What marketing considers high target markets

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Reference no: EM132087033

Valerie Harper has often been responsible for the development of new products based on what marketing considers high target markets. Valerie has recently been handed the research results on Biotech's customer demographics. Based on the research, the Marketing Department would like to see Biotech develop products geared toward the baby boomer market.

From reviewing the research, Valerie noted that Biotech has done little development of the over 50 customer demographics. The current Biotech line has a few joint supplement products and vitamins targeted toward this age group but nothing more. Valerie researched the trends and found high blood pressure, Type 2 diabetes and Alzheimer's/dementia were a few of the major health concerns for the over 50 customers. Further research revealed clinically proven effects of hibiscus tea on reducing blood pressure. This finding led Valerie to consider developing a product that was all-natural, good tasting, and competitive with existing teas. The tea would be pre-made and packaged in paper cartons with coated sealant. The plan is to promote the tea as natural products for green accountability. The tea container would include a straw so potential tooth erosion from the acidic tea could be minimized.

Valerie also thought about other products that might be appealing to baby boomers. She came across several ideas. The first is a protein bar that was made with coconut, dark chocolate, almonds, and blueberries. The bar would contains all-natural products that would increase the protection of brain function through protective antioxidants, thus protecting against dementia and Alzheimer's. A second bar would contain natural herbs and would be developed with help from a vendor located in India, which helps lower blood sugar in Type 2 diabetes.

Valerie named the test line Boomers Best Bets for the purposes of development. Having come up with samples of the products, costs and overall descriptions of the products, Valerie and the head of marketing were now ready to approach the Strategic Planning Committee with their new product ideas. Valerie put together a team including a person from Marketing, Production, and Quality Control to review the products and decide how to position the products for acceptance by the Strategic Planning Committee.

Instructions

Step 1: Role as a Member of the Pitch Team

Your team is part of Valerie's Pitch Team and has been tasked with creating PowerPoint presentation that Valerie will use to "pitch" the Boomers Best Bets to the Strategic Planning Committee.

Valerie has given detailed instructions for the PowerPoint presentation. Make sure to follow the instructions. To better prepare you for the tasks at hand, you will:

Research the nutraceuticals and supplements industry to assess the external environment of the business;

Complete the internal environmental analysis by looking at the Company Profile;

Use of the Note Section of PowerPoint to provide the analysis.

For the purpose of this project assume that budget and financial issues can be reasonably met.

Step 2: The PowerPoint Presentation

The PowerPoint presentation must include the following:

Introduction to the Strategic Planning Committee explaining the purpose of the presentation;

A SWOT analysis, PESTLE analysis, and Porter's Five Forces analysis;

A discussion of the vision and mission statements with an explanation of how the vision and mission of the Biotech works in concert with the SWOT analysis, PESTLE analysis, and Porter's Five Forces analysis to help develop a strategic plan for the company's future;

Convincing arguments as to why:

Boomer's Best Bets meets the strategic plan suggested by the total analysis;

Biotech has a strong position for a future in the nutraceuticals and supplements market.

Use the Note section to provide a thorough analysis

Reference no: EM132087033

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