Brand Name and Significance
The brand name for the non-alcoholic beverage company is “Full of Life.” The name represents the company’s attention to natural ingredients that are not harmful to consumers’ health. Since the beverage was initially created in a home setting, it will be beneficial for the company to continue working in the same vein and place emphasis on natural and home-made qualities, which are components that customers tend to value currently.
Mission Statement and Rationale for Its Components
The revised mission statement for Full of Life non-alcoholic beverages is “Bringing our customers the most refreshing beverages made with love and nurture from natural ingredients to inspire and gain energy to conquer the day.” The components of the mission statement communicate the company’s orientation to the customer. Instead of saying “our company is the best,” Full of Life shows that it cares for the customer and offers high-quality drinks made with attention and care. The last portion of the mission statement indicates that the drink will help customers gain energy and face their day with new power and attitude.
Trends in the Non-Alcoholic Beverage Industry
The non-alcoholic beverage industry is among the largest and the most dynamic industries, with new trends appearing and old ones disappearing. With products being launched every day, a NAB business must keep up with trends and convince customers that their beverages are the best. In 2017, the NAB industry is expected to see an increase of beverages infused with plant-based proteins, sparkling water, non-alcoholic adult drinks, cold brew coffee, and cold brew tea (Kazonaite, 2016). Therefore, drinks made from natural ingredients present a great opportunity. This type of non-alcoholic beverage was chosen for the following three reasons:
- Healthy drinks are gaining momentum in 2017;
- The product will be suitable for both kids and adults;
- Opportunities for expanding the product line are endless.
Overall, the NAB industry is continually expanding, with healthy drinks becoming a priority for many consumers, as evidenced by the trends in the industry.
A company’s strategic positioning refers to the efforts of the management to create a certain kind of value as well as how that value could be created differently in comparison to the rivals. In the case of Full of Life beverages, benefit positioning is the most appropriate choice. The company will focus on communicating the unique benefits of the Full of Life drinks by highlighting the most powerful attributes that consumers value. Among such benefits are high quality, health benefits, ethical sourcing, and the home-made approach. While the majority of NAB companies focus on price positioning to stand out among competitors, Full of Life will take a unique approach and will emphasize the benefits of its drinks.
When planning how the product will reach the end-users, it is important to take into account the new channels customers use to buy products. For example, creating an official website where customers will be able to purchase products directly is a great option. Collaborating with Amazon will open opportunities to sell the drinks worldwide. As to the physical stores, Full of Life will attain more benefits from working with health stores such as Trader Joe’s, Whole Foods, and other retailers that focus on healthy products. Cooperation with health-oriented retailers will help Full of Life to position itself as a beverage brand that cares about consumers’ health.
Risks and Their Management
The three types of risks Full of Life may face when entering the market and expanding the operations are associated with:
- Business plans and management strategies;
- Supply chains.
To address risks related to competition, Full of Life will focus on its brand positioning as a health-oriented company that puts customers (rather than competitors) first. To address risks associated with management and business plans, Full of Life will create a strategy to involve skilled staff, managers, and investors to develop an action plan for eliminating any issues. As to the mitigation of supply chain risks, the company will have to collaborate with only responsible parties.
SWOT analysis is a technique businesses use for understanding their strengths, weaknesses, and identifying open opportunities and threats. The SWOT analysis for the Full of Life non-alcoholic beverages is presented in the matrix worksheet below:
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Overall, it is expected that Full of Life non-alcoholic beverages will position itself as a consumer-oriented brand that produces high-quality products from natural ingredients. Starting as a small family brand, the company has an opportunity to capture new audiences and attract customers that are concerned with their health. On the other hand, competition in the sector is rising, so Full of Life must develop a strategy to address the identified weaknesses and threats.
Kazonaite, M. (2016). Top 5 beverage industry trends for 2017.
SWOT analysis of vitamin water. (2014).