Marketing Strategy
Dragon’s Den Assignment
Marketing Strategy
For
Steeped Tea
Prepared by
Tony Brozic
Brittany Buck
Sylvie Dion
Alison Fernandes
Laura Mason
Table of Contents Introduction 1 Marketing Strategy 2 Product 2 Price 3 Promotion 4 Place 5 APPENDICES 7 Week 7 7 Week 8 9 Week 9 11
Introduction
Steeped Tea is a family-owned business, founded by Tonia Jahshan who runs the business with her husband Hatem Jahshan. The story of the company is one of personal achievement and entrepreneurship, aided by their Dragon Den success. The direct-selling model which the company utilizes is currently a rapidly expanding industry in Canada and the U.S. Steeped Tea products are promoted directly to customers so they can experience the products in a relaxing and social atmosphere at an in-home presentation. We have determined that this method is what differentiates Steeped Tea from the competitors and have recommended a marketing strategy focused on increasing the current number of independent consultants, specifically in Ontario.
Through an investigation of consumer behaviour, market segmentation and an industry analysis, which are included in the appendices, we concluded that the best strategy to increase sales is to promote the opportunity for a small business presented by Steeped Tea. We decided the optimum target market would be women between the ages of 25-49 who are married and have children and incomes over $25,000 year. As well, we are targeting women who are health conscious and business-minded, and most likely to see the future opportunities with Steeped Tea.
Steeped Tea products are the highest quality and effectively branded to keep abreast with all competitors of loose tea. The product marketing strategy recommended is to provide consumers with nutritional information on all products to match the current trend on health. The products and consultant kit are well-priced and the career plan extensive. To complement the current incentives,
Marketing Strategy
For
Steeped Tea
Prepared by
Tony Brozic
Brittany Buck
Sylvie Dion
Alison Fernandes
Laura Mason
Table of Contents Introduction 1 Marketing Strategy 2 Product 2 Price 3 Promotion 4 Place 5 APPENDICES 7 Week 7 7 Week 8 9 Week 9 11
Introduction
Steeped Tea is a family-owned business, founded by Tonia Jahshan who runs the business with her husband Hatem Jahshan. The story of the company is one of personal achievement and entrepreneurship, aided by their Dragon Den success. The direct-selling model which the company utilizes is currently a rapidly expanding industry in Canada and the U.S. Steeped Tea products are promoted directly to customers so they can experience the products in a relaxing and social atmosphere at an in-home presentation. We have determined that this method is what differentiates Steeped Tea from the competitors and have recommended a marketing strategy focused on increasing the current number of independent consultants, specifically in Ontario.
Through an investigation of consumer behaviour, market segmentation and an industry analysis, which are included in the appendices, we concluded that the best strategy to increase sales is to promote the opportunity for a small business presented by Steeped Tea. We decided the optimum target market would be women between the ages of 25-49 who are married and have children and incomes over $25,000 year. As well, we are targeting women who are health conscious and business-minded, and most likely to see the future opportunities with Steeped Tea.
Steeped Tea products are the highest quality and effectively branded to keep abreast with all competitors of loose tea. The product marketing strategy recommended is to provide consumers with nutritional information on all products to match the current trend on health. The products and consultant kit are well-priced and the career plan extensive. To complement the current incentives,
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