Fundamentals of Marketing

Fundamentalsof Marketing

Nameof Student

Nameof Institution

Descriptionof the product

Iced-lemoncoffee is not a new product in the market. It was launched after athorough assessment of the market. No other product on the market. Itis already in the market, and more people should purchase it toexperience the unique aroma. It can be taken either cold or hot andhas been considered to capture the imagination of the consumers buymost of those who have tasted it. Through strategy focus, the productwould be repositioned in customers mind to increase purchases.Aggressive marketing strategies would achieve that. Productdifferentiation strategy would also be employed to enlighten theconsumers on the uniqueness of the product.

Strategyoutline

Understandingthe target market is vital to achieving market of a new product. Thetarget market for this product is the middle and low-income bracket.The target is based on the fact that the Product is of quality yetaffordable (Landesmann, &amp Burgstaller, 1998). According to themarket research conducted the amount is just right, and the customersshould be ready to purchase the product at a reasonable price.Primary research needs to be carried out to determine the amount andthe cost of related products in the market.

Understandingthe Competition

Thereis no serious competition in the market at the moment, but the factthat there are similar products on the market should inform thecompany to brace for any eventuality (Carlton, Gans, &amp Waldman,2010). Furthermore, rivals are likely to create similar productsshortly and that factor has been put into an account.

Mappingbuying criteria against competitive positioning

Thebuyers have already been identified, and their income bracketestablished it is the low and middle-income group. Price andpackaging amount is not expected to be an issue in the penetration ofthe identified. Primary and secondary research is required toestablish the strategies employed by the likely competition as it isexpected to emerge in the very near future.

Mappingbuying criteria against competition positioning

Thecriteria supposed to determine the penetration of the market is theprice and quality of the product (Kline, &amp Fain, 2011). Price hasbeen set at the optimum, and the quality meets all the internationalstandards. The expected competition in future has been factored bothin the quality and in the price so that the confidence of thecustomer is achieved early enough.

Assessingthe products strengths against the buying criteria

Theproduct will be well positioned in the market according to the surveycarried out so far. The strength of the product is not in doubt andwould be well placed to fight off competition when they indeedarrive.

Analyzingof the gaps

Sincethe competition is not fierce at this point, the product will beassessed routinely to adapt to the changes in the market

Increating the tagline for the product, every word related to thebusiness would be considered, for example, Queens lemon coffee tomorning adventure (Carlton, Gans, &amp Waldman, 2010). Benefitsof the product would also be considered about how the added value tothe consumer. Finally, the strengths of the market would be a given afocus regarding what makes the marketer different or unique. From allthe considerations based on the said factors, the tagline would be,&quotAll – Times All –Flavored Lemon Coffee.&quot

Reference

Landesmann,M. A., &amp Burgstaller, J. (January 01, 1998). Vertical productdifferentiation in EU markets: the relative position of East Europeanproducers. TheCompetitiveness of Transition Economies / [a Cura Di YvonneWolfmayr-Schnitzer].

Carlton,D. W., Gans, J., &amp Waldman, M. (January 01, 2010). Why tie aproduct consumers do not use?. AmericanEconomic Journal. Microeconomics, 2, 3,85-105.

Kline,M., &amp Fain, N. (January 01, 2011). Perceived effectiveness ofcreative new product development in virtual teams. Teorijain Praksa, 48.)