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Promotion is the activity by which companies communicate details about their products or services to consumers. A promotional strategy includes tactics and plans used to enhance this communication. For a business to thrive, especially in the competitive food and beverage marketing sector, implementing an effective promotional strategy is critical.
When promotion is ineffective, the business may fail to attract attention or build interest, leading to poor performance. Conversely, when a well-planned promotional strategy is used, it improves consumer awareness, engagement, and ultimately drives sales. This is especially important for launching new products in a competitive marketplace.
No matter the industry—whether fashion, retail, medical, banking, or hospitality—marketing and promotion are key. But in food and beverage marketing, the need is more urgent due to rapidly changing consumer pReferences and intense competition. Companies must create and market new products effectively, ensuring promotional strategies align with audience needs and preferences.
This study explores how effective promotional strategies help companies successfully launch new products. It also highlights the importance of adapting marketing efforts to meet industry-specific demands, with a focus on food and beverage marketing.
Aim
To evaluate the impact of using promotional strategies on marketing the new product in the food and beverage industry in the UK.
Objectives
To investigate the control of promotional tactics on consumer behaviour and brand status.
To recognize the key variables that contribute to the achievement of promotional initiatives in the food and beverage industry.
To analyse the returns on investment of a range of promotional approaches utilized by businesses in the food and beverage industry.
To develop a structure that enables businesses in the food and beverage sector to effectively market their new products through the use of promotional tactics.
Research questions
What is the control of promotional tactics over consumer behaviour and brand status?
What are the key variables which contribute to the attainment of promotional initiatives within the food and beverage industry?
What is the return on investment relating to a different range of promotional approaches?
What are the structures which assist companies in effectively marketing their new product by using a variety of promotional tactics?
The promotional activities are the ones which assist the business in promoting the business services within the market so that more people get acknowledged of the product. This is of significance because effective promotional strategies help the company in advertising its product and service in the highly competitive market. Moreover, when the company uses effective promotional strategies then it will assist the business in attracting more consumers. The present research topic is significant for the food and beverage industry of the UK as the study is based on it. The current study will assist this industry in improving its knowledge of how the effective use of promotional strategy will assist the business in presenting the new product within the market. Along with this, the current study is also of significance to other industries as well. The reason behind this fact is that the promotional strategies will be used similarly whether be it another industry. This is because of the reason that all industries need to conduct promotional strategies. This is necessary for the reason that when effective promotional strategies are used then it will assist the company in gaining a competitive position over others. Moreover, when the company is bringing something new then it is the responsibility of the business that they educate the consumers about the new product. This sharing of information will take place with the help of different promotional strategies. Also, the current study is of significance to the other researchers as well who are conducting the study on a similar kind of topic. This present study will guide the researcher in accomplishing the objectives of the study well.
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In the current competitive market, it is very necessary for companies to effectively market their products and services. This is because of the reason that the competition is intense and in case the company does not focus on effective promotion then it will affect the overall work. Thus, for this, it is important to the companies that they effectively market the products and services. In the case of a new product or service, it is very essential for the company they effectively try to promote the product or the service so that more of the consumers are acknowledged of the new product being launched. This will assist the company in enhancing the working efficiency of the company and will also help attract more of the new consumers. Furthermore, another reason for the selection of the current promotional strategies is that it will assist the company in attracting a large number of consumers with single promotional activities. Moreover, the current study will increase the knowledge of the company relating to the different types of promotional activities which they can use to effectively promote the product and services within the market. Furthermore, another reason for the selection of the research topic of the impact of promotional strategies over launching of the new product is that it will help the company in analysing the fact that how well the new product can become successful just by the use of effective promotional strategies. It will also assist the company in understanding the importance and significance of the different promotional strategies and how they are useful in attracting consumers effectively and facing intense competition.
Chapter 1- Introduction
This is the first chapter of the dissertation which is important as it sets out the base and overview of the whole study. It will include the background of the topic along with the aim and objectives of the study. Further, it will also outline the reason for the selection of the research topic and the significance of it.
Chapter 2- Literature Review
This is the next chapter which includes the evaluation of the objectives based on views of other scholars and authors. This includes conducting an analysis of the research objectives with the help of theoretical information from different authors and scholars relating to the research topic.
Chapter 3- Research Methods
It is the next chapter which includes the list of methods being selected for the successful completion of the study. It will outline the type of research, approach, philosophy, data collection and analysis methods that will be used for the successful completion of the research.
Chapter 4- Data analysis
This is another chapter which will include the evaluation of the data gathered with the help of the different websites. In the current study, the data will be gathered from secondary sources and then it will be evaluated based on the company and the industry.
Chapter 5- Conclusion and Recommendations
This is the last chapter of the dissertation which will summarise the whole study conducted. It will include a detailed summary of the whole study and will also include recommendations for improving the study. Moreover, this chapter will include the implication of the findings and the learning in the form of reflection.
Literature review is a chapter which outlines the evaluation of the resource topic based on the views of different authors. For the research to be successful it is very necessary that wide range of literature is reviewed and is necessary to beam analysed. The current chapter will outline the different views of the authors and Scholars relating to the objective of the study. And the current chapter will outline the overall general discussion relating to the objectives and the different promotional strategies which are used for launching the new product. It will also assist in analysing the variables which are used in evaluating the consumer behaviour and the branch status within the highly competitive market.
In accordance with the views of Hecht et al, (2020) promotion is an important element of getting the company’s product to advertise and also make successful within market. Efficient promotion can assist the companies to grab these opportunities within food and beverage industry to make the business operations successful. Marketing is grown dynamically in the present time, food and beverage industry must be more adaptable in R&D activities through enhancing its products and services by using effective and attractive marketing strategies. This can help the companies to attract large number of customers. Companies can make use of various kinds of promotions strategies or methods by combining the needs and demands of target audience. Companies can adopt and implement various strategies of marketing to attract audience with their unique and innovative products and services.
Naim (2023) described direct marketing strategy helps the companies to reach particular customers by informing them through sales, products as well as services. Direct marketing includes direct mails, phone calls and e-mails this helps the firms to send target mail campaigns to reach audience. Email marketing is the most relevant type of marketing within food and beverage industry. This empowers firms to reach consumers through websites and product purchases. Direct marketing including post flyers and e-mail strategy marketing is cost effective which save the expenses of the companies on marketing. The company by sending mails to particular customers and buying patterns can get success. On the contradictory note, Haralayya (2021) argued that direct marketing is sometimes intrusive that can lead to negative response of customers. Another limitation involves privacy as well as data collection limits the range of customer that the firm can target. Unless the clients are on direct mail list, these privacy laws can put off the companies from conveying any kind of promotions to their physical address or emails.
Chand and Fei (2021) ascertained the fact that sales promotion strategy involves the short term programs to raise products sales as well as demand in the market. This includes giveaways, fresh discounts, loyalty reward initiatives as well as coupons. This technique of promotion is the better way to engage new customers, announce new goods and sell out remaining stock of old goods. Companies can use sales promotion strategy to enhance popularity throughout holiday season as of the surge within product demand as well as the use of competitive pricing strategies. This strategy is very essential for food and beverage industry to make rise in sales and demand from customers. This technique helps the company to increase the spending of consumers and enhance sales revenue and profits. Sampling involves offers of trail products that the company can provide to customers on free of cost that can help them to attract new customers and take reviews from potential customers. The companies by offering discounts and time limited offers can attract customers and also draw customers away from competitive firms in the market. This strategy also creates opportunities to clear out extra stock a corporation may have. However, Park et al, (2022) argued that providing discounts as well as free products can reduce profits by lessening the margins of profits. This is also a short term plan as there is a need to increase in prices because of competition in the market. Changes in selling cost can also cause disruption.
