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Essay / A Comparative Market Analysis of 2 Milkshake Products
Table of ContentsSummaryThe Situation AnalysisStrengths:Weaknesses:Opportunities:Threats:Target MarketsMarketing MixIntended Role of Advertising in the Communication MixExecutive SummaryOur Advertising Product of Choice is Hot Chocolate with cinnamon and the The alternative is the hot chocolate cinnamon milkshake. The hot version contains vanilla, cocoa powder, milk, homemade whipped cream, a sample of homemade cinnamon roll. The cold/milkshake version contains the same ingredients but with your choice of a scoop of chocolate or vanilla ice cream to mix in. Sizes offered include 12 oz and 16 oz mugs. Say no to plagiarism. Get a Tailored Essay on “Why Violent Video Games Should Not Be Banned”?Get the Original EssayThe Situation AnalysisStrengths:Our product complements convenience by delivering the nostalgic taste of hot chocolate all year round. Additionally, cinnamon hot chocolate is beneficial for non-coffee drinkers who want to enjoy a flavorful, less caffeinated beverage. Another highlight is the many alternatives to consider for both hot and cold seasons. Another highlight of our product is food allergy and digestive disorders, including gluten-free, sugar substitutes and dairy-free milk, making the product vegan. Weaknesses: Our product includes the challenge of maintaining hot chocolate sales outside of the usual season. Another is reaching people in our target market, but that can sometimes be out of reach. For example, children and young adults usually do not purchase a product independently or simply do not have money to spend. The industry and competition play a vital role in the success and strength of our marketing plan. The way we can stay on top of this is by patrolling our product's opportunities and threats. Opportunities: This is offered by the unique style of our products. For example, we offer a basket of hot chocolates, which can be a clever gift option for the holidays. Homemade ingredients can influence a higher potential for customer sales. Another option is that the milkshake option can maintain sales even in the off-season. Finally, we will attract our audience with more options compared to basic hot chocolate. Threats: The downside is the threats that all businesses unfortunately face. One is competing foodservice stores that sell specialty drinks, including Starbucks, Dunkin Donuts and Wawa. These are all growing companies that offer similar options, but will not remain a threat if our product embraces uniqueness. Allergies to various ingredients are one of the biggest threats a business can face. One way to avoid this is to have a sign listing the ingredients in our product. This will inform customers and in return they will have to confirm if they have any allergies to the recipe. Without knowing customer needs, we will not fully satisfy our product. Target Markets The target market of our product will attract specific groups of people, including students, parents and children, business commuters. The product can be sold in colleges and appeal to students who don't normally have hot chocolate in their school cafes. Another reason is that parents and children sometimes accompany their parents to run errands, increasing the chances of stopping at a local coffee shop. Then, of course, there is the call for corruption. Just copy theadvertising for hot chocolate to encourage children to ask their parents for this sweet and tasty drink. Parents will sometimes even want one individually; after all, not all of us are allowed to indulge our desires from time to time. Finally, commuters heading to work are looking for a choice to start the day. One thing to keep in mind is that not everyone chooses coffee to improve their mood. Therefore, hot chocolate can be the perfect way to start the day for this particular group of people.4.)ObjectivesThe objectives of the marketing plan will inform customers to persuade and remind them. Our Cinnamon Roll Hot Chocolate has a creamy vanilla chocolate base with a hint of cinnamon flavor topped with homemade whipped cream sprinkled with cinnamon candies for topping and a sampler of cinnamon rolls. The alternative is the Cinnamon Hot Chocolate Milkshake, which includes your choice of vanilla ice cream or chocolate with our house-made chocolate mix and a sample of cinnamon rolls. Most importantly, our hot chocolate recipe persuasion method will appeal to anyone with lactose intolerance or any allergy of any kind. We will also serve gluten-free cinnamon rolls, but limited due to budgetary reasons and lack of popularity in sales. Another method of persuasion we will use is to offer an additive powder of vitamins C, D, zinc and iron to the mixture. This leaves a healthier alternative for kids who want to convince their parents that the sugary drink isn't so bad after all. Additionally, adults looking for healthier alternatives will benefit. Marketing MixOur product's marketing mix specializes in cinnamon hot chocolate for non-coffee drinkers. The price we obtained, comparing other competing catering stores, corresponds to a comfortable average price of a total of… for these sizes. Next, we will promote our hot chocolate by hosting a Customer Appreciation Week, one week over the months of April through July. This will include a happy hour half off the original price from 4 p.m. to 6 p.m. This will increase our off-season sales for hot chocolate. Another way to promote is during the holidays by holding a hot chocolate gift basket raffle. Where we choose to market our product has everything to do with location. Therefore, our product will be found in local/big city coffee shops, college coffee shops, and high school catering stores. Intended Role of Advertising in the Communication Mix The intended role in the communication mix is to advertise through digital and social media. We will send emails to local areas about the new product, create a web page on Facebook to advertise, and post a video for more visual advertising. Distribute samples at local cafes, school cafes/stores. Distribute coupons to attract our target market and start sales; sponsor at seasonal festivals - rent a booth/vendor to distribute samples. Our advertising creative strategy will begin with the positioning of our product which will identify the service through the promise of a gourmet tasting drink, prepared the way the customer wants it every time. time. The main message we will broadcast is customer satisfaction. If the customer is not satisfied with the drink, we will be happy to make it again. A jingle we created that can best describe our product is: “We're not just hot chocolate..