Research indicates that consumers are using herbal products because of their health benefit. Based on this fact, our firm has developed a new product—herbal tea suitable for the elderly. This marketing plan identifies our firms marketing objectives and how to meet them within our business environment.
I. Overall marketing objectives
Our firm seeks to
a) Emerge as a leading provider of herbal tea
b) Sell its products that meet the needs of the target population.
c) Develop advertisement plans that promote sales of the product.
II. Specific marketing objectives
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Based on the above marketing strategies, our firm has formulated other specific marketing strategies. As identified by Shimp (2008), specific marketing goals are vital in achieving overall marketing objectives. Our specific marketing objectives are:
a) Develop a popular brand of herbal tea that will become the favorite herbal tea solution within three months.
b) Carry out an online research in New York for a month on the health needs of the elderly and in order to determine the ingredients of the tea.
c) Research for local media solutions and create effective advertisements that will run thrice a week for a period of three weeks
III. Marketing strategies
The role of an effective marketing strategy cannot be underestimated. According to Pinson (2008), an effective marketing strategy is essential in creating a competitive edge by a business in a given market. With our firms aiming to achieve the outlined marketing goals, there following marketing strategies were developed and ready to be implemented once the herbal tea has been developed.
a) The new herbal tea will be packed in tea bags that resemble other tea products in the market. In addition, the herbal tea will be finely grounded and placed in well labeled labeled boxes bearing the slogan “healthy tea”,
b) The distribution of our herbal tea will be done through existing stores and coffee shops. Because of elderly customers that frequent these premises, our herbal tea will be made available to them more easily.
c) Promoting our product is forms an integral part of our business plan. Our firm will establish a Facebook page where a question and answer forum will be created. A website will also be developed detailing our herbal as well as its benefits. Most important, our firm will also take part in business Expo where our herbal tea will be showcased. Through the use of advertisement, our products will be described as having health benefits when used.
d) To build a brand in the market, the herbal tea will be priced a little higher than other tea products. Nonetheless, the price margin will be rationalized by the health benefits that customers will accrue from the herbal tea.
Without doubt, this marketing plan will be critical in developing the firm’s position in the tea industry. In fact, the strategies used will make the herbal tea stand out in stores . With the packing standing out, customer will be able to see the product in the midst of other products. The use of the media will provide users of the herbal tea an opportunity to know more about the product and have their question answered. With this marketing plan, the herbal tea is set to emerge as a popular product in the market.