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Purohit and Radia (2022) defined digital marketing involves web marketing as well as online marketing which includes search engine optimization, social media marketing and content marketing as well as affiliate marketing. The digital marketing firms can create con link with a large customers. This advertising strategy is very efficient as it can function on international level within small time frame. This strategy also includes many same tactics as traditional promotion as well as is often considered as a way for firms to approach customers for understanding their behaviour. Firms often combine digital along with tradition marketing strategies for further growth. Nevertheless, Ong et al, (2021) argued that the major challenge for the companies is to set themselves distinct from competitor’s digital ads. Advertising engages a extensive range of strategies as well as media that firms can use to endorse their goods and services for target customers as well as enhance their market share. The new technologies and innovation force firms to change their marketing strategies while maintain budgets within food and beverage industry. Email marketing has become one of the most popular tools in digital marketing. The growth in social media platforms has made firms possible to monitor and track customer’s information. On the critical note, Hecht et al, (2020) said digital marketing allows users to write reviews and feedbacks, which can sometime create negative impact on companies’ performance. Negative reviews can fully damage the reputation of the company in the market. The international customers also bring competition that can be very challenging for the company to survive.
Naim (2023) described personal selling tactics includes personal communication by meeting with customers over phone calls or through face to face. The objective of this strategy is to create a strong relation with clients. A salesperson has extensive information and knowledge of the product and services they wanted to sell. This helps them to provide full details and clear queries of the customers. On the other hand, this technique cannot facilitate to reach many clients and take long time to create product awareness.
On the critical note, Haralayya (2021) said that Public relations also referred as PR that helps with the preservation of the firm’s brand image. When the firms uses this strategy, can indent to influence its customers. Public relation campaigns include publicity stunts, social media and press release. This can also assist firms to enhance or rebuild its brand reputation. This is essential for all companies to get success particularly when publicly traded. Production relations are closely linked with direct functions of the firm. This sustains extensive marketing plan as well as relate to specific such as launch of new goods, management of product change as well as special campaigns. As public relation is a kind of persuasive promotion that typically trusts the more than any paid promotions. This can be cost friendly methods to reach large number of customers. However, Park et al, (2022) argued that firms have no control over clients as well as media portraying their information and messages. There is no surety of return on investments. Sponsorship is a kind of promotional technique where the firms pay money to an individual in return of publicity and fame. This can helps companies to strengthen their promotions by partnerships with well known brands. This can helps them to gain popularity, enhance brand image and increase sales in the global market.
Dolega et al, (2021) described promotion techniques are tools that marketers use to boost brand awareness as well as boost up sales for company. This is a customer’s potential to recall a brand which they are viewing for buying to resolve their issues. There are many factors which the company should consider before implementing promotional strategies. The most significant factor is target audience. Identifying the suitable customers can make the huge difference in the performance and success of the firm as well as helps in boosting revenue in long term. Target markets have same traits such as income level, age, lifestyle, race, marital status and many other variables. The firms indentifying target markets can assist to take more strategic decisions concerning business. The company can identify their customers through various marketing and sales techniques. On the other hand, Juska (2021) argued that misalignment among sales as well as marketing occurs when poor communication and lack of responsibility with team lead to underperformance. This creates a lack of responsibility as well as respect towards each co-worker. The company by recognizing their target market on the basis of product price, distribution and promotion efforts can reduce time as well as unnecessary costs.
Wijaya et al, (2021) ascertained the fact that one of the major considerations within any promotion activity is budget. Budgets are created to evaluate the necessary expenses with the growing brand and maintain brand reputation. This is often set on the basis of percentage of profits for a company to maintain growth rates. The amount of budget to endorse any products can depends on market research, expected returns, investments as well as business analytics. Change in the promotion techniques have move promotion from web based, social media and print media. The decision making procedure within firms involve when it comes to allocate funds for advertising budgets. However, Al-Surmi et al, (2020) said that high advertising budgets can reduce profits because of investment on assets. Firms allow higher cost on the basis of assumption that aware among customers.
Manzoor et al, (2020) mentioned the firms growing sales is the major objective by using effective promotion strategy can influence various objectives. Companies can seek to enhance branding, reputation and customer loyalty by attainable with gaols and actionable steps. Promotion gaols helps companies to create effective techniques for communicating with customers as well as boost brand image. The firm’s ability to understand as well as use of goals within marketing strategy allows enhancing professionals’ status and boosting campaign outcomes. This also helps company to make changes and create new thoughts to meet goals. The company can include promotional materials, deadlines and create a schedule to release materials to consumers. On the contradictory note, Lim and Guzmán (2022) said that if the companies fail to accomplish its gaols of raised market share should review its product offerings, advertising techniques and also target customer segments. The company by recognizing these issues can make tactical decisions and enhance their marketing efforts.
Eriksson et al, (2020) defined multi-channel includes the use of various media channels for spreading advertising messages such as social media, mobile, display, emails, television and many more. This channel allows the company to interact with customers through various campaigns. This strategy effectively communicates the products and services using the distinctive strengths of advertising channels. The company creates a plan that links with initiatives from multiple media channels and create opportunities for more connecting ads that are useful for customers. On the other hand, Katsikeas et al, (2020) said that more channels require more management which requires lots of expense on staff as well as marketing team. The company needs to be prepared for extra resources, time and cost to form techniques which are suitable for each channel. The significance of suitable marketing attribute links with firms embarks on multichannel strategy of advertising. A rising number of channels make its problematic to recognize which message triggers a particular response from the buyers.
Li et al, (2021) ascertained the fact that customer engagement involves firms to create a connection with its client base to promote awareness as well as brand loyalty. This can be accomplishing through web content, marketing campaigns along with outreach on the basis of mobile devices and social media. Efficient customer engagement goes beyond a client’s primary transaction. The objective is to provide related content by engagement campaigns and marketing that engage repeated customers interactions. Companies by extent the customer experience beyond a buying, well-organized customer engagements extents the client lifecycle, attract new clients, foster loyal client as well as assist firms improved conclude customer requirements and demands. The expense of achieve new clients can run much higher than expenses of customer retention. This is significant for food and beverage industry within e-commerce that must use the internet to reach potential clients. Efficient marketing as well as social media initiatives can reach the company’s brand image. On the critical note, Varadarajan (2020) said that bad customer services can be definite as when a company fails to gather clients’ prospect in term of receptive time, service superiority and overall customers’ experience. These factors have an adverse impact on customer services by lack of support, inefficient supporting staff and inability to recognize customers’ requirements. Poor customer services not only negative buyer connections but also put in danger potential opportunities. When customers concerns and queries are not addresses effectively, this can cause disloyalty and frustrate customers.
Prudnikov and Nazarenko (2021) stated that brand consistency makes sure that campaign messaging adhere to brand vision, values as well as ideals. This presents the companies proposed clients with promotions and opinion that symbolize that true nature of brands. Brand consistency is regarding establish trust, recognizable as well as communicate personality. Efficient branding offers the company with enhanced reputation that makes customers to interact with business. This differentiates from others within the food and beverage industry and proposes emotional reason to choose. Brand consistency is significant because this lead to brand acknowledgment. Consistency is the key of established branding and must be clear with every communication each stakeholder understands. Each part of the company has a function to play in branding from development and research to finance to skills development within the association. Presenting the same values within the same tendency of voice to every buyer at every step of their knowledge develops dependable brand traits. On the critical note, Chu et al, (2020) said that promoting at the wrong time can lead to waste resources as well as time along with damage brand image. To make sure those companies to be successful the company should avoid marketing during holidays, lack of resources, recessions, political initiatives and pandemics. Keeping this worst time in mind will assist to ensure the company’s marketing at the appropriate time as well as avoid costly mistake with the system. Marketing the companies at the wrong time can be costly on long term consequences. This requires that require research when a target customer spends the time as well as modify marketing approach on this basis. This requires the firms to understand the cost of marketing at the wrong time. Marketing at the wrong time can be a costly mistake as it can guide to waste advertisements as well as lack of obligation with the clients.
