Marketing and Stakeholder Communications

Introduction

This report is analyzing the market strategies that have been employed by Lyre’s company which is specializing in selling non-alcoholic drinks in the industry. Station Analysis is conducted to analyze the strengths and challenges that the company has been facing. This leads to segmentation targeting and positioning approach that is taken to overstate their objectives sustainability and how the company can advance its operation. The next step in rose exploring how the brand strategies have been used in targeting the intended audience. The next part of the report looks at the pricing strategies on how decision making is done using competition analysis channeling program of the products costs as well as the adaptability of the products in the market. Overly this report is providing an overview of how the company is able to market itself while aligning its core values while also satisfying the consumer needs.

Lyre's potential can only be realized via innovation. Lyres must maintain their dedication to excellence (Anderson, Hakan, & Jan, 2019). Lyre's consumers and their demands must always come first as the company works to develop new value propositions that fulfill their needs. Lyre's future is bright, and with innovation, the company is poised to leave a lasting impression on the marketing environment.

Situation Analysis

The SWOT analysis provides a detailed overview of Lyre's strategic position. Successful brands also face potential challenges that require careful navigation. Lyre's Non-Alcoholic Beverages, for example, conducted a SWOT analysis that revealed vulnerabilities that need attention. One such challenge is the risk of becoming too comfortable after initial success. To keep growing and remain ahead in a competitive market, it's important for the brand to stay innovative and continue evolving (Barney, 2021). This requires a sustained commitment to building on past achievements and using momentum as a foundation for future growth. By staying dedicated to innovation, Lyre's can keep offering unique alternatives to traditional alcoholic drinks.

Table 1: SWOT Table

       To understand the situation analysis of the company SWOT analysis is conducted to determine the strengths weaknesses opportunities and even the threats that the company is facing. The company being one of the key players in the sales of non-alcoholic drinks has an opportunity to acquire a larger market niche as long as it aligns dates supply chain strategies to be able to meet the consumer needs. Meanwhile, there is a lot of competition in terms of key competitors selling similar products and other alternatives. The short analysis is showing that one of the strengths of the company is its ability to collaborate with other companies such as the food chain restaurant companies that are able to include its non-alcoholic drink as part of its product. On the other hand, the disadvantage is observed in terms of government policies especially when it comes to licensing and other bureaucratic procedures that are required to make the business operational  (Achrol, 2021). Diversification is one of the strategies that the company is using to ensure continual improvement and sustainability while it is aligning its growth to satisfy the consumer needs (Bayus, Sanjay, & Ambar, 2021). This analysis identifies the company's strengths, weaknesses, opportunities, and threats. By understanding these factors, Lyre's can plan for the future and capitalize on its strengths in a competitive market that requires constant innovation and adaptability.

ANSOFF Choice

Based on market and product characteristics, the Ansoff Matrix provides strategic possibilities for corporate growth. Here's how the Ansoff Matrix selections apply to Lyre's:

Market Penetration: Lyre's may focus on increasing its market share within existing markets by increasing marketing activities, expanding distribution channels, and targeting a broader client base (Capon, John, & Scott, 2018). Promotions, partnerships, and increased communication with current customers could all be used to encourage repeat purchases.

Fig 1: Lyre’s Product Plan

Lyre's could invest in developing new and creative non-alcoholic spirit goods or expanding its existing product line to meet changing consumer demands. This could include launching new flavors, limited editions, or cooperating with other businesses to expand its offers. Market development is the process of entering new geographical markets or demographic groups.

Lyre's has analyzed its strengths, weaknesses, opportunities, and threats and concluded that prioritizing product development is the best marketing strategy  (Booz & Hamilton, 2018). This decision is based on a deep understanding of the market and establishes Lyre's as an innovator in the non-alcoholic beverage industry. By pursuing this approach, Lyre's hopes to keep its current customers and appeal to new and diverse consumer groups.

ASNOFF Decision

Since Alcohol consumption is now much pronounced to be causing health related diseases like liver diseases, digestive disorders, and high blood pressure, the new product/s will help Lyre tap into the market of today’s healthy conscious consumers thereby bringing on board new customers  (Clark & David, 2017).  

Segmenting Targeting Positioning

Segmenting refers to the ability to classify potential markets in the segment or grouping the needs of the customers to a specific channel. This is to allow the various categories of consumers to be able to have absolute value in the products and services that are being offered by the company. It is very necessary to conduct segmentation focusing on geographical needs demographic psychographic and even behavioral needs of the consumers  (Allan & Rajendra, 2019).. Demographic segmentation of Lyre’s company should focus on sustaining urban and suburban areas to ensure that the product distribution is effective in all networks. This should further expand in the rural areas. Various variables in terms of age occupation family race religion generation social class are some of the segmentation strategies that the company needs to categorize while obtaining and increasing consumer value.

The targeting strategy should be broader enough to ensure proper national presence within Australia. This is aimed at satisfying the various consumer needs ranging from their health conscious to natural satisfaction. The primary age bracket should be between 10 to 25 years while the secondary age market a targeted is between 25 to 40 years  (Day, 2019). Intensive flavors and regular and alcoholic test in terms of drinks are some of the variants that the company should be focusing on.

