7-1 Final Project Submission: Marketing Plan Presentation
information about product:
New Product
Our company, Nutin Ltd., is a beverage company specialized in the sale of packaged coffee and fruit juices. The current product line that is introduced is a carbonated drink, Nutin Soda. The distribution of the new product will start in California and spread to other states where the firm operates.
Differentiating features
In the dynamic market, new products are being introduced in the market to meet the changing consumer needs. However, Callan (2019) provides that new products must be improved to ensure they compete effectively with those from other brands. In the case of Nutin Soda, the product has been improved to make it attractive to the target market. For instance, the ingredients and flavors for Nutin Soda have been developed innovatively to ensure the best taste. Also, various Nutin Soda products have been produced to give customers choices and preferences. This includes orange taste, coke, and lemon. Also, the products have varying sugar content, including Nutin Zero sugar, Regular (which is tasty with sugar), and Vanilla flavor. The expectation of that the large product portfolio will attract a large segment of target customers, including cautious health customers. The taste is differentiated in that there is no other company that offers carbonated drinks with similar taste to that of Nutin products.
The other differentiating factor is the price since a competitive price has been agreed upon to ensure that customers get the value for what they pay for. In this case, our strategy is to ensure that we sell not only the product but also happiness and experience. In this case, the value proposition will be essential in ensuring attractiveness and give customers perception of what our brand stands for.
Marketing Challenges
According to Lumen Learning (n.d), firms invest a significant amount of money in developing new products, but the challenge lies in convincing customers to try the out. Although Nutin Ltd operates in various states in the U.S, Nutin Soda is expected to face various challenges. For instance, there exist high competition, with leading companies taking a large share of the soft drinks market. This includes companies like Coca Cola and Pepsi Co. This means that we will have to conduct a thorough market analysis to determine the best approach to market the new product (Mouhanna, 2018). Understanding other firm’s competitive positions will help determine the areas that we can improve to ensure success.
The other challenge lies in the fact that Nutin Ltd is still new, and this means high spending on brand awareness. In this case, financial challenges may hinder our marketing efforts, and this could impact sales. This means we have to direct funds to the marketing channels that are likely to result in more leads.
The reason Nutin Soda Product Line is a Good Addition
Nutin Ltd has been in existence for about five years and has been involved in the sale of fruit juices and packed coffee. Considering that these products have helped the company achieve organic revenue and growth, we think this addition will help improve the company’s position in the market. The company also holds a significant market share in California and other states, and this can be leveraged to introduce the new product. The past three years have seen an upward trend in shareholder value, and this shows that the company is on track. Adding the new Nutin Soda will give customers a wide range of choices, which will help improve sales.
References
Callan, J. (2019). The New Product Development Process (NPD) – 8 Steps. Marketing Insider. Retrieved from https://marketing-insider.eu/new-product-development-process/.
Lumen Learning. (n.d). Products: New Product Development. Retrieved from https://courses.lumenlearning.com/boundless-market…
Mouhanna, A. (2019). What Is a Market Analysis? Market Research. Retrieved from https://blog.marketresearch.com/what-is-a-market-a…
New Product NUTIN LIMITED SWOT ANALYSIS
Strengths
|
Weaknesses
|
Opportunities
|
Threats
|
Gaps in the SWOT analysis
- Sponsoring entertainment and sports events.Entertainment activities offer a massive platform for people to come together and thus increase the brand awareness of beverage products (Ajidarma, 2018).
- Online technologies. Nutin company can improve its sales by distributing their products via online platforms.
- Partnerships with other companies. In the modern business world, companies partner with other enterprises to complement their products. In this case, Nutin limited can partner with bakery companies to increase the sales of their products. For instance, a consumer would prefer to buy a cake and a soda at a lower price instead of buying them separately.
- Advancing to the offshore terminals. Nutin company can start working on a strategy that will enable it to sell its products in other countries and not just the United States market.
Legal and ethical considerations
- Harassment and discrimination.Sexual harassment and wage inequity are some of the critical ethical issues that some employees face daily. The company should ensure that each staff member is treated with fairness and respect despite their gender or level of education.
- Health and safety.According to the International Labor Organization, about2.7 million workers die from work-related accidents and diseases.The company should focus on giving their employees proper working equipment such as masks and earplugs and appropriate insurance policies.
