Positioning Statement and Branding Strategy – Prepare a positioning statement. Include a perceptual map that shows your company’s position against its competitors. From this map, create a statement that depicts your position. Develop a branding strategy for your product brand name, slogan, logo (optional) and brand extension.
Format in the APA style and be mindful of citations and references. Minimum 3-4 references needed . No plagiarism.
PRODUCT, SERVICE FIT AND MARKET ANALYSIS
Who buys our product?
Who does not buy it?
What need or function does it serve?
Is there a market need that is not being met by current product/brand offerings?
What problem does our product solve?
What are customers buying to satisfy the need for which our product is targeted?
What price are they paying?
When is the product purchased?
Where is it purchased?
What is our product? Nutritional bar for the working class, living in urban areas. Maybe we should come up with a name for it.
Who is the product for and Why did we choose this target market?
There is a growing shift from the rural to the urban areas also there is a growing working class in the country. These people with the purchasing power living in the cities. Rise in consumption of fast foods is seen in the country because of the fast working life-style. It is very unhealthy and healthy options are in demand.
Who is the product NOT for?
We did not target the rural area because priced at a premium price.
Why did we choose this product? Does it solve any problem?
This product will fulfill the nutritional needs of the people who live a fast paced life.
Which nutrition does USA lack mostly?
(We can put this in the nutritional bars.)
The Bar consists of the following nutrients (include what cures the above deficiencies, could be leafy greens etc).
- We could use Keratin/Carotene as it is good for the skin and hair. Found in carrots so we can use carrots as an ingredient in the bar.
- Go sugar free as diabetes is big! Stevia leaves?
Do Americans care about CSR?
What will be the Corporate Social Responsibility that the people will relate most with?
Employing the locals to help us make the bars. Should we give away one bar for free to the locals. For example, if we start a program i.e. if you buy a bar a rural malnutrition-ed kid gets one will they care? Or should we just launch a bar for rural areas kids etc. at a cheaper price? What is the prenatal care looking like? Define the market broader so you have more opportunity! Cost of adaptation of the marketing mix. Instructional manuals are the most expensive cost of adaptation. McDonalds are good at adapting to the country needs ex in India. Effectiveness vs consistency:
- MARKET ANALYSIS before launching the product
- Competitor Analysis and how we can make profits off of the margins
- Unique Value Proposition
- Position the product, focus on the consumer not the product, also where is the product purchased? Positioning Statement for the product
- Marketing strategies and distribution channels. (Use multidimensional scaling to figure out distribution strategy)
- Marketing Campaign and Promotion
Pricing for the product
What is the cost of production given we produce in USA, using local ingredients based on their dietary needs. What is the breakeven point if we produce there? What is more cost effective, opening our plant or using one of theirs?