Marketing Plan Strategy Of Boost Juice Free Sample

Question: Disucss about the Marketing Plan Strategy of Boost Juice. Answer: Introduction Marketing is considered as a core function of the business management. The business strategies of a company rely heavily on its marketing strategies. The purpose of any business is to expand its customer base. The profit of an organization are not increased by technology, infrastructure but it is solely dependent upon the customer base and their satisfaction. Therefore, the basic idea of marketing is to create a customer-driven organization wherein the customer satisfaction is given supreme importance. In the present business scenario, the competition among the business organizations has drastically increased. Therefore, the importance of marketing methods has also increased in expanding the market share and retaining the previous customers. The fundamental goal of the marketing strategy is to increase the sales and enhance the brand awareness for the company (Ferrell Hartline, 2013). The marketing strategy encompasses several short-term and long-term methods that are focused on upl ifting the situation and the profitability of an organization. The most fundamental part of the marketing strategy is the marketing mix which refers to the tools and techniques that can be used by the company to influence the consumer behavior and pursue its marketing objectives. Traditionally, the marketing mix refers to the four major aspects which are manipulated to pursue the marketing strategy. At present, the marketing mix is extended to eight aspects, namely, product, prices, promotion, distribution, partnerships, people, processes and physical evidence (Belohlavek, 2008). In this essence, in this report, the marketing strategy of Boost juice is evaluated in the Australian market. In the initial section of the report, the history and the background of the company has been covered. Subsequently, the marketing strategy of the company has been evaluated by the examination of its marketing mix. In the later section, a few recommendations are made to the company to enhance its mar keting methods. Boost Juice Bars is an Australian retail organization that deals with various health products such as juice, smoothies and protein and energy drinks. The company was founded in 2000 in Australia by Janine Allis and today has presence in several countries across the globe. Boost is famous for providing healthy and fresh diet products to the customers has reached sales of over $ 2 billion. The company came into existence when during an American trip, the companys founder examined that the fresh juice bar market is developed in several countries, yet in Australia there are very few juice bar companies despite its healthy and outdoorsy lifestyle. Later, Janine Allis founded the company after development of a business plan, structure and ethics. The first store of the company was opened in Adelaide and there Janine worked everything from making drinks to serving customers. This helped her to study the consumer taste and their preference. Moreover, she also acquired in-depth knowledge of t he market and the logistics involved. The company grew in size and several different stores were opened in different places. The company also hired help and extended its staff due to the increase in the operations (Boost, 2017). Marketing Mix of the Company 8 Ps The marketing mix is the fundamental concept of marketing wherein the marketing methods are systematically applied to enhance the product sales. In the marketing process, the marketers conduct the research about the characteristics of the market, select a target market and develop a marketing strategy. In order to increase the sales, there are some demand-inducing variables which constituents the marketing mix of the company. The classical marketing mix has four variables (Product, Price, Place and Promotion); however, in the recent years expanded into eight Ps of marketing with changes in the business environment. In the below section, the marketing mix of Boost Juice is evaluated. The company offers various health food products. It includes high quality fruit juice, smoothies or juice bars. The company has always focused on quality of the products and incorporated fresh fruit juice blended with yoghurt and healthy smoothies. In the recent years, in order to tap the health-conscious customers, the company has introduced several products such as high protein, super-food, tropical and spirit. The company has made a motto to make all its products from natural ingredients and low fat. The company avoids unnatural products, artificial flavors and sweeteners or preservatives. It has also developed its product according to its target customers. The regular smoothies of the company are filled with the natural nutrients whereas the Super Smoothies are designed to maximize the benefits by adding various Boosters. It has also introduced products in accordance with the customer taste such as tea lovers. In different locations, the company has customized its products to sui t the local tastes. Boost has introduced several tailor-made products which are developed according to the local taste and needs (Boost, 2017). In its marketing strategy, the company has kept the prices of all the menu items low. It is done in order to attract more customers and compete with other food and beverage companies such as Coke and Pepsi. However, keeping the prices low has reduced the profit margins of the company (Prowd, 2013). Boost Juice acknowledges that different customers in