Imagine you are developing the organic juicing company with retail stores and a franchising system in San Antonio, Texas. Create and support a plan for one of the 4 Ps (Product, Price, Place, Promotion). Thoroughly explain your reasons for your decisions. Keep in mind that you want to maximize profit and grow as quickly as possible, reaching $3 million in revenues by the end of the third year. Respond to at least two of your classmates’ posts. of the 4 Ps (Product, Price, Place, Promotion). Your goal is $3 million in revenue for year three.
Planning 4 P’s and SWAT Analysis
Creating a marketing plan for an organic juicing company is something that I never expected I would have to do, though I am sure it is an important exercise for an aspiring entrepreneur. The first step to creating any successful marketing venture is to do thorough market research and then develop an appropriate plan to relay the proper message to the desired target customers. The four P’s are known as the marketing mix as they all are related to each other, so focusing on just one aspect without the others is kind of difficult. That said, for this scenario the most obvious place to start is on the Product. A quick search on the organic juice market shows that fresh juices and drinks have seen a steady increase in growth, with organic produce dominating the organic product market and seeing a continual increase in demand (Organic fresh, 2016). However, the growing demand for organic produce has led to some supply chain issues (Organic fresh, 2016). A developing organic juicing company that is planning to open multiple retail stores with a franchising option must ensure that it secures a sufficient supply chain that can grow along with the company. On top of supply chain issues, produce has a short life cycle leading to spoilage and lost products (Paul, 2016). In order to reach the goal of $3 million in revenue within three years, these issues must be overcome through things such as creating sustainable supply chains, investing in small local farming operations, and minimizing the amount of produce that is wasted. By turning potential weaknesses into strengths, the company can offer a product that can be marketed as locally and sustainably sourced with less of an ecologic impact that offers an easy marketing plan of targeting the millennial driven market shift towards organic, locally sourced and sustainable products (Paul, 2016). Simply bringing another organic juice and drink option to the market will likely not be able to reach the $3 million goal without having a solid marketing plan with all four elements in sync. However, by starting with a Product that adds value to consumers through the use of sustainable locally sourced ingredients can be more than just a product, but develop into a reflection of the customers lifestyle.
Introducing my new product to the city of San Antonio I would have to research a prime location in the city. I would need a location that is easily accessible but has heavy traffic. The heavy traffic means a lot of potential customers. In an area with high traffic, people driving would need something to drink because they have been on the road for long periods of time. Many people take road trips and don’t pack all of the necessary items that they need or they use up everything they brought too quickly. This would mean they have to stop and purchase more items. Having a store that is easily accessible will increase sales because travelers do not want to go too far out of their way to get the supplies that they need. Their lack of planning will be beneficial to you, resulting in increased sales. Once they have purchased the products you sell, they will continue to return and recommend your product to others.
If the business is to be successful I would have to have a constant supply of fruits and other products that are used for making juice. This means that I may have to have several suppliers that I can contact when I need fruit or other products for my company. The suppliers that I buy from would also ensure that the fruit is grown organically. I would not want to say it’s organic and later be told it’s not. This would be bad for business and ruin the company’s reputation. You cannot have a juice company and run out of fruit for the juice. This could be a weakness that has the possibility to ruin your business.
In the beginning the company could run a promotion. This would be done to draw customers in and introduce them to the products that we would be offering them. Promotions can spur purchases by established customers, reel in new customers, draw customers from competitors, get current customers to buy differently, and stimulate business during slow periods. The promotion will bring customers in but the action after the promotion will keep customers coming back. You have to continue to keep the customer happy while introducing new things to keep them coming back. The more customers are satisfied with your product, the better your growth potential will be.
When you’re starting a business, you need to become an expert on your industry, if you’re not already. You will have to find out the income, family size, activities and ages of your target market. If you know this, it will help you with pricing and placement. You would also need to know what other juicing companies are in the area so that you will know who your competition is. This can show you what your threats are in the area.
Conducting market research and writing a business plan will help you reach your goal of three million dollars in three years. A business has to do more than just write a business plan they have to implement it also. If you use the SWOT analysis, it will help increase your chances of reaching your goals. The purpose of a SWOT analysis is to create a synthesized view of your current state by identifying your company’s Strengths, Weaknesses, Opportunities, and Threats.