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Vita Coco Business Report

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Vita Coco Business Report

  1. 1. VITA COCO BRAND EXTENSION: ACTIVE WEAR BY EMILY PERRONS 14045398
  2. 2. 1 | P a g e EXECUTIVE SUMMARY Vita Coco was established in 2004,brand leader in the coconut water industry,owning 70% of the market. Currently a million pound businessand expanding. Vita Coco is already well established as a brand to be ableto diversify exploiting its values into another markets such as activewear. By undertakinga business analysis,Vita Coco can be found to be a brand that has ‘nine-lives’.After a number of lawsuits tryingto crush itas a product and a market, and big competitive players such as Coca Cola and Pepsi tryingto out play them, they have come out triumphant. Not only do they hold a market of their own (coconut water), they have also penetrated markets such as the bottled water, sports drink and fruitjuicemarket. This solid growth has created a customer basefor Vita Coco in the millions. In the creativeanalysis itcan be found that alongsidetheir ‘stupidly simple’and effective marketing campaigns,and useof celebrities,Vita Coco have managed to portray themselves as a fun, innovative, exciti ng, natural and an honest brand. Vita Coco as a brand exemplifies innovation,itwas the firstinto the coconut water industry,and therefore why not be the firstto create activewear from the product they already usein a separate market. Usingthe coconuts outer coatand coir for fibrefor the textiles gives the brand extension a USP that no other company has,again makingthe company the firstto innovatea modern, sustainableway of living.
  3. 3. 2 | P a g e TABLE OF CONTENTS Executive Summary ..................................................................................................................................................................1 1.0 Introduction................................................................................................................................................................3 2.0 Vita Coco......................................................................................................................................................................3 2.1 Macro Environment – PESTLE......................................................................................................................................4 2.1.1 Social/Cultural ........................................................................................................................................................4 2.1.2 Political/Legal .........................................................................................................................................................4 2.2 Micro Environment........................................................................................................................................................5 2.2.1 Market Share..........................................................................................................................................................5 2.2.2 Competitors ............................................................................................................................................................5 2.2.3 Consumers ..............................................................................................................................................................6 2.3 Internal Environment ....................................................................................................................................................7 2.3.1 Financial Position...................................................................................................................................................7 2.3.2 Marketing Communication..................................................................................................................................8 3.0 Creative analysis.........................................................................................................................................................9 3.1 Brand Essence..............................................................................................................................................................10 3.2 Brand Personality........................................................................................................................................................11 3.3 Brand Values................................................................................................................................................................12 4.0 Brand extension..............................................................................................................................................................13 4.1 Vita Coco’s extension.................................................................................................................................................13 4.2 Strategic Benefits........................................................................................................................................................14 4.3 Risks...............................................................................................................................................................................14 4.4 Evaluation.....................................................................................................................................................................15 5.0 Conclusion.......................................................................................................................................................................15 Appendix..................................................................................................................................................................................15 References...............................................................................................................................................................................16
