Week 10 - Final Project BOC & EOC: Les Paul

Les Paul revolutionized the music industry. He was the father, or pioneer because in 1941 he invented the electric solid body guitar. He delivered things like phase shifting, overdubbing, reverb effects, sound on sound, close-miking, multi-tracking, echo and delay. His innovations made him a legend but his talent and style, including his licks, trills, chording sequencing, fretting techniques and timing made him one of the best musicians in modern times. He married singer Mary Ford, and backed up performers ranging from Bing Crosby to Dinah Shore to the Andrews Sisters. He died in 2009 and his imprint on the music, television, and recording industry will not be forgotten. In memory of Less Paul, on the Google guitar, I have played a little jingle just for him.

http://goo.gl/doodle/Va7Bw

Week Final Project 9 EOC Three great mission statements

I have read all of my classmates mission statements and I have found Ritsch The mission of Toxic Vodka is to position ourselves in the market as a unique brand. We will target a customer base of young adults and deliver them a quality product. Our vodka will be recognized as a unique brand that stands out from all the others in the market.Toxic Vodka will be about more than just a great tasting drink, it will be about the lifestyle, for those who never  fear the Toxic. I liked it because it is simple and to the point. No fancy words but clearly on a mission. "Mission statements should be meaningful and specific yet motivating. They should emphasize the company’s strengths in the marketplace.", Marketing: An Introduction, Armstrong/Koetler, pg 6) 


The next great mission statement is Grover's "The mission of Verb Vodka is to give a quality beverage to accent a good time, as well as promoting responsibility when consuming alcoholic beverages and participating in sexual activities.  that is why every bottle of Verb Vodka comes packed with two condoms. Verb vodka prides it’s self on being the beverage that leads to a sensual and pleasurable experience, yet Verb Vodka understands the importance of being responsible in that arena also." Nice and simple. Nothing too complex, and his vodka lead to a sensual and pleasurable experience. not to many mission statements make that claim. you want to buy it just to see if it is true.


Next up, is:  Stefany Chirino,. It is nice knowing what women want, and to top it off, you can buy it in a bottle. The Femme Fatale experience is over all what makes our product a great one. We carefully choose the best places to find our best ingredients to give you an over all quality taste. Giving women what they want, when they want it. A feminine delicious fruity taste for the women that deserve it. The exclusive drink for the exclusive woman. There, doesn't that make you want to buy a bottle of Femme Fatale vodka and then  maybe mix it with Grover's Verb vodka just for that special occasion. 

EOC Week 9: Final Project, Creative content

My goal is to brand a message with my creative content so it becomes a part of the entertainment rather than interrupting the entertainment. "(IMC) Integrated marketing communications. Carefully intetrating and coordinating the company's many communicatins channels to deliver a clear, consistent, and compelling message about the organization and its products." Marketing, an Introduction p. 382. My creative content for Billionaire Vodka will be a radio advertisement that states its most attractive feature - its incredible taste and its ability to transport you to that next level for which you have been striving in just on sip. Billionaire’s creative concept or “big Idea” will be a great message strategy and will be distinctive and memorable. Our copywriter and art director will team up to generate many ideas such as our phrase “flavored with opulence” and hopefully one of them will prove to be successful. It may emerge as visualization, a phrase, or a combination of the two. This creative concept will guide the choice of advertising appeals and will have three components. They will be meaningful, pointing out the benefits that make the product more desirable. Then, appeals must be believable; making the consumers believe the product or service will deliver the promised benefits. Lastly the appeals should be distinctive. They should tell how the product is better than the competitors. "For example, the most meaningful benefit of owning a wristwatch is that it keeps accurate time, yet few watch ads feature this benefit. Instead, based on the distinctive benefits they offer, watch advertisers might select any of a number of advertising themes." Marketing: An Introduction, Armstrong/koler, p. 392. So, when you purchase Billionaire Vodka, you will be confident you are drinking the very best on the market. “Creative concept: the compelling ‘big idea’ that will bring the advertising to life in a distinctive and memorable way. The creative team will find the best approach, style, tone, words, and format for executing the message.

