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05/02/2012

Marketing


 

Section 1: Introduction

Han drink product manufactured by YY Company located in Central Hong Kong. Han drink composition was first researched in United Kingdom under YY licensed research and development permit but Han drink was further developed, manufactured and launched by YY Company in Hong Kong. Han drink is all natural energy drink base with added extracts from fresh green tea, ginseng and some other anti-oxidants and vitamins. Economic, demographic, cultural, natural, political/legal and technological trends were known. For example, demographic trend, Han drink customers are between ages 25 up to 52 thus, with target demographics of 16 to 40 years old. YY Han drink target customers can be HK teenagers, young adults and adults.

The interim purpose of the assignment is to attain detailed analysis for Han drink marketing mix, market objectives as well as targets and segments for marketing. This will be in lieu to certain trends that will impact upon development of the Han drink. This will be by means of presenting clear target markets and market segments of YY Han drink. Bring about desirable awareness of YY marketing objectives feasible enough for YY to put organization flow of its marketing mix, referring to 4Ps mix (promotion, price, place and product). 

Section 2: Target market

Research show that successful companies are those specializing as well as concentrating on well defined market with thorough understanding of customer needs since, it is this knowledge which drives all subsequent decisions (Cavanagh and Clifford, 1986; Chaganti and Chaganti, 1993). The success at Han drink target market is to focus YY limited resources such as time/money) in a group of customers whose needs YY can meet most effectively. Han drink winning marketing aim to satisfy customer needs and wants better than the competition, so it is imperative that YY identifies and selects customer targets in such a way as to enable the firm to exploit some competitive edge in its markets. The selection of competitor targets should hinge around the evaluation of competitors in the light of YY Han drink strengths and weaknesses and ability to compete like superior skills/resources.

Hand drink target market focused toward demographic and need based. YY Company is targeting certain distinct demographics including, men over 30, and women over 25, men between 13 and 32, and women between 15 and 25 living in central HK. Thus, in order to target the markets, techniques matter, and YY Han drink customers may be reached through advertising from radio, television, and the Internet media. Aside, magazines and product placement may also be a way to reach a market that can afford the product. Additional mass media from YY including blogs and website will be important as well as Han drink brand association can be needed. YY Han drink customers enjoy having hangover cure benefits of Han drink all combined in one energy drink.

YY Han drink users will need effective content of the drink aside from product packaging and buying convenience. The YY Han drink will put in target markets to young adults (HK mean and women), of active social connection and lifestyle. YY Han drink must be perceived to meet product effectiveness and functional needs of YY target market. Aside, mass media marketing will pursue the needs of YY Han drink target market in order to explain marketing mix on a further level. YY Han drink product, packaging presentation (graphics) and Han drink taglines will be important to spread the word about YY Han drink line. The Han drink can reach the target market before purchase by addressing needs and brand association.  Han drink brand needs to strongly identify with the individual. YY Han drink must deliver the message to customer's that have designed something unique in the market specifically for them and changing needs. 

YY Han drink logo, packaging and every customer touch point remind the client that Han drink invoke the feeling, better choice in the market. Selection of customer targets highlights the critical role of market segmentation in the marketing process. Segmentation involves the sub-division of larger Han drink market into distinct subsets of customers with similar needs and wants to marketing offerings, based on Han drink customers usually differ in some respect. Customers can be grouped into relatively homogeneous segments in terms of some relevant aspect of their behavior. Han drink Segmentation thereby enables the firm to isolate and target specific markets. Kotler (1980) indicated business should aim to identify segment of the market which is most attractive as the choice reflect the company′s customer targets and YY Han drink should consider it.  YY Han drink, attempt to segment the market there are many possible criteria which could be chosen as such where customers  came from local, regional, who customers are and what customers think with regards to Han drink. Han drink customers within segments have similar needs and responsiveness to marketing offerings. There must be targetability’ through marketing mix, Han drink easily reached and served.

