Description
Goal setting is a common practice in marketing. It is important to set goals in the marketing strategy plan so that the marketing practices are aligned with the overall goals of the business. SMART Goals are Specific, Measurable, Attainable, Relevant, and Time-Bound. These goals are applicable in business as well as for yourself. In this assignment, you will combine these purposes. You are a future entrepreneur. You have a new product or service that you have created, and you are getting ready to launch your new brand. While putting together your marketing strategy plan, you should consider some of the important goals in marketing.
Read this article to understand “10 SMART Goals in Marketing (and Why They Are Important)”. 10 SMART Goals in Marketing (and Why They’re Important) | Indeed.com
Watch this video to better understand how to set SMART goals for digital marketing. How To Set Goals For Digital Marketing That You Can Actually Reach
Using what you have learned, use the following questions to guide your writing:
Describe the name of your brand and the product and/or service that will launch your business.
Provide a SMART goal that you will need to meet to launch your product and explain the reasoning for these goals.
Why is this goal relevant to your business and how would you attain it?
Please explain why it is important to be SMART when setting goals for your business?
Please use the MKTG630_U2_IP_Template to complete this assignment.
Please submit your assignment.
For assistance with your assignment, please use your text, Web resources, and all course materials. Find resources on how to write academically and use APA citations, including an example of Masters-level writing, in the Writing Style Guide for Master’s Students.
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The introduction and launch strategy of a new sports drink brand named “Refresh.”
Hollie Terry
Unit -1 Individual Project
Colorado Technical University
01/07/2024
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Introduction
The sports beverage industry is a diverse and competitive environment where innovative
marketing strategies are employed and responsible for the success of new entrants. As appointed
marketing manager for Refresh, a groundbreaking sports drink, this study aims to evaluate the
different components that contribute to this unique position in the market. Refresh set itself as part
of the unique brand offering a high-performance beverage and is committed to sustainability and
health (Rosário, & Raimundo, 2021). Refreshed beverages emerged as important contenders in the
sports drink environment. This study seeks to highlight the existing layers that make Refresh not
only a beverage option but a lifestyle preference for designing consumers. Through a substantial
evolution of these different attributes and strategic approaches, the study aims to evaluate the way
in which Refresh is positioned to revolutionize the sports drink industry.
Features and Benefits
Features
Refresh, which is considered to be a revolutionary sports drink, is a unique product curated
set of features that collectively redefine the beverage environment. First, the brand takes pride in
its commitment to using premium, all-natural ingredients carefully sourced from small farms
across the United States. These deliberate options not only make sure there is a high-quality
product but also align with the competitive landscape towards healthier dietary options. The ecoconscious consumer will find suitability in Refresh. The Second standout future is its eco-friendly
packaging. The packaging has been crafted from recycled materials, and the brand’s bottles and
packaging exemplify a steadfast dedication to environmental sustainability. This not only
minimizes the ecological footprints of the product but also helps to resonate with a growing
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concern of environmentally conscious consumers 26 products that reflect their commitment to a
greener future.
In addition, Refresh goes beyond mere product sourcing by considering the significance of
local agriculture. By opting for ingredients grown and harvested in small farms across the United
States, the brand establishes a unique connection with the local communities. The localization
strategy not only supports domestic agriculture but also adds an authentic touch to refresh, which
appeals to consumers who value community engagement and authenticity in their purchasing
power.
Benefits
The benefits derived from the product’s meticulously highlighted features and components
are unique, which results in a beverage experience that transcends traditional expectations. The
consumer stands to gain holistic health support with the consumption of an all-natural sports drink.
Yonder’s realm of mere performance enhancements, Refresh, contributes substantially to the
overall well-being by offering a refreshing beverage free from synthetic additives.
Environmental stewardship seemed to be a tangible benefit for those choosing the product.
By choosing a sports drink and having packaging crafted from recycled materials, consumers
actively participate in sustainable practices (Li, Larimo, & Leonidou, 2021). Every purchase
becomes a conscious step towards minimizing environmental damage, which allows the product
enthusiast to align the beverage options with broader eco-friendly principles.
Refresh fosters a sense of community connection through its commitment to sourcing
ingredients from small U.S. farms. The act of supporting local agriculture not only contributes to
the vitality of domestic farming communities but also allows consumers to forge a closer
connection to the origins of their chosen beverage. This community-centric approach transforms
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Refresh into more than just a drink; it becomes a symbol of responsible consumerism and
community engagement.
Differentiation from the Competition
In a market saturated with sports beverages, Refresh rises above the competition through a
carefully crafted strategy that goes beyond conventional product offerings. While many sports
drinks focus primarily on performance enhancement, Refresh differentiates itself by seamlessly
intertwining health-conscious features with a profound commitment to environmental
sustainability.
