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QUESTION
Title:
Presenting the Plan
Paper Details
Here are the directions: In Phase 3, your team will prepare a presentation to recommend your implementation plan to the appropriate audience for your innovation (e.g., venture capitalists, your CEO, your board of directors, etc.). Your goal is to persuade the audience to back your plan. Prepare 10-15 professionally developed presentation slides that accomplish the following:
Describe the innovation and its value to both customers and the organization/entity to which you are pitching your idea. * For this portion I thought we combine mine and iris parts from module 6 assignment*
Review the implementation plan in significant enough depth to demonstrate your thorough understanding of the implementation process
MY PART
Include a cost/benefit analysis appropriate for your particular audience. I thought we take what healthy drinks are currently being sold for; than base our price off of that.
NOTE: Iris: will do the intro and conclusion slide please. Also, our design of what product will look like will be one slide along with SNIFF model being on another.
Ensure your slides are visually appealing and conform to conventions of effective slide design. Include a reference slide with a minimum of three secondary resources utilized in the development of your presentation
While APA style is not required for the body of this assignment,
solid academic writing is expected, and documentation of sources should be
presented using APA formatting guidelines, which can be found in the APA Style
Guide, located in the Student Success Center.
| Subject | Business | Pages | 5 | Style | APA |
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Answer
Essential Oils and Drink
Marketing a new product requires significant steps meant to convince the customers as to why they should buy that product as opposed to those offered by competitors. According to Hollensen (2015), the manner in which a product is launched will determine future sales. One of the key factors to consider in launching a new product is the value that it brings to the customers. In this regard, the product must have specific unique characteristics, which distinguishes it from the competition. Additionally, Akroush (2012) states that it must exploit a particular market segment and meet the needs of that market which were previously unmet by existing products from competitors. This paper seeks to describe the product value of Amy’s natural drinks containing essential oils and the needs that the product will meet.
Description of the Product Value
In the realm of marketing, value, which is also known as customer-perceived value, is the difference evident between the benefits and costs of one product based on customers’ evaluation compared to others. As such, according to Lopez (2014), the value is expressed in the form of customer-perceived benefits and costs. Amy’s innovation provides a significant functional and monetary value to the customers as it provides natural drinks with essential oils, which have massive health benefits. The popularity of the essential oils makes the product popular with the customers (Amy Chaplin, 2017). Additionally, the fact that the product will be sold at a relatively lower price makes it a darling of most clients (Cooper, 2013). Essential oils products can also be marketed with other facets such as the oil diffuser lines as well as critical oil cleaning products. The product will, therefore, be able to draw a variety of customers and hence increase its opportunity size.
Needs Met By the Product
The key underlying concept of value in the marketing process in that of human needs. A product ought to meet individual needs of the consumers, which were not previously met by products offered by the competitors (Hollensen, 2015). Amy’s product satisfies some customer requirements in the market. One of those is that it provides essential natural oils to clients who are health conscious. As such, by using the oils, they do not have to worry about any adverse health effects. Additionally, it offers alternatives to the customers experiencing anxiety and depression (Amy Chaplin, 2017). Using the oils will provide them with a sense of relief and comfort hence being a significant contributor to their health. Moreover, the product can come with other facets, which will provide various packages to the consumers (Akroush, 2012). Meeting such needs will be critical to helping meet the needs of the customers and hence make the product stand out from the competition.
In conclusion, new products ought to provide a particular value to the customers and meet their specific needs which were previously unmet by existing products offered by competitors. Amy’s product provides functional and monetary value to the customers. Specifically, it ensures that the clients who want to become health conscious use the essential oils. Additionally, it offers oil products at lower prices making it provide a monetary value. Amy’s product meets the health needs of the customers especially those with anxiety and depression as it offered relief and comfort. As such, the product is marketable, and if it has a decent price, it is likely to draw a significant number of customers and increase its opportunity size.
References
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Akroush, M. N. (2012). An empirical model of marketing strategy and shareholder value: A value-based marketing perspective. Competitiveness Review: An International Business Journal, 22(1), 48-89. Amy Chaplin. (2017). Amy Chaplin. Retrieved 17 August 2017, from http://amychaplin.com/category/drinks/ Cooper, R. G. (2013). New products: What separates the winners from the losers and what drives success. PDMA handbook of new product development, 3-34. Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education. Lopez, S. (2014). Value-based Marketing Strategy. USA: Vernon Press.
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