Key Issues Facing Naked Juice and Recommended Marketing Strategies

Final Individual Assessment

Unit Details	Name	Marketing Management
	Code	HI5004
	Year, Trimester	Trimester 2, 2024

Assessment Details	Name	Final Individual Assessment
	Due Date & Time	10 October, 2024 10.59 pm - Brisbane & Gold Coast students 11.59 pm - Melbourne & Sydney students

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All responses must be entered in the answer boxes at the end of each question.

Question 1 (10 marks)

Explain the concept of the marketing mix and how it serves as a tool for marketing managers to influence consumer demand. Provide examples of how different elements of the marketing mix (Product, Price, Place, Promotion) can be adjusted in response to changing market conditions.
(400 – 500 words)

ANSWER (box will enlarge as you enter your response)

Marketing is considered the most crucial aspect of the business because it includes the various steps through which the product and services can reach the ultimate consumer (Hutt & Speh, 2021). The marketing concept is very large, and selling is just a part of the marketing. Many people think that marketing and selling are the same but they are not. Marketing contains four major steps, also known as the 4Ps of marketing: product, price, place, and promotion (Anjelika & Sinaga, 2022). The marketing mix plays a significant role in promoting the product and fulfilling all the major requirements of the customers because in marketing, customers are considered the kingpin of the market, and an organization must fulfill all the customers' needs. Using the various marketing mix components, businesses can easily achieve massive heights.

The marketing mix plays a significant role in influencing the role of the market manager because it helps them to create a detailed plan through which the organization gains an advantage in the dynamic business environment.

Element of the marketing mix

Product – A new and innovative product that includes new features, design, customizable properties, and more can help the business to attract new customers (Zhang et al., 2017); apart from that, an improved design and extra features can easily influence the buying decision of the customer. For instance, a new feature or modification helps the product to gain popularity.

Price – If the producer wants to increase the sale of their product, they must set the price of the product in such a way that customers find it affordable and provide value. Price has a crucial role in influencing the customers' buying behavior. Price skimming and penetration are the best ways a business can catch the eye of customers.

Place is the geographical location where the business decides to sell its products and services (Brata et al., 2017). Businesses must select such locations or platforms to reach a massive audience in a minimal time. In current times, digital channels of marketing become much more reliable and popular. The business uses various platforms like Amazon or other social media platforms to gain popularity.

Promotion – Promotion helps the business to spread information about the new products and services that the company releases. It is the most crucial part of marketing because it ultimately helps the product sell and gain popularity. Nowadays, collaborating with the stars or newly released TV series can help the business to gain popularity.

Question 2 (10 marks)

Critically evaluate the role of digital marketing in contemporary marketing strategy. How does digital marketing help businesses reach their target audience more effectively than traditional marketing methods? (400 – 500 words)

ANSWER

Digital marketing, also known as online marketing, helps the business promote its offering by using the Internet and social media platforms (Ištvani? et al., 2017). Nowadays social media and digital marketing become an everyday part of people, and the concept of digital marketing is unique and innovative. People can use various social media platforms or e-commerce websites to purchase products and services anywhere. The digital marketing platforms are much more time-saving and easy to use than the old marketing method. There are many tactics, like email marketing, affiliate marketing, search engine optimization (SEO), and more. A business can easily identify potential customers for their products and services and gain their attention. Major Advantages of Digital Marketing Tactics over the Traditional Marketing – Exact Targeting – In digital marketing, the potential customer is identified by the company who is willing and interested in purchasing the offerings provided by the company (Bala and Verma, 2018). Various tools like SEO or SEM help the company understand the consumer's preferences, wants, and desires and track the customer's movement on social media platforms to understand their needs and requirements. Personalization – A tailored and personalized experience is provided to the customers so customers feel more valued (Tyrväinen et al., 2020). Moreover, various digital marketing tools can be used to create more attractive and engaging content for the customer through which the retention and conversion rate can be increased. Cost-effective – Digital marketing channels are much cheaper and budget-friendly than traditional methods like television, radio, and print media. So, it is much more convenient for small and medium-scale businesses to promote their products and services using digital marketing tools. Flexible – In digital marketing, it is much easier to promote products and services with the help of social media and other channels. However, on the other hand, many companies face challenges when they promote their product and services using traditional marketing methods because it is difficult for the business to cope with the regular and rapid advancement in the changing business environment. Measurable – Various digital marketing tools provide real and exact data about the company's marketing campaign. This helps the business understand whether their marketing tactics or campaign is successful. However, it isn't easy in traditional marketing to gather and understand the marketing campaign results.

