Abstract
This project aims at marketing a new product, in the food industry, known as Foodrator. It is divided into sections: the background and the process of the product introduction. The feasibility of the product is studied in the project. The project also also conveys the possible, plausible cost attached to the product; both to the final consumers and the manufacturers. The possible competitors, threats and challenges are also discussed. It gives a definitive view of what it will take for the product to fully penetrate the market.
Project background and description
Over the years people have reported to have left the market only to realize that they forgot to buy the most important ingredient for their meal recipes. The Foodrator is a first-time product that has never been availed in the market before. It is an application that enables individuals to keep track of food purchasing and the health benefits of food materials as required. This product involves an application that consists of a software that will minimize the number of market visitations weekly to purchase food recipes. It heavily relies on the use of softwares with connection to websites that have established recipes such as, The Food Network, Pamela Saltzman, All Recipes, TheKitchn, Yummly, Simply Recipes, Betty Crocker, Spoonful, and Cooks (Robson & McCartan, 2016). The product utilizes the electronic gadgets such as the tablets and smart phones to convey the track and the market visits. You simply have to know the different meals you want to make for the time duration, then feed them against the present online web recipes upon selection. It then automatically generates and deliver the information regarding all the ingredients required for every specific meal. This will then leave one with the option of selecting the preferred meal ingredients. Based on the website used, the software will give direct on the best brand.
Factors like budgets should be considered against the item price while nutrition factors should be considered in the event (Hall et al, 2004). It keeps record of both the homemade and the other recipes. This feature has unique features like data storage as input and characeritics that allow one to select the number of people eating the meal and it will tell you how much of each ingredient to get based on the number of people eating the meal. This minimizes the cases of underestimation or overestimation. It also has accommodation for extra groceries needed for the week recorded. It again allows recording of weekly necessities that could be bought at the market each week, hence no need not to keep records. The product is an easy to use and once you buy the application, it can be linked to a computer for home use. This product is highly effective and can be applied and used by any individual. It involve both the tangible products (coupons and promotions) intended to be availed at the supermarkets, Amazon, Target, Bed Bath and Beyond and the home sections in Bloomingdales and Nordstrom and the softwares.
Potential Problem Statement.
Over the years, it has been reported that proper budgeting for healthy meals and time scheduling has cost many people a lot of their resources and time. Travelling over and over again is viewed to be hectic and very tiresome. At the same scheduling for the meals and attaining the maximum nutritional values of the market has also presented a great deal of challenge to the food consumers. This trend has presented an array of problems among the general population. This product is intended to solve this problem. The product is a new solution that do not exist in the market today. It has unique features that not only outshines the current service providers, but also exploit the possibility of healthy living styles among the population.
Marketing strategies and financial issues
The first step that is intended to be implemented involve the awareness creation and market capture. These can be done through effective advertisement at supermarkets. Social media such as the Facebook, Instagram, and Twitter will be constantly used with updates of articles about healthy lifestyles or meal planning and information about the product. Warehousing institutes such as the home store sections in Bloomingdales and Nordstrom is a great platform to get advertisement opportunities and sell the product.The firm intends to use direct product delivery to end users through direct sale of the product or service to end users by the firm sales through the firm’s own web site. Selling the product to consumers through wholesalers, retailers, and/or other distributors is another strategy that will be used (Cann et al, 2008). The firm can pair up with supermarkets, and also finance coupons for the application at the initiation of its launch through receipts or promo codes which will also help increase sales at certain locations prescribed for preferences. The benefits attached to the product include creating a healthy lifestyle, meal planning, and efficiency. Promoting such message among the population would be the first step to promotion and awareness creation among the target population. However, the implementation of this product requires the use of financial resources to aid the implementation process. The budget elements should include, but not limited to:
Budget schedule elements
Promotion and launch costs
Purchase of direct competitor applications
iPhones will depend on the consumers' choice
Super List Free (free)
Shopping Pro (possible $2.99)
Web development costs
Consumer target reach
Feasibility report
The current level of technology allows the use of these softwares to greater limits. It not only reduce the burden of task recording, but also enables better use of the healthy nutrition data. The product is a universal and does not limit age consideration. Both the adults and the young generation. The possibility of adoption among the target population like the general population at large is highly likely. Moreover, I strongly believe that the targeted class will obviously accept the product and willingly pay for this application, considering the places that the application would be promoted at (Ernst et al, 2010). It also do not involve any tangible product since it is an application, which only requires a software development.
Expected obstacles and problems.
The element of chicken-and-egg problem of contrasting websites in the sector may present the firm with a myriad of challenges. For instance, where the product face contradicting recipes from these websites may bring doubts among the final users of the product and may not sell. In other cases where the established recipe websites do not have recipes to choose from in the entry details, it may be a source of conflict (Cooper & Kleinschmidt, 1987). The other obstacles may be presented in the financial curtails and economic scope. The product may be limited to use by only those who can use the application and can access the technology equipment.
The structure of implementation strategy
The following steps will be used to implement the product in the market:
Initiation
This is the current stage of the product. It currently involves the basic components and the market evaluation. This includes the creation of awareness and market establishment. The activities include product launch, product advertisement, and market base establishment (Lynna & Akgünb, 2001).
Market validation- project implementation
This will include strategies to establish a strong link between the consumers and the competitors in the market. The association of the established firms and the new firm establishment to expand the base
Evaluation/monitoring strategies
This will involve the evaluation of the pilot progress, the product effectiveness and the loopholes for adjustments and project expansion.
Conclusion
The foodrator is a very important product that will help promote health and healthy lifestyles among the population at large. It will also help to reverse the causes of economic losses that are incurred in market-travelling time and unnecessary budget schedules. I think the project is worth all the necessary efforts to implement in the market.
References
Robson, C., & McCartan, K. (2016). Real world research. Wiley
Hall, C. M., Sharples, L., Mitchell, R., Macionis, N., & Cambourne, B. (Eds.). (2004). Food tourism around the world. Routledge.
Cooper, R. G., & Kleinschmidt, E. J. (1987). New products: what separates winners from losers?. Journal of product innovation management, 4 (3), 169-184.
Ernst, H., Hoyer, W. D., & Rübsaamen, C. (2010). Sales, marketing, and research-and- development cooperation across new product development stages: implications for success. Journal of Marketing, 74 (5), 80-92.
Lynna, G. S., & Akgünb, A. E. (2001). Project visioning: Its components and impact on new product success. Journal of Product Innovation Management, 18 (6), 374-387.
Cann, A. P., Connolly, M., Ruuska, R., MacNeil, M., Birmingham, T. B., Vandervoort, A. A., & Callaghan, J. P. (2008). Inter-rater reliability of output measures for a posture matching assessment approach: a pilot study with food service workers. Ergonomics, 51 (4), 556- 572.
