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New Product Launch Marketing Plan, Part 1 Essay Sample

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New Product Launch Marketing Plan, Part 1 Essay Sample

1.0 Executive Summary – Absolut Element

The Absolut Company grew from the success of Absolut Vodka, a unique Swedish vodka that conquered the world on its own terms. In a little more than 30 years, Absolut Vodka has become one of the world’s best-selling spirits and has created a unique legacy of quality, creativity and originality that lives on to this day. At Absolut it is believed that greatness isn’t so much about what you leave behind you as what you see in front of you. The past is inspirational, future is aspirational. Greatness is all about vision (The Absolut Company, 2012). Through our vision and creativity we have created an all new organic vodka that we will introduce into both the domestic and international market. With our reputable brand, easily recognized packaging, and solid business model that has brought great success, Absolut Element will quickly become a best seller amongst both health conscious consumers and those follow trends and fads.

2.0Situation Analysis

2.1Market needs

Organic is a word that has recently become the topic of many conversations. People around the globe are starting to desire these types of products from food to alcohol. Organic vodka is quickly becoming one of the number one types of vodka purchased in America (Wasim, 2014). Organic Vodka sales in other parts of the world are much higher than in the US but this might not be true for much longer. The market domestically and internationally is showing great needs for Organic Vodka. Companies are listening to consumers’ demands and the output for this type of liquor is on the rise.

2.2Market Growth

There is a high demand for organic vodka, which in turn means there is a lot of growth potential domestically and internationally. For example, Diageo is a worldwide distributor of alcohol. They currently sell alcohol in 180 countries, including the US. Diageo recently started a new organic division, which has experienced growth from 2012 to 2013 by 28% just in this division. This is a very good indicator of the growth potential for the organic vodka market.

2.3SWOT Analysis

“The overall evaluation of a company’s strengths, weaknesses, opportunities, and threats is called SWOT analysis. It’s a way of monitoring the external and internal marketing environment” (Kotler, P., & Keller, K. L., 2011, p.48). Absolut vodka is produced and distributed by Pernod Ricard, known as “the group”. The group operates in the USA, Europe, and the Asia Pacific. Absolut has many strengths. It is premium vodka with many different flavors available. The Absolut bottle shape is unique and recognizable. Lastly, their ad campaign has won over 350 awards to date. A main weakness is their massive outstanding debts. Most of their opportunity is in the international market; as it is four times the size of the US market. There are fewer restrictions on trade. The standard of living in the developing countries has increased, providing the opportunity for the brand to grow. Their main threat is the stringent advertising regulations. They will also have to address the rising cost of labor, rise in excise taxes, and the additional costs involved with overseas distribution and production.

2.4Potential Competition

Competition is known as the existing or the soon to be products that exist in the marketplaces that a buyer may choose to purchase. The organic alcohol business is ever-growing and new companies are sprouting each day. Absolut’s main domestic competition at this time, is Ocean Vodka as they are currently the nation’s leader in the industry. Ocean Vodka is available for online purchase as well as in stores in 34 states in the United States. Global Vodka is Absolut’s European competition, based in Italy. Their product is targeted for online sales and offers no in store purchases.

3.0 Marketing Strategy

3.1Product Offering and Definition

Absolut will develop and distribute an all-natural organic vodka product for distribution both domestically and internationally in the online and in store markets. The organic vodka line will be rolled out with a wide variety of flavor selections. The product is 100% certified USDA organic. It is distilled with organic sugar cane which has been blended with mineral water from the deep ocean. The organic vodka is naturally gluten-free, contains no GMOs, pesticides, or herbicides. Absolut, will become the industry leader in organic vodka as it will be the only product to be sold in stores around the world.

3.2Product identification

Absolut’s organic vodka line, known as Absolut Element, will carry the iconic Absolut brand name and logo in the US and International markets. The bottles will be sold in individual packages following flavor and color schemes provided by other Absolut vodka lines for brand consistency. Element’s packaging and pricing will differentiate itself from other Absolut and competitor brands to highlight the natural, organic ingredients along while also meeting the target market’s standards for proof, distillery methods, and taste. The only difference between packaging in English speaking markets and non-English speaking markets will be in translation text on bottle packaging.

3.3Product Justification

Vodka, a product enjoyed all over the world, has stood the test of time through various alcohol fads and changes over the years. Absolut understands that there is an increase in interest of natural, clean ingredients in a growing target market and has created an organic product to fit such market in the US and internationally. Absolut’s new product line, Element, fills this need for organic alcohol while also providing a natural, well tasting product under an iconic brand.

3.4Marketing Research Survey

1. How familiar are you with Organic Vodka?

Extremely familiar
Very familiar
Moderately familiar
Slightly familiar
Not at all familiar

2. Which of the following brands have you heard of? (Select all that apply)

Pinnacle
Absolut
SKYY
Smirnoff
Svedka

3. Which of the following brands do you currently use? (Select all that apply)

Svedka
Absolut
SKYY
Smirnoff
Pinnacle

4. Have you heard of Absolut Organic Vodka?

Yes
No

5. In the last year, how often have you heard other people talking about Organic Vodka?

Extremely often
Very often
Moderately often
Slightly often
Not at all often

6. In the last year, where have you seen advertisements for Organic Vodka? (Select all that apply)

Billboards
Magazines
Newspapers
Online
Public transportation
Radio
TV
Yellow Pages
I’ve never seen any advertisements for this brand
Other (please specify)

7. How likely is it that you would recommend Absolut Organic Vodka to a friend or colleague?

Not at all likely – 01 23 4 5 6 7 8 9 10 – Extremely likely
8. In what country do you currently reside?

United States
Other (please specify)

9. What is your age?

21-29
30-39
40-49
50-59
60 or older

10. Are you Male or Female?

Male
Female

References
Aktar, M. W. (2014). ORGANIC FOOD AND PESTICIDES: MYTH AND REALITY. Journal of Information, Intelligence and Knowledge, 6(3), 273-294. Retrieved from http://search.proquest.com/docview/1626844614?accountid=458 Diageo. (2014). Performance Overview. Retrieved from http://www.diageo.com/en-us/investor/performanceoverview/pages/default.aspx Kotler, P., & Keller, K. L. (2011). Marketing Management (14th ed.). Upper Saddle River, NJ: Prentice Hall. Pernod Ricard SA SWOT Analysis. (2014). Pernod Ricard SWOT Analysis, 1-8. The Absolut Company. (2012). The Phenomenon. Retrieved from http://theabsolutcompany.com/the-phenomenon/

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