Marketing
Marketing Plan: Part B
Prepared for Vivian McDonald
Table of Contents
Key Issues
There are various key issues present with regards to the marketing plan of Vitalyze. These were detailed in Part A of this report. These various issues that are present will guide the numerous marketing strategies that will be detailed in this section of the marketing plan.
Perhaps the most important of these key issues present is the issue of how Vitalyze will gain and market a competitive advantage over competitors ' products. There are currently various energy-drink producers, which have a large market share in the niche that Vitalyze is aiming to sell to and subsequently dominate. (Sciencedirect.com, 2014). The competitive advantage that Vitalyze offers is a natural and healthy alternative to current energy supplement products and as such this will need to be heavily marketed in order to ensure success in the target demographic.
Another key issue that is present with regards to the marketing plan of Vitalyze is the low percentage of innovators willing to try new products (see Figure 1.).
Figure 1.
Consumer Adoption Categorisations
(S-m-a-r-t.com, 2013).
With this group of innovators and early adopters being so low, it is crucial to entice these groups to become loyal customers to the Vitalyze product. A failure to attract these innovators and early adopters would mean a failure to gain any traction on the quest for significant market share. Making this issue of attracting innovators and early adopters of even greater importance is that fact that the Vitalyze product is in pill form; a form that current consumers in the energy supplement market are not entirely familiar with.
A third key issue with regards to Vitalyze 's marketing plan is the lack of face-to-face customer interaction that is present due to the use of an E-business model. This lack of personal customer interaction may be harmful in the pursuit of repeat
Prepared for Vivian McDonald
Table of Contents
Key Issues
There are various key issues present with regards to the marketing plan of Vitalyze. These were detailed in Part A of this report. These various issues that are present will guide the numerous marketing strategies that will be detailed in this section of the marketing plan.
Perhaps the most important of these key issues present is the issue of how Vitalyze will gain and market a competitive advantage over competitors ' products. There are currently various energy-drink producers, which have a large market share in the niche that Vitalyze is aiming to sell to and subsequently dominate. (Sciencedirect.com, 2014). The competitive advantage that Vitalyze offers is a natural and healthy alternative to current energy supplement products and as such this will need to be heavily marketed in order to ensure success in the target demographic.
Another key issue that is present with regards to the marketing plan of Vitalyze is the low percentage of innovators willing to try new products (see Figure 1.).
Figure 1.
Consumer Adoption Categorisations
(S-m-a-r-t.com, 2013).
With this group of innovators and early adopters being so low, it is crucial to entice these groups to become loyal customers to the Vitalyze product. A failure to attract these innovators and early adopters would mean a failure to gain any traction on the quest for significant market share. Making this issue of attracting innovators and early adopters of even greater importance is that fact that the Vitalyze product is in pill form; a form that current consumers in the energy supplement market are not entirely familiar with.
A third key issue with regards to Vitalyze 's marketing plan is the lack of face-to-face customer interaction that is present due to the use of an E-business model. This lack of personal customer interaction may be harmful in the pursuit of repeat
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