The V energy drink will compete against established energy drink brands like Red Bull, Mother Demon, Lift Plus, and Monster, as well as cold energy drink brands like Coca-Cola and Pepsi Co and other self-branded cold-drink products. V energy drink will compete based on product differentiation in terms of major ingredients and caffeine and sugar levels. It also comes in a variety of tastes and variations.
V Fusion + Energy exhibits its dedication to its customers by offering flavors that set it apart from its competitors. It is aimed at high school and college students interested in an intensive lifestyle involving a range of sports and activities. As a result, the brand attempts to respond to the inherent needs and goals of the audience it serves and strives to achieve this objective. The beverage is designed to appeal to a wide variety of consumer markets and groups of individuals due to its diverse flavor profiles and excellent nutritional content. The beverage competes with well-established market leaders such as Monster, Red Bull, Rock Star, Lucozade, and Burn.
Product Strategy
It helps one increase energy and vigor, cleanse the mind, and strengthen the immune system. It is rich in vitamins, proteins, carbohydrates, and fiber. V Fusion + Energy is responsible for creating high-energy products, and one of its responsibilities is incorporating a specific product formula. The corporation’s method for product development places a substantial emphasis on producing high-energy items (De Toni et al., 2021). The active compounds in the company’s products include caffeine, taurine, vitamins, and amino acids. Some of the ingredients in a product have qualities that are especially advantageous to the cardiovascular system of the human body. In addition, the emphasis was placed on the outstanding taste and quality of the items. The foremost consideration is the client’s health.
Branding Strategy
The company’s objective is to enhance the brand’s reputation by presenting the product in aesthetically pleasing packaging that is indicative of its target demographic and uses the proper color palette. In contrast, the company will do all it can to improve brand value by implementing marketing activity programs and focusing on brand design. In branding the V Fusion + Energy beverage, we will employ colors that stimulate the emotions of young people (De Toni et al., 2021). Green and red will be used in the design to represent the attributes of a more adventurous, natural, and contemporary child than their millennial counterparts.
Packaging Strategy
The beverage is packaged in attractive recyclable cans that are easy to open, indicating that the corporation is environmentally conscious. In addition to serving its core purpose, the packaging will provide much-needed support for the launch of the new product. It will result in increased market penetration as well as increased brand loyalty. The logo will be used across various promotional channels, including content marketing, television, events, radio, and packaging, to infuse a new meaning, belief, and body of knowledge into the energy drink market.
The energy drink will be marketed to consumers so that they think it is a distinctive, safe, and effective beverage. It will provide consumers with more options and meet the needs of those who consume large quantities of energy drinks (Grewal & Levy, 2021). There will be a choice between 16-ounce and 8-ounce single-serve cans, with the container size varying depending on pricing and flavor. Diet sugar-free and regular flavors, on the other hand, will be sold in 12-ounce packs at the same price as 14-ounce cans of individual servings, which will be packaged in the same 14-ounce cans. Secondary beverage packaging will consist of stacks of six to eight cans.
Product Differentiation
Customers will like the V Fusion Energy Drink’s natural ingredients, which will set it apart from competing items. It distinguishes itself from other goods on the market due to the absence of adverse side effects or serious illnesses such as diabetes. In addition, this uniqueness would distinguish the company from its rivals (Grewal & Levy, 2021). This differentiation would also assist the corporation in getting a competitive advantage in the market, allowing the product to achieve a predetermined margin and more individuals to become aware of it.
Future Plans
In the future, the energy drink company intends to expand into other markets outside its current market. Studies estimate that energy drink consumption will climb by two by 2018. As part of its goal to win the confidence of foreign markets, the corporation intends to achieve a 26 percent increase in revenue in the local market. The corporation intends to market the product in Latin America and Canada when it becomes global. It will boost the company’s profitability by decreasing its expenses for damage and freight. In addition, the firm plans to engage with other well-known corporations, such as Coca-Cola, in order to advertise the energy drink through Coca-extensive Cola’s distribution network.
Distribution Strategy
In addition to selling the energy drink, the firm plans to outsource a portion of its distribution responsibilities so that it may focus on expanding its core goods and conducting research. Since the firm lacks the potential to develop its independent plants, outsourcing will play a big part in its foreign operations (Silva, 2021). It will ensure that the beverage is created closer to the market, allowing customers to get it more quickly and reducing the expenses involved with its delivery.
