Marketing
Marketing can be described as the process of defining,anticipating,creating, and fulfillming customers' needs and wants for products and services.
Taitea Bar provides high quality, hand-made and healthy beverage called the Bubble Tea. It is also known as “Pearl Milk Tea” or “Boba Tea” it is a refreshing and innovative drink with a base of tea with juice or milk and tapioca.
Celestial TaiTea includes different varieties of teas and flavors. This allows the company to encourage costumers to search for their favorite flavor and also satisfies each consumer need.
The price 5.600- 8.000 Colombian pesos. The price shows the high quality of the TaiTea beverage. TaiTea avoids competing price with their competitors that’s way its selling prices is by the same range that their rivals.
“Celestial TaiTea Bar” it’s primarily situated in central shopping areas, in a mall located in Bogotá. By selecting this location the TaiTea Bar is looking for being in areas of high foot traffic where they can be conveniently shopped. TaiTea Bar hopes to encourage customers to buy tea while they are shopping.
TaiTea Bar uses different promotional elements such us:
Personal selling: we use our personal employees interaction to sample the products and to educate its costumers about the teas that we sells.Employees make recommendations to consumers who are looking for to try new flavors. This experience will give us a competitive advantage among competitors.
Social networks: The main means of promotion of the “Celestial TaiTea Bar” is through our online social networks such us Facebook and Instagram, where we will show our costumers our products, our promotions and our “Tea of the month”
Advertising: TaiTea Bar uses both print/media advertising and word of mouth to promote our products. This helps us to bring new costumers into our store and have better recognition among consumers.
If we want to know what is the reaction of people about our Tea, we can make a test marketing. we can start showing our product in some business fair to an specific group of people to check the aceptation before we start to comercilized our Tea.
We used the test marketing to know:
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How people will react about our tea, measure out the interest, acceptance, staisfaction.
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See the potencial demand on the market, try new flavours, make a comparisson of them and see what is the preference by customers.
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Allways look for a feedback, take into acount and always be better and better.
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Use all strategies and materials of marketing to use in a campain.
Is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan.
There are five major stakeholders that affect pricing such as: Consumers, Governments, Suppliers, Distributors and Competitors.
In our company, we must be able to make a balance between the stakeholders to get a profitable income developed by the price of the products, Government will put a select price for the tea applying: price fixing, price discrimination, minimum price, and many more, Consumers are the most important part in this part while pricing taking in count that they’re the ones who are buying the products but will pay a certain price and the way to know what price consumers are able to pay we must make sources and campaigns to know a little bit more of the consumers.
The distribution in this case shall be the place where our products are being sold that means our location, taking in to account that stablishing a potential place that help the customers to find an easy way to get fast tea products.
Suppliers and Distributors take a huge part in the case because the closer they are from the place TaiTea will be located we can save money and get more stuff to make more tea for our consumers.
Our Promotion Video Bubble Tea
Survey Answers
Survey Analysis
The survey will help us to have a better view of our market environment and our costumer’s profile. The survey was realized to 105 people and we obtained the following results:
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The majority of our costumers target are young people around 19 to 24 years old. This means that our product and services will have to be focused on the wants, needs and demands of this group of people.
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87,6% of the population are students.
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49,5% of the respondents answered that they frequently consume tea and 12,4% respond that they always consume tea. This means that 61,9%, a little bit more than the half of the population consumes tea often. This will be a great opportunity for our company to satisfy the needs of the population and besides that, we notice that there is a tendency for people to drink more tea daily.
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We asked the respondent if they knew about the Taiwanese tea 52,4% answered that they didn’t. It is necessary for our company to emphasize more in the area of promotion and advertising to be capable to attract potential customers.
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The range in which customers are willing to pay a bubble tea is between $5.000 - $8.000 Colombian pesos.
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Have you tried the bubble tea? 31,4% answered that they will like to taste the bubble tea and 47,6% said they never tried it. Nowadays there is a new tendency for people to try new products or services and also people are interested for foreign cultures. That’s why this will be a great opportunity for our company, as we try to attract new costumers by creating a new tendency of drinking tea.
Segmentation:
Different market segments – or groups of customers with similar characteristics and needs – will respond to different types of marketing strategies, so it is very important to be sure to gear the promotional techniques toward the segments target.
