3.0 Marketing Strategy
This product was designed to help give our consumers the boost of energy they need without the heavy weighed down feeling an energy drink gives. We feel our customers will find it more convenient to chew a piece of gum to increase their energy than to drink something carbonated and full of sugar. What set us apart from our competition are our ingredients. Other energy gums rely on heavily on caffeine to provide that burst of energy. We use natural herbal stimulates such as sarsaparilla, licorice, and ginseng.
3.7 Marketing Mix
We find ourselves ahead of our completion, because we use natural stimulants to increase energy. Convenience is what gives our product value. It is much easier to carry 15 pieces gum than to carry a pack of energy drinks. One stick of gum can help improve your performance and increase your concentration.
The price will be set at $1.80, which is a 41 cent more than Wrigley’s recent top seller 5 Gum. The product has a lot to offer for the price. It offers a gum that can improve your performance and increase concentration, but using organic ingredients. It can also help fresh your breath. We will provide 15 pieces of gum in a slim recyclable package. The price objective is to maximize our market share. This will be done by setting a lower price. Our competition has set their prices between the ranges of $1.86 to $3.40. This will allow us to win a large share of the market. The pricing method will be value pricing.
Convenience Stores and Grocery Stores are the main selling points for chewing gum. Most of the time consumers don’t decide to buy gum until they are in the check out line, therefore it is a quick decision that is based on which gum offers the best quality. The deciding factors are taste, price, and quantity. We tend to offer all these. The push strategy would suit this product well...