Product Market Analysis Essay
Product Market Analysis
In 1873, Adolph Coors and Jacob Schueler, both German immigrants established Golden, Colorado brewery. In 1880, Coors bought out his partner and became the sole owner of Coors Brewing Company. Today Molson Coors Brewing Company is the third largest brewing company in the United States (Molson Coors, 2013). In 1990, Coors Brewing introduced Coors Rocky Mountain Spring Water. The product was short lived and was taken off the market in 1992 after only two years. There are a few problems with the marketing and advertising of this product. To remarket this product I would start with the use of various types of media communication. Television, radio, magazine, and other social media outlets would be take advantage of. Television and radio commercials will be broadcast during sporting event on the major sports networks. The focus on the sports and outdoor community will be the main target. The Coors Company did not target these markets with their product.
Magazines advertisements will be added to outdoor and sporting magazines. The product will be advertised on social Medias such as Facebook and Twitter. Facebook also gives the option of paying for more advertisement. This can triple the products reach more than 1000 different views a day. The advertisement for this product was limited to television and magazines. The problem with the television is that Coors was tried to target their beer drinking customer. The times the commercials were aired were during the same times that beer commercials. The customer base that they were reaching limited the exposure. That consumer base is not interested in the Rocky Mountain Spring Water unless is has the rest of the ingredients in it. The big issue that this product has is in the name. Coors Rocky Mountain Spring Water makes you think of the alcoholic beverages that they are known for.
This alone discouraged those who do not drink or those too young to drink. In 1987, the average person would consume 4.5 gallons of bottled water per year. That grew in 1997 to 12.7 gallons per person. There an no reason why with that much increase in the consumption of bottled water this product did not take off (Natural Resource Defense Council, 2013). This product has a simple fix. First, it is important that we change the name of the product. At the least drop the Coors of the name, Rocky Mountain Spring Water. This will still bring in the loyal customers to the Coors product. Any true fan on Coors will remember that Coors is made by Rocky Mountain Spring Water. This will also disassociate the product from the alcoholic beverages. The original product was bottled in glass bottles. This could also hinder the sales of the product. The glass bottles are heavy and harder to store.
Change the glass bottles into plastic bottles. This will cut down on the price of the product and make it easier to carrier. The next step would be to us media to get the product out to the public. We need to bring more advertisements to television and radio during sporting events. Advertising online can be done in many different ways. There are ways to reach online customer by e-mail or online advertisements. Facebook, Netflix, and a podcasts offer advertisements during interaction with their services. Online magazines and newspapers also offer advertisements while on the websites. Facebook has more than one billion people who us its services monthly. People spend an average of six hours and 35 minutes a month. Because of the way Facebook works it has a 94% targeting accuracy.
This is highly effective when trying to reach the target market (Facebook, 2013). Internet radio is a great way to reach people. Internet radio accounts for 23% of the average weekly listening time among consumer between the ages of 13 and 35. 49% of US consumers listen to Internet radio 30 minutes prior to going into a store and the average online listener will listen almost 12 hours a week (Factbrowser, 2013). All these things I have listed will help to increase the public awareness for the product. The more the public is aware of the product, the more attention it will receive. In 2012 9.67 billion gallons of bottled water was consumed in the U.S. That was up from the 9.1 billion gallons that was consumed in 2011. Despite the efforts of some activist people are still turning to bottled water, and it is showing in the marketplace.
Facebook. (2013, Summer). The Power of Facebook Advertising. Retrieved from https://www.facebook.com/business/power-of-advertising Factbrowser. (2013,
Fall). Research discovery engine. Retrieved from http://www.factbrowser.com/tags/radio/?page=2 Molson Coors. (2013, November). MolsonCoors. Retrieved from http://www.molsoncoors.com/en/Index.aspx Natural Resource Defense Council. (2013, July 15). Bottled Water. Retrieved from http://www.nrdc.org/water/drinking/bw/chap2.asp