Table of contents:
1. Executive Summary
2. Current marketing situation
3. Opportunity and issue analysis
5. Marketing Strategy and Action Programs
6. Financial Projections and Implementation Controls
This marketing plan is prepared for Mast-Jägermeister AG with the sole aim to increase their profit and market share in Monaco. A brief history of the company describes their success in the beverage industry, followed by the current market situation. The SWOT and Issue Analysis are showing the main markets and the major facts in detail. Afterwards the contents of the Marketing and Financial Objectives of Mast-Jägermeister AG will highlight the key issues. The Marketing Strategy along with recommended Action Programs will outline how to introduce and to begin with the Project. The explanatory statement of the project shows that this project can start as soon as desired. The last section is ‘Failure Strategy,’ it shows how the project can be controlled.
Current Marketing Situation
When talking about the current marketing situation, it is extremely important to decide what message and what image the liqueur wants to give to the customers. In fact, the company considered Jägermeister not only as one of the most extraordinary liqueurs, but saw and presented it almost as a luxury drink in other countries, similar to any other high quality brand.
Young people, but also hip and stylish older ones are the ones making a product become a success and, for that reason, these people of all categories have been considered an important part of the target market, especially the ones who are trend and fashion oriented and like to go to clubs.
I want to include the most possible consumers and attract everybody, especially people with a sense for quality and with the ability to spend a little bit more.
These elements have been selected to define the target market:
- People from the age of 20 – 55, women and men
- Trendsetters, stylish and fashion oriented people
- People going to trendy and more expensive places, like discotheques, bars, nights clubs, restaurants, hotels, and other places
The step into a new market is very expensive and needs high investments, especially in distribution and marketing. Those are the most important figures in implementing a new brand or a new strategy. Without investments in both, marketing and distribution, it is very hard to gain market share. Achieving a sufficient return on this investment is difficult, because the product is new to Monegasque people and therefore it is a necessary need to become known on the market in order to attract customers, convince them and build customer loyalty.
As far as I could find out the strengths, weaknesses, opportunities and threats are the followings:
- no direct competitor
- worldwide marketing experience
- worldwide success
- unknown, strong taste (not sweet), for some people like medicine
- little experience with local market
- establish the brand name next to Vodka and Rum brand names
- all other brand names in „hard-stuff“
Opportunity and Issue Analysis
Regarding the findings in the SWOT analysis it is necessary to know which factors are important to succeed in this sector.
Jägermeister must offer as many promotion and advertising campaigns as possible. As it could be seen in other countries, people like the way of Jägermeisters’ advertising.
Especially in Monaco there is a big chance to be successful in a business and to get known worldwide because of its internationalization.
The company must turn the weaknesses and threats into opportunities and strengths, than the launch from Jägermeister in Monaco would be a success story.
Regarding all findings from the SWOT analysis, personal research and surveys I would outline the goals as follows:
The market share of alcoholic beverages between 30% and 45% Volume as well as cocktails lies between 30 % and 40 %. This is the result of a survey in Jimmy’s Discotheque and Stars ‘n Bars Restaurant. The major competitors in these establishments are brand names like Bacardi Rum or Absolut Vodka, as well as the established Tequilla brands.
The goal of Jägermeister should be to get at least 25% of this market share within the next 12-18 months.
- Quote paper
- Alexander Wolters (Author), 2006, Marketingplan: Jägermeister for Monaco, Munich, GRIN Verlag, https://www.grin.com/document/57253