INTRODUCTION: THE COMPANY
NEW PRODUCT IDEA CUSTOMER NEEDS AND WANTS TARGETED
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New York Fries (NYF) is a Canadian franchise that specializes in potato, in particular French fries and hot dogs. There are few issues with the company itself, such as limited choices, limited access to the product. Our report analyzes the issues incorporated in NYF and recommend way to improve the situation. After evaluating the needs and wants of our existing and potential consumers, we decided to introduce a new product, which is Potatomade Noodle. Also, this paper will discuss the SWOT analysis performed, and evaluating what are the opportunities and strengths as opposed to our weaknesses and threats. Also, we have come out with an initial plan to market our new product. Through (1) Branding and Positioning; (2) Pricing; (3) Marketing channel; and (4) Promotion, we will bring the product toward success.
Introduction: the Company
New York Fries (NYF) is a privately owned, Canadian franchise founded by Jay Gouldand his brother Hal in 1983. It specializes in fresh-cut fries and hot dogs. The firm’s concept is simple but their standards are high. New York Fries start with hand-cut fresh potatoes on site everyday and cook them in non-hydrogenated and Trans-fat free sunflower oil, which makes their fries low in saturated fat and cholesterol free. So their company mission is very simple: to serve customers with “REAL. FRESH. FRIES”. They are customer-centered policy that put customers as the essential consideration criteria to their products. Currently, there are over 201 stores across the world, but only two in Hong Kong. Agreement requires franchisee to open a minimum of 10 locations in Hong Kong and Macau within 5 years.
New Product Idea
There are several issues with NYF that make it less popular as opposed to other fast food restaurant in Hong Kong. NYF sales are significant lower than other competitors. The lack of variety and popularity of NYF (HK) are the main concerns of our marketing strategy group. As we found in a survey conducted by our group. There are 70% of participants who did not know anything about New York Fries. Among those who knew the existence of NYF, there are more than 50% of them thought NYF offers limited choice of food.1 Therefore, we have decided to enhance the variety of food and introduce a whole new concept of fast food, the Potato-made-noodle. Besides providing varieties to the
consumers, we choose potato made noodle because potatoes are more filling and will be able to satisfy consumers’ hunger, especially for those who need to be full during their long working day. Also, potatoes are generally healthy as well. Our product is a freshly potato made noodle, either western or Asian style. These noodles will be freshly made by a selected supplier and delivered to our stores promptly everyday. They will be served in different flavors like chess baked noodle, oriental style soup noodle (spicy/nonspicy/chicken flavored, beef flavored) and other flavors. Besides adding to the variety of foods sold in NYF, this new product also solves the issue of health concern of their customers.
Customer Needs and Wants
For our targeted customers, they have a similar desire for a benefit that is fast-served yet healthy food. Thus, we serve these customers with a new concept of fast food: highquality, convenient, delicacy, fashion and prestige. Although it seems that the new concept is irrelevant to NYF’s current business line, it is in fact consistent with the firm’s current mission, which is to actively change the business in order to satisfy their customers’...
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