EOC: Week 10: What are the benefits vs the features?

“Marketing is too important to be left only to the marketing department.” Marketing entails processes that focus on delivering value and benefits to customers, not just selling goods, services, and/or ideas. It uses communication, distribution, and pricing strategies to provide customers and other stakeholders with the goods, services, ideas, values, and benefits they desire when and where they want them. " pg 2.

The main benefit of our product is that it incorporates the great taste of an exquisite chocolate blended with a great coffee lattee flavor blend for a smooth blend. Some of the benefits will be you wont have to look for different or various taste of coffee in these chocolates as various coffee taste will be featured. 

The relationship between benefits and the sacrifice necessary to obtain those benefits is known as customer value. The relationship between benefits and the sacrifice necessary to obtain those benefits is known as customer value.

  A market-oriented organization recognizes that different customer groups want different features or benefits

EOC Week 9: Creative Content

My creative content will consist of me designing the actual look of the candy and detailing the process which I have taken to incorporate the entire products .I have come up with a package wrap and a design for the morsel. The packaging will be a be a gold/bronze color. The actual candy will be in the design of a coffee cup with a swirl of creme at the top to for the latte look. I will be making a 45- 1 minute audio commercial , where I introduce a regular coffee drinker in a coffee shop to my new treat.

target marketing stategy

With this product I found that I would have to do a lots of research about the two different kinds of products and consumers.The groups of people that like chocolate and the group of people who are everyday coffee lovers as well.  When putting a product out there I have learned that you need to know and understand the various demographics and markets. So with this product our target area would of course be the group that obviously likes and enjoys to eat chocolate and drink coffee. I had to talk to chocolate lovers and inquire about how they would feel about a coffee infused chocolate morsel. I asked 20 people and to my surprise 14 of them were very supportive of the product. So I feel putting the product into production would be a go  "In an ideal world, you would use market research to find out what your customers want and then design products to suit them". http://www.marketingdonut.co.uk/marketing/marketing-strategy/product-development. 

"The strategic plan defines the company’s overall mission and objectives". pg 49. With that being said our strategic plan is to market the people that we mostly relate to first. 

I will also be focusing on partnering with coffee houses and small stores as I produce on a smaller scale for profit versus losses margin to produce on a bigger platform. Eventually I would like to partner with a couple major distributors for a major push. Companies like Hershey and the Folgers brand would be the ideal partners.  Promotion will consist of going into these markets and introducing the product to customers as tasters and to have a price thats very reasonable for consumers.,I want the customers to feel like they are being treated to a great product without spending a lot.  royalty for a low price. Just because the price is low does not always mean that the quality of the product is not good because this product will trick you. Which is the reason why the price is so low. You are getting something great for an affordable price, you can not beat that. I think this is a great strategy also known as the 4 Ps. "Guided by marketing strategy, the company designs an integrated marketing mix made up of factors under its control—product, price, place, and promotion (the four Ps)".  2 page 49.

Week 7 EOC: The Pitch

The worlds fascination with chocolate , coffee and latte flavor all rolled into one delicious morsel. The need for 
this combination of these is to satisfy the chocolate lovers desire while adding a taste of coffee and latte cream to make the taste blend to give you that complete satisfaction. The market is wide open for my product because these are loved on any continent in the world. Although the Asian market is not known for their love of chocolate , their love of coffee and lattes are increasing as they are catching up with the rest of the world . My primary target will be every age group from youths to seniors. There is no particular demographic we are shooting for just the worlds market. Our biggest competitor is Dove candies and their advantage is their years of putting out great product. Our goal is to bring the finest combination of these at the cheapest rate possible.Distribution will be done via all media outlets as well as major and small scale businesses. In a two-way conversation such as a sales pitch given by a sales representative to a potential client, reception is normally high.

Finally,a special offer or a strong closing sales pitch may be used to obtain purchase action 288 a special offer or a strong closing sales pitch may be used to obtain purchase action. pg 268

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Implementation evaluation control

Implementation activities may involve detailed job assignments, activity descriptions, time lines, budgets, and lots of communication." pg 28 Once my plan is finalized , I would do a  study with a focus group to get the positive and negative feed back on  what and how I am going to sale this product. I think I would need to test this product in a controlled environment to get the purest results from customers to see if it is actually good or bad. A focus groups of people that will  give me their honest opinions What I am actually looking for when testing is the consumers reaction to the fused morsel and their opinions of the two taste together . I want to know if its to rich, meaning is it to chocolate heavy or coffee heavy. I want to know if they would buy this with their coffee or would like it with another beverage like a lighter mocha latte or maybe even just milk. I also would like to know would they enjoy it as just a snack while craving one or the other.  I want to see all of the different responses from various age groups and ethnic backgrounds. A taste test of the product is the only way I would feel absolutely certain before going into mass scale production."Four common reasons for failing to achieve a marketing objective are unrealistic marketing objectives, inappropriate marketing strategies in the plan, poor implementation." pg 29

Price

  " It is hard to design a place strategy, decide on a promotion campaign, or set a price without knowing the product to be marketed". pg 27 When pricing a product we must understand the market and todays economy with any business venture.  "Price is the only element in the marketing mix that produces revenue". pg 275. I would like to package my product to be initially sold at 1.99 for a box of 8 morsels. I do understand that a majority of my customers will be adults and in todays market a standard candy bar is in the rang of $.99 to $1.59. With coffee drinkers getting younger and younger I know this is a great price for an a great product and most youth have $2.00 in their piggy banks , we want to capitalize on that. Always setting our prices at one rate on the packaging so the vendors can’t change our rates and the only increases will happen as each economical demographic changes. If the economy tanks we plan to stay within a price range that every consumer can afford. Should the economy sky rocket we want to maintain a fair price conducive to the market as well as understanding we are trying to continue to grow as a business. Because they say many companies do not handle pricing well I feel like I wouldn't have to do much price adjusting because the prices are reasonable. "Lower-income consumers are price sensitive, but they will pay for products if they deliver a benefit that is worth the money." pg 7  







 

Distribution

"Many consumer products pass through a distribution system that includes the producer, one or more wholesalers, and a retailer."pg 3
Knowledge of where  to distribute a product and knowing the market is vital. With the market chocolate market expected to have a 5.32% increase globally from 2016-2020 according to Global Chocolate Markets research,http://www.prnewswire.com/news-releases/research-and-markets---global-chocolate-market-cagr-growth-of-532-by-2020---trends-technologies--opportunities-report-201Its imperative that I line up all my vendors.  I would like to start on a small scale maybe 10 vendors in each of the 50 states focusing on primary target areas. Downtown metropolitan areas, malls, rural America.  Chocolate is a worldwide flavor but coffee isn’t thats why its important to infuse the two to create a worldwide morsel that once the product starts to generate a substantial name and people enjoy the acquired taste, we can move forward with potentially distributing international. America is number one in the world for coffee consumption , where Norway is number one for chocolate consumption. The United States barely cracks the top 10. Hopefully by distributing this great product domestic initially, we will be able to gain ground on foreign soil by introducing them too our product 
 It uses communication, distribution, and pricing strategies to provide customers and other stakeholders with the goods, services, ideas, values, and benefits they
 desire when and where they want them. pg 3