Marketing Audit Assignment
Marketing Audit Assignment
Students Name
Students ID
College name
Module number: Module name
Professor full name
Due date
Contents
TOC o "1-3" h z u Recap PAGEREF _Toc147643684 h 3The Ansoff Decision PAGEREF _Toc147643685 h 4Segmentation Strategy PAGEREF _Toc147643686 h 5Segmentation Methods PAGEREF _Toc147643687 h 6Psychographic Segmentation PAGEREF _Toc147643688 h 7Behavioral Market Segment PAGEREF _Toc147643689 h 8Geographical Segmentation PAGEREF _Toc147643690 h 8Segmentation Identification PAGEREF _Toc147643691 h 8Prioritization PAGEREF _Toc147643692 h 10Conclusion PAGEREF _Toc147643693 h 11References PAGEREF _Toc147643694 h 12
Marketing Audit Assignment
RecapThe marketing and stakeholder assessment report intended to analyses the market environment of Lyre's Non-Alcoholic Beverages a non-alcoholic beverage firm in the Australian market (NON, n.d). The report applies market analysis tools such as the Ansoff matrix, and the SWOT analysis to identify the opportunities and strengths the company can ride on to succeed in the market as well as its weaknesses and threats to inform proper strategy in the non-alcoholic beverage industry and its quest to invent a new alcoholic beverage drink that will provide a completely new experience to its devote customers and further help the organization assert its position as the pioneer non-alcoholic beverage company in the industry as at the same time they create a distinct value offer for their customers. As a member on the team that is responsible for developing the new offer, we are looking at many factors both macro and micro as we effort to come up with the new product that suits our customers at either facets. Some of these factors include; the age, gender, income, and lifestyle factors as well as customer tastes and preferences, needs, behaviours, mindful drinking as well as the strength, weaknesses, threats and opportunities in the micro environment. The product innovation team has taken the initiative to analyse Lyres Non-Alcoholic Beverage firm pending offer based on the different market analysis tools: the Ansoff Matrix, BCG Model, PESTEL Model as the company aspires to develop a whole unique product offer that will scale its innovation signature and uniqueness that it is known for. As is known, Lyre Non-Alcoholic Beverage Company has always taken a smart marketing approach. But even then, the Non-alcoholic beverage Company has not been immune to external factors like the ever-changing regulations, customer changes to a healthy lifestyle, and the growing trend to alcoholic issues amongst the customers and the public at large. Therefore, such a cautious yet practical approach is desirable in the innovation of a unique product that will evade or minimize the issues that might ensue from the above-mentioned problems. Briefly, we intend to introduce a non-alcoholic beverage that mimics the flavors of alcoholic beverages in a non-alcoholic spirit was a unique brand identify and efficient e-commerce platform.
The Ansoff DecisionLyres Non-Alcoholic Beverage Company already has a brand as the pioneer non-alcoholic beverage company. The idea to develop a new product offer with a mimic of Alcoholic flavors will give the company chance to expand its market share by drawing near Alcoholic consumers to its product for its flavor. Lyres target is to consolidate its current customers and also attract new customers to its products. Thus, the idea of continuous product development not only helps Lyres Non-Alcoholic Beverage Company to diversify their product portfolio to meet the ever changing customer tastes and preferences (Peterday, 2023). Lyre acknowledges one of its challenges as the continuous change of customer tastes and preference of todays health conscious drinks. This way, it is becoming tricky for organisations to retain customers or even attract new customers. 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 todays healthy conscious consumers thereby bringing on board new customers.
Segmentation StrategyIt is no doubt, market segmentation lays the foundation of any successful long-term marketing strategy, and as such, we will need to adopt an effective market segmentation strategy that will ride on the companys current strengths to facilitate the success of the new product developed (Saville, 2023). The suitable segmentation strategy that Lyre Non-Alcoholic Beverage can use is the demographic segmentation: gender, age, income, level of education, religion, and profession or position in the company. One of the macro environmental factors that affect consumption in the public is their economic status. Targeting customers based on their income levels will help Lyre develop suitable pricing strategies that will look to cater for every customers purchasing power. In the practice of economics, organisations sometimes need to consider the pricing of new products as they attempt to influence the publics adoption of their products and setting a bare minimum price is one way through which a brand launching a new product can enhance the sale of the product. Also, as it is that Lyre Non-Alcoholic Beverage deals with Non-alcoholic beverage, setting a reasonable price adds to the fact that equally the young with small finances can afford the product and contribute to the overall turnover of the product.
