Completed Component 2_Essay

Completed Component 2_Essay - Marketing Plan Objective...

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Marketing Plan Objective Marketing Plan Objective Strengths Rusty Red’s major strengths include Joe Lizzio’s dedication to the company’s success, his extensive social network, and the uniqueness of Rusty Red’s product. Opportunities Athletic banquets following major Cornell athletic events create a substantial marketing opportunity for Rusty Red to profit from its connection with both Cornell and athletics. These banquets occur after sporting events in which Cornell teams travel out of state. In addition to student athletes, between 75 and 300 alumni usually attend the events. During the banquets, various snacks and drinks are served, creating an opportunity for Rusty Red to initiate a trial of its product among alumni. Given their involvement with athletics, the alumni at these events should be particularly receptive to Rusty Red’s mission, perhaps more-so than other alumni. For this reason, athletic banquets could provide a profitable marketing opportunity for Rusty Red. An additional opportunity exists for Rusty Red to seek distribution of its wine through upscale restaurants in Ithaca and New York City, which would allow the company to capitalize on the perceived prestige of its product, the growth in popularity of premium and imported wines, and the increase in restaurant visits by consumers (Wine Mintel). To act on this opportunity, Rusty Red would need to expand its target market. In Ithaca, Rusty Red’s target market consists of Ithaca residents and Cornell-affiliates interested in supporting athletics. In New York City, the target market consists of the large percentage of Cornell alumni residing in the Metropolitan New York City area, and also of upscale wine-drinkers interested in supporting Rusty Red’s mission. 1
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Distribution through restaurants would provide a broad customer base and substantial revenues for Rusty Red to use in its charitable efforts; however, without significant promotional efforts on behalf of the restaurants, Rusty Red would not be able to communicate its mission to customers. This inability greatly detracts from the company’s cause-related marketing aspect, and would prohibit customers from making future donations to the foundation. Therefore, in order to maximize the potential of this opportunity, Rusty Red would need to offer incentives to restaurant owners in order to gain distribution in their restaurants and enlist their help in promoting its product. The creation of an aesthetically-pleasing, user-friendly website provides an opportunity for Rusty Red to benefit from the trend toward web-based retail. It also creates an efficient way for the company to market and distribute its product to customers. Such a website would communicate Rusty Red’s mission to customers and allow them to order wine and make donations online. Additionally, users would be able to register with the site to receive news and updates, making them feel as though they were part of an interactive club, rather than just customers of a wine-selling company. This additional feature would also help Rusty Red to track
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This essay was uploaded on 02/20/2009 for the course AEM 241 taught by Professor Grossman during the Spring '08 term at Cornell.

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Completed Component 2_Essay - Marketing Plan Objective...

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