Energy Drink Industry Developing a Challenging Marketing Plan

Market analysis is the major segment of a marketing campaign, especially for a new product. No marketing campaign can yield the desired result if the marketers fail to analyze the market properly. No matter what size the firm, a marketer’s decisions affect—and are affected by—the firm’s other operations. Marketing managers must work with financial and accounting officers to figure out whether products are profitable, to set marketing budgets, and to determine prices. They must work with people in manufacturing to be sure that products are produced on time and in the right quantities. Marketers also must work with research-and-development specialists to create products that meet consumers’ needs (Solomon et al, 2008, p.7) The market size, demographic peculiarities, potential competitors, growth potentials etc need to be analyzed thoroughly before deciding about the nature of the marketing campaign for the proposed energy drink. Market segmentation is the process of dividing a market up into different groups of customers, in order to create different products to meet their specific needs(Segmentation). The division of a market into different homogeneous groups of consumers is known as market segmentation (Market segmentation). It is difficult to have a standardized market. Choices of the customers are different everywhere. It is not necessary that a product which is moving greatly in a market may move well in another market. For example, halal (A Muslim ritual) chickens are a favorite dish in Saudi whereas the same thing may not be correct in America.