Thalia Hinojosa

Thalia Hinojosa

Brenda Lidy

Marketing

Problem generator, what is the problem with the existing product?

·         A Maxim warming tray does not keep certain foods, such as, fruits or drinks, cold. This product simply keeps food warm.

Develop idea solutions for the problem.

·         Create a product that helps keep foods cold

·         Create an icing or cold tray that can remain cold or frozen for a couple of hours without needing ice.

Idea generation stage

·         There is not a current product like this idea

·         There are products that keep food cold, but they involve electricity. There are also coolers, but a cold tray can be used to keep ice cream out on the table or to enjoy your fruits while it’s still fresh. You also need ice for coolers. This product does not need ice to keep foods refreshed. You simply charge the battery, connect the battery to the product, and then take the product where ever consumers please. The product also comes in different sizes.

Concept Development and Testing

·         This new product would target people who seek to maintain their cold nourishments refreshing. Possibly parents, those who like to go out for picnics, and even people who are marketing their samples, such as, beverages.

Marketing Strategy Development & Idea Screening

·         My goal is to reach out to consumers who can use this product for a good cause, to help keep their nourishments fresh for a long period of time, to increase awareness of my product, and to sell a high amount of my product to several suppliers. I will also sell more existing products not only to existing customers and suppliers, but also new target markets, while keeping a relationship with my existing consumers.

·         This type of product will start off small, but will grow rapidly. It will target people of different genders, family types, occupations, and also interest of recreational activities. It will target almost every age group, ages 13 and higher. Their needs for buying this product would depend on their work demands, family needs, and social needs.

·         This product will be available online, in-stores, and over the phone for an affordable price, ranging between $30 and $75. Prices range depending on the size that consumers choose.

·         Feedback from my consumers is highly important. I would make sure to gather feedback upon my product, the service provided, customer service, and even about my competitors. Throughout time I will develop an analysis trend that will help me use historical data to improve my product and business.

·         The competitive advantage I have over my competitors is that I offer multiple ways of purchasing my product, which includes home delivery. I also offer a money back guarantee if they are dissatisfied with the product. These advantages will help to benefit all customers by making their life easier. It will also benefit suppliers by providing them with more business.

·         Strategies I will include when introducing my product will be advertising in newspapers, magazines, creating flyers, and offer discounts to specific organizations.

·         5 P’s – This product will be very styling. It will be a product that consumers can use for any type of event because of its size. It is not too big, yet never too small. The product will be large enough to fit a good amount of nourishments on, yet small enough to bring anywhere they want. They can choose the size they want because it is available in different sizes. The product is of high quality. Many consumers would rather pay more for better quality. This product is set a reasonable price with great quality. I will also provide warranty for the product. If the product is damaged, then consumers are guaranteed free repairs. I will also provide free accessories for the product, such as, a shield or case for the product for those who purchase it during a certain time of the day. For example, if consumers purchase the product between the times of 3p.m. through 5p.m. tomorrow, they will receive a free case. I will focus a lot on outstanding customer service. It is vital to make customers content with their experience in order to help expand my product. It is also important to take human resource management into account and hire the right people for the job. I must train them to develop the skills needed. Being that the product will be sold, starting off, over the phone and the internet it is targeted regionally. As it grows, it could be sold at popular stores or organizations, such as, Walmart, eBay, Amazon, etc.

Business Analysis

·         SWOT – The strengths of my product are that I have few competitors, the product can be delivered at home, and the quality of customer service. My weaknesses would be trying to introduce this product to new markets and consumers and it may take some time for my product to become very successful because it is a new product. The opportunities this product has are that is it a new product and similar products may not be as reliable. Threats include similar products and rise in competition.

·         My competitions are companies that sell coolers and one who have a similar product, but they need electricity to function properly throughout use. Companies, such as, Coleman sell these products and companies, such as, Walmart or Amazon, sell their products. What makes those products successful is being able to store a large amount of foods or nourishments in them. The electric coolers allows the foods to maintain fresh and cold for as long as customers wish, as long as it plugged in. My product differs because it is meant to keep a small amount of food refreshed. All consumers have to do is charge the battery and then go on outside. It is portable, meaning the consumers can travel with it anywhere they please and it is not too big for them, so it can fit just about anywhere. We also have different sizes of the product. Coolers may benefit more in some cases because this new product is a tray, not a deep container.

Product development

·         Customers will ‘want’ this product because it is clear and simple, it is valuable, and comes in great use. Eventually, it will become their ‘need’. As they notice the quality of this product, they will want to use it for more and more occasions. The financial goal of this product is to obviously have an increase in revenues and consumers, but my main focus is on customer service before I aim towards a high profit. Consumers are what will bring me more consumers.  Feedback from my consumers will help development and enhance my product. The standards I set are important because they include listening to consumer’s comments and suggestions. This product will start off by selling over the phone and online; it will provide delivery to consumers. Throughout time, it will become more popular and sell in stores. My product will grow by being sold to different geographical regions and by being appealed to wide base of customers.

Test Marketing

·         While test marketing this product I must be wary of the consequences while doing so. I must create a plan to prevent consumer loss before the product has actually launched. My plan would be to offer dissatisfied consumers a coupon for the product once it has launched. The allocations of the budget do need to be evaluated because I don’t want to lose any profits, but in order to maintain excellent customer service I may have to. I may have to take a risk that will eventually help me out later with my product and its success. I also need to find out if this product is one that can be repurchased from the same consumer and if they are switching from my competitors to my product. Chances are they may not switch, consumers may use both products depending on their type of trip or recreational activities they are involved in. The people that I use during this test will help me improve my product by the feedback they provide. I will take all positive and negative comments into account and fix all problems with the product. I will use aggressive promotion in order to advertise my product. This product will be available almost anyone because it is delivered to them. I will focus on the geographical locations of my competitors and suite my product in those same areas, as well as, where my competitors lack sales.

Commercialization

·         I will introduce this product into the market by launching it in an attractive city. The timing of the launch would take place during warm weather to give people an experience of reality with the product. It will also take place after work hours, after 4p.m., to help attract more people and have more people attend the event.