Age: Since many social virtues reprimand the practice of engaging in substance abuse by minors, the demographic market segmentation approach is just a match of the companys identity as a non-alcoholic beverage firm. While adults are unlimited on the drinks they consume: beverages, spirits, and alcohol, children for most times find themselves limited on what to drink and what not to drink based on the socially acceptable norms in society. Many times, children under the age of 18 years are cautioned against taking Alcohol and spirits something that equally limits the market potential of spirit and Alcohol firms. To the young children, this is a perimeter on their tastes and preferences. While Lyre offers exclusively non-alcoholic beverages, we will be looking to mimic authentic flavors of Alcohol beverages in our new spirits. This way, we will be diversifying our beverage aromas in our Non-alcoholic drinks to cater for even the young population whose tastes and preferences have always been bounded on merely the tastes of the different drinks. Simply, the company will ride on its brand identity as a Non-Alcoholic Beverage firm to expand its product tastes and cater to the ever changing needs of their customers in the form of tastes whether young or old.
Religion: Least; in Christianity, Christians are allowed to drink but they are not allowed to become drunk. On the other hand, Alcohol drinking in Islam is considered to be haram or a forbidden sin (AP News, 2023). Almost certain, Alcohol drinking as it leads to drunkardness is viewed as a sin. Lyres brand identity as a Non-Alcoholic drink fits in well here. The new spirits will only offer a diversity of choice for its customers. To put simply, the companys products are multiuse for both the Christians and non-Christians. Our diverse tangs will serve the needs of customers who have for long liked Alcoholic flavors but because of their religions are not accepted to take Alcohol. Thus, the new offers will offer value proposition to customers who drink out of their sense of taste, and the company will diversify its flavor portfolio.
Segmentation MethodsThe new offer is being invented against the considerations of the changing regulations, increasing customer consciousness on healthy lifestyles, and the growing concerns of the dangers of Alcohol. The same, our identified market segmentation approach is reflected upon in acknowledgment of the issues mentioned above. For example, different markets have different regulatory and clearance requirements for non-alcoholic beverages. This is the reason why we consider it important to carry out a political, economic, social, technological, and ecological analysis of the various issues in the external environment and markets where we intend to market the product. The analysis of the market economy will allow us the chance to know the income levels of the population and thus inform our pricing strategies. Social factors like religion, gender, age as contained in our market segmentation strategy will be looked at as we evaluate the growing health consciousness of customers, the behaviours of mindful drinking as well as the socially acceptable norms of drinking across gender, and age in our societies which will guide us on the flavors, and ingredients to consider including in our new offer. Alcohol has traditionally been linked to cause liver diseases, high blood pressure, stroke, heart disease and more (Centers for Disease Control and Prevention, 2023). Today, there are mass campaigns that are being carried out to sensitize the public about the dangers of Alcohol. Therefore, by offering a new product along the line of our brand identity, Lyres Non-Alcoholic Beverage will have maintained its habitual identity but also we will be acting in line with the socially acceptable norms and current campaigns intended to promote healthy living in our community.
Still, Lyre Non-Alcoholic Beverages can use adopt other segmentation methods to cater for their different customer needs and preferences. These include;
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. Using this approach, Lyres Non-Alcoholic Beverage will be able to collect its customers 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 (Survey Monkey, n.d). 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 Lyres 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 (Survey Monkey, n.d). With it noted that Lyres 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 IdentificationA. The Segment of Children B. The Segment of Women C. Income Class
We clearly know that the demographic segmentation strategy will be without limitations. Notably, the idea to mimic alcoholic flavors in our non-beverage offer is certain to raise criticism from the public especially now that our products cut across all ages and religious affiliation on the account of being non-alcoholic. The alcoholic aromas may as well be the reason why staunch Christians and Muslims might boycott the offer while serious parents and guardians may as well restrict their children from drinking our new offers with the Alcoholic flavors.