- Compliance with Government and environmental rules.Nutin company should adhere to the correct mode of conduct in carrying out their business activities.All the environmental laws and financial reporting statutes should be about civil rights and regulations of the land.
- Decision-making Issues. When it comes to solving ethical dilemmas in the workplace, collecting facts before making a decision is the most appropriate action to follow( Tat low-Golden,2017). Ethical decision-making platforms should be a critical factor in safeguarding the interests of employees and consumers.
- Discuss social media awareness with employees to enhance cybersecurity.Employees should receive adequate training on what to post and what not to. This training will help them avoid disclosing private companies such as work projects which criminals use in their endeavors.
Reference
Ajidarma, P., Islamite, M., Hasty, F., & Oriento, D. (2018). Food Safety System Design Using Hazard Analysis Critical Control Point (HACCP) on Beverage Product X at a Milk Tea Producer. In SHS Web of Conferences (Vol. 49, p. 01006). EDP Sciences.
Tatlow-Golden, M., Verdoodt, V., Oates, J., Jewell, J., Breda, J. J., Boyland, E., & World Health Organization. (2017). A safe glimpse within the” black box”? Ethical and legal principles when assessing digital marketing of food and drink to children. Public health panorama, 3(04), 613-621.
Our company, Nutin Ltd., is a beverage company specialized in the sale of packaged coffee and fruit juices. The current product line that is introduced is a carbonated drink, Nutin Soda. The distribution of the new product will start in California and spread to other states where the firm operates.
Differentiating features
In the dynamic market, new products are being introduced in the market to meet the changing consumer needs. However, Callan (2019) provides that new products must be improved to ensure they compete effectively with those from other brands. In the case of Nutin Soda, the product has been improved to make it attractive to the target market. For instance, the ingredients and flavors for Nutin Soda have been developed innovatively to ensure the best taste. Also, various Nutin Soda products have been produced to give customers choices and preferences. This includes orange taste, coke, and lemon. Also, the products have varying sugar content, including Nutin Zero sugar, Regular (which is tasty with sugar), and Vanilla flavor. The expectation of that the large product portfolio will attract a large segment of target customers, including cautious health customers. The taste is differentiated in that there is no other company that offers carbonated drinks with similar taste to that of Nutin products.
The other differentiating factor is the price since a competitive price has been agreed upon to ensure that customers get the value for what they pay for. In this case, our strategy is to ensure that we sell not only the product but also happiness and experience. In this case, the value proposition will be essential in ensuring attractiveness and give customers perception of what our brand stands for.
Marketing Challenges
According to Lumen Learning (n.d), firms invest a significant amount of money in developing new products, but the challenge lies in convincing customers to try the out. Although Nutin Ltd operates in various states in the U.S, Nutin Soda is expected to face various challenges. For instance, there exist high competition, with leading companies taking a large share of the soft drinks market. This includes companies like Coca Cola and Pepsi Co. This means that we will have to conduct a thorough market analysis to determine the best approach to market the new product (Mouhanna, 2018). Understanding other firm’s competitive positions will help determine the areas that we can improve to ensure success.
The other challenge lies in the fact that Nutin Ltd is still new, and this means high spending on brand awareness. In this case, financial challenges may hinder our marketing efforts, and this could impact sales. This means we have to direct funds to the marketing channels that are likely to result in more leads.
The reason Nutin Soda Product Line is a Good Addition
Nutin Ltd has been in existence for about five years and has been involved in the sale of fruit juices and packed coffee. Considering that these products have helped the company achieve organic revenue and growth, we think this addition will help improve the company’s position in the market. The company also holds a significant market share in California and other states, and this can be leveraged to introduce the new product. The past three years have seen an upward trend in shareholder value, and this shows that the company is on track. Adding the new Nutin Soda will give customers a wide range of choices, which will help improve sales.
References
Callan, J. (2019). The New Product Development Process (NPD) – 8 Steps. Marketing Insider. Retrieved from https://marketing-insider.eu/new-product-development-process/.
Lumen Learning. (n.d). Products: New Product Development. Retrieved from https://courses.lumenlearning.com/boundless-market…
Mouhanna, A. (2019). What Is a Market Analysis? Market Research. Retrieved from https://blog.marketresearch.com/what-is-a-market-a…