  4. 4. 3 | P a g e 1.0 INTRODUCTION Thisreportprovidesanin-depthbusinessandcreative analysisof VitaCoco(VC),supportedbya range of data. It concentratesonthe brand’smarketshare, customers,competitors,marketing communicationsapproach,andfinancial position. Atthe same time,itintroducesanew brand extension of active wearforthe future of VC. 2.0 VITA COCO ‘VitaCocois the fastestgrowingbrandinthe Soft Drinks market.’(The Grocer,2015). It was establishedin2004, by Mike Kirbanand Ira Liran. They initiallyconcentrated onestablishingthe brand in Americahoweverhave now denominatedmarketswithinthe UKandothercountries(Vita Coco,2015). Coconutwaterisa newconceptto Britishculture,howeverhasproventobe a very popularaddition tothe beverage market. An effective wayof analysingVC isusinga ‘Brandsphere’ whichismade upof three levelsall thatare inter-connected,howeverdifferentiatedinthe amount of control a brand hason them(Palmer, 2009) . Figure 1: Brandsphere (Adapted fromPalmer,2009)
  5. 5. 4 | P a g e 2.1 MACRO ENVIRONMENT – PESTLE The macro environment‘showsthe elementsof the external environmentinrelationto the organisationanditsimmediate surroundings.’(Brassington&Pettitt,2013). VCmust ‘scantheir macro-environmentcontinuallytoidentifyfutureopportunities andthreats’and tounderstandhow it couldaffectthe brandand helpachieve success(De Chernatony, McDonald&Wallace,2011). 2.1.1 SOCIAL/CULTURAL VC’sideaoriginatedfromBrazil,here ‘the drinkispartof local beverage consumptionculture’ (Euromonitor,2011) and contains ‘lessthan1% natural fruitsugar’(VitaCoco,2015). The UK’slocal beverage consumptionculture ismainly carbonateddrinks(Mintel,2015), withthe average drink containing‘more than36 grams’of sugar (Reilly.K,2015). A recentstudyshowed 44% of people believedthatbusylifestyles make itdifficulttobe healthy. Havingcoconut wateras part of ourbeverage marketnow helpsbusyconsumers make aneasy choice of a lowsugar,energy filled,healthychoice (Mintel,2015). The ‘shiftinbehaviours’ and habitstakinga healthierturn (Schatz&Beck, 2015), resultedin 46% of adultsmonitoring/limiting the amountof sugar intheirdiet(Mintel, 2015). Meaninga healthydrink suchasVC beingreadily available for‘onthe go’helpsconsumers fulfil theirwantsandneeds,andprovesthere isahuge gap inthe marketforitself. 2.1.2 POLITICAL/LEGAL In 2012 VCwas takento court byplaintiffs, due tomisleadingadvertising.VCclaimedthattheir productswere “nutrient-packed,”“mega-electrolyte,”andhealthy“super-water".However independentstudies showedthatthe drinksdidn't packnearas manyelectrolytes (Woodruff,2012). In doingso,the brand lacksthe trust of consumers thatothermore established brandsenjoy. (Mintel,2013). (Mintel,2013) A more currentaffairthat will effectVC’smacroenvironmentis expertswantingtointroduce atax on sugarydrinksinthe UK to improve children’shealth (Petitions,2015). If the petitionisagreed,VC wouldn’tstandalone inbeingalowsugar,low calorie drinkandothercompetitorscouldpossibly become threats. However, asthe petitionisstill undergoing the bottledwatermarkethasthrived due to the publicationof reportsstatingsugarisbad, while othermarketshave lostout (Mintel, 2015).
  6. 6. 5 | P a g e 2.2 MICRO ENVIRONMENT 2.2.1 MARKET SHARE ‘VitaCocois the fastestgrowingbrandinthe Soft Drinks market,growing81% YoY in2014’ and coconut waterbeingthe fastestgrowingsector. It’scurrentlyholding ‘over70% of the marketshare’ (The Grocer, 2015) and ‘occupies94% of the UK coconutwatercategory today’(Brook,2015). Thus, reflectingthe extenttowhichthe brandismeetingconsumers’needsbetterthanotherbrands(De ChernatonyandMcDonald,2003). AfterVClaunched in2004 it hasbecome ‘one of the most dominantmarketplayers,withproductsin17,000 storesnationally.’ (Goldschein&Groth,2011). 2.2.2 COMPETITORS VChas establishedabrandnewcategory,and beingthe firstintothe marketitis evidentthatit is one of the mostdominantmarketplayers(BusinessInsider,2012). Beingthe pioneerof anew categorydifferentiatesitfromotherplayers suchas ‘top global beverage giantsPepsiCoandCoca- Cola’. PepsiColaunched100%Coconut Waterthroughits premiumNakedJuice brandin2010 (Euromonitor,2011), andCoca-ColaacquiredZICOBeveragesin2013. (Segal,2014). VC’s competitorshave abigstrategicbenefitof beingthe ‘beverage giants’inothermarkets,therefore havinga lotmore disposablecashtospendonadvertisingetc. Figure 3: PricingQualityMatrix (Hanlon,2013) VCcosts £3.49 (perlitre) fromaleadingsupermarket (Tesco.com, 2015),comparedto a normal bottle of water,costing40p per litre (Natural Hydration Council,2015).VC alsosellsforroughly double the price of mass-marketsportsdrinks.Beingatsuch a highprice,comeswiththe needtobe such a highquality accordingtothe pricingqualitymatrix.VChasuseditsallegedhealthbenefitsto justifyitsrelativelyhighprice (Roolant,2015),since qualities surroundingingredientsare deemedby consumers asmost importantwhendefiningasoftdrink aspremium. Forexample theirgoodness and naturalness (Mintel, 2015).However, inorderto bringcoconutwaterbeveragesclose tothe price of existingproductsinthe sportsdrink,bottledwater,juicemarket,theymustsolvethe issues of availability,qualityandperishabilityof coconuts.