different corners of the world have different taste, values, customs, purchasing power and habits. The company ensures that its promotional strategy in the foreign markets is different from its local strategy and adapted according to the local market needs. The promotional strategies are also developed according to the purchasing power, media habits and consumer interest in the local region. In its expansion, the company follows the strategy of franchising. In this strategy, it chooses the prominent and the experienced market players of the local region, who have intensive knowledge of the local market. However, the company also focuses on maintaining the integrity and the brand message of the organization (Boost, 2017). Moreover, with its foundation the company has followed a unique marketing approach of above-the-line and below-the-line marketing. As a result, within five years of its inception the company has arrived at 94% market awareness. The above the line marketing of the company includes the use of social media, television and the radio campaigns. In contrast to it, below the line methods include, e-mail marketing, engaging website, media coverage and customer service (Boos Study Kit, 2015). Boost Juice has adopted the strategy of franchising as its distribution strategy. About 70% of the Boost Juice outlet is franchised to different distributors. It is the method of expanding the outreach to the customers by leasing the business model and the brand name for a specific period of time to other businesses (Switzer Daily, 2009). Boost Juice has developed partnership with Bain Capital a private equity partner (Fitzsimmons, 2014). In addition to it, the company has also formed a new partnership with AIA Australia (IFA, 2016). In the marketing mix, the people refer to the founders, employees and the culture of the company. As per the love life philosophy of the company, it tries to give an exceptional experience to the customers. Therefore, the company has constructed attractive stores with vibrant colors to give exceptional consumer experience. The company is also focused on providing exceptional customer service to all the customers. The process of the company refers to the service delivery, complaints and the response time of the company. The company is very focused on providing exceptional customer services to its customers. The service quality is exceptional, the customers complaints are resolved quickly and the response time is also fast. The physical evidence of the customer experience with the company can increase the sales of the organization. It refers to the user stories, recommendations and the general buzz around the organization. In this regard, the company has well-maintained its website and shares the stories of the customers and their experience in social media with the organization. The company also tries to create buzz by tapping the current social trends. Contemporary Issues and the Competition Due to the advancements in the times and the changing consumer behavior, the marketing management of the business organizations has also undergone drastic changes. Due to the advancements in technology, the outreach of the companies has increased; however, several issues have also emerged due to increase in accessibility of the information. The companies have to maintain their brand image and social responsibility. They cannot consider themselves as entities which are completely separated from their social responsibility or consider that their main objective is profit making (Shankar et al., 2012). As a result, the companies have considered taking several actions to give back to the society where they are operating. Boost Juice also take several initiatives to control their emissions and minimize the negative impact on the environment. The company has introduced different versions of the paper cups which are manufactured from renewable and the sustainable resources. Moreover, the com pany uses non-toxic and food-safe inks which are not harmful to the environment. Along with it, the company has actively participated in several charity and philanthropic activities (Boost Juice, 2017). Moreover, social media also has changed the dynamics of the business environment. The business organizations can instantly connect with their customers and the target market. However, these customers can also connect with each other and provide their feedback and reviews to a larger audience. Therefore, it has become essential for the business organizations to focus on the customer experience and satisfaction each and every time. Furthermore, the companies can also use the social media to study the market trends and the customer preferences. They can also instantly promote their services, products, offers and discounts with social media. Other technological advancement also assists business organizations to increase their operational efficiency and productivity in business. For instance, the companies can automate the processes to minimize the human error. It also reduces the operational costs to the companies (Ferrell Hartline, 2013). However, with the technical advancements, the connectivity of the people and consumers has also increased. Before making the purchase decision, the customers evaluate the product options and then determine which product he has to buy. It has drastically increased the competition among the business organizations. The companies also integrate ethical principles and social marketing to increase their brand value (Fifield, 2012). Recommendations for Formulation of Marketing