To fully
understand specific markets, consumers, and competition, a brand needs to
analyze and interpret their external factors.
From trends, to politics, ABSOLUT needs to focus their attention on
certain areas to maintain their success.
In order to hold their status as the fourth largest international spirit
brand in the world, ABSOLUT needs to constantly stay on top of current trends.
This includes seeing what new products other vodka brands are developing
(as far as flavors, mixtures, etc.). To date ABSOLUT has 19 different
kinds of vodka ranging from classic, to pear, to a new
hibiscus pomegranate flavor.
Another factor rises with the quality of their product, is there a
healthier, more environmental friendly option for consumers to
choose? Fortunately ABSOLUT takes pride in their brand by only using
organic ingredients, and never adds sugar. This sits well with consumers
who are focusing more attention on what goes into their daily food and
drink.
On top of watching what the competition is doing, ABSOLUT needs to watch the
global market, especially being a highly traded product. As the number
one imported vodka to the United States, legislation involving tariffs and
import/export taxes should be a top priority for ABSOLUT's financial and marketing departments. A change in taxes could potentially cause their product to rise in price, or to be unable for sale in certain areas. Additionally they need to stay up to date on any laws concerning the
sale of alcohol, whether it is based on location or age, so that they do not
run into trouble with the law. It is crucial for their marketing team to
focus on the appropriate groups.
Overall
ABSOLUT currently has a strong stake in their industry, but that does not mean
they can stop researching their market or reinforcing their product. As the world progresses and advances, they
need to change simultaneously as to not lose their position in consumer’s eyes.
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