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Keller School of Management, ENTR550, Entrepreneurial Marketing

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Drink Name: Over Charge Delirium XT;Parts that need done of the below information;? Exec Summary;? Environmental Analysis;? Competitive Analysis;? Company Analysis;? Business Model;? Operations;? Marketing Budget and Financials;Below, you will find a brief overview of some of the needed components for the plan, and where appropriate, some guiding thoughts that will help in the preparation. These guide posts are simply helpful bits of information to steer the process and should not be included verbatim. In some instances, information is provided, in other instances, examples of the information that should be included in a specific section is outlined.;Important note: Your group must back up their assumptions with facts, and where facts are not available, with reasoned assumptions.;Evolution of the Idea;This is the gap in the market identified by Ben Smith?s own needs and shared by fellow athletes: Nutrition that is complete, easy to drink and digest, and has a unique profile of components for each individual athlete. In essence, he wants a drink that contains the desired profile of calories, protein, amino acids, electrolytes, flavor strength, and if desired, caffeine. Because the drink will be sold powdered, any combination of ingredients will be possible and the product can be mixed at home or on location.;Situation;Ben needs to conduct necessary research and planning to get his marketing plan put together before he can approach potential suppliers and begin to market his product.;Industry Analysis;The market is flooded with one-size-fits-all solutions, either solid, gel, or powder. Each of these solutions assumes everyone is the same and has the same requirements or needs and prefers their specific attributes. The largest and most attractive market sector is the endurance athletes, initially focused on triathletes who have a critical need for a nutritional solution tailored for their specific needs and preferences that come without the negative effects of current products.;Competitive Analysis;There are preformulated nutrition and nutritional supplements, as well as substitutes, gels, bars, drinks, and made from home food. The new venture is focused on the customized drink market, delivered in powdered form.;Customer Analysis;Endurance athletes, initially triathlon, later expanding to all endurance sports;Company Analysis;Small nimble company free to innovate;Marketing Opportunity;Underserved, and essentially a nonserved segment, one size does not fit all;Business Model;Direct sales initially online, affiliate and channels developed at the appropriate time(s);Marketing Objectives;Research, plan, and launch new venture based on customized drink product that exceeds expectations and performance criteria.;Marketing Strategy;The marketing plan here must include the following.;Segmentation/Target?Major groups or segments, who they are and why they are being targeted, what their needs are, how you address them, quantification, the market share sought, rationale for assumptions, market value of segment, and the portion of the segment you are addressing;Positioning?Hearts and minds, value proposition, marketing promise, link needs to position and distinguish from competitors, no two people are alike, no one product fits all, products in market are highly suboptimal?we are best, perceptual map, customized nutrition;Marketing Mix?4 Ps;Product (solution)?Features, brand name, packaging elements, service, warranty;Pricing (value)?Strategy and validation, VOC justification;Promotion (information)?Mix, advertising, PR, sales promo, personal sales, direct marketing specifics;Place (access)?Channel, how will you get product to customers;Operations;Outline here the backend, product formulation, and shipping. How, by who, where, and at what cost are some questions here.;Marketing Budget and Financials;What marketing investment is required?what sales, expenses, and profit levels are expected as a result of marketing activities?this includes sales forecasts, pricing per product and channel, margins and profit?sensitivity analysis.;Avoid fanciful estimations of time to first dollar or level and timing of revenues and expenses. Three years is more than enough. Remember that the time is always longer, expenses always higher, revenue always lower. Use VOC?maybe supply three to four voices?recreational, competitive with self, must-win age group, need to go to world championship (Olympic Distance, half and Full Ironman).;Management Team;Who are you going to get to help you, where are you going to find them, and why will they come? Outline at least the CEO, marketing VP, and operations.;Market Overview;Document?USA Triathlon Market Research overview is a great start.;Business Model;Make customized powdered package(s) that can be mixed at home or at the race site and easily carried and consumed. Sell customer-formulated nutrition for a profit.;Executive Summary;We are listing this section last, but it actually is written last and is placed in the front of the report. No more than two pages, and please summarize the key elements of the plan.

 

Paper#19878 | Written in 18-Jul-2015

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