Bacardi Summer Nights Table of Contents
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Summer Nights Integrated Marketing Communications Plan This communications plan is to outline the promotional strategies that will propel Bacardi rum during the summer months of 2012. Bacardi Summer Nights Table of Contents Situation Analysis .......................................................................................................................................... 2 Company History ....................................................................................................................................... 2 Competitive Analysis ................................................................................................................................. 2 Market Analysis ......................................................................................................................................... 3 Positioning................................................................................................................................................. 3 Industry Analysis ....................................................................................................................................... 3 Past Promotional Planning ........................................................................................................................ 4 SWOT Analysis ........................................................................................................................................... 4 Marketing Objective ..................................................................................................................................... 5 Profile of Target Audience ............................................................................................................................ 5 Demographics ........................................................................................................................................... 5 Geographic ................................................................................................................................................ 5 Behavioural ............................................................................................................................................... 5 Psychographic ........................................................................................................................................... 6 Socioeconomic .......................................................................................................................................... 6 Strategies and Tactics ................................................................................................................................... 6 Phase 1 – Summer Nights Teaser .............................................................................................................. 6 Phase 2 - Bacardi Summer Nights launch ................................................................................................. 7 Advertising ............................................................................................................................................ 7 Internet Marketing and Social Media ................................................................................................. 10 Sales Promotion .................................................................................................................................. 11 Public Relations ................................................................................................................................... 12 Phase 3 - Make Every Night Bacardi Night .............................................................................................. 15 Budget ......................................................................................................................................................... 16 Implementation and Evaluation ................................................................................................................. 17 Implementation ...................................................................................................................................... 17 Evaluation ............................................................................................................................................... 17 Advertising .......................................................................................................................................... 17 Social Media ........................................................................................................................................ 17 Sales Promotion .................................................................................................................................. 17 Public Relations ................................................................................................................................... 18 1 Bacardi Summer Nights Situation Analysis Company History Founded in 1862 in Santiago de Cuba, Bacardi Limited has grown to be the largest privately held family owned spirits company in the world. Their current portfolio contains more than 200 brands and labels, the success of which is primarily based on Bacardi’s flagship brand, Bacardi Superior white rum. Facundo Bacardi Masso arrived in Cuba from Spain in 1830 at the age of 16 and quickly found a passion for developing an otherwise unrefined spirit. The original Bacardi distillery was purchased in Santiago de Cuba with his brother Jose in 1862; although the distillery has changed locations and even countries, the Bacardi legacy has stayed in the Bacardi family for seven generations, as Facundo’s great-great grandson now sits as chairman of Bacardi Limited’s board of directors. Bacardi Superior rum has played roles in several historic situations such as the Spanish American War and the Cuban Revolution. It was even named the official spirit of World War 2, as all American distilleries were appointed to producing industrial alcohol for the war effort. Bacardi Limited began making acquisitions of major brands starting in the early 1990’s and into the 2000’s. In 1993 they merged with Martini and Rossi, Italian producers of Vermouth. In 1998 they acquired Dewars Scotch and Bombay Sapphire Gin from Diageo. In 2002 they purchased Cazadores blue agave tequila and in 2004 they acquired Grey Goose vodka for 2 billion dollars, the largest sum of money paid for a single brand of spirit. Other brands associated with Bacardi Limited are; Drambuie, DiSaronno, Eristoff, B&B, and Benedictine liqueurs. Bacardi Superior Rum remains to this day the world’s foremost premium white rum and holds ownership over the creation of several internationally enjoyed cocktails such as the Mojito, the Bacardi Cocktail and the Daiquiri. In its 150 year history, Bacardi Rum has won over 400 awards for quality. Competitive Analysis Bacardi Superior Rum currently holds dominant market share of the Premium and white rum industry, selling its rum in 150 countries. As such, Bacardi has very little competition in the rum market. Bacardi’s main competition stems from other premium spirits enjoyed in cocktails and on their own, including vodka, tequila, gin and liqueurs. Key brands may include: Grey Goose (Bacardi lmt) Ketel One Vodka (Diageo) Tanquery Gin (Diageo) Captain Morgan’s Rum (Diageo) Bombay Sapphire (Bacardi) Jose Quervo Tequila ( Diageo) Smirnoff flavoured vodka ( Diageo) 2 As a benefit to Bacardi superior, Bacardi limited owns several of their own competitors. Many of their other competitors are owned and distributed by Diageo, the world’s largest spirits producer and seller. Based in Britain, Diageo’s holdings include Ketel One, Tanquery, Captain Morgan’s, Guinness, Baileys and Jose Quervo. They are by far the number one competitor to Bacardi in the market of premium and cocktail spirits. Diageo LMT sees a net income of 2.59 billion (2011) annually; in comparison, Bacardi’s annual revenue sits at 5.5 billion as of 2007. Market Analysis Alcohol consumption and retail has gone through a drastic change in the last twenty years, moving from consumption at licensed venues (bars, clubs) toward a growing majority of stay at home drinkers. This change is the product of changing social attitudes towards regular drinking, increasing awareness of the health effects of alcohol consumption, and the increasing value placed on a healthy family life. People still drink and market trends show this. But where money was once made in high volume and mass purchasing of products, it is now being made up of fewer individual products being purchased but higher quality and price of those that are purchased. The world of casual and social drinkers are not going out three times a week anymore but are instead demanding higher quality spirits for the constantly raising price in which they pay. As the summer approaches, the desire and demand for quality cocktail spirits will have a seasonal increase where an IMC, if executed properly, may be able to efficiently garner lasting brand equity and loyalty into the colder months. Positioning Bacardi currently positions itself as a trendy, premium cocktail spirit to men and women between 25 and 35 years old who live in metropolitan areas of the North America, South America and Europe. Rather than appealing to casual drinkers, Bacardi appeals itself to club going young adults who are brand conscious and have a large amount of discretionary income. Bacardi also positions itself with homage to its Cuban roots