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Wang's Fortune Tea

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Wang's Fortune Tea
WANG’S FORTUNE TEA Group Case Study 2
Thomas A. Tanamas & Alexis Tyson

Wang’s Fortune Tea (WTF) is a Chinese herbal tea, a remedy that has been around since the 1800’s but Wang’s Fortune Tea created it into a pre-packaged reading to drink functional soft drink with a sweetened flavour. They’re product is unique and there is little else like it in the international market. They have managed to create their unique brand image not only through the product itself, but also because of their marketing mix that helps to promote a strong brand image of healthy life, and ancient Chinese remedy.

Product
WTF implements single-minded product strategies: the product has not been changed since it came into the market in 1997 and neither has it’s packaging. This is something they should expand on for long-term development, as in this day and age product life cycle is limited. One positive about the product in the Chinese market is that the name is easy to read and easy to remember: “Lao Ji” translating to “Old Fortune”. This name instils in consumers mind the ancient remedies, with a pre-packaged 21st century edge that this product tries to promote. Being an easy recognizable and memorable name it also promotes consumer mindset stickiness. In 2003 WTF changed it’s company slogan from “Healthy family always with you” to “Afraid of internal fire? Drink Wang’s Fortune tea?” This slogan is far more direct and conveys exactly what it is that WFT is trying to convey, it also sets up the possibility of classical conditioning: when a consumer feels the “internal fire” they simply need to purchase a WFT.

Price
The pricing of WFT differs depending on which product market you are classing it as. When classing it as a soft drink they appear to have adopted a high price strategy. As the creator and the leader of the “herbal tea” segment, WTF prices its product higher than the average price of soft drinks. Adopting value-based pricing. Instead of the production cost, WFT sets
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