Rundin and Colliander (2021) examined marketing ROI is the practice of characteristic profit as well as revenue development to the impact on advertising programs. Firms can calculate return on advertisement investment, companies can measure the degree to which advertisement efforts either campaign foundation contribute to revenue progress. Advertisement ROI is used rationalize marketing spend as well as budget distribution for future campaigns along with ongoing programs. CMOs consistently inventories allocate budget as well as resources for promoting efforts as a top priority. Nevertheless, to secure resources as well as budget for further future campaign, this is also considerable that present marketing budget be regarded at the executive levels.
Yasa et al, (2020) defined evaluating digital marketing is necessary for understanding its significance. The main benefit is digital marketing is the capability to measure and track key metrics that can offer valuable insight into promotion approach is performing. The information can be used to make data driving decisions to analyze campaigns and enhance return on investment (ROI). The major metrics in digital marketing is website traffic which helps the companies to analyze individuals is visiting their websites. Another essential metric is conversion rates that the percentage of website visitors can take specific actions including substantial contact form and make purchase. Conversion rate is an essential metric as it directly impacts the return on investments of a digital marketing initiatives, they can optimize conversion rate firms can progress the effectiveness of programs as well as boost revenue. On the contradictory note, Caliskan et al, (2021) said that tools, trends and platforms change at fast pace. So it is necessary for the company to stay updated. The company needs to ensure that they have talent personnel and expertise to boost digital marketing with efficiency. Activities such as optimizing online programs as well as creating marketing content take lots of resources and time. This is significant for the firms to measure outcomes to make sure return on investment.
Tsai et al., (2020) examined the major advantage of content marketing for firms are that it is the most cost benefit marketing technique. On the critical note, Melović et al., (2020) said that traditional marketing methods such as print media television, radios and other commercials require high costs. Content marketing is the most economical approach of getting ROI by being touch with required demographic as well as generating brand acknowledgment. The major advantage of content marketing is that it assists companies to build trust with customers and drive ROI for business. The organizations by offering valuable content that handles the requirements of the customers can establish creditability as well as trust. This assists to crate long term relationship with clients that are more loyal for the brand. On the critical note, by viewing the expertise, the firms can become head in building trust with target audience become convenient. Receiving unsolicited messages can be supposed as violate of personal space that can lead to unconstructive brand perception.
According to the views of Toubeset et al, (2021) the most efficient way to increase companies advertising ROI is to initiate the customer first strategy. This approach of marketing puts clients at its core accomplishing to offer a positive brand experience by recognizing and understanding the needs and requirements of customers. Within food and beverage industry being customer driven allows to deliver the right message to the right audience through right channels. This will offer more positive relation with clients as well as loyalty. Firms within food and beverage sector can collect data on customer’s needs, behavioural patterns and tastes can modify their marketing programs. This will assist them in generating ROI and connections with clients. Nevertheless, Purohit and Radia (2022) argued that evaluating the ROI of content marketing is very challenging for the companies. Conventional marketing methods results more quickly and are intangible as well as time consuming. The company should determine the direct effect of content marketing effort on the conversion as well as sales is an complicated procedure. To engage content for search engines it is significant for the brands within food and beverage industry to focus on creating well researched high quality as well as relevant content. This also engages carrying keyword research to recognize target market as well as implementing those keywords logically within content.
Prudnikov and Nazarenko (2021) stated that email marketing is the most efficient platform for the companies to generate ROI in business. This is one of the best methods to reach as well as engage with customers. Email marketing inactivates as well as conversions to gain data from continued lead as well as customer data. The company by understanding the significance of tracking as well as calculating the marketing programs ROI is critical for understanding the effect on bottom line. Email marketing is very high return tool as it provides better customer engagements than any other channel. With social media growing at rapid pace, email marketing only needs a small budget plan of resources to build up compelling content. This technique increases the click rates in the direction of pages and also assists to endorse traffic is applicable. The individual interacting with companies e-mail are already within marketing channel, so they have already shown concentration within trade. Nevertheless, Rundin and Colliander (2021) argued that email marketing creates unwanted spam by some individuals. The company might get complain by customers regarding the content of Mail which can harm the brand image of companies particularly within food and beverage industry. Sometime poor designed emails look unprofessional and messy which people find it difficult to read and gather information. Poor emails can cost company with huge amount and also put impact on return on investments.
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Tsai et al, (2020) examined coupon marketing is an efficient strategy used by companies to attract customers to make a buy through offering discounts and also special deals. It is a successful situation for both buyers and sellers where companies get to increase customer loyalty and increase sales and at the same time customers get to save money. Coupons are of many types including paper coupons to mobile apps as well as digital codes. They can be used for a range of B2B as well as B2C goods and services. Coupon codes and discounts are the most efficient marketing tools that drive the sales of the companies and also assist in improving brand images along with customer loyalty. The company by using coupon campaigns can track data for CRM that helps them to build as well as continuous develop their marketing efforts. Coupons and discounts also used as incentive for consumers to carry out particular actions that assist within accomplish marketing as well as sales objectives. This creates loyalty of customers also increase the probability that they will refer to brand family as well as friends. Customers respond emotionally to companies that reach out them with coupons as well as discounts. On the contradictory note, Manzoor et al, (2020) said that coupons cost companies with lots of money as well as also lead to lower profit for the sales. High end products hurt with lowering their prices. This helps the company to attract new customers but at the same time existing loyal customers leave. Recurring discounts will unintentionally harm companies customers to trust that either their standard prices are rip off in contrast to not expensive prices worth buying from where there is a coupon or discount promotion active.
Tsai et al, (2020) examined market research can assist companies to gain deep understandings of their target customers through gathering data on preferences, demographics, motivation as well as behaviours. These facts can used to offer information to customer’s acquisition tactics as well as modify advertising messages to reverberate with target customers. Brand research is considered with companies to make a favourable impression upon target customers. Some research also put focus on effective marketing campaigns such as online ads as also click through. This data can help the food and beverage companies to make changes in future campaigns to reach target audience effectively. Market research also helps companies to gain insight into competitors marketing strategies, campaigns, brand reputation, sales, revenue and other essential data. On the other hand, Toubeset et al, (2021) said that lack of market research can result in inappropriate marketing campaigns that resist connecting with the target customers. Food and beverage companies should invest within customer analysis and market research to gain deep knowledge of customers’ needs, demand, taste and preferences. This can also result in lost customers, missing opportunities as well as rising costs. To overcome these barriers it is significant for companies to understand effects of poor marketing as make strategies to improve these.
Tsai et al, (2020) described cross functional collaborations is the procedure where peoples from various departments within a company such as sales team, marketing team and product development team come jointly to accomplish common marketing goals. To collaborate companies within food and beverage sector needs various tools to aid collaborations. There are various platforms that assist the companies to set up collaborative system. It is essential to adopt and implement collaborative systems which work with minimal difficulties and errors. Workflow automation enhances the collaboration within various groups. The company by automating tasks can free up time as well as provide each group clear responsibility so to focus on activities without any trouble. Creating a collaborative culture needs leaders as well as staff that help in increasing efficiency in performance. The company also requires transparent and honest communication. Lack of trust creates barrier individuals to work together to increase efficiency. However, Prudnikov and Nazarenko (2021) said that poor communication within organizational departments can lead to lack of productivity as well as engagement by offering an atmosphere of confusion and distrust. Employees feel disconnected because of poor communication and become unaware of company’s mission and gaols. When communication is one way workers may feel like their thoughts and ideas are not heard that makes them feel stressed, demotivated and frustrated. Employees should always want to be part of company’s decision making. The companies can cultivate a culture of transparency as well as openness using two-way communication can allow workers to take part in decision making.
