Analyzing and Developing a Marketing Plan … Chapter Writing
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Wellington Wines Strategic Plan
The quality of the wine products being offered and retailed by Wellington Wines have thus far and continue to play a significant role in solidifying the brand of the business. However, in the near future, it is recommended for the company to have diversity in its products. This is a prospect for the company in that it can easily team up with other companies such as beer brands or liquor companies. The target of the strategic plan is to attain an increase in sales revenue in the Australian wine market from $50 million in the 2012 financial year to $57.5 million in the 2013 financial year, a 15% increase. In addition, the strategic plan of the business ascertains primacy strategies to realize this target. A key strategy is that being in a competitive market and with the continuous increase in wine businesses, the company makes certain that its prices are competitive. In particular, taking into account its target market, the prices set by the company will be slightly lower in order to attract additional appeal.
Wellington Wines (Pty) Ltd. is a prospering single production site winery located at Mudgee in New South Wales. In the contemporary, Wellington Wines retails branded wine products in the Australian consumer market through distribution channels of autonomous capacity and supermarket chains. These products include Wellington Chardonnay and Wellington Sauvignon Blanc. In recent periods, Wellington Wines (Pty) hired a new marketing manager with the main purpose of coming up with a new marketing report for the 2012 fiscal year, answering to increases the retail sales by 15% in the Australian wine market by the shareholders. In particular, Wellington Wines (Pty) Ltd. will make use of three channels of distributions at the start of its operation to institute the winery. These will include on-premise retail sales, off-premise retail sales and also online sales through the internet. These three channels will offer the company with a great deal of accessibility to not only primary consumers but also secondary consumers. In addition, the company will employ a competitive pricing strategy, and more so a price that is marginally lower than the other premium pricing wineries in the region so as to appeal to the younger cohort of wine consumers. So as to produce a profit, we will regularly examine the expenses to make certain that the company is generating a diffident profit to take into account all of the expenses incurred on order to be a cost effective wine company.
Company's Current Situation (SWOT analysis)
1. Renowned products
The consumers and competitors in the tech industry know Wellington Wines Ltd. for having the highest quality, reliability and consistent products and services. By having quality products, Wellington Wines Ltd. has been able to sustain a steady and dedicated customer base. In addition, these renowned products enable the company to appeal to new consumers in the market place (Warner, 2010).
2. Brand name
Over the years, Wellington Wines Ltd. has built a brand name for itself in the wine products. Due to the appreciation of the brand, the company professes a loyal, established, and indulgent customer base.
3. Wine Business Expertise
One other strength of the company lies in its extensive expertise in the wine business. Such proficiency has enabled the company to be able to retail and offer its consumers the finest wine products available. It is imperative to note that Wellington Wines Ltd. is one of the successful companies not only in Mudgee but also in New South Wales. As a result, this gives it a strong position in the market.
4. Distribution control
Another relevant strong suit of the company is its strong control over its distribution channel. Consequently, with any new product line, the company is capable of ensuring that its products reach the right consumers. The company is able to retail its products comprehensively not only locally but also nationally. This is perceived by the competence in maintaining its supply chain and distribution channels (Warner, 2010).
1. Intense competition
One of the weaknesses is the intense competition that the company faces in the market place. Mudgee and New South Wales, where Wellington Wines is situated is well-known as a wine region that has numerous other wines companies. Therefore, the company faces intense competition from these other wineries.
2. Lack of Extensive Diversity and Variety in Products
Another weakness that the company faces is the lack of diversity in the products it offers. As noted, Wellington Wines (Pty) Ltd. is a single production site winery that offers only two products, which are the Sauvignon and the Chardonnay wines. Therefore, the company does not have such a strong position compared to the other companies that offer a well-diversified through greater variety in wine products (Warner, 2010).
1. Social Media
Social media serves as an opportunity for Wellington Wines to make the most of its name to attain new consumers and grow its brand. Through social media, the company will be able to access a wider consumer segment and also interact with them on a personal and cohort basis to understand their preferences and needs.
2. Use of its product offerings with other company products
While retailing the Wellington Chardonnay and Wellington Sauvignon as its products, the company has the prospect of marketing and promoting other products in the market with the main purpose of increasing its retail sales. For instance, the company should be able to retail to organizations in addition to its existing retail base, through joint marketing opportunities involving other products such as beers, liquors and also other wines (Warner, 2010).
1. Features are common
A very conceivable threat that Wellington Wines faces is in the fact that Sauvignion and Chardonnay are similar to other wines offered by different wineries. Therefore, the company has to ensure that its wines are top notch in terms of quality to the consumers. This therefore implies that the company has to ensure that its branding and marketing are exceptional.
2. Scarcity in the berries
The company also faces the threat of the increase and rise in the price of berries (owing to limited supply against increasing demand), which are the raw materials. This will increase the total cost of the company's production, which might preclude the capacity of Wellington Wines to succeed in the venture.
3. Consumer Preferences
One of the threats that the company faces is that the present day consumers necessitate specific requirements from the product or the drinks. The risk is that if the company does not adapt to these inclinations or preferences, then it is bound to experience a loss in its consumer base and also a lose out on potential consumers (Warner, 2010).
Competitors & Market Analysis
Mudgee, where Wellington Wines is situated, is mainly a producer of red wines, but the region also has a genetic copy of Chardonnay. The wine market in not only Mudgee but also New South Wales is made up of several wineries competing for consumers to attain greater market share. Thus, Wellington Wines faces intense competition from numerous wineries in the expanse. These include Lowe Wines, Vinifera Wines, Burnbrae Wines, Miramar Wines only to name a few.
In order to strengthen its market position and product appeal, Segmentation and target market analysis is another research strategy that the company seeks to employ. It is imperative for the company to seek out its target consumer market as it increases the efficacy and productivity of the business. Segmentation of the market encompasses aligning the different consumers of the company into segments or groups that have common interests and needs and will have the same reactions to market actions. This includes segmenting the consumers demographically, geographically, psycho-graphically and behaviorally (Kottler and Armstrong, 2004). In particular, Wellington Wines will target the younger generation or cohort as consumers. This peer group is large in numbers and have similar tastes in addition to being sensitive to peer preferences and largely common inclinations. As such, the main strategy of the company is to have this group of consumers grow with the Wellington brand and its products in the near future. The target market of the advertisements of this particular campaign leans towards males aged between 18 and 24 years. Normally, this targeted age group is going through huge changes in their lifestyle, for instance when it comes to jobs and education as well as clubs.
The objectives outline the goals and aims that the company purposes to attain by the end of a certain period, not only in the short-term, but also in the long run. The following are the objectives of Wellington Wines (Pty) Ltd.:
1. The company aims at increasing the number of sales in the following fiscal year. In particular, the company aims to have 15% increase in its sales volume in the coming financial year and an additional 5% the following two years after that.
2. The company also aims to increase its market share in the industry. Presently, the company… [END OF PREVIEW]
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