Marketing Plan: Hydro Flasks
Table of Contents
- Executive Summary
- Company Description
- Price for a
- Political and Legal Analysis
- Economic Analysis
- Social-Cultural Analysis
- Technological Analysis
- Competitive Analysis
- SWOT Analysis
- Marketing Objectives
- Marketing Strategy
- Promotional Strategies
- Evaluation and Control
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Hydro Flasks is a fun, dynamic and passionate flasks company in the US. The founders expect it to have greater-than-anticipated demand and market for Hydro flasks from local residents, institutions and restaurant investors. Its products and facilities include quality, attractive and durable water bottles, coffee flasks, beer growlers and food flasks. Research confirms that Hydro Flasks target market is filled with drinks and food consumers that would like quality flasks where they can preserve and keep hot food and drinks. They will also extend products as per customers’ preferences, appeals and technological changes. A variety of products will be added in its production and include logos and slogans that are appealing to customers. In addition, Hydro Flasks will explore opportunities for effective online promotion and marketing. The marketing environment is expected to be extremely receptive for offers that involve high-quality flasks.
The company offers high-quality Hydro and food flasks whose image is well recognizable among major restaurants, institutions and homes. It has as well-developed and great reputation for the flasks in the United States due to a recent innovation that has transformed the flasks from plastic and glass cylinders to double steel cylinder. This makes the flasks reliable and durable, thus increase the demand for the flask of vast majority of customers. Hydro Flask’s founders will build on these competencies by effective marketing efforts to increase the offered products and distribution in different geographical regions. It has formed a strong relationship with domestic consumers.
Political and Legal Analysis
The legislation is formulated from policies in the US. It is responsibility of local government to regulate manufacturing industries policies (Kurtz 38). Government intervenes for business to conserve the environment and set standards to be followed for every product. In turn, Hydro Flasks founders look forward to have programs in place, to ensure consultation and maintain good relationships with the community and government to avoid legal outcomes that might cause environmental pollution and degradation. The company has thus adopted environmental-friendly materials such as stainless steel as required by policies.
The economic environment in the U.S has particularly high implications towards Hydro Flask because it has to rely heavily on economic trends in the industry to set its strategies. For, instance a recent increase in the U.S has increased profitability of the US business. The company may be forced to reduce its headcount further to reduce its production costs. However, a part from reducing the overhead costs, Hydro Flask should focus on decreasing capital expenditure and generate more cash from selling surplus land and through divestments. This will help to decrease the levels of debt and place the company in a better competitive position in the flask industry.
Culture is important in identifying the behavior of people and displaying unique pattern of life for a society (Luther 222). Those people with similar culture manifest similar values, customs, beliefs that bring them together. However, the US community is made up of mixture of societies from different background but mainly whites (Faarup 105). Hydro Flasks will adopt different products sizes, designs and colors to ensure that the flasks are viable in different regions and segments. It has also to acknowledge the preferences in terms of religion, race, gender, personal association and political activities in its marketing strategies.
The issue of technology has medium implications towards Hydro Flask Company. It means that the company should focus on using most effective ways of production and marketing by embracing new technology at its various divisions. The company adoption of double steel in manufacture of flasks has led to a decline in profitability, yet it helps to preserve the environment. The company should make a priority future technology innovation for the steel flasks. However, the company should conduct further research on the best technology to implement in its operations. Nevertheless, the company hopes to use the newly introduced smart phones to enlarge its market.
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The company faces large competition from countries such as Arabic countries, China, UK and other Middle-East countries. In addition, other regions in the United States can instigate similar products. Besides, within the flask industry, there are many substitute products littered all across this market, from the ability of consumers to choose between the hundreds of types of flasks. This industry is overwhelmed with substitute products, similar to the Hydro flask. The company considers switching costs for buyers in the market place. It is expensive for consumers to choose and switch between one type of flask over the other, and the flask, which is of a higher quality in comparison to similar ones. Through price range and durability of Hydro Flasks value is increased to compete effectively with the competitors. The company will also be able to successfully differentiate their product from others on the market, by innovation or price range. Therefore, through the market supply the company will be able to gain competitive advantage in the flasks industry.
The marketing environment for Hydro Flasks embodies immense opportunities. However, it contains specific challenges that the founders of the concept believe they can meet successfully. Table 1.0 below demonstrates an illustration of SWOT analyses that analyzes the conduct of the company by highlighting its strengths, weaknesses, opportunities and threats.