Toubeset et al, (2021) defined a clear brand message can reduce the time of potential customers’ consideration using products and services. Clear branding serves as a channel to make sure that campaigns remain effective as well as associated. Consistency makes sure that brand reputation remains unambiguous as well as robust within the digital campaigns. This helps the company to differentiate themselves as well as to stay memorable to customers. Clear branding also distinguishes them from competitors. This also assists companies to play vital role in making sure that customers remain loyal as well as engaged and foresee at every touch point. Clear branding also enhances user experience with company’s interaction on social media, digital platform as well as website. Clear brand messaging also result in marketing campaigns lead to missed chances as well as reduce return on investments. Nevertheless, Yasa et al, (2020) argued that inconsistent brand can reduce the perceived value of the brand within customers and reduce the lifetime value. Accomplishing brand consistency needs planning, monitoring as well as guidelines. The primary step is maintaining constancy to have apparent as well as detail set of strategy within marketing campaigns. The company by defining brand tone, voice as well as message pillars can assist content creators within crafting consistent messages. The company can clearly eloquent mission as well as objectives to make sure that all communication along with campaigns links with brand core.
Prudnikov and Nazarenko (2021) examined creativity within marketing involves innovation as well as idea to carry out campaigns that connects with customers to stand out of competition. An innovative campaign includes good taglines and visuals that attract large number of customers. The most efficient advantages of creative marketing are to assist brand through capturing customer attention. Within today’s crowded digital period where consumers are continuously attracted towards endorsement communication, innovative campaigns can suggest a improved change of pace which encourages commitment as well as force outcomes. On the other hand, Yasa et al, (2020) said that creativity and innovation within marketing is not just about grabbing attention, good marketing should be meaningful as well as relevant to target customers, companies that understand their clients desires, main points and requirements to use innovation to design directly to present as well as distress real values. Advancement in technologies plays a crucial role in maintaining the marketers’ innovation and creativity. The company’s marketing team have to implement and adapt to find ways to engage with costumers through various channels such as mobile apps, social media and various other digital channels. The most boosting development within upcoming years has launched of virtual reality as well as augmented reality. These innovations allow marketing team within food and beverage sector to offer immersive experiences that connect customer within new manner. Creativity and innovation also has a significant impact on the use of analytics as well as data. The company by making use of data to understand their customers in a better war can create more tailored campaigns and target that reverberate with clientele.
Yasa et al, (2020) assessed in today’s digital period companies are continuously seeking creative and innovation within their business to increase their online presence and also connect with consumers. This is very essential for food and beverage companies to adopt this strategy to gain important traction within the integration if online channels with being active on social media. This strategy not only augment visibility but also allow companies to tap into the connect customer base of varied social media platforms. Nevertheless, Melović et al., (2020) argued that one of the foremost mistakes that many corporations make is posting content with no value, quality as well as relevance on social media. Posting too much can lead to a range of issues including dropping reach, commitment as well as reduce the brand message.
In the end it is concluded that literature review is a chapter which is helpful in evaluating the theoretical information relating to the research topic. For the successful completion of the study it is very necessary that the researcher evaluate the secondary data so that appropriate information can be used. The above literature highlighted that the use of promotional activities is helpful for the company to effectively promote the new product launch. Also it is helpful for the business in using different promotional activities like the social media marketing, print media, public relation, sales promotion and many other different kind of activities.
Chapter Three: Research Methodology
3.1 Introduction
Research methods are defined as the different ways through which the data is collected and analysed to attain the objectives of the study. For the success of the research, effective methods must be used so that the research can be accomplished in a better and more effective manner. For the study to be successful, significantly, the appropriate research is used. This is necessary because it provides a better framework for collecting and analysing the data. Along with this when the appropriate methods of data evaluation will be used then it will assist in concluding better and as a result of this, the overall objectives of the study will be attained better. Thus, the present chapter will list out all the various methods used for the study like the type of study, approach, philosophy, data collection methods, data analysis techniques, reliability and all the other related aspects of the study.
For conducting the study there are many different kinds of methods which can be used by the researcher. To complete the study successfully it is very essential for the researcher they select the most appropriate type of research. In general, there are different kinds of research, which can be used by the researcher to accomplish the objectives of the present study. The different types of research type include qualitative, quantitative, case study, correlational, descriptive and many other different kinds of research. However, the most common type of research used within the study is qualitative and quantitative research. The former, qualitative research is the one which includes gathering and assimilation of non-numerical information and data relating to the research topic (Habu and Henderson, 2023). This includes collection of text, video, audio or any other information which is not expressed in terms of numbers. Against this, quantitative data is the one which includes gathering data and information which can be expressed in numerical terms. The numerical information is used within the study for analysing the patterns and predicting the future working so that the objectives can be set easily and effectively.
With regards to the current study based on the evaluation of the impact of promotional strategies on the marketing of the new product the use of qualitative type of research is implemented. The major reason for the selection of the present type is that the whole topic is theoretical and using the non-numeric data will assist in gaining a wide range of information. In addition to this, when the qualitative type of research is followed it assists in developing new theories and beliefs relating to the research topic and will assist in widening the level of knowledge relating to the research topic. In addition to this, the present research type is more flexible and as a result of this the data can be modified effectively by the requirements of the study. Thus, the effective use of the qualitative research type helps evaluate the impact of promotional strategies for launching and marketing a new product in a highly competitive market.
The approach for the research may be stated as the framework which is assistive to the researcher in completing the study well. The reason behind this fact is that when the different methods of research are selected appropriately then it will improve the study and the objectives will be attained well. Moreover, two different types of approaches are inductive and deductive. The inductive approach is the one which helps the researcher in setting up of aim and objectives relating to the research topic. In addition to this, the inductive approach also focuses on condensing the raw data into a summarised format so that it can be used effectively. On the other hand, the deductive approach is the one which allows the researcher to develop the hypothesis relating to the research topic (Delios and et.al, 2023). It is a logical approach which is helpful to the researcher in specifically concluding from the general ideas and trying to attain the objectives of the study well. To make the study successful it is the liability of the researcher that they appropriately select the research approach. This is necessary because when the approach of the research will not be appropriate then the data will have not been gathered successfully. For this, it is the duty of the researcher they effectively manage and select the research approach so that objectives can be attained well.
For the analysis of the impact of promotional strategies on marketing of the new product in the highly competitive market, the use of an inductive approach is implemented. The researcher has emphasised the inductive approach because it helps the researcher in identifying the themes and patterns relating to the research topic and its working. In the current case, the inductive approach helps analyse the fact of how well the company is implementing the promotional activities for making the new product launch successful. Moreover, this inductive approach is also assistive to the researcher in analysing the general principles and connecting them with the area of study. Thus, it will help the researcher in attaining the objectives well and as a result of this the overall efficiency of the research will be improved and the objectives will be attained well.
The philosophy for the research is defined as the beliefs and values which assist the researcher in gathering and analysing the data relating to the research topic. It is a framework which is assistive to the researcher in analysing the fact that how the research needs to be conducted and on what basis of reality this needs to be implemented. In case the philosophy of the research is not appropriately selected then it will affect the working and successful completion of the study well. Generally, there are two types of philosophy which researchers can use to manage the data. This includes the use of positivism and interpretivism as the philosophy of the research. The former, interpretivism is a type of philosophy which is based on the assumption and it supports the fact that humans are different from the physical phenomenon. It supports the fact that reality is subjective and is socially constructed and can be modified based on the requirements of the researcher (Pandey and Pandey, 2021). On the other side, positivism is the type of philosophy which is based on gathering factual information relating to the research topic. This philosophy focuses on the using of information which can quantified so that the evaluation can take place effectively.
