The beverage product that will be developed in the market will be made from ginger. This product aims to help the customers avoid digestive problems, arthritis, and blood circulation. Aside from that, it will give the market a new taste of beverage that is definitely unique from ordinary juices that they can purchase from the supermarkets. The brand will be introduced to its target market as a bottled beverage with different variants to choose from.
While many love the aromatic smell of ginger, there are still some who do not like its taste; therefore, the product will be produced with different flavors like what the prominent manufacturers had done to their tea products. General Market Analysis The target markets for this product are the young professionals, sports active individuals, and adults with the age of 35 years old and up. This segment was chosen because of their lifestyle and their need for a product with proper vitamins and benefits to keep away from diseases.
Furthermore, this is the cluster of the society that is highly conscious about their health. Any person may drink the ginger product because of the health benefits that it may provide to the consumers; however, in order to make the promotion consistent and to easily gain a strong position in the marketplace, all the advertising campaigns and promotional tools for this product will be intended for the segment that is being targeted for this item (Beri, 2006).
Industry Analysis. Unlike other consumer goods in the market, this product will have lesser direct competitors because only a few companies offering this type of good to the customers are currently trying to penetrate the market. However, the biggest challenge that the company needs to face upon market penetration is to have a competitive and persuasive approach that would make the target consumers buy the product. Today, Buderim Ginger is recognized as the leading manufacturer of ginger products (Buderim, 2002). Apparently, beverage products of this company will be the direct competitor of the ginger brand that will be introduced in the marketplace.
Product Attributes Even though some people are already aware that ginger can be an alternative to other tea products, the product may appear totally new in the market. With the existence of prominent beverage products in the market, the company will highlight the following attributes in promoting the ginger product in the emerging market: ? With a unique combination of ginger and fruit flavors to choose from. ? Aromatic smell of ginger in liquid form. ? Contains vitamins and minerals to avoid diseases. ? For body resistance and health maintenance. Handy packaging for customer’s convenience. ? Different flavors and bottle sizes in affordable prices. Financial Analysis and Sales Forecast The budget allocation for ginger beverage will include marketing research, production, machinery and factory expenses, promotion, and distribution expenses. Prior to the release of the product, the company is expected to spend the 60% of the budget for the development of the marketing plan and the mass production of ginger beverage, and the other 40% will be allotted for the advertisement and distribution of goods to the target market.
On its first six months in the market, the company expects to generate a profit of at least 30% of the entire production budget. Sales Objectives Basically, the objective of the company before and after the production of goods in the market is to make the product salable in the market in order to gain profit; however, the product that is new in the market has a greater challenge than those that already exist in the store shelves. The sales objectives of the company are: To reach at least 30% of the expected profit in the first six months after the release of the product in the marketplace. ? To persuade at least three-fourths (?) of the entire target market to buy the product. Sales Personnel Needs The sales personnel will undergo trainings and seminars before finally selling the product. At the end of the training period, the sales team should have enough knowledge about the product that the company will offer to the customers. Ginger product could be new to the target consumers.
Therefore, the sales personnel should possess the will and determination to persuade the consumers that the product that they are going to sell to the public possesses the exact attributes that they portray on the promotional tools. Sales Territory Design The product will be introduced and distributed to selected states in the United States. The limited production and pull strategy in terms of distribution will help the company to evade early decline stage. The states that have the highest population and percentage of target market will be the pioneering market for the ginger product.
Sales Compensation Program The compensation of the sales team will depend on the quota set by the company. The company will set a quota for a sales team and give bonuses for every excess amount or work that the sales personnel will accomplish to promote and sell the product. Sales Personnel Qualifications The product that will be sold in the market may capture the attention of the market because of the idea that it is new in the market. However, this fact may also be the reason why the target customers may overlook the item.
In this manner, the company needs to hire people who have enough knowledge and information about the product that is being sold in the market and capability to persuade the customers regardless of the uniqueness of the ginger product. Performance Measurement The number of sales done and percentage of the target market that the sales team has acquired will be the basis of performance of the sales personnel. The number of deal closed will be taken into consideration, and the profit that the company gained will be evaluated to measure the effectiveness of the sales strategies.
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