Question 3 (10 marks)

Discuss the importance of understanding consumer behaviour for developing an effective marketing plan. How can marketers use consumer insights to create value for both the company and its customers? (400 – 500 words)

ANSWER

Consumer behavior is considered the most crucial part of marketing and plays a significant role in boosting the sales of products and services (Khan et al., 2021). It is a decision that is taken by the customers related to wheather or not they want to purchase a particular product. In simple terms, it is a decision that tells the consumer whether a particular product has such utility which is fulfilling the requirements of the people. Consumer behavior is crucial for producers because it helps them detect the major factors influencing consumers' purchasing decisions. For an effective marketing plan, the business needs to understand the customer's psychology because multiple factors majorly impact the customer's requirements. Moreover, the customer's demand depends on current market trends and changing business environments. Reasons to understand the behavioral changes in the customers to develop the marketing plan – Target Marketing – Understanding the needs and requirements of the consumers helps the business to alter the product and services according to the needs and wants of the customers (Khadka & Maharjan, 2017). Due to this, a consumer feels more loyal and connected to the business. Understanding the Need of Customers – Understanding the behavioral patterns of the customers, helps the business to envisage the actual requirements or problems that their customers are facing through which a business can create products and services that directly fulfill the needs and wants of the customers. Measuring the Success – Regularly tracking the customer's behavior helps the business to measure their success and the major changes that businesses have to implement in their business model (Keiningham et al, 2020). Boosting Loyalty – If the organization fulfills the customers' requirements according to the customer's desire. The brand loyalty, image, and goodwill of the company created in the market. Many organizations use primary and secondary data to understand the customer's needs and wants. This helps the company to create a particular product and services according to the needs of the customer, this helps the customer to gain a more premium and exclusive experience from the company, which enhances the satisfaction level of the consumer. Customer insight helps the business identify new business opportunities and follow the changing business environment to diversify its business operations and reach customers at a massive scale.

Question 4 (10 marks)

Case Study 1

Naked Juice, a brand owned by PepsiCo, established in the early 2000s, was once a leading player in the organic juice market in Australia. Known for its commitment to using only organic fruits and vegetables, Naked Juice built a strong reputation among health-conscious consumers. However, in recent years, Naked Juice has experienced a significant decline in sales and market share. Despite its early success, the brand has struggled to adapt to the evolving preferences of its target market, which has shifted toward a broader emphasis on health, sustainability, and low-sugar content. This shift has left Naked Juice behind, relying on outdated marketing methods and failing to connect with a new generation of consumers. For more information about Naked Juice, please access the link below:

https://www.ampagency.com/case-studies/naked-juice-cpg-case-study

Required:

Identify the key issues Naked Juice faces in its current market position and consider what changes in consumer behaviour should be taken into account when developing a new marketing strategy. Discuss how Naked Juice can rebrand itself to appeal to the health-conscious consumer segment, the role of integrated marketing communication in repositioning Naked Juice's brand and recommend specific marketing tactics Naked Juice could use to rebuild its brand image and regain market share.
(400 – 500 words)

ANSWER

Key Issues Facing Naked Juice

the four main issues which Naked Juice; once a leader in the market of organic juices, is currently facing. First is the inability to adapt changing preferences of consumers that progressively outline health and low-sugar options. The level of knowledge about nutrition among buyers has increased over the years, and many people are willing to purchase products that have not only a pleasant taste but also meet their health and healthy food standards. With regard to Naked Juice other marketing failures combined with its failure to attract a new generation also added to its declining sales and market share.

Changes in Consumer Behavior

To develop a new marketing strategy, Naked Juice must consider several shifts in consumer behavior:

Health Consciousness: Consumers are seeking out what some have termed “healthy” products, that is foods with apparent health benefits like low-sugar or functional foods fortified with vitamins, minerals or antioxidants.

Sustainability: This year there is a high expectation of socially responsible practices such as sourcing, packaging, and manufacturing.

