“Principles of Marketing (MGT301)”
Assignment No. 2 – Product Plan
The higher management of XYZ Limited while assigning the task of new soft drink to the marketing manager, elaborated company’s broader strategy in line with company’s vision. The vision/mission statement of the company reveals that primarily target market of new beverage would be rural population of Pakistan. Company wants to provide a healthy soft drink to rural population at their convenience and affordability. Therefore, the contents of below plan are in line with XYZ vision/mission statement and its higher management guidelines.
|Characteristics |Comments |Reasoning | |Brand Name |‘Desi Kola’ name would be given to new beverage of |Since primary target market is rural population therefore, | | |XYZ Limited using new brand strategy. |this brand name would solve dual purpose, word ‘Desi’ is | | |This brand name would be complimented with rural |close to rural population heart, this word give a sense of | | |flavored packaging and labeling. So that the new |purity & healthiness and word ‘Kola’ gives advantage of | | |beverage becomes a comprehensive & self-explanatory |familiarity that the product is a soft drink beverage. | | |product attracting rural population. |This name is easy to pronounce, which will help in | | |The name is uniquely distinctive. |adaptability for rural population. | | |It is easy to translate in other languages. |This name will give a feeling to consumer that he/she is | | | |going to buy soft drink but a pure and healthy. | | | |In this brand name there is a built-in ownership & | | | |relatedness for rural population which will help winning | | | |their loyalty faster towards the new product. | |Target Market |Rural Population of Pakistan: would be the target |Marketing research showed that there is huge demand of a | | |market. |quality soft drink in villages. | | |This segment of market was targeted after the |Competitors’ original products are not easily available at | | |analysis of data collected through marketing |affordable prices in rural areas. | | |research. The marketing research data was analyzed to|In rural areas duplicate and/or unhealthy products are being | | |know: |sold with label of the market leaders original products. | | |The size of rural market, |Market leaders don’t have focus on this segment of the | | |Potential growth rate |market. | | |Profitability |Potential of growth is high, as buying power of rural | | |Target market size & its fit with company objective |population is increasing. | |...