Introduction.
Pre-mix rum and coca cola is a new product that will be introduced to the market by Crown Ltd. The product will incorporate the use of a pre-mix cocktail while including coca cola as the primary additive. The product will be introduced to the market after extensive research on the acceptability and viability of the product in the target market. Inclusive and conclusive research shall also be carried out on the manufacturing of the product. Marketing strategy shall strive to attain expansivity in possible market areas and creation of awareness of the product among the population. Pricing mechanism shall ensure that the product is affordable to the target market and the general population. The product provides an unforgettable experience to the users through diversifying tastes and shifting preferences.
Target Market.
The target market for the product includes young adults who are mainly in the ages 21-35 years. The young population is the best target market population due to their tendency to accept and prefer products like rum cocktails. The energetic exuberance, acceptance and willingness to try out new alcohol products make them the perfect market for such a product.
Demographics
Secondary research data collection techniques will be used to collect data from government sources that will provide demographics population statistics on the required market population. National statistics indicate that the target population of ages 21-35 is roughly estimated at over 63 million. For the product this is an extensive customer base and a substantial fraction of the market share will be a huge boost for sales products. On matters of race, the product is transracial and encompasses all races that are interested in the product.
Geographic
The geographical area in which the product will cover is the U.S.A. The product after preliminary tests shall be rolled out country wide to maximize on the population of the country’s youth. However, survey techniques will be used in the counties of Washington, Texas, Utah and Nevada to gauge the responsiveness of the population about the preliminary states as they have a relatively high youth population that are a central target population.
Psychographic
Study of the proposed market clientele through personality, value, attitudes and lifestyle interests will improve the market strategy credentials of the products as a countercheck method to note the acceptability and rationale of consumers as stated by Greenwell (2002). Psychographic data collection techniques will be through primary research methods that include the use of focus groups to obtain information. Survey techniques are also relevant for this case scenario where data can be collected from the target market to get psychographic information on product and marketing strategies.
Behavioral
The behavioral analysis involves the collection of data that is precisely based on the behavior of consumers on new products introduced in the market. In the case scenario, behavioral analysis requires the use of secondary data from past records to help track and analyze the behavioral changes that occur. Observation techniques are necessary to track changes that are consistent to help develop a suitable marketing strategy method that will circumvent any adverse behavioral changes that may occur with the target population. The method chosen for the data collection is most effective as it will yield the best behavioral change results.
Marketing Strategies.
Several marketing strategies can be used for the product marketing tools to attract customers while meeting their demands. Strategies used include the use of digital marketing to market products on a social media and advertisement platform, therefore, maximizing the use of technology. Diversity marketing can also be used to diversify product amongst a range of consumers to provide accessibility to the product to a wider market. Another suitable marketing strategy is the use of transactional marketing that can aid in selling the product through the use of discounts and sales events that will expand the market base.
Multi-step product development process.
Idea Generation.
Creative idea generation through a thought process that incorporates ingenuity and combination of creative elements to come up with a visual, abstract and concrete component that can be actualized through an innovative design process. Idea generation of the product is through the use of derivative ideas that improves an existing element that is both symbiotic and revolutionary. The idea generated is the use of premix rum and coca cola.
Idea Screening.
Critical stage for product production where the product will be checked to assess its viability for production or rejection. Assessment involves the measurement of the potential of the product and its profitability if manufactured into large scale production. Screening of the product involved the use of certain parameters to ensure that the product will meet the targeted potential for the market. Preliminary test on the product indicated a positive response among a group of the targeted population
Concept testing.
This will involve the use of test measures to evaluate the response of consumers to the product. Wants and needs by consumers on the products are tested. Ideas generate market acceptance strategies, and conceptual testing will check the appeal of the product segments. Data collected through the several techniques aforementioned is analyzed qualitatively and quantitatively to ensure that product has met the standard requirements. Results extrapolated from data tested indicate that the product has generated a positive response. Therefore, the product can be successfully implemented. Positive response and reviews of the product in a population of at least a hundred people encouraged the business to continue production activities.
Business Analysis.
Business analysis will focus on the business domain and processes to check its effectiveness. Several procedures shall be carried out to ensure that the business meets the required standards. Project being undertaken is not very complex and involves various processes that will include orientation. Orientation of business perspectives, while defining objectives and scope of business. Historical orientation shall also be undertaken. Determining the company goals is also a condition to be met to check primary and secondary objectives. Business scope should be clearly defined so as to assist in the achievement of business needs. Scope definition is inclusive of determining the nature and extent of business objectives according to Goodpaster (1991). Formulation of business analysis is intended at ensuring that project deliverables are met while maintaining the set expectations. Detailed requirements for the company are then defined and executed. Technical Implementation is then carried out to ensure that product conforms to the expected standards.
Product Development.
Process by which the new product shall be marketed to customers. Systematic procedures are carefully outlined to help inform the process through which product shall be sold. Marketing strategies shall include internet use, use of billboards and print media as indicated by Brown and Eisenhardt (1995). Discounting is a strategy that shall also be employed to help increase the consumer base. To guarantee product development, several steps can be undertaken that include soliciting feedback from customers of prototypes, refining designs from information collected, Employing a considerate and efficient pricing model, incorporating new ideas in the product and considering communication is important in the product development and sustainability of the product.
Test Marketing.
Test marketing is a useful tool to check the probable success for markets with a new product while measuring the effectiveness of the marketing campaign as stated by Brown and Eisenhardt (1995). As discussed above different strategies will be used to market products, however, the manner in which the product will be released into the market forms the basis of test marketing. Regional launches can be used; that is the use of a region wherein the product shall be launched to a specific geographical area to test the markets response. Additionally, the company will be able to test the performance of the company through sales volumes and the levels of retail distribution to help note the sales potential of the product.
Commercialization.
Upon test performance, the product can be commercialized if the test results are positive. Marketing will involve production in large scale for the target market. The product shall be launched upon receiving feedback and response from the area that was pre-tested. Launch shall begin with the region in which the product has been pre-tested. Primary consumers shall include the youth as aforementioned and an action plan formulated by the means of launching the product.
Review of Market performance.
A market performance shall continuously be undertaken to ensure that the product consistently meets the consumer demands and wants. Improvements will be made on the product in areas where the product indicates any shortcomings.
The steps formulated above shall be used to commercialize the product. The product is expected to revolutionize the beverages industry, especially among the younger population and is earmarked for great success due to its originality.
References.
Brown, S. L., & Eisenhardt, K. M. (1995). Product development: Past research, present
findings, and future directions. Academy of management review, 20(2), 343-378.
Greenwell, T. C., Fink, J. S., & Pastore, D. L. (2002). Perceptions of the Service Experience:
Using Demographic and Psychographic Variables to Identify Customer Segments. Sport Marketing Quarterly, 11(4).
Goodpaster, K. E. (1991). Business ethics and stakeholder analysis.Business ethics
quarterly, 1(01), 53-73.