Transparency: Today’s consumers expect companies to declare in detail how they source their raw materials, how they process the food and what exactly the nutritional value is.

Diverse Offerings: New diets (plant based, keto) etc make consumers demand brands with products suitable for their specific diets.

Rebranding Strategy

To rebrand itself successfully, Naked Juice can adopt the following strategies:

Product Reformulation: A line of low-sugar functional juices should be added to fit the new health-conscious consumer. Communicating the use of natural ingredients and being committed to a clear label will establish and grow trust (Sajdakowska et al., 2022).

Sustainable Practices: Change the packaging to environmental friendly and advertise proper procurement of raw materials. This is because transparency in all the production processes is usually a key selling point.

Community Engagement: Extend relationships with consumers by engaging in local events and by working with representatives of the health and wellness niche. Getting closer to the community will assist in reminding the brand loyal consumers (Jones & Vogl, 2020).

By integrating message produced on different channels – social media, advertisement, public relation and in-store communication – Naked Juice can make it coordinate and consistent thus sharing a common message with the targeted consumer group. IMC makes it possible for more integrated narrative in relation to the brand’s health and sustainability message that makes the consumers feel more emotionally attached to the brand.

Recommended Marketing Tactics

To rebuild its brand image and regain market share, Naked Juice could implement the following specific marketing tactics:

Social Media Campaigns: Create an advertising campaign to show true customer segments and the success of Naked Juice products in the personal improvement of health. Partner with those who advocate for eating well (Anderson et al., 2020).

Content Marketing: Develop literature materials concerning Naked Juice that address usage in learner outcomes, health aspects, company sustainability, and Naked Juice recipes. It may help build brand trust, as well as help in the formation of community.

Sampling Events: The status of the new product line can be established by organizing tasting events in fitness centers, farmer markets and organic food stores where people will be able to try the product intended first-hand.

Collaborations: Sponsor health and wellness-related products or services in one form or the other. It can bring about new consumers who have faith in those brands.

Loyalty Programs: Introducing the ‘repeat customer’ reward program in order to boost other purchases, feedback, and association with the community.

Question 5 (10 marks)

Case Study 2

Wyze Labs, a mid-sized smart home technology company, is preparing to launch a new smart home security camera designed to offer advanced features at an affordable price. The company has identified a growing trend of consumers seeking cost-effective, user-friendly smart home devices that integrate seamlessly with other smart home ecosystems. However, the market is highly competitive, with established brands like Amazon's Ring, Google Nest, and Arlo already dominating the smart home security market. Wyze Labs wants to differentiate its product by emphasizing affordability, ease of use, and innovative features like person detection and compatibility with a wide range of smart home systems. For more information about Wyze Labs, please access the link below:

https://dotcommagazine.com/2023/08/wyze-labs-a-comprehensive-guide/

Required:

Analyse the potential challenges Wyze Labs might face in positioning its new product in the competitive smart home security market and recommend the marketing strategies, including the use of the 4Ps (Product, Price, Place, Promotion) and digital marketing tactics, that Wyze Labs should employ to effectively target its desired consumer segment and maximize its reach and engagement with potential customers (400 – 500 words)

ANSWER

Due to the high competition, Wyze Labs is a mid-size technology company facing several issues in the current market. Potential Challenges that Wyze Labs May Faced in the Future - Privacy Concern – The people's previous experience with the Wyze Labs product is not that great. The prior confidentiality issues faced by the people due to Wyze Labs are not great, so people are very concerned before buying their new product. Affordability – A rapid advancement can be seen in technology nowadays. Integrating the new technology with the Wyze Labs on the same amount or budget is very challenging for the Wyze Labs. Competition – Brands like Amazon and Google, which already exist in the market, create a problem for Wyze Labs because they have a strong base of customers and more capital to invest in their business model. Moreover, it is difficult for Wyze Labs to gain popularity among the public without a strong business model. Using the Marketing 4Ps in Business Strategy - Product – The new and innovative design provides the base to the company through which they can catch the eye of the massive audience base and add new features like advanced technology to detect the person or integration all the multiple home devices in one. Further, providing regular security upgrades through which consumer feel safer about their data. Price – Wyze Labs is famous for its affordable product that provides the same features as its competitors. This helps build trust among the people who think they get the same feature at a low price point. The specific marketing strategy to position the camera is to offer it at a price lower than the competitor models but of the same high quality. This strategy will appeal to the consumers that are conscious of their spending. There is need to come up with different products with different features at different price ranges in order to meet all market segment needs. Place – Currently, social media marketing and e-commerce have skyrocketed. Wyze Labs should use the various tools of digital marketing through which they can promote their product. Moreover, using the social media platform nowadays is very beneficial for the company. It offers broad reach while offering the sampled marketer the chance to exert some influence over the customer. As per influenced by Rosário & Raimundo, (2021), it has been stated that Market the camera or goods in areas of smart homes in both online and local stores to capture the consumers with interest in security. Promotion – Social media platforms and online advertising are the best ways a company can promote its products and services in the current era. Collaboration with various influencers and celebrities can help the Wyze lab to grow the popularity of its products and services. Digital Marketing Strategies used by the Wyze Labs – Wyze Labs can use various tools like SEO, social media marketing, Google Analytics, and more to market their new product effectively. Apart from that, the company can use e-mail marketing, one of the most popular forms of digital marketing. It is still considered the most effective digital marketing tactic (Kundu, 2021).