For the analysis of the impact of promotional strategy used for launching of new product the use of interpretivism philosophy is implemented. The major reason for the selection of this philosophy is that the study is qualitative and the use of interpretivism is assistive in fostering and improving the study well. This is because of the reason that this philosophy does not include the use of factual information and as a result, the overall working capability of the study will be improved. Also, this will assist the company in making the study well and attaining the objectives of the study effectively. Moreover, interpretivism is the philosophy which is helpful for the researcher in developing a better understanding relating to the research topic and as a result of this, the overall objectives will be attained well. In addition to this, this type of philosophy is helpful for the researcher in developing deep knowledge and understanding relating to the research topic and this helps attain the aim and objectives of the study well.
For the study to be successful, appropriate data must be collected to attain the objectives. In case data is not effective then the research objectives will not be attained well. For the meeting of the study successful it is the responsibility of the researcher they effectively use the appropriate data. The reason underlying the fact is that the whole study is based on the data and in case the data gathered is not appropriate then objectives will not be attained. Thus, to collect the appropriate data, two different sources are present that is primary source and the secondary source. The primary source is the one wherein the first time information is being collected relating to the resource topic. Here the data is gathered with the help of the questionnaire or interview and this data is used within the study for the first time. On the other hand, the use of secondary data is the one wherein data is gathered from the already existing data. This includes collection of the data from different books, journals, articles and other published data relating to the research topics topic.
For the evaluation of the impact of using promotional strategies for launching the new product, the use of secondary sources is implemented. The reason behind the selection of secondary sources is that it includes collecting the information with the help of already published data like journals, books, articles and many other different sources. The use of secondary sources of data is assistive to the researcher because it helps in gathering a wide range of data relating to the research topic (Zhou, Li and Sun 2022). Moreover, the benefit of using secondary data is that the study is based on the whole food and beverage industry and in such a case collecting the primary data is not feasible. Thus, the secondary sources is assistive in gathering the related data and all the other information and statistics relating to the impact of promotional strategies on the launch of a new product. In addition to this, with the help of a secondary source of data, the researcher is in a position to collect high-quality data which is assistive in attaining the research objectives appropriately. Moreover, the use of a secondary study will help the researcher in improving the quality and accuracy of the data collected.
After the assimilation of data relating to the research topic, it must be evaluated and analysed properly and effectively. The reason underlying the fact is that when the data will not be evaluated effectively then it will be impacting the overall working of the company. The whole study is based on the evaluation of the data only because in case the data will not be evaluated then it will impact the overall work to a great extent. When the data gathered will not be evaluated well then it will affect the working efficiency to a great extent. Thus, it is the responsibility of the researcher they evaluate the data efficiently so that the objectives of the study can be gathered effectively. To analyse the data, there are two different methods which include thematic analysis and the use of SPSS. The thematic analysis is the one in which themes are prepared by the research objectives. Thereafter these themes are interpreted with the help of the literature review and the other secondary sources as well. Against this, the SPSS is a statistical software which includes applying different statistical tools like descriptive statistics, regression, correlation and others over the data collected.
The present study is based on an evaluation of the impact of promotional strategies on the launching of the new product the use of thematic analysis is implemented. Within the present study, the themes will be prepared and as a result of this, the discussion based on the themes will be made. Here the objectives will be converted into different themes and then it will be linked with the overall food and beverage industry (Al-Ababneh, 2020). Thus, it will assist the researcher in accomplishing the aim and objectives of the study well. Moreover, when the thematic analysis is implemented then it assists the researcher in attaining the objectives well. Furthermore, another reason for the selection of thematic analysis is that it assists the researcher in discovering different data and trying to develop new perspectives relating to the research topic. Also, it assists the researcher in developing good theoretical knowledge and base relating to the research topic and assists in developing good knowledge relating to the impact of promotional strategies over the new product launch.
While conducting research there are many different kinds of limitations which the researcher has to face. To make the study successful it is the responsibility of the researcher they try to manage this limitation and avoid it so that overall work can be improved. The major limitation which was faced by the researcher in the current study based on the impact of promotional strategies on new product launches is the limited resources. This is the major limitation because the resources provided for the completion of the study are very limited and the uses are many. Thus, this impacts the working efficiency of the whole study. However, with the help of good allocation skills, the researcher was in a condition to perform the activity better and attain the objectives well.
Moreover, another limitation faced by the researcher was a restricted timeline for the completion of the study. This was the major limitation which impacted the whole study to a great extent. However, with good time management and prioritization skills, the researcher was in a condition to attain the objectives well (Budianto, 2020). With the help of good priorities skills the researcher was in a position to manage the priority of every activity of the research. Thus, as a result of this, the overall activities were completed on time and as a result of this, the objectives were attained effectively.
Furthermore, in addition to this another limitation faced by the researcher was of a restricted budget. The budget provided for the study was less and as a result of this the overall activities of the research for impacted. Thus, with effective budget allocation skills, the researcher was in a condition to allocate the budget to every activity of the research. Thus, as a result of this, the overall working efficiency of the research improved and the Limited budget was allocated to every activity effectively. Even the researchers face different kinds of limitations but then also they try to manage the study well and attain the objectives easily.
Along with this another limitation faced by the researcher while conducting the present study was the selection of the external database. This was the limitation because there are many different types of sources and websites which provide the data relating to the study material. Thus, it will impact the overall working of the research because it is difficult to select the appropriate data and try to improve the working well. This was another limitation which affected the working of the study but compliance with the copyright sources helped the researcher in gathering the appropriate data. This is because of the reason that all the data has been gathered from the copyright sources only and as a result of this the appropriate and authentic data source is used for the collection of the data.
Ethical considerations are the principles which need to be followed by the researcher while conducting the study. In case ethical considerations are not followed by the researcher then the study will not be effective. Within the secondary study most common ethical consideration that needs to be considered by the researcher is the taking of appropriate data for the study (Ryder and et.al, 2020). This is necessary because when the data will not be effective then the study will not provide better results. In addition to this, the whole study is based on the data and in case the data will not be good then the objectives will not be attained well. Thus, for this, it is the responsibility of the researcher they gather the data from the website and sources which have copyrights. In case the copyright sources are used then it will impact the study and the accuracy of the study. Along with this, another ethical aspect to be considered is maintaining the confidentiality of the data. It is very necessary for the researcher they effectively keep the data sources confidential. The reason underlying the fact is that when the confidentiality of the data source will not be maintained then it will not be liked by the data sources.
Thus, it is there responsibility of the researcher that they effectively maintain the confidentiality and anonymity of the data sources. Along with this another ethical consideration which needs to be followed by the researcher is the effective communication of the result. It is the accountability of the researcher that they must effectively communicate the results with the users (Dodds and Hess, 2020). Also, it is the responsibility of the researcher that they must communicate the results as it is. Hence, the result must be according to convenience and it should be communicated to the users in the same manner which has been outlined within the study. Any modification or changes within the result while communicating can cause unethical practices. Thus, it is necessary for the researcher they effectively communicate the results with the users in the same and the intended manner.
For accomplishing the research objectives reliable and valid data must be used. The reason underlying the fact is that when effective data is used then automatically it will result in the accurate working of the research. Moreover, when the data is effective then it will automatically result in the appropriate attainment of the objectives. Thus, for this, the researcher always uses reliable sources for gathering the data. Also to manage the reliability of the data, the researcher has used all the data after 2019 only. Data before 2019 has not been included in the study because it is too old and it will not provide better results in the current working environment. Furthermore, when the data after 2019 is used then it provides accurate and more reliable information relating to the study. Thereafter, for the validity of the data, all the data has been used from the copyright sources only (Dzwigol, 2022). In case the data is gathered from the copyright sources only then it provides authentic information and as a result of this, the working efficiency is improved. Moreover, the copyright sources ensure that the data is authentic and the result it is appropriate will assist in the effective attainment of the objectives. Further, for the reliability and validity of the data it is necessary that the references are provided to the work. This is necessary for the reason that when the appropriate references and related citations are made within the working then it will assist the researcher in making the study better.