My final project is a seperate CD as a radio advertisement and script, and has been handed in to the teacher.

Final Project, Implementation Evaluation & Control

Part of following the proper market analysis needed for your company’s success is paying attention to the management and marketing management. Managing the marketing process requires the four marketing management functions: analysis, planning, implementation, and control. “The company first develops company wide strategic plans and then translates them into marketing and other plans for each division, product, and brand. Through implementation, the company turns the plans into actions. Control consists of measuring and evaluating the results of marketing activities and taking corrective action where needed. Finally, marketing analysis provides information and evaluations needed for all of the other marketing activities.”, pp.55. Billionaire Vodka sales promotion programs will be evaluated and work to measure the returns on their sales promotion investments and will also evaluate the returns on other market activities. We will compare sales before, during, and after a promotion to see the effectiveness of the promotion campaign. We will asses the promotion’s effectiveness of its ability to attract new customers or more purchases from existing customers. It well be determined if we can hold on to new customers and their purchases. We will evaluate the long-run customer relationship and sales gains to determine if the promotions cost can be justified. Next, the marketer will define the sales promotion objectives and select the best tools for the job.  The goal is to match the company’s strengths to attractive opportunities in the environment, while eliminating or overcoming the weaknesses and minimizing the threats. Marketing analysis provides inputs to each of the other marketing management functions” pp.66 Marketing, an Introduction, Armstrong/Kolter.  Implementing, evaluating and control of Billionaire Vodka all starts with market planning.  "A marketing strategy consists of specific strategies for target markets, positioning, the marketing mix, and marketing expenditure levels. It outlines how the company intends to create value for target customers in order to capture value in return." Marketing: An Introduction Armstrong/koler p. 56. This will help design the sales promotion program and then implement the program and evaluate the results. Further more, other promotion mix elements must be coordinated carefully with sales promotion within the overall integrated marketing communications program.

Final project, Marketing Mix, Price

Billionaire Vodka will increase its customer value and satisfaction relative to its competitors by offering a superior product at a reasonable price. The price is set to match consumers’ perceived value at around $45.00 pre bottle. “The company first assesses customer needs and value perceptions. It then sets its target price based on customer perceptions of value. The targeted value and price drive decisions about what costs can be incurred and the resulting product design. As a result, pricing begins with analyzing consumer needs and value perceptions, and price is set to match consumers’ perceived value.”Marketing: An Introduction Armstrong/Kolter p. 276. At Billionaire Vodka, we believe the consumer will realize the value of this vodka after the first sip“It’s important to remember that “good value” is not the same as “low price.” Marketing: An Introduction Armstrong/kolter, p. 276.  - it will be the best vodka experience the customer will ever have. To a vodka lover, price is nothing, taste is everything. 

Final Project, Marketing Mix, Promotion

Billionaire Vodka designs its promotion programs so that it communicates the proposed value to the target consumers in order for the customer to purchase the product. “The major marketing mix tools are classified into four broad groups, called the four Ps of marketing: product, price, place, and promotion…. …Finally, it must communicate with target customers about the offering and persuade them of its merits (promotion).” Marketing: An Introduction, Armstrong/Koler. pp. 12 - 13. Billionaire Vodka designs its promotion programs so they convey the value to our potential customers and persuade them to purchase our product. “Thus, beyond practicing good customer relationship management, firms must also practice good partner relationship management.” Marketing: An Introduction Armstrong/Koler p. 31. Our company will work closely with its marketing partners both inside the company and throughout the marketing system. Based on the types of consumers that use a companies products and services, products and services fall into two classes – Consumer products and industrial products. Billionaire Vodka will be a consumer product for consumer consumption and intended on being a convenience product. “Consumer products are products and services bought by final consumers for personal consumption.” p. 211 Marketing an Introduction Armstrong/Kotler. Company’s market products differently according to the way consumers buy them, such as, convenience products. Which is defined as a consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort. 

