SNHU Virtual Beauty Box New Product Marketing Strategies Discussion In your initial post, include your product name and industry category, as well as a bri

SNHU Virtual Beauty Box New Product Marketing Strategies Discussion In your initial post, include your product name and industry category, as well as a brief summary of your target market description (including geographic, demographic, and psychographic descriptions).

When replying to your peers, consider the topic, category/industry, and target market description they have provided. Provide feedback about the effectiveness of the target market for the specific product, and help with brainstorming about marketing activities that will resonate the most with this market.

2 replies:

Sara Heller: The name of my product is The Virtual Beauty Box which is a subscription service that clients can cherrypick the products that they would like from various partnered makeup and skincare companies. The Virtual Beauty Box lies within two distinct industries beauty and subscription service industries. The broad targeted audience is females 18-50 of all ethnicities, educational, and socioeconomic backgrounds both novice and experienced makeup and skincare users. However, the ideal target audience will be between the ages of 25-45 with a median income of 50,000 dollars a year due to the luxury price point of the beauty box.

Their geographical location will be in both the suburbs and the urban areas and areas which have a high percentage of individuals who procure their products online such as the suburbs of New York City, Los Angeles, and Seattle. This demographic will also be tech-savvy as they are avid YouTube, Instagram, and Facebook users which will be utilized within consumer engagement marketing strategies. Their psychographic profile is one of those who are interested in new beauty products, as well as beauty products that are produced by both well known and independent brands. These consumers are product savvy, and understand the value of well-made beauty products. These consumers also want personalized attention, where they can ask questions and gain insight. They follow beauty bloggers and influencers for the current and latest trends.

Josephine Hatley: Product Name: Babel

Product Description: Babel uses bluetooth technology to connect this product with ‘The Babel’ app on your smartphone to digitally translate audio, and then verbally translate it back into your earpiece. The device has a microphone located in the earpiece and will only pick-up audio within a six-foot range to limit background noise and only translate within a conversation distance. This is accomplished by partnering with Google to use technology similar to Google Translator and Google Assistant. Babel allows its users to have a conversation in another language. This product will create a more casual and hands-free experience to make the conversation feel more intimate with a quicker response time than existing translation products or apps.

Industry Category: Technology, Travel, International Business

Target Market:

Geographic Segmentation: Babel’s target geographic market will be New York City, New York because John F. Kennedy International Airport is ranked number one in the United States, and number nineteen in the world for international travel with 3.5 million passengers in 2018 (ACI, 2019).
Demographic Segmentation:
Income of $75,000+. 95% of consumers within this demographic use smartphones (Pew Research Center, 2019) and are more likely to spend money on travel and a luxury product such as Babel. This number is similar to the average salary in New York City which is $76,000 (PayScale, 2020).
College graduate. 91% of college graduates are smartphone users (Pew Research Center, 2019) and are more likely to fall into the income demographic for this product.
Ages 24-35. ‘Millennials’ are the age group that travel the most averaging 35 vacation days per year dedicated to travel, averaging 19% in their international travel tendency (Condor, 2020).
Women. Nowadays, women travel more than men. Nearly two-thirds of travelers today are women, reports the George Washington University School of Business (Marcus, 2016). Women are also more likely to want to engage in social conversation.
Psychographic Segmentation: Babel will be marketed towards tech-savvy, outgoing individuals who are likely to travel and spend their money on luxury items. The product will be accessible using a smartphone. Although the product will focus on average consumer appeal, it will also be marketed in a professional manner to appeal to businesses.

References

ACI. (2019, March 19). Preliminary world airport traffic rankings released. Retrieved from https://aci.aero/news/2019/03/13/preliminary-world-airport-traffic-rankings-released/

Condor. (2020). Travel Statistics by Age Demographic. Retrieved from https://www.condorferries.co.uk/travel-statistics-by-age-group#:~:text=Just%2012%25%20of%20those%20between,destination%20for%20the%20following%20year

Marcus, Jon. (2016, August 10). Most travelers today are women, and the industry may finally be catching on. Retrieved from https://www.bostonglobe.com/lifestyle/travel/2016/08/10/most-travelers-today-are-women-and-industry-may-finally-catching/MrBBK7ZqAt13VqT6Kp50PJ/story.html

PayScale. (2020). Average Salary in New York, New York. Retrieved from https://www.payscale.com/research/US/Location=New-York-NY/Salary

Pew Research Center. (2019, June 12). Mobile Fact Sheet. Retrieved from https://www.pewresearch.org/internet/fact-sheet/mobile/

information about product:

New Product

Our company, Nutin Ltd., is a beverage company specialized in the sale of packaged coffee and fruit juices. The current product line that is introduced is a carbonated drink, Nutin Soda. The distribution of the new product will start in California and spread to other states where the firm operates.

Differentiating features

In the dynamic market, new products are being introduced in the market to meet the changing consumer needs. However, Callan (2019) provides that new products must be improved to ensure they compete effectively with those from other brands. In the case of Nutin Soda, the product has been improved to make it attractive to the target market. For instance, the ingredients and flavors for Nutin Soda have been developed innovatively to ensure the best taste. Also, various Nutin Soda products have been produced to give customers choices and preferences. This includes orange taste, coke, and lemon. Also, the products have varying sugar content, including Nutin Zero sugar, Regular (which is tasty with sugar), and Vanilla flavor. The expectation of that the large product portfolio will attract a large segment of target customers, including cautious health customers. The taste is differentiated in that there is no other company that offers carbonated drinks with similar taste to that of Nutin products.