  7. 7. 6 | P a g e 2.2.3 CONSUMERS ‘Throughout2015 there has beena noticeable shiftinconsumerattitudes,withcustomersbecoming evermore healthconscious.’(The Grocer,2015). Thisis a huge targetaudience forVC,as coconut waterhas manyUSPs (Unique sellingpoints),primarily beingitslow calorie contentwhencompared to other100% juice products,makingita veryattractive optionforhealthconsciouspeople (Euromonitor,2011). A huge customerbase thatVC coversisthe bottledwatermarketandsportsdrinks markets combined.46% of bottled waterbuyerare interested inenergy-boostingingredients, 44% innatural sugar-free sweeteners and43% in electrolytes (Mintel, 2015). Therefore havinganoptionlikeVC appeals toa huge percentage of consumers interests. ‘Coconutwater, onthe contrastto many othersportdrinks,ispackedfull of electrolytes,hasa natural colourand providesnatural energy.Hence,ithasthe potential topull inawhole new audience,suchashealth-consciousconsumerswhohave previouslyshiedawayfromconventional sportsdrinks’(Euromonitor,2011). Finally, ‘inmanysocietiesthereare anincreasingnumberof consumerswhohave exceptionallyfull lifestyles,leavinglittletime forbranddecision.’ (De Chernatony,2010).VC targetsthese consumers by beingan‘onthe go’drink,and bybeingthe firstbrandto sell coconutwater. Consumersbuycoconutwaterfor a numberof reasons,firstlybeingitsfunctionality(Elliott&Percy, 2007). VC isa functional productas it’sboughtforquenchingthirst,howevermore importantlyfor doing‘somethingpositive foryou’(BusinessInsider,2015). Figure 4: Functional/EmotionalModel. Elliott+Percy (2007)
  8. 8. 7 | P a g e 2.3 INTERNAL ENVIRONMENT Figure 5: SWOT analysis. (Adapted from:Palmer,2012) 2.3.1 FINANCIAL POSITION VCis ‘a £100 millionbusiness’ (Kastner&Partners,2015). The value of the coconutwatercategory reached£47.9m in 2015, (The Grocer, 2015) withVC claiminga70% share at £30.8m, up from £22.2m the previousyear(Devlin,2015).Comparedtoone of its biggestcompetitorsZico,that‘has lessthan20 percent’marketshare,VCcan be seentobe in a profitingfinancial position (Segal, 2014). The marketshare and cost of the brand tellsusthat VCare clearlyshowingthattheyare excellingfinancially.
  9. 9. 8 | P a g e 2.3.2 MARKETING COMMUNICATION ‘Marketing is what’s selling these drinks, since the taste isn’t something that will appeal to everyone.’ (Burkitt, 2015) (Anisoibi,2012) VCuses‘celebritieslike RihannaandMadonna to promote itsproducts (BusinessInsider,2011).It alsouses keyopinionformerssuchasdieticians,nutritionists,andhigh-profilesportspeople to endorse VCandthe benefitsof coconutwater (Brook,2015). (Bergman, 2014) The tropical brandingof its packaginginthe ‘VivaVita’campaign,helpstoboostitsupbeatimage of excitementandcool (Mintel,2013). The packagingisalsoveryimportantinportrayingitas a premiumbrand (Mintel, 2015).