In the end, it is concluded that the appropriate selection of the research methods is very necessary for the successful working of the research. In case the appropriate methods of research are not selected then it will impact the overall working of the study. Thus, the above chapter inferred that the selection of the proper research methods is very necessary so that the objectives of the study can be attained well. The above analysis evaluated that the selection of the qualitative study is beneficial as it assisted the researcher in developing the objectives and theoretical data relating to it. Moreover, it was also concluded that the use of interpretivism and inductive approaches is good for the effective working of the research. Moreover, it outlined that the use of thematic analysis was assistive in the attainment of the research objectives in a better and more effective manner. Further, the chapter also assisted in acknowledging the fact that when reliable and valid data is used then automatically it assists in the attainment of the objectives well. Furthermore, ethical consideration like using data from copyright sources is used by the researcher. Thus, as a result of this, the overall working of the research was improved and the researcher was in a position to attain the objectives well.
The findings highlight that customers today are highly aware and obsessed with marketing tactics. Food and beverage industry must work effectively to satisfy the requirements are customers with tailored offers and maintain high quality. The most important requirement of firms in food and beverage sector is to boost their sales by creating good brand image and reputation in the minds of consumers. Social media is an important part of daily lives. Social media marketing is rising with the potential techniques and tools to connect with customers. Companies can reach large audience in addition to enhance appreciation by building up strong brand existence through Instagram, Twitter and LinkedIn (Naim, 2023). Social media provides refined targeting elements that allow companies to customize their advertisements to target customers. The firm by selecting the clients for market campaigns can enhance the opportunity to result in translation. The study also emphasized on constant work and time is required to carry on a dynamic presence on social media. Companies for continuing the strong brand image needs proper responding to reviews as well as complaints.
According to review food and beverage companies content marketing strategy helps to grow and connect customers. Companies by reaching out large audience can promote brand awareness and also enhance customer experience. The basic principle of content marketing is to understand audience and provide content that resolve customers’ requirements. Effective content is the basis of search that is organic as well as good way to dive more traffic too website. The companies by using the consumer performance metrics within content marketing can consent to shape prospectus marketing decisions (Park et al., 2022). Content marketing is more cost effective strategy which can assist the companies to save cost on promotion actions. This also helps firms to involve customers and employees in creating content which would be more relevant and helpful. The study also reviews content marketing is considered as a long time process. This also relies on high quality content to connect and attract customers. This puts stress on companies to constantly create innovative and creative content.
According to the data influencer marketing is the most efficient technique that many firms within food and beverage industry influence to connect with customer and attract them. Influencer marketing drive in leads as well as quality traffic, companies working with right influencers can help in connecting to right customers. Food and beverage brands choosing this strategy can build people confidence and trust that improve brand image. On the other hand, it is essential for the company to collaborate with right and authentic influencers that are experts within this area. This also requires huge investment for companies to track the suitable force that connects with their mission and strategies (Ong et al., 2021). Firm adopting poor influencer marketing can face huge loss in long term and can destroy brand image. This strategy would not make sure the appropriate results. Branding is the most useful tool for companies; expedition up from well-known influencers can have an enormous impact on brand reputation and image.
The study highlights marketing products as well as services through emails can be flexible, fast as well as cost friendly way to reaches out new clients. This also helps to retain existing consumer through encouraging repetitive websites visits. It is vital for the firms within food and beverages industry not to overuse of email marketing strategy, because that can irritate customers if the content is irrelevant and unwanted. The cost incurred on email marketing is very lower than any other forms as this does not include printing, media and fees. This strategy effectively allows users to company’s website including email links to encourage and boost online presence along with foster interactions with clients. The firms by engaging content can increase traffic that improves website visibility. This also offer platform to showcase products as well as connect with customers. Email marketing provides efficient ROI and also brings more sales. Customers are more likely to be paying attention because of tailored emails to specific customers (Hecht et al., 2020). Companies by using tools and techniques for marketing can efficiently handle and create quick emails that can send automatically. Email marketing is the most cost effective strategy that helps in building brand image and improves business communication. The companies within food and beverage industry can smoothly reach global clients with no higher costs.
The study also emphasized on grasping the relationship among customers and conversion rates as email marketing require large customers to convert major sales. Nevertheless, large audience does not result in better outcomes. The company by focusing in target customers can send emails to clients who are interested with content enhance the probability of conversions. This tactic can also incur grammatical errors that can weaken professionalism as well as creditability that can make company’s bad image in the mind of customers. Email marketing includes consideration deliverability issues that can have huge impact on campaigns efficiency. Firms to overcome these barriers can keep away from spam language as well as frequently clean email list to eliminate invalid addresses (Dolega et al., 2021). Firms should also test emails throughout a range of platforms as well as devices to make sure constant delivery. Tracking deliverability alongside with engagement metrics helps to propose deep insight within efficiency of campaigns. Coupons include name and various other information of the company. This will help the company to reduce their expenses on other advertisements and also save their time.
By doing the analysis it has been concluded that coupons and discounts attract customers towards the company, generate revenue as well as engage customer engagements. This also assists companies to bring in products and advance customers to try more cost-effective brand and services. Discounts and coupons also assist in attracting customers for repeated sales. The most efficient way is to maximize the benefit of coupons and discounts to build a social media marketing. The companies by putting various discount codes can earn repeat customers. Customers always look for best deals and discounts, this make mandatory for companies to offer coupons and discounts to gain competitive advantage (Lestari et al., 2020). Nevertheless, offering coupons and discounts on products reduce the profit margin and sometimes lead to heavy losses. Firms need to control the result and make a balance by analyzing which item requires discount and which one not. Sometimes it has been concluded that offering too much discounts and coupons reduce the worth of the products and negatively affect the revenue of the company.
Promotional initiates include various activities which are undertaken by industry for influencing customer toward particular product. There are various factors which impact the successful implementation of promotional activities in food and beverage industry of UK. It has been identified that determination of target market is the crucial variable in the success of promotional activities. For adopting the effective marketing strategies, company need to incur on research and development department that assist in determine exact segment which company need to target. This also include understanding needs and preference of the target audience that support in determine the measure which company need to used for promoting particular product. For example, if company is targeting towards the youth then they need to focuses on providing health benefits of particular food (Kuncoro and Kusumawati, 2021). This includes clearly defining the customer preference and mould promotional content according to their wants. For understanding target audience, company needs to conduct survey and interview which enable in clearly defining needs and wants of costumer. However, conducting survey requires huge time and incurs high cost which eventually result in the increasing price of food and beverages for customers. It has been identified that wrong interpretation of survey question and biasness while carrying out the survey can result in failure of process and eventually results in reduction in the effectiveness of promotional activities.
Another factor which impacts the successful implementation of promotional initiatives is integrated marketing communication. This refers to as delivering unified message of the company through various different promotional channels. This helps in attracting more customers and assist in gaining customer’s trust and confidence. It has been depict form research that by using integrated communication channel information could be shared with large number of consumer and its assist in improving brand reputation (Laurie and Mortimer, 2019). On the other hand using integrated marketing communication Channel results in increasing cost of the industry as company need to incur in various promotional activities. This result in increasing the cost of goods for customers and eventually It becomes difficult for promoter to manage the content of each channel according to needs and preference of customers and create challenge in determine the return from each type of promotional activities.
