Marketing Plan for Blackmores Limited Australia – Assessment Answer

Marketing Mix Strategy

The marketing mix includes product, pricing, venue, and promotion. Marketing mix techniques for Blackmores' Clean Energy Natural Drink include:

1. Product: Clean Energy Natural Drink should be marketed as a premium, natural energy drink. High-quality ingredients and appealing packaging are required.
2. Price: Price the Clean Energy Natural Drink competitively while reflecting its premium standing. Price promotions as well as discounts may help Blackmores acquire new consumers and promote experimentation (CHAMBERS, 2022).
3. Place: The product must be sold in pharmacies, health food shops, and online. For expanded distribution, Blackmores could partner with gyms, fitness centers, and wellness spas.
4. Promotion: Blackmores must market Clean Energy Natural Drink via many channels. Digital marketing, social media advertising, influencer collaborations, and targeted print and TV ads are examples (CHAMBERS, 2022). The brand should emphasize its natural components, energy-boosting effects, and uniqueness from competing energy beverages.

Principal Marketing Objectives

Strategic study of Blackmores' position identifies the following marketing goals:

1. Increase market share: The goal of this program is to increase consumer interest in and demand for Clean Energy Natural Drink in order to increase the company's current market share. Implementing creative product concepts, targeted marketing initiatives, and strategic collaborations may help with this. This goal should aim to increase Blackmores Clean Energy Natural Drink market share. Targeting new client demographics, expanding distribution channels, and strengthening brand positioning may achieve this.
2. Enhance customer loyalty: Blackmores should put a higher priority on strengthening relationships with its customers and boosting brand loyalty (Samadi, 2015). This may be done by using targeted marketing campaigns, customer loyalty programs, and consumer-interaction-focused events. Long-term success requires client loyalty. The marketing approach should emphasize customer connections via customized communication, loyalty programs, and product improvements based on consumer input.
3. Expand distribution channels: The objective is to expand the number of distribution channels for the Clean Energy Natural Drink, including both traditional and online ones. The performance of e-commerce platforms may be enhanced, relationships with merchants can be strengthened, and new prospects for collaboration can be sought for. A key goal of the marketing plan should be to promote Blackmores Clean Energy Natural Drink. This may be done via advertising, social media marketing, influencer partnerships, and product sampling.

Setting goals is essential to creating a consistent marketing approach. First and foremost, they will give a clear operational foundation. They will also include plan implementation evaluation criteria. The target duration and measurability were considered while creating goals. Each important segment—market penetration, extension, product development, and diversification—has objectives. In terms of market penetration, Blackmores could increase its Korean positions. In several Asian nations, the company's presence is well established, according to its study. Thai and Malaysian sales growth averages 17-27%. Thus, Korea's sales growth should be at least 17% in the following year.

It is suggested that the corporation enter the Turkish market. The corporation indicated three years ago that it will expand into Turkey, Korea, and Kazakhstan if its footprint was strong enough in the present regions. The firm already works with the latter two nations, but the Turkish market must be entered.

In terms of product development, the corporation should push its revolutionary UltraClean 85 recipe and find new methods to use it. Worldwide health authorities approved this enriched fish oil a year ago. So, Blackmores probably makes a few items using this recipe. Finding additional producers interested in buying this formula is another option.

In the coming year, the corporation must maintain its market share. As the competitive situation worsens, this goal is crucial.

Brand Positioning Strategy

Within the realm of the natural health market, Blackmores has a strong brand identity. Utilizing a family umbrella branding approach allows the firm to capitalize on the current brand value it has in order to better market its Clean Energy Natural Drink. This indicates that the product will be positioned as a part of the Blackmores brand portfolio, with an emphasis placed on the dedication of the brand to providing products that are high in quality, made with natural ingredients, and contribute to the individual's overall wellbeing.

