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The Potential Market Opportunities For Lagunitas Brewing Company

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The potential market opportunities for Lagunitas Brewing Company (LBC) are:
1. Growth of craft-brewed beer market The craft-brewing segment of the beer industry has experience fluctuations in demand from a high of 58% growth in 1995 to a decline of 5% annually from 1997 to 2003 (Gilinksy et al., 2014, p. C-92). However, it is now experiencing rapid growth. At the commencement of 2012, 6.5% of U.S. beer sales were generated by craft brewers and that number increased by 15% by the conclusion of the year (Gilinksy et al., 2014, p. C-92). The growth of the market presents LBC with an opportunity to generate additional revenue.
2. Utilize additional forms of marketing Word of mouth and quality products are the basis of Lagunitas Brewing Company’s marketing approach (Gilinksy et al., 2014, p. C-99). The company also sponsors touring bands by providing beer and gasoline and donates its beer to festivals and events primarily involving music (Gilinksy et al., 2014, p. C-97-99). However, it does not employ traditional marketing, minimal-pricing incentives, and push marketing techniques (Gilinksy et al., 2014, p. C-99). While the company had revenue growth of 46% in 2010 and 60% in the first two quarters of 2011 using this strategy, other marketing techniques such as advertising or digital marketing for example, can provide LBC the opportunity to increase brand awareness. In the case of digital marketing, the company has the prospect of reaching more Millennials as they are avid
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