Identify the marketing vehicles you plan to use to build your company’s brand. Justify the key reasons why they will be effective. Provide examples of other non-alcoholic beverage companies that use these tactics effectively.
- o Hints: If you plan to use online marketing tactics, refer to the worksheet in the text (p.171 | Online Marketing Tactics) to aid your response. Remember that even if you’re selling through grocery stores you need to build your brand and social media is a major part of that in regard to beverages. Some of the marketing tactics that beverage companies use include: sampling in grocery stores, building a following on social media, sponsoring events, exhibiting at trade shows attended by retailers, and so on. You will use a combination of these tactics. For example, if you decide to give out samples in grocery stores, promote your sampling on your social media networks and those of the grocery store.
- o Hints: If you are planning to distribute through resellers, describe how you plan to reach them, for example, through industry trade shows or by establishing your own sales force. For information on trade shows, visit the Trade Show News Network (http://www.tsnn.com). You can exhibit or network at these shows.
5. Format your assignment according to these formatting requirements:
- a. Cite the resources you have used to complete the exercise. Note: There is no minimum requirement for the number of resources used in the exercise.
- b. Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.
- c. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.
Section 2: Marketing Budget (MS Excel worksheets template)
Section 2 uses the “Business Plan Financials” MS Excel template (see: Course Required Files in Week 1). Use the “Business Plan Financials Guide” (see: Course Required Files in Week 1) to support your development of the Marketing Budget.
6. Complete the Marketing Budget worksheet for your company.
- o Hints: The goal of the marketing budget is to help you determine how much it will cost you to reach your market and achieve your sales goals.
- o Hints: When filling out the “Marketing Budget” worksheet in the Excel spreadsheet:
§ Begin in the current year and complete a marketing budget for the first year of your business. The information you enter in the marketing budget spreadsheet will flow through to your “Income Statement” in the Business Plan Financials.
§ Leave the number at zero (0) for any marketing vehicles you do not intend to use.
§ Remember that all marketing activities involve costs. If social media represents a significant portion of your marketing, assume you will have cost of advertising and that should be reflected on your budget. Even if a social media site charges nothing to use it, you will need to use company resources to manage the site, pay someone to execute your social media marketing campaigns, and will most likely pay for ads on that site.
§ Do NOT leave the “Marketing Budget” blank, assuming you will not have any marketing costs.