A brand positioning map is a useful tool for graphically representing how the Clean Energy Natural Drink stacks up against competing energy drink brands in terms of important characteristics. The map may show parameters like natural components, the amount of caffeine it contains, the cost, and how it tastes (Samadi, 2015). Blackmores is able to reach customers who are concerned about their health and are looking for a better and more environmentally friendly way to perk up their energy by marketing the Clean Energy Natural Drink as a natural alternative that is offered at an affordable price. Blackmores Clean Energy Natural Drink should have a product brand identity. Marketing will be more targeted and concentrated. The drink's natural and clean energy advantages should be highlighted in its brand positioning to set it apart from rivals.

A consistent positioning is crucial to an efficient marketing strategy and helps the organization manage priorities. Thus, Blackmores' competitive aspects must be identified.

As indicated above, the firm does not have a low-cost philosophy, thus pricing is not an advantage. High product prices might be a positive if the manufacturer offers them as an indication of quality. High quality is Blackmores' major client retention strategy. The company has won "Australia's Most Trusted Vitamin & Supplement Brand" for seven years running due to its quality, so emphasise this aspect of the products.

Advisory work helps Blackmores stay competitive. Thus, corporate professionals may provide certified online and phone product assistance to clients. Individualization gives customers the perception of “specialty” and retains their loyalty. It also promotes the company's output since clients trust specialists more than advertising. Thus, the company's marketing approach should emphasize product quality and expert guidance.

Strategies

Strategy 1: Targeting athletes and fitness enthusiasts

• Target market segment: Athletics and fitness enthusiasts seeking natural energy.
• Marketing mix: Sporting event and athlete sponsorship, fitness influencer collaborations, targeted digital advertising, and gym and health club product placement.

Strategy 2: Targeting health-conscious individuals

• Target market segment: Health-conscious people who value clean energy.
• Marketing mix: Social media ads, health and wellness blogger partnerships, in-store sampling and demonstrations, and health food store collaborations advertising the drink's health advantages.

Strategy 3: Targeting busy professionals

• Target market segment: Working professionals who need a natural energy boost.
• Marketing mix: Strategic collaborations with cafés and coffee shops, workplace sample and promotions, targeted internet advertising on professional websites and platforms, and productivity and energy content marketing.

Strategy 4: Targeting parents and caregivers

• Target market segment: Parents and caregivers seeking a natural, nutritious energy source for their children.
• Marketing mix: Collaboration with parenting bloggers and influencers, collaborations with schools and childcare facilities, targeted digital advertising on parenting blogs and social media platforms, and packaging and labelling that emphasizes the drink's natural and clean components for children.

Marketing Metrics Framework

The following metrics may be used to ascertain whether or not one's marketing efforts are successful and to determine whether or not one's goals are being met:

1. Market share: determine the proportion of the market that is held by Blackmores' Clean Energy Natural Drink in comparison to other companies in the same industry.
2. Loyalty from customers: Monitor indicators such as client retention rates, the frequency of repeat transactions, and overall customer satisfaction rankings.
3. Increase your distribution by keeping an eye on the amount of new retail partnerships that are formed, the growth of your online sales, and your development into new areas.
4. Brand awareness: Determine how well a brand is remembered and recognized by conducting surveys and analyzing engagement data on social media.
5. Sales growth: Monitor the rise in sales revenue as well as the growth in unit sales over time.
6. Acquiring consumers: This step requires monitoring the sources of new consumers and conversion rates in order to evaluate how successful marketing initiatives are at bringing in new customers.