Section 3: Setting marketing objectives for YY Company

Ideally, meeting marketing objectives for YY Han drink should lead to sales; YY need to set different marketing objectives that is clear, measurable and time conscious. Marketing objective provides guidelines to the efforts of individuals and functions; objective serves to motivate YY performance and implementation and provide basis for evaluating and controlling activities (Day, 1984). Thus, one way to enhance responsible marketing is to show marketers how they can develop marketing objectives as such marketing designed to enhance YY Han drink consumers wellbeing without doing any harm to other organization. YY Han drink marketing objectives can be viewed as emergent from the specific objectives. That is, the superordinate objectives are not one of the same as the subordinate ones. The interactive effects of the subordinate ones generate new objectives at a higher level of the hierarchy of objectives.

Target consumers are likely to establish relationships with organizations which offer products designed to enhance their wellbeing, reduce price, increase product availability and provide accurate information about the costs and benefits of Han product, decrease any negative side effects associated with marketing and/or consumption of Han drink product. YY marketers can exert measure of control of YY Han drink image through its product development and marketing efforts.

The detailed marketing objectives for YY Han drink are as follows: Form strategic partnerships with at least two YY Han drink distributors/service providers. Reach busy young active people in other HK cities who are looking for flexibility of YY Han drink as cure for hangover. Build up strong brand awareness within a month of Han drink launch. This will help boost sales during introduction and growth period and help win over early users. Develop relationships with Han drink mobile advertisers to offer ads on YY Han drink.

 

Marketing objectives

Tools or tactics

Create awareness of YY Han drink products among HK teenagers, young adults and adults

 

 

Advertise in YY Han drink or Han drink magazines

Distribute product samples to sales representatives and retailers

Offer free YY Han drink seminars to alcohol drinkers

Increase sales of Han drink to teens

Distribute free YY Han drink samples or discount coupons at high school intramurals/ sports fests  

Sponsor an event attended by teens

 

Thus, YY increase Han drink product awareness among the target audience by such percentage in one year, informing target audience about features and benefits of Han drink product and Han drink advantage, leading to increase in sales. Decrease or remove potential customers' resistance to buying YY Han drink, leading also to increase in sales. The marketing strategy section at YY Han drink outlines a plan to achieve marketing objectives, the heart of marketing plan. For simple understanding, refer to table.

Section 4: The marketing mix

Marketing mix management with its four Ps is reaching end of the road as a universal marketing approach. However, even if marketing mix management is dying as the dominating marketing paradigm and the Four P model needs to be replaced, this does not mean that the Ps themselves, for example when YY computer systems and materials provider are connected to each other in order to initiate and execute purchase decisions automatically, the relationship may function by itself.

Normally, advertising, distribution and product branding, for example, will still be needed by YY Han drink, but along with a host of other activities and resources. Marketing mix as general perspective evolved because at one time it was an effective way of describing and managing many marketing situations, before the marketing mix at YY Han drink there can be other mix/segment approaches.

YY Han drink will aim at hitting international markets aside HK in order to become global product, and compete with other similar products locally and globally. After introducing and marketing V YY Han drink in Hong Kong, YY Han drink can start entering into the European market, as well as the Middle Eastern oil producing countries. YY Han drink management team for marketing can build YY Han drink brand globally, YY Company have to find core idea and set of universal principles that define YY Han drink brand. After defining the core idea, YY Han drink can send it out to every country where YY want to launch Han drink product, and interpret it as powerfully as YY Han drink can to the address the local geography. YY Han drink core idea will be "Effective hangover cure for business and leisure"; the idea will be used as framework for all YY Han drink business in HK and other places. YY Han drink idea will help targeting wider global markets, young and business people, societies with business orientation as well as societies with fun and leisure preferences.