In order to communicate with end users, a vast array of retail locations will be utilized. In addition to typical retail venues such as supermarkets, discount stores, and shopping malls, these outlets will include online retailers and the company’s website at the events that the energy drink sponsors, dispensers of the wide varieties it sells will be put up so that customers can fill their cups with their preferred taste. Since V Fusion + Energy will be stored in its customized refrigerators, people will be enticed to purchase energy drinks anytime they visit a supermarket or bar.
Customers can purchase V Fusion + Energy online in single-serving or bulk pack amounts, making bulk purchases simple. Individuals purchase this alcoholic beverage at nightclubs and bars to alter its flavor by mixing it with another drink or to stay up late and party with friends (Silva, 2021). They are displayed in supermarkets and convenience stores alongside products with which they compete. It allows buyers to choose whatever product they would like to purchase. New slotting tactics will be introduced to establish a balance between conflicting components in the supply chain, such as warehousing and routing. In addition to utilizing technology for forecasting, the supply chain will be automated to make production schedules as efficient as possible. The business will integrate technologies for transportation management to give enhanced visibility, more efficient routing, and cost management.
Pricing Strategy
When utilizing a pricing approach known as “market skimming,” the price of the energy drink’s debut on the market will be based on the prices of its competitors. In order to enter the energy drink market, prices will be comparable to those of Rock Star but significantly less expensive than Red Bull and Monster, the leading competitors. In order to target Red Bull’s niche and obtain the perfect brand lifestyle, premium pricing will be applied, while there will be some price variance to influence overt behavior at retail stores. The objective of Red Bull is to obtain the ideal brand lifestyle. The corporation will attempt to develop a brand that consumers will connect with a particular lifestyle through premium pricing.
Promotional Strategy
The energy drink will be promoted through word-of-mouth, social media, television, and print advertising. Commercials aired on television and radio will be utilized to promote the brand and plant a picture of desirability in the minds of consumers, resulting in a positive perception on their part. In addition to aiding in the development of effect and cognition, they will also assist in placing stimuli around the audience that attract their attention. For instance, music festivals, hip-hop, and rock concerts, for instance, will be utilized to increase brand recognition and promote the energy drink as a pleasant beverage for consumers who enjoy having fun. It will help portray the energy drink as a beverage for people who enjoy having fun (Silva, 2021). In addition, V Fusion + Energy will provide sponsorship for several prominent athletes and sportspeople.
The V Fusion + Energy advertisements will air on various music festivals, events, films, performances, and videos, as well as on laptops, personal computers (PCs), mobile phones, gaming consoles, and tablets. In addition, V Fusion + Energy will publish its own extreme sports magazines and operate online retail outlets. During the promotional events, visitors will receive free beverage samples and other branded products to increase trial purchases and, eventually, brand loyalty.
Increasing brand recognition, getting more people to make purchases, and getting more customers into stores, either in person, online or through other marketing channels, are all goals of integrated marketing communications, which aim to accomplish these goals by, among other things, encouraging people to buy things. V Fusion + Energy will dedicate a set number of resources to this endeavor to achieve the previously outlined business and communication goals and objectives. The IMC is projected to receive between $500 million and $600 million over the next five years.
The IMC strategy employs a thorough and impartial evaluation and surveillance procedure. Theoretically, this technique should facilitate the IMC process’s control and management, which it already does. This portion of the project will be supervised by a dedicated task group comprised of industry specialists. With the support of social media specialists, the activity surrounding V Fusion + Energy products will be monitored. The traffic patterns will be utilized to evaluate the consumer interactions with our products.
Moreover, the control team will implement protections and preventative actions to ensure clients’ sustained health and satisfaction. Any infractions or improper conduct by the marketers will result in severe penalties. To maximize the communicative impact of its communication, the company will strive to provide a consistent message across all media platforms by establishing a clearly defined market share objective and then determining the proportion of the market share that the communication will target. In addition, it will define the proportion of potential customers who must be persuaded to try the product. It will be achieved by increasing coverage of the target audience, obtaining the necessary reaction, and generating communication impacts. In addition, it will deploy various communication tactics to promote brand recall and the establishment of common associations. The communication systems will simultaneously ensure complementarity and adaptability at the lowest cost possible.
References
De Toni, D., Reche, R. A., & Milan, G. S. (2021). Effects of market orientation, innovation strategies and value-based pricing on market performance. International Journal of Productivity and Performance Management.
Grewal, D., & Levy, M. (2020). M: Marketing. McGraw-Hill Education.
Silva, L. (2021). Marketing strategies adopted by Different Industries (a comprehensive literature review). SSRN Electronic Journal.