It is a thumbnail sketch of Hydro Flask’s position in the marketplace. Hydro Flasks hopes to build impressive strengths as well as obtain new marketing opportunities. It has dedicated founders who understand flasks sector well, the foreseen number of potential loyal customers, a sound and competitive financial management will place the concept in a right track of development. On the other hand, Hydro Flasks considers new products and expansion of products, entrance to new markets and inclusion of a variety of flasks for all age-groups to be produced, while at the same time guarding against the failure to recognize business scope and quality slippages for its products The founders have strategized the marketing plans for the products to be Internet and mobile marketing, the management will also guard flasks against competitors that might duplicate their concepts.
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- Obtain vast market by expanding attraction capabilities, introduce new products lines and increase customers’ segments.
- Increase revenues each year by at least 40 per cent.
- Use at least 10% of total incomes in conservation and environmental programs.
- Enter into new geographical markets such as UK and South-Western States.
- Develop Internet and Web sites as marketing platforms and sustain strong relationship with customers.
Hydro Flasks will use sales and promotions as marketing strategies and public relations as its strongest part of marketing mix. Through product strategy, it intends to offer high-quality flasks with appeal to American culture as well as other local cultures. The founders have researched the most popular colors, slogans and logos for use on the packaging and products that will appeal different targeted consumers depending on age, race and class. The founders will select a logo that represents their most important slogans. Slogans will be changed within a year to mark changes in culture, technology and environment. Some logos and slogans will include ‘Keep It Real Hot’ to keep the concept fresh and attract first time customers. In addition, the company will also ensure that it reaches different target markets in US. The company will establish different retail and wholesale points around the major towns in the US.
Hydro Flasks will expand its products to reflect durable and attractive flasks that come in trendy shapes and colors with captivating brand names and different sizes, core products, actual and sample products to attract customers. The flasks will give a 1-year warranty for the core flasks. There will also be discounts for institutions and customer who buy many flasks regularly. Customer can buy the products online or through their mobile phones.
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Promotional strategies will be built by starting to market Hydro Flasks through local and regional radio stations, magazines and business newspapers. This will enable the company to reach to different customers scattered in the U.S (Bowman & Gatignon 139). Hydro Flasks will seek an expanded distribution of flasks by focusing at national marketing and reach other regions like England. In addition, it will embark on online marketing via Internet as more profitable mode of marketing in the flasks industry.
Promotional strategies will also include communication to customers about Hydro Flasks in various ways. Information about the company and its products will be available via Internet, approach in person and direct mailing. Personal contact will be used to promote products where persons and organizations will be contacted by phone to convey Hydro Flask’s messages and portray the unique sample. In addition, public relations will make a bulk of promotional strategy by increasing marketing by offering free flasks to those who introduce friends to purchase the flasks.
Pricing strategy is taken as core part of marketing as Hydro Flasks products and services are priced with competition in mind (Pinson 77). Hydro Flasks does not focus to set high prices as a signal of prestige or luxury and at the same time, it does not attempt to achieve its goals by offsetting low prices to attract more customers. Instead, value pricing will be practiced for customers to feel comfortable in purchasing flasks more often. The pricing strategy will also be set for organized institutions and restaurants to be at a higher price than that of regular local customers.
The founders meet and work with Internet consultancy, web designers and media publishers and consultants in order to design ways of advertising the Hydro flasks. The marketing programs and adverts are aired daily, weekly and monthly as agreed in both on Internet and media. The founders will design the company objectives and implement them in different media for example on T.V.
The founders will develop customized products for its long-established customers who constantly purchase flasks like restaurants, accommodation and institutions. It will set higher prices that signal luxury and prestige for loyal customers and different market segments like organizations, individuals and institutions that are somehow status oriented and like to be associated with those high-quality products that Hydro flask will produce. These customers will pay premium prices for specific brands.
Evaluation and Control
The founders will receive the feedback on these programs and products through emails and phone messages. They will evaluate the outcome of the products and marketing strategies and give the way forward. Besides, the founders will account for revenue increase per year to establish if it reaches the 40% company’s objective. In addition, the company founders need to evaluate environment conservation measures as well as quality of products to maintain and build vast market for its product.