University of Phoenix Material
Your team is looking for a way to make some revenue as either a for-profit or not-for-profit organization. This organization can market locally, nationally, or internationally, and can be a privately-owned company or a franchised organization. The product that you have decided to sell is lemonade. To make the endeavor work, you will have to define the product that you will be selling (that is some marketable form of this drink) and decide on a target market.
Your marketing team’s mission is to prove the company’s goals will be met by providingresearch, strategy development, and reasoning why this form of this product is viable In this first half of the project, you willreport onthe following:
· Target market
· Product’s definition to the target marke
· Viable pricing strategy
· Brand’s position in the competitive environment
Complete the following
1. Select acompany name and determine the real business world industry of operation.
|Company Name||Industry of Operation|
|LT3 (learnin team 3) Pro||Beverage|
- Describein no more than 90 words the new and unique form of lemonade that will be launced by your company.
|The proposed drink will be made exclusively from lemons that are produced from organic farms. The drink will be a non-carbonated drink fused with the goodness of fresh lemons that are grown in farms that do not employ any harmful chemicals or fertilizers. Every produce is a true gift of the nature that will be enjoyed by one and all. The fact that it is a non-carbonated drink will also ensure that the drink is not as harmful as a Pepsi or a Coke.|
- Complete the chart in a total of 90 words describing your organization.
|Who are they||Industry of Operation||Mission and Values||Differentiation from other organizations|
|For-profit organization made by a group of entrepreneurs who believe in a healthy world.||Beverage Industry||To create nutritious drinks for the young population that believes in leading a healthy lifestyle. To facilitate their ever growing zeal to be fit, by offering value driven products in the beverage space.||To offer a product that is a winner when it comes to being a healthy drink. The drink will be made from organic farm produce and will be non-carbonated drinks. Currently, there are no major brands that fit that description.
Based on product type, lemonade has been classified into alcoholic, non-alcoholic and powder mix. Also, in terms of variety, the product can be segmented into cloudy lemonade, pink lemonade and clear lemonade.
- Identify the following in no more than 90 words regarding your target market.
Composition of target market
|Age- From 7 to 40 years
gender- Both Male and Female
Occupation- Students as well Job doers and professionals like Teachers
Lifestyle- Customers who likes to love healthy lifestyle like go to gym, do workouts etc
Segmentation criteria used in idenfitication
|the segmentation Criteria used In targeting the market is Demographic criteria and Psychographic Criteria.
Demographic segmentation is market segmentationaccording to age, race, religion, gender, family size, ethnicity, income, and education
Psychographic segmentation is the marketsegmentation strategy in which the total market is divided on the basis of psychology, personality of people, characteristics, lifestyle, attitudes etc.
- Determinein no more than 90 words how you will define the lemonade to your target market (include information on packaging, labeling, etc.). How will this add value and differentiate the brand and product from the competition whileencouraging the target market to buy?
|Target Market Definition||Differentiation|
|Our lemonade will be Intensive Distribution. Making the product available in as many locations as possible such as drive through and vending locations around the Malls and outlets.||In store displays of a beverage being enjoyed by individuals of different age groups, genders and race. The packaging will have a Big image of the fruits and vegetables used to make the beverage. This will allow for a healthier option presentation.|
- Complete the chart in a total of no more than 90 words to compare your company with industry competitors.
|Top Business Industry Competitors||Your Company’s Positioning|
|Lemon Leaf Café||We’re just like competitors X, only we’re Y. (showing that we carry the same items only better)|
|Electric Lemonade||We’re the same as X, only cheaper and organic.|
|Lemonade||We combine the best traits of our competitors. Customer satisfaction is not our goal, its our promise.|
- Define the pricing strategy in no more than 90 words that you will use for the introduction of the product.
|We would use Penetration pricing. The goal is to share our product to as much of the community. This will allow us to raise awareness of our new product and allow customers to spread our product image through word of mouth.|
- Discuss in no more than 90 words the maturity life cycle stages of your product.
|Stage of Maturity Life Cycle||Discussion|
|Maturity||The Maturity life syscle stage is the stage after the product complets the indtoduction and growth stage. In this stage the product grows at a fast rate stabilizing the in the market shares of the lemonade product. It is important to start analyzing the sales and market in order to add new features to help the product stay in the market for a longer time. It is vital in order for the product to stay pompetitive in the market.|
- Describe in 90 words how you will use suppliers, agents, or distributors to create your distribution channel.
|We can use different supplier, agents and distributors to increase our distribution channel. Drive-through cafes can be used to distribute our product. Mobile apps such as grubhub and uber eats can be used ot deliver the product. Promoting our product through social media will allow us to display our product to many individuals. Using images to display our product, have customers leave feed back may encourage others to try our product.|