Enhancement of Small Business Projects

Question: Discuss about the Enhancement of Small Business Projects. Answer: Introduction Developing marketing strategy is essential for any business and in case of a startup, having a well-developed marketing strategy is even more obligatory (O'Sullivan 2016). For venturing into a new market, it is essential to determine the way in which the product development is supposed to proceed in the market as a brand and marketing strategy exactly helps a company exactly in that area. Now, in the present century, many businesspersons intend to prefer developing e-marketing strategy rather than the conventional one (Evans, Walton and Flynn 2015). Looking at its reasons it can be said that now-a-days, people are more likely to search for their necessities online and that having an official website in the name of the company establishes the new product as a brand in the market as well as forms a ground of authority for that particular product (Millar et al. 2016). In this context, the report aims to develop an e-marketing plan for the newly launched beverage String in the Irish mark et so that the product can have a specific direction in the competition implementing the 4Ps of marketing strategy: Product, Price, Promotion and Place. Product Profile of String String comes with the canned idea of a revolutionary drink that fuses health with energy. The name String itself signifies the unification of product differentiation between health drink and energy drink (Gilpin et al. 2015). Thus, this drink can both be served as a health drink and can be substituted as an energy drink as well. This is perhaps the USP of this drink that persons of any age group can consume it and will help the consumers lead a more active and healthier life. This unique blend of vigor and fitness comes in four refreshing flavors like litchi, mint, zero and green apple. The litchi drink tastes smooth more like a canned juice whereas the mint flavor rejuvenates a person. String Zero however, is a diet drink with no sugar content and the green apple has been made especially for the younger generation keeping their taste of flavors in mind. SWOT Analysis of String Strengths Well known brand in more than 50 countries. The only energy drink that can replace health drinks. Strong presence in digital market. Weaknesses Lacks in e marketing. Having no experience in dealing in Irish market Opportunities Has a good image in the health conscious consumers Offers different contemporary flavors Can be branded as a good sports drink Threats Regulations of the Irish market Rising consumer awareness against canned and flavored drinks. PESTLE Analysis Political Factors: The beverage company to be launched in Ireland may face a set of political threats due to the strict legal rules and regulations of the country (Evans, Walton and Flynn 2015). The entry into the Irish market may also be affected by lobbying groups in the domestic market as well as attitude of the government towards the beverage company. Economic Factors: The GDP growth of Ireland as well as the level of tax rates in the country on foreign companies, labor costs, interest rates may affect the sales of String in the Irish market and will have their effect on Strings market penetration. Social Factors: Among many, the most important social factor that may be a hindrance to Strings popularity in the Irish market is the rising awareness against the consumption of canned and sugared drinks (Hollensen 2015). The inclination towards healthy lifestyle discourages people to consume such drinks even though they are promoted as health drinks. Although String has a flavor of zero sugar, the other products presently running in the market may face the threat. In addition, some other social aspects may affect the brand String; how Irish media perceives the brand, what are the tastes of Irish youth and how family values and patterns are rapidly changing will also affect the drinks marketing strategy (Millar et al. 2016). Technological Factors: In the era of social media and internet, the chosen energy drink should concentrate on extensive marketing in these platforms to gain popularity in the Irish market. On the other hand, developing the technology in production work can affect its production rate and distribution as well. Legal Factors: At present, the governments have been concerned with the contribution of such energy drinks in the deterioration of peoples health and it is the same with Irish government as well. Due to this, the implementation of stringent laws can become a hindrance in its market penetration. Environmental Factors: Now a day, there is an increasing demand of natural ingredients to be incorporated in the combination of energy drinks. This trend may a threatening to the image of the brand. Analysis of Target Customers Survey conducted on the market of energy drinks reveal that most of the consumers of such drinks are below the age of 35. However, Strings potential target customers group can be divided into some particular sections; String while entering into the Irish market should primarily focus on the hardworking individuals who have to work till late at night and hence need more energy to survive the workplace challenges(Pravst and Kuar 2015). Besides, Stings potential customers can also be the students who have to face a tremendous demanding, rigorous and extracurricular schedules in Ireland. These youth section of society always looks for amazing new experiences in life and the energy drink, String will be an ideal buy for them. In addition, the health conscious persons who tend to avoid such drinks may also become interested in consuming it due to its containing of nutrients and vitamins. String will have to face considerable competition from the already existing brands of energy drinks in the Irish market. These include Red Bull, Monster Energy, Lucozade, Gatorade, Energise Sport Isotonic Sports Fuel and the like. While Lucozade is a very popular brand in Ireland offering a series of sports and energy drinks, the other beverage companies have also grown strong footed in the Irish market. Pricing Strategy Pricing of any product is an indispensible part while framing marketing strategy and there are certain objectives behind this strategy. The primary objective of pricing is to gain an edge for String over its competitors in the target market. Generally, the worth of a company is measured by its market share and therefore, another objective of pricing will be to boost the total sales of String. However, the pricing of this product may be affected by the satisfaction level of the customers and how the charitable programs and promotional campaigns establish String as a brand in the market will also decide the factor of pricing (Banterle et al. 2014). Besides, all these factors, the final pricing is highly dependent on the production cost, which includes the cost divisions as the following: Fixed Cost: This includes the cost of raw materials, equipments and infrastructure that are needed in the initial stage of production (Pravst and Kuar 2015). Variable Cost: This cost fluctuates, as the daily ingredients are included in the production procedure. Total Cost: This cost includes all the disbursement in the production process. Hence, the pricing of String is to be such that it will include all the production costs and allow room for making profit. In addition the pricing strategy should be made considering the prices offered by its competitors in the Irish market (Breda et al. 2014). Promotional Mix for Strings Marketing Appropriate promotional strategies are an indispensable part of launching a product in a new target market. The promotional methods are the integral mediums which aid the image recognition of the particular product to be launched (Baker 2014).Moreover, the promotional segments enhance the various modes of the marketing management. The two crucial mediums of promotional methodologies are online and offline. Online : The adopted and proposed online promotional strategy for the beverage String must make means of social media. The purpose of utilizing social media is regarded as one of the significant promotional strategies for creating a proper customer segmentation analysis. The efficient approach of viral medium by creating a virtual buzz can be fruitful for the launch of the beverage product. The impact and recognition of social media can be incorporated through mediums like Facebook, Twitter, Snapchat that will enhance its extensive reach to a larger customer group (Salamah 2017).Social media management is a crucial part of the public relation policies, which is effectively exhausted as it interests investors and several channels of communication and promotion. Offline: The emergence of this significant promotional tool can date back since the origin of business and trade era. The primary promotional feature for String must have a visually appealing medium of hoarding all across the target market (Baker 2014). This essentially sets the tone of the marketing methods, which can further be enhanced through personalized visiting cards, merchandise and the like. According to the market survey, summer is the best season launching an energy drink in the market and it is even better if the moment of launch is during the time of festivity (Klassen, Lisowsky and Mescall 2017). Keeping this in mind, the ideal time for String to be launched in the Irish market is summer during the Cat Laughs Comedy Festival. It is also preferred if the launch program takes place in a prominent setting of Dublin, the capital city. Besides, for market penetration in the initial stage the company may follow the bundling strategy i.e. offering the product as a combo with another well-known product in the Irish market. Thereafter, the company has to ensure that the news of Strings launch in Ireland must cover all the sites of social media and the product is well e-marketed (Strauss 2016). Conclusion The discussion reveals that the energy drink, String has high potential in the market of Ireland despite the strong presence of several other similar products in the Irish market. The unique product profile of the beverage and its varied refreshing flavors will surely be a magnet for the Irish youth. 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