The positioning segmentation highlights on where the company stands in terms of competition to be able to offer the same products and services within the market satisfying the consumers’ needs while also making profits for the company. Obtaining an excellent position to transform the product is very necessary in order to make the consumers feel that the brand is unique. Considering that the marketplace is usually flattered with a lot of products that are showing similar benefits coming up with effective positions in terms of strategy is very necessary to ensure that the company is standing out amongst other stiff competitors  (Rangaswamy & Lilien, 2017). The non-alcoholic products are supposed to quench and refresh the consumers such that they are bringing joy to the targeted audience. The products are supposed to be associated with great time family friends and enjoying daily life. The company is also supposed to make this product to be more consistent and of premium quality that is adored by the consumers. The company should be an option for those consumers who are looking for high quality drinks in terms of refreshment while offering positive consumer experience.

Psychographic Segmentation 

This method divides customers into groups based on their personality, social status, lifestyle, interests, activities, attitudes, and opinions. This approach of market segmentation complements the demographic segmentation approach because the two approaches identify the motivations to why customers make certain purchase decisions (Dickson, 2017). Using this approach, Lyre’s Non-Alcoholic Beverage will be able to collect its customer’s view which will be used to guide their new product development strategy which will in the end enable the beverage firm manufacture products which meet their customers’ demands.

Behavioral Market Segment  

The behavioural market segment describes the reasons to why specific customers buy particular products or brands (Demsetz, 2013). It looks at the customers purchase decisions. Some of these may include; a buyer purchasing because of excellent ratings, safety considerations, or the best price. Looking at all these factors through a market survey will help Lyre’s Non-Alcoholic beverage front a better marketing strategy that will see its new offers easily embraced in the market.

Geographical Segmentation 

This is a market segmentation approach in which customers are grouped based on their physical/geographical locations  (Campbell & Fiske, 2019). With it noted that Lyre’s Non-Alcoholic Beverage is facing a challenge of retail scaling, the geographical segmentation approach is needed by the company to increase access of its products to the customers. This could be achieved by increasing its distribution centers and including retailers as middle many in the different parts of Australia.        

Segmentation Identification

Nevertheless, the segmentation will serve consumers of taste regardless of their age, gender, and income levels. To Lyre Non-Alcoholic Beverage, the decision to produce different non-alcoholic beverage labels suiting to its different clients based on their incomes will be a social approach that will cater to all its customers and thus enhance its revenue from sales  (Golder & Tellis, 2018).

Prioritization

With it being true that customers have varying income levels, our priority will be segmenting our market based on their income levels to enable our high income level customers place their priority orders but also cater to the needs of our low income earners  (Deschamps & Ranganath, 2016). We will thus prioritize to segment our market based on the customer’s demographics. To this end, we are looking to invent more labels mimicking different Alcoholic flavors in non-alcoholic beverages and the prices will be based on the ingredients of the flavors  (Kerin, Rajan, & Peterson, 2018).

Marketing Strategy Analysis (4P’s)

Product: Components of the Product

The company can invest in non-alcoholic spirits and other beverages as this will offer a solution to those people who do not consume alcohol. Lyre’s could also invest in drinks for all age categories targeting the children as well  (Golder & Tellis, 2018).

Price: The 5C of Pricing

The best price is supposed to be the amount the customers are able to pay comfortably while also maximizing the company’s profits.

Cost

Lyre’s must include the cost of production while determining their prices. This will help them take advantage of the product line costs while varying their expected profits while deciding the cost of the product  (Hamel & Prahalad, 2017). The gross margin should be considered for the potential sales for the perceived value per unit. This should be exempted from the direct and indirect costs incurred.

Customers

Through research and marketing, it is important to establish whether customers will be willing to pay the price for the product. The decision-making team should have higher and lower acceptable prices.

Channels of Distribution

Lyre’s should avoid middle men and other form of distributors as they tend to compromise the price of the product as they add additional costs to the final consumer.

Competition

Lyre’s should make their products more unique to gain competitive advantage while also maintaining affordable prices to the consumers within the profitable margins.

Compatibility

Pricing depends on how compatible is the product in the market. It is important to check on the season and whether the seasoning pressure may lead to spike in terms of prices.

Place: Distribution and Sales Channels

To eliminate middle men and additional cost Lyre’s should use direct store delivery method to ensure that their products are effectively present in the market at all times. This is also avoiding additional costs that may be incurred by the customers through the middlemen. Lyre’s can also partner with food chains markets such as KFC to help sell and promote their products  (Karmarkar, 2017). The company may also partner with international distributors like PepsiCo to help them penetrate even more larger markets within Australia at the moment.

Promotion: Objective and IMC Program

Considering that this is a new product Lyre’s can pick on a celebrity to be its brand ambassador as one of its promotional strategies. Depending on the target audience it is expected that the product will penetrate the market faster. The company should also embrace other promotional strategies such as the use of social media pages to access their target audience  (Katzenbach & Smith, 2018). Other promotional services such as offering free samples and discounts can also help the product penetrate more into the market especially through partnership with food chain stores.

Conclusion and Recommendation

The nonalcoholic beverage industry is one of the most competitive industries in Australia at the moment. This is because consumers are now more aware of their health and have a lot of knowledge on consumer products. This requires that companies like Lyre’s make informed decisions while marketing, promoting, pricing and setting their products strategically in the market. Identifying the target customer and providing the most ideal product to the consumer at affordable prices is enough for Lyre’s to acquire a position in the market. Cutting the marketing niche in the most competitive market has not been easy but with effective marketing campaigns the company is likely to succeed and expand its operations. However, to effectively beat stiff competitors’ collaboration and outsourcing of some services is likely to help in sales, promotion and marketing of Lyre’s nonalcoholic beverages.

Recommendations

• Collaborate with food chain companies across Australia to help in promoting and marketing its products.
• Conduct further research and development on consumer’s needs, tastes and preferences to improve consumer satisfaction
• Use competitive pricing strategy to make their marketing decisions

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