Marketing Principle Australian Market

Question: Discuss about theMarketing Principle for Australian Market. Answer: Introduction The study will discuss about the marketing mix analysis of a new international brand of soft drink that focuses on launching the new brand in Australian market. However, it can be said that the study will put emphasis on the product decisions and pricing decisions of the new brand energy drink. Product Decisions Three Layers of the Product A product has three layers in it which is known as total product concept. In this context, the total product concept of the soft drink brand is consisted of three layers of augmented product, core product and actual product. The core product characteristics include the problem solving benefits of the soft drink i.e. reducing the medical conditions of caffeine overdose, cardiovascular and neurological defects, sugar consumption, etc. The augmented product benefits that the customers will receive on consuming the soft drink are brand equity, innovative product, great price, no side effects, etc (Papadopoulos and Heslop 2014). The actual product consists of styling, packaging, brand name, product parts while combining in delivering the core benefits of the soft drinks. Creation of Brand Name Branding is an important aspect of the product in terms of customer attraction. It can be said that branding of the product will involve few elements of such as brand name, brand mark and brand equity. The brand name that will be selected for the soft drink will be easy to remember, unique, short, describe product benefits, reinforce the product image, etc. The name suggested for the soft drink is Tango. The name is itself a suggestive refreshing taste along with the brand equity of the product. The above elements of the brand name are easily suggested by the brand name. As it is a global brand, hence the name is important for customer attraction (Stock, Six and Zacharias 2013). Packaging of the Product The packaging of the product consists of the different types of packaging both in plastic bottles and in tetra pack. The packaging of the product consists of physical protection, enables specific quantities, proper designs, vibrant colors, materials to try, etc. The packaging will be easy in handling types of facilitating, convenience, extend product shelf life. The packaging must be handy and must be available in many sizes. The packaging must facilitate reducing environmental damage and recycling. Health benefits of the products including persuasive labeling, informational labeling, and universal product codes are to be mentioned in the products (Kotler et al. 2015). Price Decisions Pricing Objective Pricing is a vital objective of the marketer in order to launch the new soft drink brand in the market. It can be said that the pricing is the most important point of the marketing mix of the soft drink brand in the Australian market. It is already mentioned that the brand is new in Australian market. The price of the product will be set in a way so that they can maximize the profitability for every unit of sales of the products. It will be used while defending in the existing market with the other competitive rival brands. Another objective is to achieve a substantial market share in the soft drinks market of Australia after entering into the country (Baker 2014). Pricing Point and Pricing Strategy The pricing point of the new soft drink brand in the Australian market is intended to create an image in the minds of the consumers of Australia. The decision of the company while choosing the proper pricing strategy will be responsible for creating an impact on the consumers decision making process. The company must consider the pricing strategies of the competitors while applying the appropriate pricing strategies. The competitive advantage of the company in order to select a pricing strategy is odd value pricing or charm pricing (Solomon 2014). This will definitely hit the Australian consumers. Pricing Tactics Pricing point of the soft drink brand in the Australian market is defined as the prices where the demand of the soft drink is high. With the increase of the demand of the product and the health consciousness of the consumers odd value pricing is appropriate. It is a tactic that will sell the soft drink at $9.99 instead of $10. Customers will be able to perceive the odd value prices that will act as a more attractive part (Hollensen 2015). Conclusion It can be concluded that the product attributes and the pricing decisions that are taken by the company will definitely hit the Australian market. Consumers of Australia will prefer the soft drink as it is loaded with health benefits along with a good refreshing taste if marketing mix is done properly. References Baker, M.J., 2014.Marketing strategy and management. Palgrave Macmillan. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Kotler, P., Keller, K.L., Manceau, D. and Hmonnet-Goujot, A., 2015.Marketing management(Vol. 14). Englewood Cliffs, NJ: Prentice Hall. Papadopoulos, N. and Heslop, L.A., 2014.Product-country images: Impact and role in international marketing. Routledge. Solomon, M.R., 2014.Consumer behavior: Buying, having, and being(Vol. 10). Engelwood Cliffs, NJ: Prentice Hall. Stock, R.M., Six, B. and Zacharias, N.A., 2013. 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