A business plan primarily is statement, which is formal that details the various sets of the business goals and objectives, the fundamental aspects that are attainable as well as the roadmap on attaining these noble goals. Thus, a business plan mainly defines the business, it identifies the business goals and it serves as the business’s resume. It assists in the allocation of the resources effectively. It handles any unforeseen complications and it acts as a roadmap by right decisions on the business’s operations can be derived from. It is worth noting that a proper business plan has various timeframes. The opportunity type I chosen for this particular assignment is the C-type, which involves coming up with a unique innovation in an already existing product market (McKeever, 2012).
The idea-proposal is to come up with new unique soft drinks that will have new design, as well as aggressive advertising will have to be done in order to penetrate the market. This business plan is strongly informed by the feasibility that had initially been conducted and it clearly outlines on the utilization of the focus strategy for the business since this business will only target a restricted market segment. This idea-proposal mainly targets a niche market, which is the middle-class because this target market tends to be classy and have a unique taste of life. Therefore, this idea-proposal will ensure to come up with unique soft drinks that will have a new design that eventually shall be attractive to this class of people. Since this class is very choosy in what they buy, the soft drinks that will be developed shall ensure to meet their special tastes as well as establish a strong marketing strategy in order to penetrate this target market (Finch, 2013).
However, the soft drinks will not easily develop into powerful brands immediately but through proper marketing strategies as well as advertisement will enable the soft drink brands to be popular immediately. One of the marketing strategies to be used by this idea-proposal involves coming up with a special attractive bottle that is different from any other drink in the market. When a person is holding a drink, there is a unique way that the hands holds the bottle and from the market research conducted, it showed that this factor has not being considered and the bottle lining of the bottles currently in the market are smooth. Thus, this idea-proposal will ensure that the new soft drinks are packaged in attractive bottles, which consider how the hand holds the bottle and it will have a rough lining to ensure the bottle cannot slip from the hand and fall due to the grip proved by the new bottles. The new soft drinks will have exotic tastes with different flavours in order to provide variety that is specifically for the middle-class people and the new soft drinks will be developed in accordance to the feasibility study previously conducted that showed that this class prefer certain tastes for their soft drinks (Finch, 2013).
Substantial amount of money will be used in advertising the new soft drinks in order to make them popular and various marketing activities will have to be undertaken in order to ensure that the new soft drinks penetrate the market successfully. This will be done through sponsorship of various events, concerts, charity projects and market activations, which attract the middle-class. This idea-proposal will endeavour to create other new tastes and a natural line for its soft drinks in strictly accordance to the changing tastes and preferences of the middle-class (McKeever, 2012).
As for the sweet spot, this idea-proposal will adopt a method of production that majors specifically on popularization and taste in accordance to its target market. Strict adherence and maintenance of these two noble aspects will enable the business products to be popular since the various brands to be produced will be known to be of high quality standards, which is integral in attracting the middle-class people. These two key options will positively affect both the customer and the business (Pinson, 2008).
Here is the SWOT analysis, created for the soft drinks:
This idea proposal will also utilize other marketing strategies in order to penetrate effectively the market fully and this includes the use of USP (unique selling proposition), product pricing, product promotion as well as establishment of a plan between the guerrilla and traditional marketing tactics. This idea-proposal will utilize the already mentioned niche target market that the business will attract with its products and for the pricing, it will not be an issue since the middle-class are wealthy and all they care about is the class and taste of the product which the business will strongly emphasize on when producing its products. This idea-proposal will also draw a plan to utilize both the guerrilla and traditional marketing tactics such as press-magnet events, tradeshows, social media marketing which includes Twitter and Facebook, online advertising, print media and networking that attract the middle-class. This idea-proposal is viable since the target market is less risky to deal with as compared to the other target markets for as long as the business is able to have the right products for this particular class and this is the business’s fundamental function (Pinson, 2008).
Finch, B. (2013). How to Write a Business Plan. London: Kogan Page.
McKeever, M. P. (2012). How to write a business plan. Berkeley, CA: Nolo.
Pinson, L. (2008). Anatomy of a business plan: A step-by-step guide to building the business and securing your company's future. Tustin, CA: Out of Your Mind & into the Marketplace.