Tastes and preferences are for many times developed from ones sense of taste of a given product or consumable. Many people in society especially women are not expected to drink Alcohol and any women who takes Alcohol is almost viewed as a blasphemy. In the same way, women have desisted anything Alcoholic based on their tastes and flavor. The issue Lyres is likely to encounter is shun of the offer by the female gender. Only a few women might embrace the offer and especially those who already drink Alcohol. While the segmentation of customers based on income levels will allow us to set prices of the products based on our known customer income levels, on the other hand, this tendency will only further social stratas in the public and its associated disadvantages of envy, and delinquency on the upper class.
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.
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.
PrioritizationWith 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. We will thus prioritie to segment our market based on the customers 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.
ConclusionProduct innovation needs to be a thorough deliberative practice to make the new idea a success. I am glad the team at Lyre acknowledges this seeing by the different environment analysis tools that we are considering in this venture. Market segmentation is yet another important factor we are considering and as we aim to serve a broader market base, we could not have chosen anything else than the demographic market segment. Therefore, as our brand intends to be just more than a substitute to Alcoholic beverages, we are looking at various factors of age, gender, income levels, education, and profession to service the majority of the target population.
ReferencesAbout NON | Wine Alternatives Made in Australia. (n.d.). NON. https://www.non.world/pages/about-usSurvey Monkey. (n.d.). 5 types of market segmentation and how to use them. SurveyMonkey. https://www.surveymonkey.com/market-research/resources/market-segmentation/Petkar,P., & Thakur,M. (2021, November 12). Market segmentation types. EDUCBA. https://www.educba.com/market-segmentation-types/Saville,J. (2023, February 17). 4 types of market segmentation with real-world examples. Yieldify. https://www.yieldify.com/blog/types-of-market-segmentation/#demographicCenters for Disease Control and Prevention. (2023, March 23). Drinking too much alcohol can harm your health. Learn the facts | CDC. https://www.cdc.gov/alcohol/fact-sheets/alcohol-use.htmAP News. (2023, May 15). Islam's ban on alcohol and how it's applied. https://apnews.com/article/world-cup-soccer-sports-travel-5da7449cd9f8f7054bf38cf09436854fPeterdy,K. (2023, August 4). Ansoff matrix. Corporate Finance Institute. https://corporatefinanceinstitute.com/resources/management/ansoff-matrix/
MGMT7250: Evidence-Based Management
Assessment Task 2: Stakeholder Evidence Proposal (Tanami wines)
ANU ID: u7774805
Wordcount: 640
Contents
TOC o "1-3" h z u Problem Identification: PAGEREF _Toc146486768 h 3Research Questions: PAGEREF _Toc146486769 h 3Stakeholders: PAGEREF _Toc146486770 h 3Selection of the Stakeholder Group: PAGEREF _Toc146486771 h 4Method: PAGEREF _Toc146486772 h 4Justification for Method: PAGEREF _Toc146486773 h 5Scales and Questions: PAGEREF _Toc146486774 h 5Data Collection Plan: PAGEREF _Toc146486775 h 5Critical Appraisal: PAGEREF _Toc146486776 h 6Conclusion: PAGEREF _Toc146486777 h 6References: PAGEREF _Toc146486778 h 7
Problem Identification:
The problem with Tanami Wines, a well-known Australian vineyard, is that employees are less satisfied with their jobs and are more likely to want to leave the firm. Employee satisfaction has been steadily falling, and since 2016, the intent to leave has been escalating, according to information from the most recent Staff Climate Survey. It is crucial to do a study on this issue since it might have a significant effect on both the long-term performance of the business and the satisfaction of its personnel.
Research Questions:What circumstances are causing Tanami Wines' employees to be dissatisfied with their jobs?
How can the business increase employee job satisfaction and lower the likelihood of turnover?