Final Project, Marketing Mix, Distribution

Billionaire Vodka is a specialty product and has many loyal consumers in all major markets. Our customers make a special effort to locate and purchase our product with little comparison to other brands. They have a lower sensitivity to price and expect to find our product in quality establishments and fine outlets in any major market. Billionaire will partner with major distributors for improved joint performance. “…they must find ways to “partner” with major distributors in a search for distribution economies and improved joint performance.”. Marketing: An Introduction, Armstrong/Koler, pp. 231 - 232). Having an increase in the number of competitors due to the profit opportunities shown by Bilionaire will lead to an increase in the number of distributors. “Attracted by the opportunities for profit, new competitors will enter the market. They will introduce new product features, and the market will expand. The number of distributin outlets, and sales jump just to build reseller inventories” Markering: An introduction, Armstromg/Koler, p. 259. Billionaire will spend a lot of money on promotion and distribution and having already spent a lot of money on the product Billionaire expects to capture a dominant position. “In the growth stage, the firm faces a trade-off between high market share and high current profit. By spending a lot of money of product improvement, promotion, and distribution, the company can capture a dominant position.” Markering: An introduction, Armstromg/Koler, p. 260. The characteristics of Billionaire distribution, as an introduction, will build selective distribution, and as growth continues it will build intensive distribution, and then with maturity it will build more intensive distribution, and finally, in the event of declining sales, it will phase out any unprofitable outlets.

Final Project, Market Mix, Product

Our product is Vodka. No new product development, no new brands, product improvement or modifications. However, if Billionaire Vodka extends its product line, it would adhere to the same strict standard of quality and excellence that we apply to our luxury vodka. For now product mix is not a stage in which our company is engaged. We will concentrate on shaping the customers product-use experience and how customers will use and benefit form our product. “Design begins with observing customers and developing a deep undestanding of their needs. More than simply creating product or service attributes, it involves shaping the comsomer’s product-use experience: Marketing: An Introduction Armstrong.koler p. 215 . Billionaire Vodka will add customer value through distinctive product style and design. The style of the product will be eye-catching, from its papyrus label, to its gold cord, and its old world feel. This product creates core customer value from its visible attributes to its smooth, refreshing taste and branding. "Another way to add customer value is through distinctive product style and design. Design is a larger concept than style. Style simply describes the appearance of a product... design is more than skin deep—it goes to the very heart of a product. Good design contributes to a product’s usefulness as well as to its looks." (Marketing: An Introduction, Armstrong/koler, p. 215). The bottle design has an easy to use grip and an easy to peal wax stamp that guarentees its freshness, with a lid that has an old world feel, yet is easy to open and close.

Final Project, Target Market Strategy

Revealing the firm’s market segment opportunities, Billionaire will evaluate the various segments and decide how many segments it can serve and which segments it can serve best. Billionaire will look at three factors, segment size and growth, segment structural attractiveness, and company objectives and resources. “The company must first collect and analyze data on current segment sales, growth rates and ezpected profitability for various segments, it will be interested in segments that have the right size and growth characteristics.” Marketing: An Introduction, Armstrong/Kolter, p. 186. The right size for the Billionaire market is not the largest segment available, as it’s competition is too aggressive with the mid-priced vodka’s. Billionaire Vodka finds more potential and profits in the more exclusive, luxury vodka markets. “A company should enter only segments in which it can create superior customer value and gain advantages over competitors.” Marketing: An Introduction, Armstrong/Kolter, p.186. It would make little sense for Billionaire to enter a large market segment in which the most common vodkas are sold. “Market targeting can be carried out at several different levels. …companies can tartet very broadly (undifferentiated marketing), very narrowly (micromarketing) or somewhere in between (differentiated or concentrated marketing).” Marketing: An Introduction, Armstrong/Kolter, p.186. Billionaire Vodka will use Concentrated Marketing (or niche marketing) strategy rather than going after small shares of a larger market, The firm will go after large shares of one or a few smaller segments or niches. This will allow for us to focus our limited resources on serving niches that would be unattractive to larger companies.

