Components of a Marketing Plan - Marketing Essay Example

2021-07-01 07:02:14
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Sunset slushs Italian Ice targets customers from all ages, lifestyle, and especially beach lovers. This group will include families, wines, and spirits lovers. The decision arises from the high number of families, tourists, and individuals out for fun by the long beaches that characterize the town. According to the market research undertaken, families comprise 60 percent of the population of the area. Additionally, individuals out for fun by the beach would make up a good portion of the target market. At the same time, the spending power of the target customers is proven secure by their outgoing tendency and fun activities. The sprawling wines and spirit is a clear indication of the target customers fun-spending habits. By using the above segmentation criteria, Sunset Slush will be placed favorably to launch its new product in the region to tap into the lucrative market.

SWOT Analysis

SWOT analysis is a business strategy or assessment technique that seeks to identify a product's strengths, weakness, opportunities, and threats within a given market (Wheelen & Hunger 2017). Through the identification of the above business/product's attributes, a business is in a position to adjust its plans, determine specific changes necessary, make appropriate decisions and craft a way forward for a given business challenge. Sunset Slush will undertake its SWOT analysis to determine its right approach and some of the techniques best placed to ensure success for its Italian ice cream and slush concoctions.

Strengths

A team of Experts: Sunset Slush has a strong team of experts dedicated to ensuring that the product produced meets the markets demand. The experts will lead in designing new ways of improving the product to gain a larger market share.

High-Quality Product: Due to the firms team of experts, the company will be in a position to provide customers with high-quality products. The team of experts will endeavor to undertake in-depth research and studies to improve on its product for its customers. A unique feature of the product is the wet wipes that enable customers such as mothers and kids to clean up in case of a spill.

Aggressive advertisement: From the firms history of aggressive advertisement and marketing strategy, the target market will find it easy to locate and access its slush concoctions/Italian Ice. For example, the use of pushcarts will make it easy for customers to access the product.

Weaknesses

Sunset Slush will have to sustain its aggressive and expensive marketing strategy that will eat into its cash flows. Additionally, environmental aspects such as storms may affect the quality of the ice and concoctions.

Opportunities

As users will increasingly focus on quenching their thirst and improving the taste of their spirits and wines, an increase in demand will gradually develop. It will thus call upon an increased need to produce more to meet the ever-increasing demand. On the other hand, Italian ice and slush concoctions play a critical role in festivities and special events, an aspect that will provide the business with an array of opportunities in the region.

Threats

The only market issue that may pose a threat to Sunset Slush Ice product is the development of substitute products. Additionally, other local brands in the same industry within the region may affect the product of Sunset Slush. Although pricing may play a role, the introduction of cheaper substitutes may negatively affect the new products.

Competitors

Although the primary difference between frozen yogurt and ice cream is the fat content, frozen yogurt companies stand as the strongest competitors to Sunset slush's ice cream and slush concoctions. In the recent past, frozen yogurt shops have achieved widespread reputation with many customers preferring it due to its low calories content. It thus stands out as the strongest competitor to Sunset slush's ice cream products. On the other hand, other companies that may be prominent as key competitors include "soft serve ice cream" shops. These ice cream products remain famous due to their soft and light characteristic. Additionally, this type of ice cream tends to be cheaper in the market and readily available in local shops and food chains (Warren & Hartel 2014). The two thus remain the key competitors in the ice cream industry.

References

Warren, M. M., & Hartel, R. W. (2014). Structural, compositional, and sensorial properties of United States commercial ice cream products. Journal of food science, 79(10).

Wheelen, T. L., & Hunger, J. D. (2017). Strategic management and business policy. Pearson.

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