DEVELOPING NEW PRODUCT

Developing New Product



Table of Contents

Introduction1

The Product Concept1

Broad Target Market2

Market Segmentation2

Market Targeting2

Identifying and satisfying Customer's Needs3

Brief Analysis of Competitors and Existing Alternatives4

Points of Differentiation: How Tantalizer is better?4

Marketing Plan4

Marketing Mix Elements: The Four Ps4

Product4

Price5

Place5

Promotion5

P.E.S.T Analysis6

Political Influences6

Economic Influences6

Social Influences6

Technological Influences7

Conclusion7

References8

Developing New Product

Introduction

With the massive expansion of soft drinks industry in Unites States of America, quality soft drinks have not remained a matter of financial or social prestige or a product for a particular age group. The enhanced academic and work pressure on American youth, tremendously growing rate of cardiovascular diseases and kidney disorders have widened the scope for non alcoholic soft drinks in USA(Bombourg, 2012, p.3). Another propeller for progress of soft drinks industry is the portion of Americans consisting on Asians and Africans who attach great social and religious stigma with alcohol consumption (Krishnan & Ulrich, 2001, p.4). So we have decided to invade soft drinks market with an innovative concept of producing sharp flavored non-alcoholic drink from malt, poppy seed, nuts and husk. We believe that a slight deviation from the traditional trends and a certain modification in the widespread practices yield tremendous results at times. Our product would basically encompass great healthy and nutritional value along with an enticing taste having a slight sharpness to tempt the taste buds addicted to alcoholic drinks. The drink will serve as a plausible and healthy alternate for traditional alcoholic drinks. Our non-alcoholic drink will be capable of giving a flavored sharp taste compatible with alcoholic drink and a complete health package by incorporating the ingredients ensuring great importance for different body functions of a human body that are otherwise connected with traditional medicated drinks.

The Product Concept

The basic concept behind Tantalizer is to come up with a beverage that amalgamates savor, health, satisfaction and nutrition in a single drink. Our non-alcoholic beverage named as “Tantalizer” will basically focus on a fine blend of taste and health. It will incorporate the taste that can put aside the ecstasy endured by alcoholic drinks by including slight quantity of alkaloids caffeine, phosphoric acid, Citric acid, carbonated water and theobromine (Euromonitor International, 2012). The most alluring thing about this soft drink will be our philosophy to use all traditional ingredients like malt, husk, poppy seed and nuts that are best known for their quality to cool down human body especially in summers. Tantalizer will be intensely rich in health and nutritional value because it would rely on the components that have been the integral part of medicated drinks for centuries (Bombourg, 2012,p.3). The taste will be unique from the other popular beverages prevailing in United States because of its exclusive combination of traditional ingredients with synthetic flavors and elements. Tantalizer will be available in four flavors that are strawberry, apple, mint and lemon.

Broad Target Market

Market Segmentation

It becomes obvious after the thorough demographical studies of American public that American public can be segmented into three main segments with regard to their consumption of soft drinks and non- alcoholic beverages (Krishnan & Ulrich, 2001, ...