New Product Development

[Name of the institute]New Product Development

Selected Product

The product that is selected for the purpose of the completion of this assignment is coffee. The following part of the paper describes various marketing aspects of this product.

Market Segments

POD Point of Difference

Ideas for New Product

The market segment that is selected for the chosen product is young girls and boys

The product for which this marketing mix is being devised is a chain of coffee shops. The brand name would also sale their branded meals in these newly launched coffee shops. The aim for this brand of coffee shop is to focus attention on competencies that affect competitive advantage. For this brand these competencies include knowledge of where the finest coffee beans are grown, the knowledge of how best to prepare them in order to make the best cup of coffee also the knowledge of how to provide an environment to satisfy the needs of the customers. The coffee shop would not just a coffee shop. For this brand we should also offer numerous kinds of food and drinks. The brand offers various varieties, from grand sugar-free and non-fat lattes to extra caramel macchiato; customers have a variety of drinks to choose from.

The brand would employ the same diversification strategies for the offering of the food. the consumer can visit these newly opened coffee shop also get their food items. this brand should also consider moving towards a more healthy lifestyle by introducing different salads, yogurt parfaits and fruits.

The chains of cafe of should have followed features in order to attract the targeted segment.

The cafe should provide original tasted coffee.

The cafe should provide the environment and ambiance of the cafe according to the lifestyle of the target market.

The cafe offers various brands of food line.

The newly opened coffee shops should employ the strategy of concentrated targeting though asserting themselves in the niche of gourmet coffee. higher process for the coffees can be chared by the company. This will result in more profitability for the organization as they are the niche and individuals are willing to pay more for good services. This price policy is inspired from the pricing policy of Starbucks about which Daniel Gross, who is the writer for Slate's “Moneybox” column, says “Starbucks is most probably banking on this theory that the individuals who want to purchase the coffees do not merely require coffee, they want the coffee of Starbucks.” This ...