Developing effective strategic marketing plan in conjunction

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Reference no: EM13742759

TT Drinks Company was established a hundred years ago and currently employs over 300 people. The company produces and sells a range of black, green and flavoured teas and fruit infusions. TT's last Director of Marketing was away from work with illness for most of last yearand has now retired. Recently TT appointed a new Director of Marketing who had previously been working for a rival drinks company.

The new director's analysis of TT's marketing approach is that the company adopts too many 'me too' strategies by simply copying the actions of its competitors. She believes that TT needs to become more strategic in its approach with more systematic planning processes. In addition, she notes the increasing cost of using contractors to dispose of waste from the production process for flavoured teas and fruit infusions. (Her previous company recycled such waste to make a soil enrichment treatment. This was used by both the company and its suppliers and still there was too much for their needs.)

The new director has announced a series of initiatives including:

• Developing an effective strategic marketing plan in conjunction with key stakeholders. Such a strategy would need the approval of TT's Executive board.

• Using a more strategic approach to product investment utilising models and frameworks such as the product lifecycle and the Boston Consulting Group (BCG) matrix.

• Adopting more sustainable practices which she feels would 'make good business sense'.

Describe the features of TT's new strategic marketing plan which would be necessary for it to be considered effective.

Reference no: EM13742759

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