The need to integrate implementation schedule for YY Han drink products and following Kotler & Keller's (2006) advice for the introduction of effective health based products to the market, the first stage will be applying an advertising campaign to build YY Han drink brand awareness (p. 290). In later stage, personal selling will be deployed by YY Han drink to boost customer conviction. When the product reaches its maturity stage, sales promotions, advertising and personal selling will be reinstated and adjusted in ways to achieve the desired level of sales thoroughly reviewing the effect of each label on HK customers' attitude towards Han drink brand.

Product Mix

YY Han drink will use modern programming language to enhance ease of use, including facilities etc that comes with quality YY Han drink packaging, also full effective Han drink product maintenance. Add-on Han drink branding available (in various label flavors). YY Han drink service itself will be a key to YY markets. Han drink products will be an important part of YY Han drink marketing mix. YY Han drink customers are accustomed to the hassle of dealing with YY Han drink provider so YY want to be the exception by offering hassle free service.

To offer customers the flexibility and freedom promised YY must ensure Han drink products work well. YY Han drink strategy of offering customers flexibility is directly related to service offerings. YY will work with Han drink service providers to offer flexible Han products and the ability to easily update or replace Han drink products as needed.

Pricing Mix

YY Han drink pricing objective is to be product effective leader since YY Han drink is "product combining quality, luxury as well as reasonable prices (Kotler & Keller, 2006, p. 220). To attain the latter, YY Company should concentrate efforts on outsourcing the production process to cheap labor in HK where YY Company can get cheaper production rates. However, YY Company will not be priced too high or too low since it is an effective good wherein very low prices might reflect that the product is of ineffective value and quality. At the same time, YY Company should consider certain upper constraints based on competition that usually establish the price points (Berry & Wilson, 2001, p. 124).

YY Han drink will have the privilege of going little bit over standard prices of hangover cure products in HK market based on the additional features and benefits that YY Han drink will offer for example, an extra value for Han drink consumers. The latter strategy goes well with YY positioning strategy. YY Han drink production volume would be equal to demand in order not to have additional expenses of inventories and obsolete products (Laitinen, 2005, p. 327). Prices for YY Han drink products can be simplified in the below table.

Item

Description

Per Unit Price

YY Han drink Blue label

Mild hangover cure

HK$ 25-30

YY Han drink Black label

Moderate hangover cure

HK$ 35-40

YY Han drink Red label

Severe/serious hangover cure

HK$ 45-50

Affordable but with reflection of YY Han drink quality with easy payment schemes.

Promotion Mix

YY Han drink messages based on the slogan “Fast and Effective Hangover Cure” and the theme of “Lifestyle Friendly”. YY Han drink relies on marketing communication ways, word of mouth recommendation and customer networking through internet advertising. Promotional material features comments/testimonials, stresses effective results when used, launching services as well as YY Han drink customer care base. Offer includes money back guarantee on first direct purchase and buying. YY Han drink promotion strategy will involve several types of promotion including advertising, direct marketing, event marketing and product placement.  To help reduce promotion costs YY Han drink will rely on grassroots advertising and word of mouth to attract early adopters.

Moreover, technology bloggers and other decision leaders will be given YY Han drink to test and review. Also YY will work with popular television shows and movies to have the Han drink placed as effective hangover cure used, promoted by the stars. Finally direct marketing will be used to reach YY Han drink clients who offer employees YY Han drink in different labels. Additionally once the YY Han drinks will be launched YY will work with other companies to sponsor events like job fairs, convention and outdoor parties. These sponsorships will help to position the YY Han drink brand as the hangover product of HK people who want to enjoy themselves after work.  

YY Han drink will be marketed to young people and those with active lifestyles, individuals who drink alcohol, moderate or hard way. The potential customers of Han drink will decide using the product for effective results, convenience as well as product features. Han drink promotions strategy will involve types of promotion including advertising, direct marketing, event marketing and product placement. Technology bloggers and YY decision leaders will be given Han drink samples to test and review. Direct marketing will be used to reach customers.  In addition, YY’s Han drink will be reached by advertising from HK radio, television and the internet articles, magazines and product placement may also be a way to reach a market that can afford the product. Howard (2003) points out products with internet access do have the potential to change the fabric of electronic marketing, and this will be suitable for hangover cure products. YY represent solution for current and future uses of Han drink products and its related technology.

