The non-alcoholic business name chosen for this business plan is “Craze”. This non-alcoholic beverage is a soft drink similar to Coke or Pepsi. There are several factors behind the name selection of “Craze” including: a one word name, target market focus, and marketing potential. Similar to Coke, Pepsi, or Monster, the name “Craze” is a one word title which is not only easy to remember but also easy to pronounce. As seen in the NAB Company Portfolio document, large market segments of the soft drink industry are millennials and teens. This market segment is likely to identify with a word like “Craze” which is a play on the word “crazy” which can be viewed as a young or hip word. With the word “Craze” having similarity to the word “crazy” there is enormous potential for marketing materials. Many trends can be created around the “crazy” theme of the “Craze” soft drink.
For the newly created non-alcoholic beverage company “Craze” the mission statement is the following: “Continuous creation of innovative, fresh tasting soft drinks for all”. While the target market for the “Craze” soft drink includes millennials and teens, the mission statement for the company is to ensure the brand can appeal to consumers of all age groups. By continuing to create innovative drinks with appealing marketing campaigns, “Craze” can build market share in all age groups and have continuous growth over time. The name and marketing for the “Craze” product are important but equally important is the taste of the beverage. To keep up with the consumer preferences, “Craze” will need to invest in product development to continue innovating the soft drink beverage taste. The mission statement will help guide the company’s focus over the course of the business development and growth. By relating business activities back to the mission statement “Craze” can keep the focus on area that will continually help improve the business.