Strategy In the following section, several recommendations are made so that the business organization can enhance its marketing strategy and attain a larger market share. Boost Juice is focused on providing healthy juices and smoothies to the customers. The competitive advantage of the company is its focus on the health products. However, the product range of the company is limited. Therefore, the company must focus on developing its product range. Boost Juice can offer health food salad, wholegrain bread and its sandwiches to include variety in its product offering (Hill, 2012). The price of the products is comparatively low in comparison to the product value. The company is offering the products at low prices so that it can attract more customers. However, the profit margin of the company is comparatively low. In this essence, the company can provide a detailed product range wherein the products with additional features can be sold at a higher rate. The company uses a comprehensive marketing strategy to promote itself. It uses broadcast media like television, radio and social media to connect with the customers. Boost Juice can enhance its promotional strategy by incorporating its philosophy in the marketing campaigns. It should focus on the use of vibrant colors and sports in its marketing campaigns. It can also join hands with other sports organization or adventure companies to promote its products (Hill Jones, 2009). In its distribution strategy, the company should focus on developing its retail outlets in places known for outdoor sports activities such as beaches or sports clubs. Moreover, the company should also develop a few outlets in the office colleges or youth clubs to tap the market of young generation. In order to expand its business, the company should initiate partnerships with other health product companies. Being a big organization, it can acquire small companies which are focused on healthy diet and food products. It can also work on creating partnerships with financial firms and companies to increase its financial robustness. In the present competitive environment, human resources are considered as a vital asset in the development of the competitive advantage. They represent the company and interact with the customers. The company should focus on developing its human resources to compete with other organizations in the same industry. The service professionals of the company should be provided training to provide the customer excellent services in its retail outlets. Moreover, the company should also invest in attracting the best talent in the industry by providing better remuneration and attractive salary packages (Partridge Sinclair-Hunt, 2005). The process of the company can be enhanced by implementation of technology and technically-advanced machinery and equipment. The company should focus on the implementation of a strategy so that no customer is dissatisfied with the services and the customer service professionals are prompt to enhance their experience with the company (Partridge Sinclair-Hunt, 2005). In order to increase the physical evidence for the product, service and quality, Boost juice can initiate an online blog. The company can share its own experience or the experience of the customers in this blog. Additionally, the company can also establish promotional videos wherein the company can connect with its customer base through online mediums. Boost Juice can share its philosophy, vision and connect it with the Australian community. Conclusion Conclusively, it can be stated that Boost Juice has targeted a niche market in the Australian community and tapped on the health conscious customers. The company was founded in 2000 by Janine Allis when she found that there is no food product for the health conscious customers in Australia. In the founding years, she conducted marketing research and examined the customer behavior by directly dealing with the customers. The company expanded in different countries as well as in Australia through franchising. Moreover, it extended a specific marketing mix to attract maximum customers. It has also implemented the strategy of keeping the prices low to attract maximum customers. The company focuses not only on providing excellent quality products but focusing on a very different consumer experience. In this direction, the stores are painted with vibrant colors and front desk professionals provide excellent services to the customers. In the report, it is recommended that the company increas e its number of outlets in places with maximum young population. In its promotional activities, it can start blog and posting promotional videos. References Ferrell, O.C., Hartline, M. (2013). Marketing Strategy, Text and Cases. Boston: Cengage Learning. Belohlavek, P. (2008). 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Boost Juice founder Janine Allis in partnership talks with Bain Capital. Retrieved 27 January 2017 from https://www.afr.com/leadership/entrepreneur/boost-juice-founder-janine-allis-in-partnership-talks-with-bain-capital-20140506-jya8p Shankar, V. et al. (2012). Handbook of Marketing Strategy. Edward Elgar Publishing. Ferrell, O.C., Hartline, M. (2013). Marketing Strategy, Text and Cases. Cengage Learning. Fifield, P. (2012). Marketing Strategy. Routledge. Hill, M. (2012). Marketing Strategy: The Thinking Involved. SAGE. Hill, C., Jones, G. (2009). Strategic Management Theory: An Integrated Approach. Boston: Cengage Learning. Partridge, L., Sinclair-Hunt, M. (2005). Strategic Management. Hertfordshire: Select Knowledge Limited.