Reference no: EM132278450
Scenario
You will design a candy bar based on your personal experiences as a candy bar consumer. When designing your candy bar, feel free be as creative as you like. Your design must answer the following questions:
Where and to whom will your candy bar be sold?
The answer to this question will specify the geographic location (U.S., Europe, etc.) and the characteristics (age, gender, income, health-consciousness, etc.) of your target market segments. Provide a rationale for market segments you select.
What is the product?
The answer to this question will specify the features, such as the ingredients, form, size, packaging, etc. and benefits of the candy bar you think are important to consumers. Provide a rationale for the product you create.
How much will consumers pay for it?
The answer to this question will specify the price paid for the quantity received by consumers. Provide a rationale for the price you want to charge.
How will consumers find out about it?
The answer to this question will specify the advertising methods and message you will use to communicate to consumers about the candy bar and the kinds of inducements (coupons, samples, etc.) you will offer them to try it. Provide a rationale for the promotions you want to use.
Where will consumers buy it?
The answer to this question will specify the types of retail outlets or “place” where consumers in your target market are likely to buy the candy bar. Provide a rationale for the distribution channels you want to use.
How is your candy bar different from those already on the market?
The answer to this question will specify the significant points of difference of your candy bar. Provide a rationale for why your candy bar is superior to those offered by the competition.”
Reflection Questions
Is the target market you selected attractive enough (large, growing, etc.) to warrant the expense of a marketing effort?
What are the key features and benefits of your product? Are they important to prospective customers? Can they form the basis of a message that can be effectively communicated?
What is the price based on? For your product, does it make sense to recover marketing costs quickly by charging a higher price or would it be better to achieve larger sales earlier by charging a lower price?
How will you communicate to consumers? What relatively inexpensive actions could you use to inform and induce prospective customers to try your product?
What retail outlets will sell your product? Will you sell your product over the Internet? What is the rationale for that choice?
What are the significant points of difference of your product? How does your product provide overall customer value?