Marketing Plan - Echeverry Vodka Essay Example | Topics and Well Written Essays - 2000 words

Marketing Plan - Echeverry Vodka - Essay Example The company understands the significance of retaining customers therefore, it will work on the principle that marketing strategy will aim to satisfy its customers by making a reputable name in the market. Mission The Echeverry Vodka mission is to lead the best quality and innovative production of wine in the American market. The company will keep very close and excellent relationships with the consumers to fulfill their needs and requirements. Company will satisfy consumers at any place or time with the best quality product. The Echeverry Vodka will also keep satisfactory profit margins from its business to maintain the company’s growth and financial stability. The vodka company will maintain a friendly and healthy working environment by adding value to the people and implement innovative marketing strategies to strengthen market position by introducing innovative, new, and best quality products in the existing competitive market. Marketing Objectives The marketing objectives for the vodka company that they will follow to maintain its growth and position in the market are: Every month, the company will sustain its positive growth and stability. Each quarter, company will show increasing market penetration. The company will design marketing strategies with huge campaigns for awareness of its product through the trade shows, which will be figured out by the consumer’s responses and feedbacks on quality of the product. The company will use different modes of advertising to market their product through media, home programs and special shows, through direct mails, hotel guides and different charity events. Market Needs To determine the need of market is the most significant management activity for companies because it is useful for making or developing the new product (Morey, Maybury, & Thuraisingham, 2002). The company will provide tasteful wine to its customers and taste of Echeverry Vodka will be different from the competitors wine. Most of the peop le in Virginia are experiencing similar taste of wine therefore, it is the need of the market to introduce new wine different from others, and people will be able to get a different feeling when experiencing that wine. Echeverry Vodka seeks to provide high quality wine to its customer for making them satisfy and enticing them to drink this wine again. Market Analysis and Competitors: Due to the economic downturn of 2008, the Virginia wine industry has seen a decline, because people became hesitant of buying the product for their luxury. Due to this reason, the competitors have cut down their prices because they do not want to lose their market share (Full Glass Research, 2011). However, Echeverry Vodka has decided to launch itself because it is predicted that the wine industry will increase by 11% in the year 2013, and revenues of this industry will increase up to $49 billion. The popularity of mixed drinks is rapidly increasing in the market and consumer’s spending for non-d urable goods has increased more than 6% therefore, company has an opportunity to launch itself at this stage. The main competitors of Echeverry Vodka are Absolut Vodka and Smirnoff because the rates these competitors are offering is similar to the rates of Echeverry Vodka (ABC, 2012). Financial Objective The Financial Objectives that Echeverry Vodka Company will follow are as follows: Every quarter the company