brand loyalty from customers.
A slogan refers to a memorable phrase or motto used in commercial among other contexts to repetitively express a purpose or an idea (Kohl, 2011). Lite Vine company’s slogan will be “like it love it.” The company will use this slogan to persuade members of the public as well as its specific target groups to buy the product. This slogan is perfect for the business as it is a quite memorable phrase that can easily stick on the minds of the customers. It will also market the company by attracting new customers to try the company’s products hence increasing its competitive advantage.
Lite Vine company will also utilize brand extension as a marketing strategy for its products. This will involve the company marketing some brands with a well-developed image to market another product category. The company will use the Lite Vine Vivac Red to market the brand category of Lite Vine Lemon. In this case, the Lite Vine Lemon will be named Vivac Red Lemmon. The company will use the parent brand name to market the new category of product due to various reasons. Firstly, it saves the company a big budget and time that would be consumed by creating brand awareness to promote a new product hence reducing financial risks. The company also prefer this strategy for increasing and leveraging the brand equity, which is the net worth and long-term sustainability of the brand. This will enhance consumer perception of the product as they relate it to the renowned name.
Marketing Strategy and Appropriate Timetable
The company will adopt marketing strategies to help in achieving its fundamental goal of sustainable competitive advantage. The company’s marketing strategy will be originally based on the Four Ps of the product, price, place, and promotion. Under these strategies, the products of the company will be designed, packaged, assorted labeled and warranted in a way that attracts customers and satisfies their varied wants and needs. The company will charge favorable prices to target both low, middle and high-income earners. Similarly, discounts will be given on bulk purchases. Place of products will be at the stores of the company, restaurants, and nightclubs which are very convenient for many customers. Lite Vine will undertake promotional activities including media advertising, sales promotion and direct marketing (Goi, 2009).
The company will use the perceptual map to help understand better the customers regarding why, who, where, how and what of their behaviors. It also enables a business to see what consumers perceive about other brands, especially the company’s competitors (Zaribaf & Shameli, 2010). The company’s position statement is “Our product is the fastest in its class at the cost of half the price.” The perceptual map is as follows;
F park lite vine
high price low price
The target consumers are characterized by demand for non-alcoholic beverages. The main consumers are individuals who do not consume alcoholic drinks due to health reasons as well as personal reasons. The people of Brooklyn like spending their weekends partying in the nightclubs and restaurants which increases the purchase of Lite Vine brands. Also, The consumer behavior of the target market is considered to be medium to high-income earners and a few low-income earners hence there is a high probability that the whole target market can afford the company’s products.
Kohl, F.D. (2011). Getting the slogan right. The Journal of Academic Librarianship. 37(3):
Zaribaf, M. & Shameli, N. (2010). Notebook Positioning by perceptual map and laddering
method. New Marketing Research Journal. 2(3): 121-134.
Goi, C. (2009). A review of marketing mix: 4P’s or more. International Journal of Marketing