BUS599: Strategic Management
Project Hope is dedicated to promoting health, purity, and quenching thirst of its consumers through the provision of non-alcoholic drinks. The company targets family setting who will consume the drinks and proceed with their normal activities as part of a positive mood stabilizer. The product is aimed at maintaining the happiness and wellbeing of clients to enhance the friendly and healthy vibe across the market. Based on the current state of the economy, identifying a proper target market can be a challenge but a crucial part of the business. The approach will enable the small company to compete fairly with large organizations producing non-alcoholic drinks in the same market. For diversity purposes, Project Hope should not target the all individuals in the population that might show interest in their products irrespective of age, class or gender since the scope will be unrealistic.
In defining the market, the company should choose what interests the characteristics population on the product to gain their attention. Specific targets in the market will enhance the focus of the business yet does not imply that the interested parties will be excluded. Through target marketing, the business will enhance the effective brand design and a budgetary allocation of the marketing campaigns on a given market niche. Such focus will enable the targeted consumers to feel appreciated and buy from the business compared to other nonalcoholic drink producers (Hartline, 2011). Therefore, Project Hope target marketing is effective and efficient in reaching out to potential clients in a particular region and generating more business.
While assessing competition in the market, Project Hope should develop an appropriate content marketing in the target markets to address the issues of competition. Competition in the targeted marketed market can be defined by three major different types of competitors. For instance, direct competitors, who offer products similar to Project Hope, which show that their method of earning revenue is possibly the same. In most cases, a direct competitor is the first threat to the market that businesses are likely to recognize due to the high chances of head-to-head encounters. Furthermore, Project Hope should assess the indirect competitors in the market are likely to offer non-alcoholic drinks in the target market but with a different objective that creates a different in ways of revenue generation. Such a scenario can pose significant challenges to the sales of the company’s products when they use a persuasive content marketing to switch the firm’s customers. In such a case, Project Hope should be aware of the marketing strategies incorporated by their competitors to avoid declines in sales.
Project Hope should recognize the replacement competitors in the market who will provide close substitutes to their products in the market-enhancing a reduction in sales. Such competitors can be difficult to identify but can be addressed through the definition of the competitors to the customers to increase their awareness and preferences in selection for the products (Westwood, 2016). The company should interview the customers and listen to their responses as a way of understanding the trends in the market and improving on their choices towards the drinks in the face of competition.
The clarity of the message during marketing in the targeted population is essential in driving sales. The Project Hope marketing campaign will be enhanced by the five ‘F’s to realization success of the objectives. For example, the company will focus on its goals and objectives to realize an effective marketing campaign. The focus is critical to ensuring that the marketing teams are on the same page to allow for the demonstration of similar goals and targets. Project Hope must ensure that the campaign group maintains the focus throughout the project. The message impacted on the target customer should have a flavor that will entice them towards the purchase of the drink. In such a consideration, the campaigns should be tasked with creating an eye-catching and unique taste in the products that will act as a secret ingredient in winning the potential consumers (King, 2015). On the same note, Project Hope should avoid using the traditional advertising flavors to the same population to improve the outcomes.
The demonstration of foresight is particularly important in marketing since it allows for the company to plan for the worst while executing their campaigns. Through the expectation of the worst, Project Hope will have an alternative plan to implement in case the original fails. Foresight allows for anticipation of risks. The flexibility of Project Hope towards change is vital in enabling the success of the market campaigns since certain rapid changes might be incorporated to help in the articulation of risks. Being flexible in the teams will enable the company to quickly manage the unexpected. Consequently, having fun during the campaigns will enhance the positive response from the consumers. Developing fun-times in the event will improve the quality of Project Hope’s market campaign and effectiveness in the accomplishment of the objectives.
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