Marketing Plan 2005
Table of Contents
Executive SummaryPage 3
Situational AnalysisPage 4
SWOT AnalysisPage 4
Our MissionPage 4
Our ValuesPage 5
Our VisionPage 5
Our GoalsPage 5
Our Target MarketPage 5
Marketing ObjectivesPage 5
Marketing StrategiesPage 6
Projected Expenditure on MarketingPage 6
Market ResearchPage 7
Marketing…How and Where?Page 7
Implementation, Monitoring and Controlling
Key indicators of effectivenessPage 8
ControlsPage 8
ResearchPage 8
Financial ForecastPage 9
Earnings SummaryPage 9
Executive Summary
The following integrated marketing plan provides an outline for what is needed to pursue a successful expansion into the Asian beer market. To date, lack of marketing has been the catalyst for our poor returns in this region. To remedy this, we need to spend a good deal of money establishing ourselves as a serious brand in this region.
The Asian market is potentially the most lucrative of all markets where we operate, and to date, has been little more than a drain on our resources, offering little or no returns. Through an extensive marketing campaign, including sponsorship of popular events in Asia, such as Soccer championships, and an extensive TV advertising campaign, we can establish ourselves as the leading beverage choice throughout Asia, to add to the titles we already hold in Great Britain and Australia, to name but a few.
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Our financial situation is clearly in a state where this form of expansion can be easily supported, given
•We have very healthy profit margin
•It is a very lucrative market
•We are a global company, and need to look globally in terms of distribution
We have a very broad target market with our wide range of beers, and this will assist in many areas, most notably with our marketing, as we are able to reach such a broad spectrum of people who make up our target market.
Our marketing campaign outlined in the following report is for the next three years, and it will be evaluated on a monthly basis, giving room for change as it is needed, and our close alliance with our market researchers will ensure that change is implemented where it is needed.
There is no reason why, with proper marketing; that the Asian region can not develop into the most lucrative and valuable market in which Fosters operates. If the marketing is effective, we can reach as many people in this sole market, as almost all of our other markets put together.
Situational Analysis (1)
Foster’s Group is a premium global multi-beverage company delivering a total portfolio of beer, wine, spirits, cider and non-alcohol beverages. Our products inspire global enjoyment and are enjoyed by consumers all over the world. We are strong throughout Australia, UK and North America, and are looking to expand our brand even further, looking specifically at the massive potential market that exists in the Asian region, which to this day has returned poor sales figures. We have a very healthy profit margin, with a net profit of almost $800m in the 2003/04 financial year, and this will allow us to fund an extensive marketing campaign through Asia, which will hopefully increase sales to build a strong following there.
SWOT Analysis
Strengths
•Well established brand name
•Wide range of brands offering variety
•The quality of products we offer
•Our Price – committed to competitive pricing
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It depends on dimension such as high price, high quality, uniqueness, exclusivity etc. What is a luxury product? In economic terms, luxury products are those who can consistently command and justify a higher price than products with comparable functions and similar quality. In marketing term, luxury products are those who can deliver emotional benefits which is hard to match by comparable ...
Weaknesses
•Poor returns in Asia region
•Size – global company harder to manage
•Understanding of Asian market – many differences require thorough research
Opportunities
•Through marketing, to take advantage of large Asian market
Threats
•Competition exploitation of Asian market
•Terrorist events such as 9/11 having ramifications for business
•Changes in consumer preferences
Our Mission (1)
Fosters Mission is to work together, respecting each other, our heritage, diversity, skills and knowledge to:
•Build premium quality, first-choice brands
•Deliver service excellence to customers and consumers
•Generate superior returns for shareholders
•Create an inspiring workplace
•Be welcomed in the communities in which we operate
Our Values (1)
•Energy and Passion
•Leadership and Teamwork
•Learning and Innovation
•Safety and Quality
•Integrity and Accountability
Our Vision (1)
To be the leading premium branded beverage company inspiring enjoyment, responsibly around the world.
Our Goals (1)
•First choice brands for consumers (leading brand portfolio in relevant market – targets to come)
•First choice employer for our people (2005 target = Inspire Survey score of 65%)
•First choice investment for shareholders (top quartile ASX performer and Corporate Reputation Index – targets to come)
Target Market
Our target market is very broad because we have a wide range of brands throughout the world that appeal to many different people. Separately, however, our beers will be aimed at mainly a male market, between 18 and 70. Our wine range will be targeting both sexes, slightly older, about 30 to 70 years. Our spirit range will most probably attract a younger audience, and will therefore be aimed at both sexes between the ages of 18 and 40. Overall, however, we feel our products appeal to a mass market, consisting of both male and females of no specific demographic in the Asian region, 18 years and over.
Marketing Objectives
Over the course of the next three years, we hope to be one of the leading brands of beverages in the Asia Pacific region, and to be generating considerable returns from this portion of our worldwide market. We can break our target markets in Asia (and throughout the world for that matter) down into two subgroups, primary and secondary. Primary is those who haven’t tried Fosters beverages, and secondary, those who have. The aim of our marketing effort is to encourage people who haven’t; to try our brand, and to instill a sense of brand loyalty into those who have, and ensure Fosters is the brand they choose in future.