Blackmores is able to exert control over the results and make certain that their marketing goals are being accomplished since they evaluate these data on a regular basis and adapt their strategy as necessary. Adjustments to the marketing strategy may be implemented as a result of routinely monitoring and evaluating these variables. In general, the goals of the marketing campaign for Blackmores Clean Energy Natural Drink are to raise awareness and brand recognition, grow market share, and strengthen consumer loyalty. The brand positioning strategy should center on the creation of a powerful brand identity for the specific product, with an emphasis on the advantages associated with the product's use of natural and clean energy. Some of the market segments that the marketing strategies should aim to attract include athletes, health-conscious customers, busy professionals, and parents and caregivers. Every strategy has to be accompanied by a customized marketing mix that is tailored to meet the demands and satisfy the preferences of the target audience in order to be successful. Constructing a framework of marketing metrics is required in order to monitor the effectiveness of the strategies and take appropriate action in response to any negative outcomes. These indicators need to include things like brand recognition, market share, customer loyalty, sales volume, return on investment (ROI), interaction on social media, and expansion of distribution channels, among other things. If these indicators are tracked and studied on a consistent basis, it will be possible to adjust the marketing methods that are being used. This will ensure that the marketing methods are working effectively towards achieving the objectives.

Conclusion

The key objectives of the marketing strategy for the Blackmores Clean Energy Natural Drink brand are to deepen their market penetration, foster customer loyalty to the brand, and enhance the product's individuality. These are the broad objectives that the organization has set for itself. This might be achieved via the employment of specialized marketing strategies that direct their focus toward certain market segments, such as those who are worried about their health, busy professionals, parents and caregivers, and sports and fitness enthusiasts. Every strategy has to have a customized marketing mix that is personalized to the demands and preferences of the audience that is being targeted. This is required in order for the strategy to be effective. The success of the programs may be evaluated and managed more effectively with the assistance of monitoring metrics such as market share, brand recognition, customer loyalty, sales volume, engagement on social media, and increase in distribution channel expansion. frequent examination of this data will allow for adjustments to be made to the marketing strategies, which will ensure that the strategies are effectively reaching the objectives. this adjustments will be made possible as a consequence of frequent research of the data.

References

Blackmores Limited. (2023). 18 August 2022 ASX market announcements office - annualreports.com. https://www.annualreports.com/HostedData/AnnualReports/PDF/ASX_BKL_2022.pdf

Blackmores. (2023a). About Us. https://www.blackmores.com.au/about-us

Blackmores. (2023b). BLACKMORES Australian offices. https://www.blackmores.com.au/about-us/australian-and-international-offices/australian-offices

Blackmores. (2023c). Contact us. https://www.blackmores.com.au/contact-us

Blackmores. (2023d). Tips & advice on improving your energy levels. https://www.blackmores.com.au/energy

CHAMBERS, P. (2022). Why good ‘brand’ health changes everything - the Australian. https://www.theaustralian.com.au/business/growth-agenda/why-good-brand-health-changes-everything-for-blackmores/news-story/a1028922d6a157e1b2ea05526b823c7a

Department, S. M. (2023a). Blackmores Limited Pestel Analysis & Environment Analysis. Fern Fort University. http://fernfortuniversity.com/term-papers/pestel/nyse4/4956-blackmores-limited.php

Department, S. M. (2023b). Blackmores Limited Porter five forces analysis, Porter 5 forces analysis. Fern Fort University. http://fernfortuniversity.com/term-papers/porter5/asx/767-blackmores-limited.php

Department, S. M. (2023c). Blackmores Limited SWOT analysis matrix (strengths, weakness, opportunities, threats). Fern Fort University. http://fernfortuniversity.com/term-papers/swot/nyse/4956-blackmores-limited.php

Lee, R. (2012, March 16). Blackmores to increase digital marketing strategies: Advertising. Campaign Asia. https://www.campaignasia.com/article/blackmores-to-increase-digital-marketing-strategies/294018

Samadi, F. (2015, November 25). Blackmores Picks Brand New Solutions as PR Agency for Australian open. PR Week. https://www.prweek.com/article/1374279/blackmores-picks-brand-new-solutions-pr-agency-australian-open

Scattergood, G. (2022). Blackmores to reveal how digital adoption, product innovation and dosage forms can aid healthy ageing in APAC – growth asia summit. nutraingredients. https://www.nutraingredients-asia.com/Article/2022/07/11/Blackmores-to-reveal-how-digital-adoption-product-innovation-and-dosage-forms-can-aid-Healthy-Ageing-in-APAC-Growth-Asia-Summit

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