There is a constant usage of printed materials and advertising presentations in the health and fitness industry and there should be specific journals and a comprehensive website. The industry need to operate on the principle that it is imperative to achieve total customer satisfaction if the health and fitness business is going to be successful in many ways. Generally, marketing is based on the principle that an individual must receive a marketing message in a variety of formats before deciding to participate and purchase the health and fitness service programs. Then, HK people must think of marketing as a road map having several of routes available in helping people most especially the elderly individuals in improving their health and well-being for them to have a better and happy life.

Place-Distribution Mix

YY products to be available across Hong Kong by means of selected customers (actual YY Han drinks agent) acting as local sales agents and distributors. Sales demonstrations take place in shopping malls and other store based settings particular in Central HK. For ideal service, YY Han drink customers deal direct with retailers, dealers and suppliers of YY Han drink.

Providing excellent place for service can be a total necessity, and it needs to be built into our overall cost structure. The wireless industry is famous for poor customer service score from their customers, so we have a great opportunity to excel in this space.  Since YY Han drink will not have large presence of brick and mortar stores YY will need to have superior phone, web and email support.  In addition, YY Han drink will mandate that all of sales representatives engage in conversations with clients about how they make use of YY Han drink outside of work and share the same info about YY’s Han drink

Image. The Main Elements of the Marketing Mix
Table One - Main Elements of the Marketing Mix that YY Company can adhere from.

Source: Brooksbank, R. (1994) The Anatomy of Marketing Positioning Strategy. Journal:  Marketing Intelligence & Planning, Volume 12 Number 4 1994 pp:  10-14. MCB UP Ltd

Section 5: Conclusion

Therefore, marketing objectives for YY Han drink guide and motivate the efforts of individuals and functions as noted by Day in 1984 that, marketing objectives also provide a basis for evaluating and controlling marketing activities. An integrated framework that combines bottom up and top down notions in strategic thinking can be developed as guided by YY Han drink marketing mix stature. Thus, being followed by logically deducing quantitative and concrete marketing mix objectives that, once the marketing mix objectives were specified, YY Han drink marketing objectives were logically deduced directly from the marketing mix objectives.

Then, believe that the integrated process of deriving specific and general marketing base is particularly sensitive to issues of YY Han drink social responsibility and ethics in the overall process of marketing. Truly, target consumers are likely to establish relationships with organizations which offer products designed to enhance their wellbeing, reduce price, increase product availability and provide accurate information about the costs and benefits of Han product, decrease any negative side effects associated with marketing and/or consumption of Han drink product. YY marketers can exert measure of control of YY Han drink image through its product development and marketing efforts.

Word Count: 3,043

References

Berry, T., & Wilson, D. (2001) On Target: The Book on Marketing Plans. Oregon: Palo Alto Software, Inc.

Brooksbank, R. (1994) The Anatomy of Marketing Positioning Strategy. Journal:  Marketing Intelligence & Planning, Volume 12 Number 4 1994 pp:  10-14. MCB UP Ltd

Chaganti, R., & Chaganti, R. (1983) A Profile of the Profitable and Not So Profitable Small Business, Journal of Small Business, pp.43-51

Cavanagh, R.E., & Clifford D.K. (1986) The Winning Performance, Sidgwick and Jackson, London

Day, G.S. (1984) Strategic Market Planning, West Publishing, St Paul, MN

Howard, B. (2003) Marketing takes to the wireless web. Target Marketing, 26(12), 33-34+.  Retrieved February 5, 2008, from ABI/INFORM Global database.

Kotler, P., & Keller, K. (2006) A Framework for Marketing Management (3rd ed.) Upper Saddle River, NJ: Pearson Education, Inc.

Kotler, P. (1980) Marketing Management: Analysis, Planning and Control, Prentice Hall, Englewood Cliffs, NJ

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