Stakeholders:
Stakeholder group Notes Impact Influence
Employees The happiness of the worker is essential for productivity. Although indirect, their effect is crucial for retention. Workplace happiness and health Limited ability to influence business choices; opportunity to depart if complaints are unresolved
Management Team Decision-making and future planning for the organization are heavily influenced by management. Making strategic decisions Having a big impact on the strategy and direction of the firm
Customers Products' standing in the market and customer preferences are influenced. Sales, brand reputation, and consumer preference Influence via reviews, loyalty, and purchase decisions
Local Community The prosperity and wellbeing of the neighbourhood are impacted by the winery's operations. Employment and economic effects Indirect effect of participation and support from the local community
Selection of the Stakeholder Group:The employees of Tanami Wines will be the primary subjects of the first round of data collection. Their perspectives are essential since they are personally experiencing falling work satisfaction and the intention to leave their jobs. Gaining an understanding of their viewpoints will help you identify the problem's underlying causes.
Method:Stakeholder evidence will be gathered using a mixed-methods approach that combines qualitative and quantitative techniques. This method is appropriate since it allows for a complete understanding of the problem.
Qualitative Component: A sample of employees will be the subjects of semi-structured interviews for this purpose. In-depth understanding of their experiences, worries, and suggestions for change will be provided via qualitative data. Because the interviews are semi-structured, they will be flexible enough to explore certain issues while preserving consistency in the primary questions.
Quantitative Component: All staff will be given a survey to complete in order to collect quantitative data. This will contain measures and questions about job satisfaction, intention to leave the company, and variables impacting their experiences at work that have been verified.
Justification for Method:A complete knowledge of the issue is ensured by the mixed-methods approach, which combines the depth of qualitative data with a range of quantitative data.
Interviews will provide minor insights that quantitative data alone could miss.
Surveys will offer quantitative information that may be statistically examined to find patterns and relationships.
Scales and Questions:
The survey will include the following scales and questions:
Turnover Intention: Using a numerical scale, workers will express their intention to leave the company during the next 12 months.
Job happiness factors: Employees will be given open-ended questions to pinpoint certain factors that either boost or lower job satisfaction.
Job Satisfaction: Employees will rate their level of job satisfaction on a scale of 1 to 5 using a validated measure.
Data Collection Plan:By conducting semi-structured interviews with a representative sample of the workforce, ensure diversity in experience and jobs.
All employees should take the survey online to maintain confidentiality.
To identify frequent trends and important insights in the qualitative data.
To discover correlations between the variables in the quantitative data, use statistical analysis.
Summarize the findings and provide specific suggestions to management.
Critical Appraisal:Respondent bias in surveys and social desirability bias in interviews are examples of potential biases in data collection. In order to lessen these biases, surveys will guarantee participant anonymity, and interviewers will provide a non-judgmental, open environment to promote sincere replies. With the help of this stakeholder evidence proposal, Tanami Wines hopes to gain important new knowledge on the problem of low employee job satisfaction and set the groundwork for well-informed decisions and potential interventions to raise staff morale and retention.
Conclusion:In conclusion, Tanami Wines must deal with a complicated network of stakeholders, each of whom has varying effects and degrees of power. Making informed strategic decisions, negotiating obstacles, and maintaining sustainability all depend on identifying and successfully involving these stakeholders. For the winery to be successful in the long run, it is essential to comprehend their interests and worries.
References:Cameron, K., & Quinn, R. (1999). DIAGNOSING AND CHANGING ORGANIZATIONAL CULTURE based on The Competing Values Framework. Prentice Hall Series in Organizational Development. https://webuser.bus.umich.edu/cameronk/PDFs/Organizational%20Culture/CULTURE%20BOOK-CHAPTER%201.pdf
Project Management Docs. (2018, August 13). What is a Stakeholder? How to Identify, Analyze and Manage Project Stakeholders. - Project Management Docs. Project Management Docs. https://www.projectmanagementdocs.com/blog/what-is-a-stakeholder-how-to-identify-analyze-and-manage-project-stakeholders/
Suzanne , B. (2014). The PracTice of Social reSearch. https://lms.su.edu.pk/download?filename=1606930922-earl-babbie-the-practice-of-social-research-cengage-learning-2014.pdf&lesson=47225
Nelson, N. (2021, January 7). Identifying and Addressing Employee Turnover Issues. Www.wolterskluwer.com. https://www.wolterskluwer.com/en/expert-insights/identifying-and-addressing-employee-turnover-issues
