Vitasoy International Holdings Limited is the chosen company for this term. With a history of over 75 years since 1940, Vitasoy is a traditional and popular brand of beverages in Hong Kong. Today, the company offers a variety of beverages and food products comprising Vitasoy drinks, carbonated drinks, juices, teas, tofu products, desserts and distilled water. In the fiscal year of 2016, the company employed over 5,000 people (full time and part time) with total sales exceeding HK$5.55 billion. When a company has a strong, but mature brand, it is the key task of a marketing manager to find ways to manage and extend its product life cycle. The strategies to extend the product life cycle seems less expensive and less risky than developing completely new products. Taking the role as a marketing manager for Vitasoy, you are asked to identify and suggest different strategies to extend the product life cycle of the brand Vitasoy. These might include the ways to modify the product(s), to change the market(s) served or to reposition the product(s) in order to meet the changing needs and wants of the consumers and to differentiate from competitors.
You are advised to collect relevant information from various sources (e.g., library, electronic data bases, Internet search engines, newspapers and magazines etc.) related to the given company and the suggested strategies. you are required to suggest at least two different strategies and provide supports for each strategy with the following considerations:
Whether there is sufficient demand for the product suggested in the strategy,
Whether the strategy matches with the company vision/mission,
Whether the company possesses the expertise and resources to implement the strategy, and
Whether the product suggested can differentiate from competitors
please write around 800 words.