Inventing a Product Research Proposal Example | Topics and Well Written Essays - 2000 words

Inventing a Product - Research Proposal Example Their product is of the highest quality and contains Vitamin B12, caffeine, Taurine and Glucoronolactone (Company website). It tastes like most popular energy drinks but without the after taste. They have varied products on offer and all their products are sugar free. The company has now started to bottle and can its energy drink formula as a co-packer for smaller companies (PRP, 2008). Their main product is "Bag in a Box" energy drink concentrate which is mostly bought by bar owners, nightclubs, health clubs, restaurants and convenience stores. They have consumers from all income levels and all ages. They also have energy drink for children and for women. However for the current product the target audience include both men and women from ages 18 till 55 years. The younger segment visits the gym more often early morning. There are plenty of energy drink brands available in the market. While Red Bulkl is leading there are other brands that are available - Wired X3000, Power Trip Energy Drink, Bliss Energy Drink, Gorilla Juice Energy Drink, Zoom, Sobe Energy, XS Citrus Blast, Hype, Wild Bull, and Pitbull. The energy drink market was expected to reach $17bn in 2007 as the market is driven by growing consumer awareness for healthier lifestyles (Merrett, 2007). This segment is expected to grow by 33.7 percent. Thus despite competition and especially because the new product is focused on catering to the segment that exercise early morning, it is envisaged that competition would not be tough for this product. 2. Marketing Objectives 2.1 Short and long-term sales objectives Since this is an entirely new concept, the objective is to derive the early mover advantages. It is envisaged that the company would enter and capture a sizeable market before competition steps in. Eventually, the company intends to enter the global market and no obstacles are foreseen as the product is innovative and demand is huge due to changed lifestyles. The goal is to become market leaders in the energy drink market with wide variety of products on offer. 2.2 Profit generation This is one of the main objectives. It is expected to increase the net profits by about 25% in view of the innovative product and no competition. Besides, the brand is well known and hence the new segment can be easily captured. 3. Strategy The firm's strategy is to attract the existing customers through brand image. This would make the market penetration easier. Based on the innovative product benefits, the marketing strategy has been devised. 3.1 Product strategy3.1.1 Product name The new product that is being introduced has some distinctive features. It is especially meant for those who intend going to gym or swimming early morning. It is supposed to give the consumer a kick-start to the day. When an individual wakes up after 7 or 8 hours of sleep the body glycogen levels are low and during a workout he would using up stored up energy. Thus this product would be able to provide the needed energy early morning and hence the demand is expected to be high due to the demand for healthier lifestyles. This would be the product package with the company logo Samson Energy Drink trademark being same as for all the other products. The product is called Samson Fit which itself