  10. 10. 9 | P a g e They have alsoran variouscampaigns,the mostrecent,‘Stupidly simple’.Thisfeaturesdigital,social, out-of-homeadvertisingelementsandis the brand’sfirstventure intobroadcastTV,which advertisesitssimplicityandnaturalnesswithtaglineslikebelow.(BusinessWire,2015). (Buss,2015) 3.0 CREATIVE ANALYSIS. The identityof the brandis the one that the companyattemptsto communicate. A useful conceptualisationof brandidentitywasprovidedbyKapferer(2008). (Appendix A). Figure 6: IdentityPrism. (Adapted from:Kapferer,2008)
  11. 11. 10 | P a g e 3.1 BRAND ESSENCE Figure 7: Brand Essence (Adapted fromChernatony, (2006):232) ‘A brand essence is a promise of specificvaluesand benefits,one that has meaningand relevance to users. To consumers,these promisesdifferfrom those of the competition.It is the consumer’s gut feelingaboutyour company, service or product.’ (C, 2015) VChas an excitingimage,due toitsnewerstatus,and isalsoreadilyassociatedwithinnovation. (Mintel,2013). The core essence runsthroughouttheircommunicationsand positionsthemselvesas a lifestyleandsportsdrink,theyare seenasa fun-lovingbrandwithpersuasive credentialsfor natural hydration (Brook,2015). VC’swebsite emphasisesthe factthatthere productis ‘stupidly ‘simple’.A keycommentfromVCwhichtrulyembraceswhattheyare aboutis ‘whereverwe find complexity(in foodculture orthe worldat large),we fightitwithamachete of simplicity.We point out the absurdityof the complex andansweritwiththe beautyof the simple.Stupidlysimple simplicity.’‘‘Neverfromconcentrate’isacritical brandpromise,aswe live the ethosof ‘straight fromthe tree,nota lab’’(Brook,2015). Anotherwayto lookat the brand essence of VCisusingthe brandpyramid.Thisenablesthe core promise andvaluestocharacterisedandcategorised. Figure 8: Brand Pyramid
  12. 12. 11 | P a g e (Adapted fromDeChernatony (2006):226) 3.2 BRAND PERSONALITY Figure 9: Brand Personality Aaker(1997) All brandshave a personalityandbycommunicatingittoitsconsumersitgraduallybuildsup character. The way inwhichVC speaksof its products showswhatkindof personit wouldbe if it were human (Kapferer,2008). Thiscan be definedas‘the humancharacteristicsortraitsthat can be attributedtoa brand.’ (KellerandRichey,2006).VC’sbrand personalityaccordingtoAaker’sModel issincerity.Thisisbecause of itsnaturalness (Coconutwater(99%),Natural fruitsugar(1%),Vitamin C) andhonestyaboutitsingredients. (VitaCoco, 2015). VCalso communicates itsfun/cheerful/ethical personality throughitspackaging,byusing TetraPak. Thisis a ‘BPA- free,eco- andsocially-responsible formof package made fromwoodfibre,a sustainable resource.’ (VitaCoco,2015).
  13. 13. 12 | P a g e (Mintel,2013) (Mintel,2013) The above images alsoshowhowVC’spersonalityisperceivedas ‘sincerity’due tobeing ethical, exciting,cool andfeminine. Inthe UK, cool brandsstand outbetterthan those thatcommunicate theirstatus. Thisis partlydue to UK consumerswantingabitof escapismduringtougheconomic times. (Handley,2012). 3.3 BRAND VALUES. Figure 12: BrandValues.
  14. 14. 13 | P a g e ‘The brand valuesare whatthe customerssee andfeel duringtheircontactwiththe company’ (Businesscasestudies.co.uk,2015). 4.0 BRAND EXTENSION. A brandextensionis“the use of the name of a (parent) brandon a differentproduct category” (Aaker& Keller,1990).However‘Withthe highcostsof developingnew brands,manyorganisations are attractedby the opportunitiesfromline extensions.’ (De ChernatonyandMcDonald,2003). Ansoff’sMatrix helpsshow the difference betweenthe two. Figure 13: Ansoff’sMatrix Model. (Britviclearningzone.com,2015) Usinga brandextensionVC canpenetrate anew marketeasilybycarryingthroughitsalready establishedreputationandsuccess, andbecause of thisthere will be minimal start-upcosts. 4.1 VITA COCO’S EXTENSION. Bringingtogetherthe analysisof VC,Ibelieve thatVCare sufficientlyestablished intheiroriginal marketto branch out intoa newmarketwitha new product. UsingElliottandPercy’spervious