Clear objective should be formed before deciding upon the promotional activities that need to be undertaken. Company should clearly establish the aim for which promotional activities need to be undertake that assist in selecting appropriate promotional measures. This include deciding whether the food industry is focuses on increasing the market share, gaining new customer, increasing sales from existing customer or improving customer loyalty. For enhancing market share company will focused on reducing price of product and aiming at using various sales promotional activities (Dikau and Volz, 2021). Considering for increasing the sales from existing customer, focus will be paid towards identified new usage for current product. However it creates challenges for company to determine its objective effectively and identify most effective marketing strategies. Incorrect determination of objective and goals results in creating obstacles in the successful implementation of promotional activities.
For effective carrying out promotional initiates, company should focuses on bringing innovation and creativity within its marketing strategies (Parjanen and Hyypiä, 2019). Innovation and creativity is related to designing of advertisement in most attracting manner, use of statement which gain attention of view, use of social media marketing, creative innovating content on the such platform. This enable company in gaining attention of listener toward helps in attracting large number of new customers. On the other hand brining innovation and creativity within marketing strategy involve indulging high cost on various promotional activities. To cover cost involve in marketing strategy company usually focus on increasing the price of food product and beverages which result in reduction in number of customer. This creates challenge for company to bring innovation and creativity in marketing strategy with consideration on price of goods. Sometime sales does not increased after investing in innovative strategy that eventually impact on budget of company.
The review highlights that multichannel marketing within organizations uses various online and offline media channels such as retail stores, direct mails, emails, mobile messages, website as many more channels. This allows customers to take action with regards to buying the product. These marketing strategies can provide firms within food and beverages sector the opportunities to modify their messages and content to particular audience as well as channels making it more successful (Naim, 2023). This marketing strategy is also efficient way for firms to enhance their visibility while communicating large customers as well as offering superior understanding. This also allows companies within food and beverage industry to enhance their opportunities of modifying the needs of the customers to respond in a better way. This also facilitates firms to gather more information regarding their customers including tastes, behaviour and buying history. However if the firms uses multiple channel marketing can lead to confusion as well as lack trust of consumers. The company by using multiple channel strategy without coordinating with them can lead to effect customer journey as well as lack of concentration on marketing campaigns.
By doing the analysis it has been highlighted that companies by doing consistent branding can effortlessly introduce the main idea with aspect to modify the positive thought of customers. Brand consistency provides customers confidence to interact with company which promotes brand loyalty. Efficient branding allows the companies in food and beverage industry to distinguish them with customers. This also helps the company to enhance reputation with food and beverage sector by boosting authority (Toubes et al., 2021). For instance, McDonalds a huge fast food chain is easily recognized by its yellow and red theme, this helps the company to differentiate them from competitors and attract large number of customers globally. Companies target customers is the basis of brand consistency approach as this will focus them to modify the designs and layouts of the products as well as brand (Chand and Fei, 2021). However, companies incur lots of cost on consistent branding as have effect of return on investments. It is very essential for the companies to differentiate the company as well as make them differentiate from competitors. This also gives food and beverages companies to improve personality as well as identity that individuals can relate to. The company should also meet customers’ expectations that assist them to trust business and drive authority.
For the success of the company it is very necessary that company is able to earn good returns. This is particularly necessary because the company operates in order to earn profits only and in case the return on investment will not be good then it implies that companies are not performing well. Thus, it is very necessary for the companies operating in the food and beverages industry to effectively analyse the return on investment and then only implement any kind of promotional approach. There are different kinds of promotional activities which can be conducted by the companies while operating. But it is very necessary for the company to evaluate the return on investment which each and every promotional activity is providing to the company. In case the activities not providing much return on investment and the company is investing in it then it might create loss for the company. Thus, for the food and beverages company it is very necessary that they effectively evaluate the return on investment of each and every approach of promotion and then only implement it in proper and effective manner. In support of this Rundin and Colliander, (2021) stated that for the success of the company the only aspect is the promotion. In case the promotional activities will be good then it will be assisting the company in facing the intense competition. On the other hand when the promotional activities of the business are not efficient then they will not be in position to launch the new product effectively. Thus, before finalizing the appropriate promotional activity it is very necessary for the company to effectively evaluate on the basis of the return which they are providing.
For instance Coca-Cola is a company dealing in food and beverage industry is planning to launch a new flavour within the soft drink. Thus, it is the responsibility of the company that they must effectively analyse all the promotional activities available for them. For instance there are different promotional tools like digital marketing, print media advertising, sales promotion, influencer marketing and many other different kind of promotional activities. Thus, it is the responsibility of the company that they must conduct the cost-benefit analysis for each and every promotional activity. The promotional activity which is having the highest benefits will be providing more return on investment. The Coca-Cola must invest within that particular promotional activity only. Suppose the highest benefit is provided by the digital marketing techniques then the Coca-Cola must invested money within the use of digital techniques for the promotion of the new product range.
In addition to this, finding also stated that keeping all the working updated is also very necessary for the company to increase the return on investment. This is particularly because of the reasons that the competition is intense and there are many changes taking place within the working pattern of the companies. Hence for the companies operating in food and beverage industry it is very necessary that they must keep themselves updated. In case the company is updated with the entire latest working pattern then it will provide them effective working. Along with these employees working within the company will be updated with all the latest marketing and promotional activities (Wijaya and et.al, 2021). Thus, it will help the business in improving their working efficiency and as a result of this sale of the company will enhance. For this Starbucks is investing much in Research and Development. They are particularly investing it because the effective research and development department will help the company in evaluating all the latest changes taking place within the external environment. Moreover, it will help the business in analysing the latest changes and try to implement them within the working.
Moreover it was also outlined from the literature review that prioritising the customer is another strategy for increasing the return on investment. This is particularly because of the reason that the customers are the king of the industry. In case the customer will not be satisfied with the product and services provided by the company then definitely the business will fail. Thus, it is the responsibility of the companies present in food and beverage industry to keep the customers happy and satisfied. When the priority of the company will be customer satisfaction then automatically the returns will be more. Thus, in order to improve the working of the food and beverages companies it is very necessary that they must effectively keep the customers at top most priority. For instances McDonald's is a company who prefers to satisfy the need of the customers. Irrespective of the cost of the company, they cater the need of the customers effectively. Premium Quality Services are provided to the customers and as a result of this the overall working of the business is improve the and the customer loyalty is enhanced.
With the findings it was evaluated that the company needs to develop a good structure so that they can work effectively. When the structure is clear then automatically the company is capable of working in appropriate direction. Thus, it is the responsibility of the company that they must effectively try to develop an appropriate structure so that the overall working can be improved. For this, effective cross functional collaboration is necessary for the successful working. This cross functional collaboration includes the collaboration between the departments within the company. There are various departments like sales, marketing, production, research and development, technology and many other different kind of departments. For the successful working of the company it is very necessary that all the departments are working in collaboration with one another (Toubes, Araújo Vila and Fraiz Brea, 2021). This is particularly because of the reason that the working of the whole company is dependent over all these departments. In case there will be any miscommunication or lack of communication between the departments then it will be affecting the overall working. Hence, it is the responsibility of the food and beverages companies that they develop and implement appropriate and clear structure which will help in launching the new product effectively. For instance Britvic PLC is a company dealing in food and beverages industry. In case the company is not having clear communication between all the departments than the production and marketing of the product can be impacted. Thus, it is the responsibility of the company that they must ensure harmony and synchronisation within the working of all the departments (Product promotional strategies in supermarkets and their effects on sales: A case study of breakfast cereals and drinks in New Zealand, 2024). The reason underlying the fact is that when the harmony will not be present then the proper and clear communication will not take place among all the departments. When the communication will not be clear then the production will not be effective and ultimately the promotion and the overall operational efficiency of the company will be impacted. Hence it is the responsibility of the company that they must effectively try to ensure proper and effective communication among all the departments and the people working within the company.
