Reference no: EM132278561
With all this being said answer reflection question at the bottom
Design: The candy is going to be in a round shape with a brain on one side and heart on another side.
Where and to whom will your candy bar be sold?
The candy is planned to be sold in India and China, which has the largest population in the world. Hereby there is a high possibility of selling more candies compared to other countries.
The product segments include every individual irrespective of age, gender, income level, occupation and health consciousness.
What is the product?
The candy is 100% organic 0% preservative and power-pack of micro and macronutrient needed for the body.
The candy is planned to be designed in various weights i.e. 25gm, 50gm and 150gm respectively.
The product is planned to be made out of ingratiates such as; jaggery and honey instead of sugar [this reduced blood sugar level and reduces cholesterol over a period of time – this is good for heart], pure cocoa power [this is good for brain functioning], nuts like almonds, walnuts and peanuts made from organic cultivation [this provides balanced macronutrient to the body].
How much will consumers pay for it?
Being 100% organic and nutritional people would prefer this product more than existing candies. But the price is an important attribute and as we have a vision of selling to every individual irrespective of age, gender, income level, occupation and health consciousness, we have to make sure that it is not much costly than candies existing in the market. So, looking at the production and distribution cost, marginal profit line will be led and sold. To my knowledge, we may able to sell 25gm candy bar at 2$, a 50gm candy bar at 4$ and a 150gm candy bar at 8$.
How will consumers find out about it?
Being a new company and a different type of product, extensive marketing is required to promote the existence of the company and product. So, a various medium such as newspaper advertisements, magazines, television broadcast, radio broadcast, digital marketing through SEO and social media is planned to be employed.
Where will consumers buy it?
The goal was to make the product available at every retail store just like PepsiCo and Coca-Cola food and beverage products. Sophisticated logistics and supply chain system would be adopted to make sure that every retail store gets this product and similar product products to be produced in the mere future.
How is your candy bar different from those already on the market?
The candy bar is 100% healthy and further, the business is going to ensure that, every business activity benefits every stakeholder and environment to acquire goodwill and positive marketing.
Communication Message planned:
Wishing you healthy heart & brimming brain
0% Preservative, 100% organic & nutritious
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 with 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?