Final Project, Situation or SWOT Analysis

When managing the marketing of Billionaire Vodka we will begin with a complete analysis of the company’s situation  by using a SWOT analysis. Defined: as An overall evaluation of the company’s strengths (S), weaknesses (W), opportunities (O), and threats (T). Billionaire Vodka has many strengths (S). “The company should analyze its markets and marketing environment to find attractive opportunities and identify environmental threats. It should analyze company strengths and weaknesses as well as current and possible marketing actions to determine which opportunities it can best pursue. The goal is to match the company’s strengths to attractive opportunities in the environment, while eliminating or overcoming the weaknesses and minimizing the threats. Marketing analysis provides inputs to each of the other marketing management functions.”(Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions p. 55). First, it is one of the finest tasting vodka’s in existence. Our rye is grown on a farm that is known to be the oldest farm in Monte Carlo. It has existed since long before the country of Monte Carlo has been around. Before the country of Monte Carlo was created, it was considered the most nutrient rich soil in France and all of Europe. It has catered to King, Queens and Monarch’s. Second, our process for making this vodka has been refined to include the highest standards of processing known to man. Thirdly, we rarely find the need to advertise; the pure satisfaction of our high caliber clientele is the best advertising we could hope for. Our weaknesses (W) are few. But one would be our limited capacity output. Since we keep very tight control over the quality of our ingredients and never compromise, we are often limited to the availability of the finest ingredients in the world. Opportunities (O) are endless. Though we only offer our product via the world's finest establishments, there’s an increasing awareness and demand for these fine outlets. Our Threats (Y) are simply put, everyone wants to be the best, yet few achieve the quality, high-grade, luxury vodka offered by Billionair. "A company's marketing environment consists of the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers." Marketing, An Introduction, Armstrong/Koler, p.p. 66 The marketing and research intelligence used for collecting information about the market is used in the customer and competitors environment by the company's marketers in order to come up with new strategies in order to meet new marketplace challenges and opportunities.  

Final Project, Objective

Billionaire Vodka's objectives are aggressive but achievable for the first and second year on the market, we are aiming for unit sales volume of 600,000. Second-year objectives are to sell a combined total of 1.2 million units and to achieve breakeven early in the year. The goal with our product launch is to establish a well-regarded brand name associated with important positioning. "The company's objectives should be defined in specific terms so management can measure progress and plan corrective action if needed to stay on track. This section describes any major issues that might affect the company's marketing strategy and implementation" Marketing: An Introduction, Armstrong/koler, p. MP7. Billionaire Vodka will invest heavily in marketing to create a superb and distinctive brand image projecting luxury, quality, and value. We will adjust our marketing efforts as necessary according to the market changes and demands with a measured awareness and response. Our market strategy is based on a positioning of product differentiation. Our primary consumer target is middle to upper income professionals who have higher expectations of their spirits. Our secondary consumer target is lower to middle income earners who want the experience and taste of a luxury spirit and can spend a little more to for that extravagance. Billionaire's primary target is educated, entrepreneurial and well-rounded, as well as affluent executives and professionals who want to relax with what is clearly know as “the best”.  We are positioning the Billionaire brand as the most sumptuousness, opulent vodka on the market. Our marketing will focus on the down time of those who make things happen, those with discriminating taste, and those who see the worthiness in quality. We will build a competitive advantage by supporting the appropriate strategy and implementation of an effective market strategy. To reinforce our brands prominence in the industry, we will offer a money-back guaranty and the brand logo will be succinctly remarkable as to differentiate it form any competitor. We will also offer our product in different size bottles, all adhering to our distinct bottle features. The pricing strategy will be introduced at $30 wholesale/$45 estimated retail price per unit. Our channel strategy is to use selective distribution, marketing Billionaire Vodka through well-known, quality stores and establishments. We will add channel coverage in all the major markets across the globe. We will also arrange special payment terms for retailers that place volume orders. We are planning tight control measures to closely monitor quality and customer-satisfaction. We will be able to react very quickly in correcting any problem with early warning signals that will be monitored for signs of deviation from the plan. Lastly, managers will use budgets to project profitability and plan for each marketing program’s scheduling, expenditure and operation.