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Marketing Strategies
Product: Our products are widely varied, from beers, to wines, to spirits, all in varying price brackets. We believe this allows us to be able to reach a very large market. In the Asian market, we will primarily be looking at marketing our beers to begin, as research shows that beer would be the most popular and easiest to market, as it is cheap enough to be accessible to a wide range of consumers. Once we have a foothold, and a reasonable market share with these, we will look to expand our marketing to include our wine and spirit ranges. We will attempt to market our products as being available to anyone anywhere.
Price: The price range of our many beer labels is our main advantage over our competitors, as we have a number of different price ranges, ranging from the cheaper run-of-the-mill beers like VB, to the more expensive, premium brands, such as Cascade. This gives us a huge potential market, as it virtually eliminates the income portion of the demographic. Our beers are not exclusive to any income range, and are therefore readily available to all.
Promotion: In many other countries, such as Great Britain and Australia, we have gained major exposure through our sponsorship of major sporting events such as the Grand Prix and the Melbourne Cup. This has worked very well, as in Great Britain we are one of the leading brands, and in Australia, we are the leading brand. We plan to sponsor some similar events throughout the Asian region, such as Soccer, which is very popular in many Asian countries, and launch an extensive TV marketing campaign which will identify with our target market, and encourage them to purchase our product. The major problem for us in Asia in the past has been lack of funds and marketing for our products, combined with the high price of importation, and through a multi-million dollar marketing campaign, we hope to remedy at least half of this problem.
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Place: Part of our problem in Asia to date has been the high cost of importation into the region, and we have attempted to solve this by setting up breweries in the region. Whilst this may be expensive initially, in the long run, because of the sheer size of the market, the cost is relatively insignificant. Our distribution is to be as wide as practically possible, to tie in with the image of our products being accessible to everyone anywhere, and we hope to be sold in every liquor store in Asia, to further enhance this image.
Projected Expenditure on Marketing: Currently, we are not breaking even in the Asian region, so it is necessary that an extensive marketing campaign takes place, and money is spent to ensure our survival in such a potentially lucrative market. Our current profit margin worldwide is $799.3 million, so it is reasonable to assume that we will be able to spend a large amount on marketing in Asia. $343 million was spent on marketing in total in 2004, and it is expected that that figure will increase dramatically because of our Asian effort. It is projected that a figure in the range of $250-300 million will be spent on marketing in the form of sponsorship and advertising, in order to gain the exposure we need in the region.
Market research: Research conducted in four Asian countries, namely Thailand, Vietnam, China and Korea, showed an increasing amount of beer consumption per capita in all four places. Vietnam was the best, with an estimated figure of 62.5L by 2005 (2).
We also plan to enlist the services of many specialist companies such as Beverage Trends to conduct research on the trends of consumers, as well as having our own market research team. This should provide the marketing team with valuable information and give insight as to the best way to market our product and reach out to potential customers.
Marketing…How and Where? Fosters will market itself through a number of methods, the most notable being through sponsorship of major sporting events, similar to our strategies in other regions throughout the world, and through extensive TV advertising. We will attempt to sponsor some of the more popular and widely watched sporting events in Asia, such as Soccer championships, and we will also run a series of adverts on TV which will identify with our target market. Both of these marketing strategies will work closely with, and be linked to, our market research program, in order to identify with consumer demands better and create both brand loyalty, and a strong bond with consumers.
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Implementation, Monitoring and Controlling
Quantative Analysis
Key indicators of the Effectiveness of our Strategies: In the next twelve months, we hope to increase our sales in Asia to the point where we are actually making money on this long term investment, and through sponsorship and extensive advertising, we believe this is a very achievable goal, given the success of current brewers in the region. Within three years, we want to be one of the top three brewing companies trading there. This is very achievable given the amount of money and resources that we are willing to put into the market. We will consider it a success if, after the first year, we have a market share of 5-6%, and it will be considered a success if, after the third year, we have a market share of 25% or more. This figure should put us into the top three beer brewing companies in the region, and will make the operation a major success. If Fosters manages to gain a foothold, and grow similarly to what we have in India (3), the possibilities are almost limitless.
Controls: This marketing plan will be controlled using many different mediums in order to ensure the effectiveness of such a system; including the consistent monthly monitoring of performance in comparison to forecast objectives such as budgets, sales statistics and cost analysis’. This will create a system that ensures we are constantly in-touch with the current situation, and it is adaptable to change if the need arises.
Research: Our continued communication with the companies researching the market on our behalf, as well as our own market research team, will ensure that we are always receiving the latest, most up to date information, and will allow us to adapt to different situations according to our strategic plan
Financial Forecasting: The 2004 Fosters Annual report shows that we are in a very stable financial position, and in a good position to pursue expansion. Our net profit is sufficient to warrant extra expenses on marketing efforts throughout Asia. Our projected financial forecast for the year 2005 is very promising, and again shows an improvement on the figures of 2004, and these were an improvement on the previous year. Financially speaking, Fosters looks to be in good shape. Please see our annual report for further financial information.
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Earnings Summary (Forecast 2005) (1)
EBITAS ($m)20052004
Beer620.4563.7
Wine301.7291.7
Total922.1855.4
