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- QUESTION
This is the last new product development assignment. Please do it well!!!
Last time, you didn't use the form my professor give (When you write why this will success and what we learn from, you didn't list 1, 2, 3, 4,...)
This on please follow the good student assignment example form!!! This is very important!! Because I will do a presentation on this one!!
This time, I will choose the new product for you. The product is called Blk Water. Here is their website. http://getblk.com/
Please do this one very carefully and try your best to get a good grade!!
| Subject | Business | Pages | 2 | Style | APA |
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Answer
Blk Water
Name: Blk Water
Product: Blk Water
Functional benefits: With traces of fulvic, Blk Water has additional benefits that are not present in typical pure water. 1. It is a natural detoxifier and antioxidant. 2. The fulvic element is a natural electrolyte named as a restower of life because of its incredible ability to energize our cells. 3. Derived from humic materials, fulvic is rich in compost of ancient plant life with natural plytonutrients, enzymes, amino acids, anti-microbial, and hormones.
Emotional benefits: The desire to stay healthy through consumption of natural foods that are: 1. Life restoring (ability to revive cells by improving electro-chemical of cells), 2. Life energizing (detoxing cells to release energy), and: 3. Life enhancing (increase absorption of other minerals and vitamins).
Problem Blk Water is trying to solve: Blk Water is offering a number of benefits ; 1. Mineral supplement and; 2. Trace elements that are lacking in our diets causing increase in ill health and lack of vitality. The food and water being taken today lacks these crucial components. Blk solves this problem through this mineral and trace rich water.
The key Benefit of Blk Water: The key benefit of Blk Water is health promotion.
Category: Beverage
Consumer Target: the target for the Blk Water is analyzed under four categories including demographic, behavioral, attitudinal, and aspirational.
- Demographic: Everyone with purchasing capability is our target consumer including families, individuals, corporate, and schools.
- Behavioral: Blk Water targets customers who consider the health benefit aspect of products they use.
- Aspirational: The campaign will target people who focus on their overall health and aspire to be live healthy lives.
- Attitudinal: Blk focuses on people who are sensitive of what they take and who are keen on healthy/natural products.
Channels: The sales team will adopt a number of channels to deliver the product to the customer. 1. Outlet stores i.e Walmart. 2. Online ordering through our website. 3. Our direct outlets in selected towns.
Competitors: The main products in this category fulvic water are Trace Water (offers water with fulvic and humic minerals) and Water for Health (offers water containing fulvic acide supplement).
Company strategy behind the Blk Water: The marketing campaign for Blk Water will seek to create a new customer experience by offering a product that is very different from the current products. By offering water, that has mineral supplements and traces offers new competing platform through differentiation from the existing pure water brands. The campaign will adopt a combination of traditional and modern strategies of marketing i.e use of sales persons, Radio promotions, and the digital platforms (Twitter and Facebook). Blk Water will also engage in community projects by sponsoring a health sensitization walk.
Why Blk Water will win:
- Winning concept: Blk Water offers the promise of health living that both affordable and safe.
- Winning product: The product is differentiated from its competitor products through value-addition in form of mineral supplement.
- Winning marketing proposition: in addition to using a combination of the traditional and the modern marketing strategies, Blk water campaign planning to hold several exhibition shows across the country and in major exhibitions.
- Product Innovation: the new product is presented in a new design and comes with a variety of brightly colored flavors and colors unlike the current products that are offered only in black color.
Summary and Key Learning’s from Blk Water:
- One key lesson is that identifying customer needs and the best way to satisfy them is a strong competing edge for companies.
- Identifying gaps in the current market creates new opportunities for innovation and new product development; this can be used to create a new market niche.
- Marketing should also be effective in terms of innovativeness of product design and features, strategies for marketing, and channels for distribution.
- Marketing for new products must also identify and consider the various aspects of the target population.
References
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