Inventing a Product Research Proposal Example | Topics and Well Written Essays - 2000 words

Inventing a Product - Research Proposal Example Their product is of the highest quality and contains Vitamin B12, caffeine, Taurine and Glucoronolactone (Company website). It tastes like most popular energy drinks but without the after taste. They have varied products on offer and all their products are sugar free. The company has now started to bottle and can its energy drink formula as a co-packer for smaller companies (PRP, 2008). Their main product is "Bag in a Box" energy drink concentrate which is mostly bought by bar owners, nightclubs, health clubs, restaurants and convenience stores. They have consumers from all income levels and all ages. They also have energy drink for children and for women. However for the current product the target audience include both men and women from ages 18 till 55 years. The younger segment visits the gym more often early morning. There are plenty of energy drink brands available in the market. While Red Bulkl is leading there are other brands that are available - Wired X3000, Power Trip Energy Drink, Bliss Energy Drink, Gorilla Juice Energy Drink, Zoom, Sobe Energy, XS Citrus Blast, Hype, Wild Bull, and Pitbull. The energy drink market was expected to reach $17bn in 2007 as the market is driven by growing consumer awareness for healthier lifestyles (Merrett, 2007). This segment is expected to grow by 33.7 percent. Thus despite competition and especially because the new product is focused on catering to the segment that exercise early morning, it is envisaged that competition would not be tough for this product. 2. Marketing Objectives 2.1 Short and long-term sales objectives Since this is an entirely new concept, the objective is to derive the early mover advantages. It is envisaged that the company would enter and capture a sizeable market before competition steps in. Eventually, the company intends to enter the global market and no obstacles are foreseen as the product is innovative and demand is huge due to changed lifestyles. The goal is to become market leaders in the energy drink market with wide variety of products on offer. 2.2 Profit generation This is one of the main objectives. It is expected to increase the net profits by about 25% in view of the innovative product and no competition. Besides, the brand is well known and hence the new segment can be easily captured. 3. Strategy The firm's strategy is to attract the existing customers through brand image. This would make the market penetration easier. Based on the innovative product benefits, the marketing strategy has been devised. 3.1 Product strategy3.1.1 Product name The new product that is being introduced has some distinctive features. It is especially meant for those who intend going to gym or swimming early morning. It is supposed to give the consumer a kick-start to the day. When an individual wakes up after 7 or 8 hours of sleep the body glycogen levels are low and during a workout he would using up stored up energy. Thus this product would be able to provide the needed energy early morning and hence the demand is expected to be high due to the demand for healthier lifestyles. This would be the product package with the company logo Samson Energy Drink trademark being same as for all the other products. The product is called Samson Fit which itself

Business strategy Essay Example | Topics and Well Written Essays - 4000 words - 1

Business strategy - Essay Example Mission statement of an organisation is essential for developing the business either at the early stage or during expansion. It generally highlights the main purpose and focus of the organisation and why it exists. It describes the short term expectations of the organisation. For Mulberry, its mission is to enhance the multi-brand distribution network and continue to maintain its partnership with some of its rivals in order to avoid competition. In order to expand its business, Mulberry had constantly focused on setting new outlets with high quality services. Vision of an organisation is defined as its lofty objectives, which are decided by the management for pursuing in the long run. It actually highlights the milestones, which the organisation intends to reach in future or may acquire in decade. The vision statement of Mulberry depicts that it aims at increasing the number of stores across the country and has established seven stores that are directly operated as well as ten other stores that are handled by the partners and the company has the target of opening 15-20 stores per year (Teece, 2010). Specific objectives are essential for an organisation as it directs the operation towards the fulfilment of its mission and vision. The main objective of Mulberry is to take up new product development initiatives and has launched the AW13 collection in its brand outlets in order to attract the customers and create a huge customer base. The company manufactures leather goods for both men and women mainly comprising of belts and fashion accessories that are of high demand in the international market. Goal of an organisation is suggested according to its mission and how it will achieve its main objective in the long run. The main goal of Mulberry is to set up new stores in Hong Kong, Doha, Malaysia, Sydney and UAE (Chen, et