One of the key distinctions lies in Refresh’s unwavering dedication to using all-natural
ingredients sourced exclusively from small farms in the United States; unlike competitors who
may compromise on the purity of ingredients for mass production, Refresh places a premium on
the quality and authenticity of its components (Perreault Jr, Cannon, & McCarthy, 2021). This
commitment not only appeals to consumers seeking a healthier alternative but also establishes
Refresh as a frontrunner in the realm of transparent and natural sports beverages.
Equally pivotal to Refresh’s differentiation strategy is its eco-friendly packaging. While
traditional sports drinks often neglect the environmental impact of their packaging, Refresh takes
a bold step forward by utilizing recycled materials for its bottles and packaging. This conscious
choice resonates strongly with a growing segment of consumers who prioritize brands with a
demonstrable commitment to sustainability. In contrast, competitors who overlook the ecological
aspects of packaging find themselves at a disadvantage, lacking the comprehensive approach that
Refresh brings to the table.
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Target Market
The success of Refresh hinges on a meticulous understanding of its target market— a
demographic poised to resonate with the brand’s unique blend of health-conscious attributes and
sustainable values. The identified target market for Refresh is a diverse group characterized by
shared interests in wellness, sustainability, and an active lifestyle.
1. Health-Conscious Individuals:
The primary segment within Refresh’s target market comprises health-conscious
individuals actively seeking products that align with their commitment to personal well-being.
This includes fitness enthusiasts, athletes, and those engaging in regular physical activities.
Refresh caters to this demographic by offering an all-natural sports drink free from synthetic
additives, providing a healthier alternative without compromising on performance.
2. Outdoor Enthusiasts:
Refresh extends its appeal to outdoor enthusiasts who value products that complement their
active lifestyles. Whether hiking, biking, or participating in other outdoor activities, this segment
seeks a beverage that not only enhances hydration but also aligns with its eco-conscious values.
The eco-friendly packaging and sustainable practices of Refresh make it an ideal choice for
consumers passionate about both fitness and environmental stewardship.
3. Environmentally Conscious Consumers:
A key subset of Refresh’s target market comprises environmentally conscious consumers
who prioritize sustainable choices. This demographic actively seeks products that contribute to
ecological preservation (Marzi et al., 2020). Refresh’s commitment to using recycled materials for
packaging resonates strongly with this segment, offering a sports drink that goes beyond personal
health benefits to make a positive impact on the environment.
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Promotion Strategies
Launching a new brand requires a strategic and comprehensive promotion plan to create
awareness, generate interest, and ultimately drive consumer adoption. Refresh, with its unique
features and benefits, requires a promotion strategy that effectively communicates its value
proposition. Here’s an in-depth exploration of the promotion strategies tailored for the successful
launch of Refresh:
1. Social Media Campaigns:
Harnessing the power of social media platforms will be a cornerstone of Refresh’s
promotional efforts (Katsikeas, Leonidou, & Zeriti, 2020). Engaging and visually appealing
content will be disseminated across platforms such as Instagram, Facebook, and Twitter. Content
will focus on showcasing the brand’s commitment to all-natural ingredients, eco-friendly
packaging, and the overall lifestyle associated with Refresh. Collaborations with fitness
influencers and wellness advocates will be leveraged to amplify the brand’s reach and credibility
within the target market.
2. Influencer Partnerships:
Identifying and partnering with influencers who align with Refresh’s values and target
audience is instrumental in building credibility and trust. Fitness influencers, nutritionists, and
environmental advocates will be approached to endorse Refresh through sponsored content,
testimonials, and interactive campaigns. These partnerships will serve to authentically connect
with the target market and convey the brand’s unique selling points.
Conclusion
In summary, in the ever-changing environment of the sports beverage industry, Refresh
emerges not only as a product but as a transformative force that six to transform consumer
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expectations. Destiny has lightened the different components of Refresh, its benefits,
differentiation from competitors, identification of target market and their substantial promotion
strategies, which helps the success of the product in the market.
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References
Katsikeas, C., Leonidou, L., & Zeriti, A. (2020). Revisiting international marketing strategy in a
digital era: Opportunities, challenges, and research directions. International Marketing
Review, 37(3), 405-424.
Li, F., Larimo, J., & Leonidou, L. C. (2021). Social media marketing strategy: definition,
conceptualization, taxonomy, validation, and future agenda. Journal of the Academy of
Marketing Science, 49, 51-70.
Marzi, G., Ciampi, F., Dalli, D., & Dabic, M. (2020). New product development during the last
ten years: The ongoing debate and future avenues. IEEE Transactions on Engineering
Management, 68(1), 330-344.
Perreault Jr, W. D., Cannon, J. P., & McCarthy, E. J. (2021). Essentials of marketing: A marketing
strategy planning approach. McGraw-Hill.
Rosário, A., & Raimundo, R. (2021). Consumer marketing strategy and E-commerce in the last
decade: a literature review. Journal of theoretical and applied electronic commerce
research, 16(7), 3003-3024.
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