Implementation Evaluation Control

Among keeping a business running and creating profit monitoring it is one of the most important parts. Subject to be aware of at all times are, "...budgets, schedules, and performance standards for monitoring and evaluating results."  Budgets can be used to determine a companies spending power as well as to adjust pricing. Schedules create a realistic time goal for things to be accomplished.  Performance standards track the quality and effectiveness of all business decisions as a whole. 

Distribution

Channels used to promote our product includes,“Resellers, physical distribution firms, marketing services agencies, and financial intermediaries,”(Marketing an Introduction, Armstrong/Kotler, pg. 7 of 52).  We will assess all of these tools to promote Green-Eyed Vodka in a positive way. The distribution of our vodka is very crucial to our target market. We will only sell our vodka in premium liquor stores as well as clubs to maintain its quality status. “These include wholesalers and retailers who buy and resell merchandise. Selecting and partnering with resellers is not easy. No longer do manufacturers have many small, independent resellers from which to choose.”(Marketing an Introduction, Armstrong/Kotler, pg. 7 of 52). Choosing a great location to distribute our vodka is vital to the companies success. We try to make it available to people but to those who will spend the money for a high quality alcohol. 

Promotion

“The concept of integrated marketing communications suggests that the company must blend the promotion tools carefully into a coordinated promotion mix. But how does the company determine what mix of promotion tools it will use?” (Marketing an Introduction, Armstrong/Kotler, pg. 13 of 53)

For our vodka we will utilize consumer advertising as our main form of marketing. Print ads and billboards is our main focus of getting our vodka noticed. 

We created the print ad above that would appear on billboards and in magazines but we are considering television commercials as well. Since, “Advertising can reach masses of geographically dispersed buyers at a low cost per exposure, and it enables the seller to repeat a message many times. For example, television advertising can reach huge audiences.” (Marketing an Introduction, Armstrong/Kotler, pg. 13 of 53). To reach the masses a nice commercial would get the word out there. We created a slogan to market our idea of the vodka: Green-Eyed Vodka.Be the envy. 

Target Market

Green-Eyed Vodka targets those who live a rich lifestyle. With our vodka the consumer will find the best quality available and a flavor so rich and tangy. 

“Companies often find it easier to come up with a good positioning strategy than to implement it. Establishing a position or changing one usually takes a long time. In contrast, positions that have taken years to build can quickly be lost. Once a company has built the desired position, it must take care to maintain the position through consistent performance and communication.” (Kotler 203). We will maintain our position in the market by making subtle packaging changes over time to maintain the products fresh new look. The bottles look and green color of the vodka is what will really bring the customer in to try our vodka. To maintain our market we will also keep the price consistent. A vodka of quality must never go on sale. 

 “It must closely monitor and adapt the position over time to match changes in consumer needs and competitors’ strategies. However, the company should avoid abrupt changes that might confuse consumers. Instead, a product’s position should evolve gradually as it adapts to the ever-changing marketing environment.” (Kotler, 203)

Our brand, product, and promotions must stay consistent to enter the market. 

Price

"To estimate sales, the company might look at the sales history of similar products and conduct market surveys. It can then estimate minimum and maximum sales to assess the range of risk. After preparing the sales forecast, management can estimate the expected costs and profits for the product, including marketing, R&D, operations, accounting, and finance costs. The company then uses the sales and costs figures to analyze the new product’s financial attractiveness.” (Kotler, 251)

Our pricing strategy will be to look at competitive pricing. We set a price of $25 for a 750 ml bottle. Most high quality vodka's are priced any where from $25-50 a bottle. We chose to price ours in the end of the high quality range so that it will appeal to more people. Our price signifies the high quality of the product, we can make profit form it, and it is also affordable for the masses. 

Objectives

After writing my mission I have focused my company on a few goals and objectives. “The broad mission leads to a hierarchy of objectives, including business objectives and marketing objective.” (Armstrong and Kotler, pg. 9 or 43). Green- Eyed Vodka brand takes pride in producing the most pure vodka with a rich flavor profile. Our first objective is to get our vodka on every shelf of every specialty liquor store. We also want to gain a piece of the market share from out competitor brands. Our rich Swedish brand vodka provides the finest quality of water at distillation. Our second objective is to brand our company a the finest richest vodka available. So rich, that it will make onlookers “green-eyed.” “Business analysis involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company’s objectives. If they do, the product can move to the product development stage.” Knowing our products objectives will help us grow to shape our product into something our customers will love.

Week 10 EOC: Benefits vs. Features

“When positioning a brand, the marketer should establish a mission for the brand and a vision of what the brand must be and do. A brand is the company’s promise to deliver a specific set of features, benefits, services, and experiences consistently to the buyers. The brand promise must be simple and honest.” (Chpt. 7 Products, Services, and Brands Building Customer Value. Pg. 40)

In a lot of ways benefits and features can create a brand. The benefits and features of Green Eyed Vodka are as follows:

Benefits:

Features:

“To compete with store brands, national brands must sharpen their value propositions, especially in these lean economic times. In the long run, however, leading brand marketers must invest in R&D to bring out new brands, new features, and continuous quality improvements. They must design strong advertising programs to maintain high awareness and preference.” (Chpt. 7 Products, Services, and Brands Building Customer Value. Pg. 42)

Benefits and features are also used to identify a brand versus another one.