The other differentiating factor is the price since a competitive price has been agreed upon to ensure that customers get the value for what they pay for. In this case, our strategy is to ensure that we sell not only the product but also happiness and experience. In this case, the value proposition will be essential in ensuring attractiveness and give customers perception of what our brand stands for.

Marketing Challenges

According to Lumen Learning (n.d), firms invest a significant amount of money in developing new products, but the challenge lies in convincing customers to try the out. Although Nutin Ltd operates in various states in the U.S, Nutin Soda is expected to face various challenges. For instance, there exist high competition, with leading companies taking a large share of the soft drinks market. This includes companies like Coca Cola and Pepsi Co. This means that we will have to conduct a thorough market analysis to determine the best approach to market the new product (Mouhanna, 2018). Understanding other firm’s competitive positions will help determine the areas that we can improve to ensure success.

The other challenge lies in the fact that Nutin Ltd is still new, and this means high spending on brand awareness. In this case, financial challenges may hinder our marketing efforts, and this could impact sales. This means we have to direct funds to the marketing channels that are likely to result in more leads.

The reason Nutin Soda Product Line is a Good Addition

Nutin Ltd has been in existence for about five years and has been involved in the sale of fruit juices and packed coffee. Considering that these products have helped the company achieve organic revenue and growth, we think this addition will help improve the company’s position in the market. The company also holds a significant market share in California and other states, and this can be leveraged to introduce the new product. The past three years have seen an upward trend in shareholder value, and this shows that the company is on track. Adding the new Nutin Soda will give customers a wide range of choices, which will help improve sales.

References

Callan, J. (2019). The New Product Development Process (NPD) – 8 Steps. Marketing Insider. Retrieved from https://marketing-insider.eu/new-product-development-process/.

Lumen Learning. (n.d). Products: New Product Development. Retrieved from https://courses.lumenlearning.com/boundless-market…

Mouhanna, A. (2019). What Is a Market Analysis? Market Research. Retrieved from https://blog.marketresearch.com/what-is-a-market-a…

7 days ago

doneseen

New Product NUTIN LIMITED SWOT ANALYSIS

Strengths

The market territory span from California to otheroffshore terminals
Availability of various Nutin soda products such as orange taste, coke, and lemon
Fantastic marketing strategies; Nutin products can be consumed by also most everybody.
Good returns and capital expenditure. The company is successful in the execution of their projects, which is why it is widening its market space.

Weaknesses

The high cost of marketingandadvertisement development
Low product diversification, unlike Pepsi, which has diversified into manufacturing snacks such as lays, Nutin limited only manufactures soft drinks.
Health concerns in consuming carbonated soft drinks; doctors and scientists a close link soft drink as a significant cause of cancer.
Demand for investment to focus on developing technologies such as online marketing.

Opportunities

The company can bring an advanced supply chain system.
Diversification; The company also focuses on distributing snacks together with soft drinks.
Market the lesser selling products toimprove on the company’s sales
Availability of new customers from online channels
New trends in consumer behavior can open up new markets for more products.

Threats

Coca-cola and Pepsi are the biggest competitors of the company. Indirect competitors such as Starbucks, which offer coffee chains can also prove to be a significant threat.
Sourcing raw materials; water is a significant raw material for manufacturing soft drinks, with climate-changing patterns and water pollution, clean water may soon be scarce.
New technologies developed by experienced competitors can be a severe threat in the long term future.

Gaps in the SWOT analysis

Sponsoring entertainment and sports events.Entertainment activities offer a massive platform for people to come together and thus increase the brand awareness of beverage products (Ajidarma, 2018).
Online technologies. Nutin company can improve its sales by distributing their products via online platforms.
Partnerships with other companies. In the modern business world, companies partner with other enterprises to complement their products. In this case, Nutin limited can partner with bakery companies to increase the sales of their products. For instance, a consumer would prefer to buy a cake and a soda at a lower price instead of buying them separately.
Advancing to the offshore terminals. Nutin company can start working on a strategy that will enable it to sell its products in other countries and not just the United States market.

Legal and ethical considerations

Harassment and discrimination.Sexual harassment and wage inequity are some of the critical ethical issues that some employees face daily. The company should ensure that each staff member is treated with fairness and respect despite their gender or level of education.
Health and safety.According to the International Labor Organization, about2.7 million workers die from work-related accidents and diseases.The company should focus on giving their employees proper working equipment such as masks and earplugs and appropriate insurance policies.
Compliance with Government and environmental rules.Nutin company should adhere to the correct mode of conduct in carrying out their business activities.All the environmental laws and financial reporting statutes should be about civil rights and regulations of the land.
Decision-making Issues. When it comes to solving ethical dilemmas in the workplace, collecting facts before making a decision is the most appropriate action to follow( Tat low-Golden,2017). Ethical decision-making platforms should be a critical factor in safeguarding the interests of employees and consumers.
Discuss social media awareness with employees to enhance cybersecurity.Employees should receive adequate training on what to post and what not to. This training will help them avoid disclosing private companies such as work projects which criminals use in their endeavors.
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