References

Anderson, M, Daftarian, L, Dickey, C, Morgan, K, McCreight, T, Priego, C L, & McMullen, M 2020, ‘Integrated Marketing Communications: Arden’s Garden’.

Anjelika, F, & Sinaga, T M 2022, ‘Influence of marketing MIX 4P (product, price, place, promotion) on purchase decision at PT’, Alfa Scorpii Setia Budi Branch Medan. Jurnal Mantik, 5(4), 2239-2246.

Bala, M, & Verma, D 2018, A critical review of digital marketing. M Bala, D Verma (2018), A Critical Review of Digital Marketing. International Journal of Management, IT & Engineering, 8(10), 321-339,

Brata, BH, Husani, S, & Ali, H 2017, ‘The influence of quality products, price, promotion, and location to product purchase decision on Nitchi at PT’, Jaya Swarasa Agung in Central Jakarta, Saudi Journal of Business and Management Studies, 2(4), 357-374,

Hutt, MD, & Speh, TW 2021, Business marketing management: B2B. South-Western, Cengage Learning.

Ištvani?, M, Crnjac Mili?, D, & Krpi?, Z 2017, ‘Digital marketing in the business environment’, International journal of electrical and computer engineering systems, 8(2.), 67-75,

Jones, C M, & Vogl, C 2020, Building brand communities: How organizations succeed by creating belonging’ Berrett-Koehler Publishers.

Keiningham, T, Aksoy, L, Bruce, H L, Cadet, F, Clennell, N, Hodgkinson, I R, & Kearney, T 2020 Customer experience-driven business model innovation, Journal of Business Research, 116, 431-440,

Khadka, K, & Maharjan, S 2017, ‘Customer satisfaction and customer loyalty’, Centria University of Applied Sciences Pietarsaari, 1(10), 58-64,

Khan, M A, Tanveer, A, & Zubair, S S 2021, ‘Impact of sales promotion on consumer buying behavior: a case of modern trade’, Pakistan, Governance and Management Review, 4(1)

Kundu, S 2021, Digital Marketing Trends and Prospects: Develop an effective Digital Marketing strategy with SEO, SEM, PPC, Digital Display Ads & Email Marketing techniques.(English Edition). BPB Publications.

Rosário, A, & Raimundo, R 2021, ‘Consumer marketing strategy and E-commerce in the last decade: a literature review’, Journal of theoretical and applied electronic commerce research, 16(7), 3003-3024.

Sajdakowska, M, G?bski, J, Wardaszka, A & Wieczorek, A 2022, ‘Evaluation of Food Labelling the Products with Information Regarding the Level of Sugar: A Preliminary Study’, Nutrients, 14(13), 2697.

Tyrväinen, O, Karjaluoto, H & Saarijärvi, H 2020, ‘Personalization and hedonic motivation in creating customer experiences and loyalty in omnichannel retail’, Journal of Retailing and Consumer Services, 57, 102233,

Zhang, S, Xu, J, Gou, H & Tan, J 2017, ‘A research review on the key technologies of intelligent design for customized products’, Engineering, 3(5), 631-640,

END OF FINAL INDIVIDUAL ASSESSMENT