Company Description and SWOT Analysis
|Topics:||📆 Business Plan, Business Ethics, Marketing, 🧮 SWOT analysis, 🙋♂️ Management|
Table of Contents
NAB Company Name and its Significance
The name of the company is Victorious Drink of Gods and Goddesses. The Special brewed drink consists of all natural vitamins and minerals from the globe. Victorious is recognized for having powerful, potent ingredients to aid in energy, improve moods, increase longevity and give the consumer radiant skin. A few of the ingredients in the drink are soursop, acai berries, chia seeds, seaweed, turmeric and a few other products from the earth. Since the creation of civilization humans always needed to be closer to God in every way possible, that is how the name of the company came into creation. Most people have a desire to live longer and have a positive impact on their everyday lives.
Revised Mission Statement
The mission statement for Victorious Drink of Gods and Goddesses is “Live on Earth like a God or Goddesses.” The reason for the company mission statement is because the purpose of the drink is to improve the overall person’s quality of life on earth. The nourishing ingredients in the drink ensure a balanced and hence good health. The company is viewed as a partner to the society and a product of the environment. The company’s primary goal is profitability and moderate growth while ensuring quality.
Trends in the Beverage Industry and Reasons for Choosing the Beverage
There are several reasons for choosing Victorious Drink of Gods and Goddesses. First, the drink is healthy and improves the quality of life. Secondly, the drink contains natural components which are less costly to obtain. Thirdly, the drink is highly refreshing and easy to make. Since the drink offers a healthier treat and ensures a balanced diet, the market is expected to expand at a rate of 8-10% in the next four years. The non-alcoholic beverage market has minimal barriers to entry because of less capital investment. For the proper growth, the most critical aspect is brand awareness and product quality.
The beverage market segment is expanding due to the nutritional value of the vitamin and mineral-rich drink. The beverage company plans to increase its sales by 6% on annual basis. The growth in the sales volume may not appear too aggressive, but the main objective is to increase the retailers and for expansion rather than enormous profit margins. The Victorious Drink of Gods and Goddesses beverage hopes to expand its operations through the addition of three new grocery stores. Much time will be spent in marketing the product.
The main objective of the Victorious Drink of Gods and Goddesses is to be the leading beverage company. To attain the set target, the company has a strategic position that emphasizes: First, quality products from locally produced ingredients. Secondly- ensuring the production of beverages with the appropriate vitamin and mineral mix for good health. Last but not least, providing efficient marketing strategies for the refreshments. The Victorious Drink of Gods and Goddesses strategic position is built on the following factors: industry trends, the target market, the product environment and the company Strengths.
The target group for the beverage is the consumer who is need of a healthy drink and snack alternatives. There are several competitors for the beverage. The competitors include Monster, Red bull and Root9. The vitamin and mineral content in the Victorious Drink of Gods and Goddesses makes it the preferred beverage for the consumers. These will make it difficult for the competitors to win our customers. The Victorious Drink of Gods and Goddesses will employ the market segment strategy. Aiming at a particular market segment offers a lot of competitive advantages new entries and small companies (Dibb, 2010).
Customer satisfaction is an essential factor when assessing ways to market a particular commodity. Marketing strategies should be formulated to enhance the chances that end consumers will have pleasant feelings and perspectives about specific products (Jain & Haley, 2009). The Victorious Drink of Gods and Goddesses will use social media to market the beverage. This will ensure immediate feedback from the customers concerning product quality enabling the company to improve customer satisfaction.
The Victorious beverage will be delivered to the market through the direct-store-delivery method. The distributors will operate systems to ensure delivery of the beverages directly to the retail stores. The direct-store delivery method is convenient for goods that are restocked regularly and respond merchandising. The firm will also use manual distribution channels to enhance the availability of commodities in densely populated areas such as large towns and cities.
Risk and Risk Mitigation Strategies
The company faces regulatory, product and competitive risks. Product risk involves the uncertainties that the commodities may not be delivered to the market appropriately using the available resources in the firm. If the product is delivered, the risk may also arise whereby the product may not meet the customer needs and specifications (Polinsky & Shavell, 2010).
Competitive risk involves the impact of the actions of a competitor on the business operations of the firm. Competitive risk stimulates improvements in the company such as quality improvements and cost reduction. Actions of competitors such as reducing the prices of goods may affect the organization negatively. Also, the marketing strategies used by a given competitor may affect the operations of the firm. Regulatory risk arises due to changes in the regulations and external laws. Failure to comply with the rules may affect the business operations of the enterprise (Knight, 2012).
Regulatory risks are expected since the company is still in the initial stages and will need to comply with the industry regulations fully. The risks can be managed efficiently by ensuring the following: First, Identifying the company competitors in the beverage industry. Relevant information regarding their product improvements and plans should be gathered to enhance competitiveness in the industry. Secondly, strengthening technological advancement- the Victorious Drink of Gods and Goddesses Company should invest more in technological development activities and research.
Thirdly, developing products considering the customer needs and specifications- the firm should focus on the consumer needs and develop suitable mechanisms to obtain feedback from the customers concerning the products. Lastly, through ensuring compliance with the business policies and regulations in the beverage industry.
- Dibb, S. (2010). Market Segmentation Success–Making it Happen!. Strategic Direction, 26(9).
- Jain, S. C., & Haley, G. T. (2009). Marketing planning and strategy. Cincinnati South-Western Publishing Company 1985..
- Knight, F. H. (2012). Risk, uncertainty and profit. Courier Corporation.
- Polinsky, A. M., & Shavell, S. (2010). Mandatory versus voluntary disclosure of product risks. The Journal of Law, Economics, & Organization, 28(2), 360-379