In addition to this, it was also evaluated that clear branding also needs to be implemented as a clear structure for working. It is particularly because of the reason that when branding will be appropriate then automatically it will be improving the efficiency of the business. Thus, it is also very necessary for the food and beverages companies that they effectively provide the appropriate message to the customers. This is very necessary because branding is a channel which assists the company in improving the customers and potential customers. Thus, clear branding will help the company in improving the user experience and it will definitely assist in launching the new product effectively (Li, Larimo and Leonidou, 2021). When the brand will be good and effective then it will assist the company in attracting more of the customer towards it. Thus ultimately the sales of the company will increase and it will help the business in improving the overall efficiency. Moreover when the clear planning will be implemented then it will help the company in attracting the customers and gaining a competitive advantage. When the company will have competitive advantage then it will help the business in increasing the sales effectively and efficiently.
In the end the above study concluded that complying with a promotional strategy is very necessary as it will assist the company in launching the new product effectively. The promotional strategies are the activities which the company uses for advertising the goods and services in which the company deals. Moreover, when the company launches a new product then it is the responsibility of the company they effectively try to launch the new product. While launching the new product it is the responsibility of the company that they effectively market the product and services of the company. The above study inferred that setting up the aim and objective is very necessary for the researcher to accomplish the objectives well. In case the objectives are clearly defined then automatically it will assist the researcher in attaining them well. The reason behind this fact is that when the objectives are concise and clear then it ensures that the overall work is improved and will assist the researcher in successfully attaining the aim of the study.
Moreover, the literature review inferred that a direct marketing strategy helps the company in promoting the business well and advertising the services and products of the company well. A further range of marketing activities were highlighted within the chapter which included digital marketing, sales promotion, personal selling, public relations and others. Along with this, the variables also highlighted contribute effectively to promotional initiatives which include budget, customer engagement, use of multi-channel marketing and many other different variables which need to be focused. In addition to this, the research methodology chapter inferred that the use of qualitative study is assistive in gaining theoretical knowledge relating to the research topic. Moreover, the use of the secondary study was also helpful to the researcher in gaining immense knowledge relating to the impact of different promotional activities on the launching of a new product within the highly competitive market.
Along with this, the data analysis section of the study highlighted that launching the new product is very essential for the company must try to use all the marketing strategies effectively so that the new product can be launched successfully. Further, it outlined that return on investment is necessary to be evaluated for the effective application of the promotional strategies used by the company. In case the promotional approaches will not provide a better return on investment then it is not worth using. Thus it is the responsibility of the company they try to use strategies which provide a better return on investment and as a result of this, the overall working of the company and launching of the new product is done better.
The implication of the current study is very wide as without effective marketing the company cannot operate well. Also, the competition within the market is very high and to meet it, the company must have a good marketing strategy. Compliance with effective marketing is very crucial for the company as it will help the business in making the company grow and face intense competition. The present study is based on the use and impact of promotional strategies on the launching of a new product within the food and beverage industry (Tourky and et.al, 2020). Thus, the findings of the present study are implied over all the companies operating in the food and beverage industry. This is because of the reason that the present study is based on the whole industry and its finding is applied to every company operating within the industry. Moreover, the findings of the current research can also be applied to other industries as well. The reason behind this fact is that the finding of the current research includes an evaluation and impact of the promotional strategies over the marketing of the product.
Thus, the findings of the present study can be applied to other industries and companies as well. The reason underlying the fact is that when effective marketing and promotional activities are used then automatically it results in better working and promotion of the activities of business. Furthermore, whether be it any industry, retail, hospitality, banking, automotive sector or any other kind of industry they need effective marketing. Particularly in the case of the launching of any new product or service, there is a high need for effective marketing of the new product. Thus, the findings of the present study can be applied effectively in the management and marketing of new product launches. Along with this, the findings of the present study can also be used by the researchers who are also conducting the study on the current topic and any similar topic. It is vital for the researcher they effectively follow and read the findings of the present study so that they can clear the work and they will conduct their study in a better and more effective manner.
With the above analysis of the study, it is clear that marketing and compliance with effective promotional strategy is very important for the successful working of the company. The reason underlying the fact is that an effective promotional strategy will be helpful to the company in marketing its product well especially the new products within the highly competitive market. Thus, some of the recommendations for improving the marketing and promotional activities of the company are as follows-
The first recommendation to the companies operating in the food and beverage industry is that the company must try to have good investments in research and development activities. This is about the fact that there are many different kinds of changes taking place within the external environment and the needs and preferences of the consumers (Cuevas and et.al, 2021). Thus, it is the responsibility of the company that they must effectively try to implement these related changes within the working of the company. It is necessary because when effective changes are applied then automatically it will improve the overall efficiency of the work to a great extent.
Along with this, it is also recommended to the companies working in the food and beverage industry that they must timely evaluate the strategies of the competitors as well. This is necessary because when the company is planning to launch a new product then the strategies of competitors need to be evaluated. This will provide a base to the company in making and designing the strategies for launch of the product. Moreover, analysis of the competitor’s strategy will also provide a basis for comparing the marketing strategies and to make the necessary related changes.
In addition to this another recommendation to companies relating to food and beverage industry is to offer loyalty scheme cards. This is necessary because it is helpful for the company to attract more of the customers for the new product launch. When the new product is launched then it is very necessary for the company to have good set of consumers. In case consumers will not be loyal towards the company then the business will face issues. Thus, it is highly recommended to the companies to focus on loyalty of the customers so that the overall working can be improved. In addition to this when the consumers will be loyal towards products of the company then it will be assisting them in attracting large number of consumers at a single time and ultimately the sales will increase.
Moreover it is also recommended to the companies dealing in food and beverage industry to effectively plan a particular budget. This is particularly necessary because when the budget will not be effective and clear then it can impact the working of the new product launch. Thus, for deciding the effective marketing strategies it is very necessary that the appropriate budget is decided. In case the plan is over budget or under budget then it will be impacting the overall implementation of the new product.
Along with this it is advisable to the companies within food and beverage Industry that they must effectively have good measurable goals. For the successful implementation of the new product it is very necessary that the appropriate measuring tool is implemented (Hecht and et.al, 2020). Hence, for this it is advisable to the companies that they must effectively comply with benchmarking as a monitoring tool. This is particularly essential because when the effective monitoring tools will be used than it will be helpful to the companies for evaluating the launch of the new product and to ensure that whether it has become successful or not.
The whole dissertation was a good learning experience and it assisted me in developing much different kind of skills and knowledge relating to the research topic. The current study based on evaluation of impact of promotional strategies over new product launch assisted me in developing the fact that promotional and marketing activities are crucial for the company success. This is particularly because of the reason that when the companies will not be promoting the product and services then the consumers will not be having proper knowledge of it. Thus, it is very necessary for the success of the company that the appropriate marketing strategies are used by the companies. In addition to this the current study also assisted me in enhancing my knowledge that effective time management is very necessary for the success of the study. This is particularly because of the reason that when the work will not be accomplished on time then it will be impacting the success of the study. Along with this, already the time provided for completion of the study was very less and in case the researcher would not have completed this study then it could have impacted the whole study and its completion.
Along with this, study also helped me in analysing the fact that having good research skill is also very necessary. This is particularly because of the reason that when proper and effective research will be implemented then only the objectives of the current study will be attained. Thus, with the help of the present study I analysed that having proper and good research skill is very necessary. Good researching skill will help me in evaluating each and every aspect of the study well and will help me in understanding each and every aspect of the study better. Moreover with the current study I also analysed that having good coordination skill is also very necessary. The reason underlying the fact is that each and every aspect of the research is interconnected with one another. Also all the chapters of the study are interconnected and are based on completion of the previous chapter. Thus, it is very necessary for me to evaluate the importance of coordination and accordingly conduct the chapters sequentially. Thus, it assisted me in learning the fact that the whole study was helpful and provided me with wide range of learning relating to different skills and improved my knowledge relating to research topic.
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