Customers will be target based on their income, demographic or psychographic, due to this allows TaiTea to adjust the pricing of different according to their customers’ disposable income levels, habits and preferences of customers. However, it is also possible to develop promotional strategies that target one or more the following segments:
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Teens, students and young adults
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Families and children
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Seniors
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Tourists
Psychographics:
Are the behavior, values, opinions, cultures, interests and lifestyles of a demographic group. Is important to find out about the purchasing habits of potential customers.
Some general psychographic statistics on eating out include the following:
*No matter what the season, tea can be a tasty beverage since it can be served iced or hot.
*But its benefits go far beyond refreshment. There is plenty of research showing that drinking tea can actually improve your health.
*At the very least, it's a flavorful way of getting enough fluid into your body each day. On top of that, studies have shown teas can help protect your teeth and your heart, as well as possibly even helping to stave off cancer.
*Which type of tea you drink can make a difference. All non-herbal teas are made from the leaves of the Camellia sinensis plant. The amount of time the leaves are processed determines whether you end up with a green, black or oolong tea.
*Tea contains antioxidants: Antioxidants work to prevent the body's version of rust and thus help to keep us young and protect us from damage from pollution.
*Tea has less caffeine than coffee: Herbal blends have no caffeine, while traditional teas have less than 50 percent of what typically is found in coffee. That means you can consume it without those pesky effects on your nervous system, says Leslie Bonci, nutritionist and owner of Active Eating Advice.
*Tea may reduce your risk of heart attack and stroke
*Tea may help with weight loss.
*Tea may help protect your bones
*Tea may keep your smile bright: "Japanese researchers have found that tea can decrease tooth loss," Ardine says. "It changes the pH in your mouth when you drink it and that may be what prevents cavities." Beyond that, tea, unlike many other beverages does not appear to erode tooth enamel, Bonci says.
*Tea may boost the immune system
*Studies have shown tea can tune up immune cells so they reach their targets quicker.
*Tea may help battle cancer: Studies on this are currently mixed, which means more research is needed, Bonci says. But, in the meantime, "if you've got a strong family history of cancer and you want to do anything you can, you might increase your tea consumption," she adds.
*Herbal tea may soothe the digestive system: "Herbal teas, in particular chamomile, can be good for people with irritable bowel syndrome because it is an antispasmodic," Bonci says. "And ginger teas can calm nausea."
*Tea — unadulterated, that is — is calorie free: "It's a great no-calorie alternative to water," Bonci says. "It provides so many options for flavor and versatility. You can have it hot or cold. And you don't have to put anything in it, though you might want to add a cinnamon stick or some ginger. That means you're able to hydrate with something other than water alone."
Marketing research:
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The key to gain more clients is by understanding very crystal clear the needs and wants of our customer, once we have it, we cloud stablish some strategies and objectives. That’s why our marketing research approach to this results and conclusions.
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One of our tools to gather this marketing research information is the survey that TaiTie has made to more than 100 people. Thanks to that survey TaiTea know that our priority target is young people, this means that the creativity and the innovation must be continuous, the department of marketing must work in that every single day of the year.
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Our marketing research gives to the organization the ways to act in front of our potential customers, now TaiTea knows that more than 45 % of people likes to drink tea , all this information are huge opportunities for establishing relationship with customers.
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One of the information taken by the survey that could benefit TaiTea, is that the majority of people does not know any company that provides these services, this could be seen as a strength, because with a an excellent promotion and good pricing TaiTea will become the most known company providing this services.
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Most of the people of TaiTea target are interested of doing associations with diferent chains that make or sales a product similar like tea , so our marketing research concludes that they will be open for receiving our product at their places for doing their sales and benefit ours.
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One of the most important things of the marketing research of TaiTea is the pricing, because we will be competing with other companies, so we establish very good prices that are a strength for us and a weakness for our competitors, because, we provide excellent and quality services for a very good price. That is why TaiTea will not create any kind of alliances with the direct competition, (Tea Bar…)
Undoubtedly, the benefits have priority compared to costs. We can see that we have a very good profit margin, as the percentage is 21%. The relationship between cost and benefit is pleasantly good for us, it justifies the reason the business and investment.