  15. 15. 14 | P a g e model,we cansee that ‘A Brand name whichisstronglyassociatedwithfunctionalbenefitscanbe more easilyextendedintoproductareasboughtmainlyfortheirfunctional benefits’ (De Chernatony and McDonald,2003). Therefore creatingabrand extensionof active wearwould onlyseem foreseeable,asitisanotherfunctional market. The active wearwill be made fromthe coconuts harvested forVitaCoco’scoconutwater,as the outercoat andcore of the coconutcan be usedfor fibre inmaterials used.Thiswillbecome itsunique sellingpoint(USP). The current active wearmarketisheavilycompetitive,withgiantbrandssuchasNike (18% share), and Adidas(15% share) (Hall,2011). Howevergrowthinthe sportswearmarketinthe UK isbeing drivenbya trendfor sportyclothingbeingwornbothforsportsand as leisurewear.Therefore openingthe marketup,notonlyto sportsplayersbutalsoto customerswearingitforfashion. The target audience will still remainsimilar toVC’soriginal market,suchashealthy,active,sporty consumers.Howeverdirectedmore towardswomen aged16-34, as they tendto purchase more sportswearitemsthanmales. (Mintel,2015) 4.2 STRATEGIC BENEFITS. Benefitsof usingactive wearasa brandextensionare the consumerswill already be aware of VC, and itscurrentvalues will stretchacrossto the new market. Theywill have apositive brand associationandhave the correct perceptionof VC’squality.VC’sname on the gymwearwill encourage trial purchase givingreassurance tothe risk-averse consumer. AnotherstrategicbenefitisitsUSP,beingpartlymade fromthe coconutsusedfortheircoconut water,makesitunlike anyotheractive wearbrandinthe market.Italso helpsthe brands sustainability. Figure 14: WebPage. (Vita Coco,2015) Finally, the brandextensionwilllinkbacktothe original productof VC.Both productsbeingcentred on healthandfitnesswilllinktoeachotherandhelpsell one another. 4.3 RISKS
  16. 16. 15 | P a g e The soft drinksisa verycompetitive market,andsuch brandextensionwill deliverstrengthinface of competition.Eventhoughgymgearisa hugelycompetitivemarket,evenbeingasmall playerinthis marketwill bringaboutincreasedrevenue forthe brand. The projectedfall inthe numberof youngpeople whoplaysportcouldpose achallenge tothe sportswearmarketasyoungadultsparticipate the mostinsport. (Mintel,2015) 4.4 EVALUATION Figure 15: EvaluationModel. (Kapferer2008: 336) Kapferershowsthatbytakingintoaccount the parentbrand, customers’ needsandcompetition,VC can make an effective brandextensionaslongasall three pointsare suitable.(AppendixB) 5.0 CONCLUSION Due to the overwhelmingevidence thatsupportsVC,anditsestablishedplace inthe market,itis evidentthatitskeyvaluesandinnovationhave positionedit1st place in a competitivemarket.It shouldtherefore considerexpansionintoanalternative marketthatcontinuestopromote simplicity,healthandnaturalness.Ibelievethismove inthe marketshouldbe made promptly,asbig marketplayerssuchas Coca-ColaandPepsi,withhuge cashflow, couldsupersede theirbrand. As timingiskeyinmarketing,Ibelieve thatpushingthisextensionthroughwiththe current governmentmovementonhealthwill be onlybeneficial forboththe coconutwaterand active wear. APPENDIX Appendix A
  17. 17. 16 | P a g e VitaCoco’s Physique isthe basisof the brand.It isthe products featuresandattributes. Forexample its99% coconut waterand1% natural fruitsugar. Its personalitydefineswhatthe brand wouldbe like if itwere a person,includingits characteristicandattitudes.Whichis mentioned withinthe creative analysis.VitaCocos culture takesaholisticview of the organization, where itcame fromand whatit standsfor, mentionedinthe social/cultural partof the businessanalysis. The strengthof the relationshipbetween Vitacocoandthe customeristhe customer’s beliefsandassociations about Vitacoco. Reflection iswhatvitacocorepresentsinthe customersmind. Finally self-imagelooksat how the customerseesthemselves whencomparedto Vitacoco,doesitfitit withtheir life/self. Appendix B To make the extensionsuccessfulthe brandvaluesmust stretchandfitintothe new market of active wear.Vitacoco must alsounderstandwhy customers buygymwearandhow itfitsinto that. Analysingthe brandextensionscompetitionisahuge keyto successas althoughtheyare currently the biggestinthe softdrinksmarkettheymay findthattheyare againstbiggercompetitorsinthe active wearmarket,howeverVitacocohave an advantage of a USP, of beingmade outof coconut. REFERENCES Aaker,J.(1997) ‘Dimensionsof BrandPersonality.’ Journalof Marketing Research,34 pp.347-356.
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