Week 10 EOC: What are the benefits vs the features?

My Phileas Fogg snack has many benefits and features. “Given their wants and resources, people demand products with benefits that add up to the most value and satisfaction.” (Marketing an Introduction, Armstrong /Kotler, p.6) In order to sell your product, consumers want benefits from the product. Some of the benefits that my product has are that liquor goes extremely well with my Phileas Fogg snack. Another benefit that my product has is that it is a premium product that will be available at bars as well as clubs tat people enjoy and like going to. “The company can offer greater customer value either by charging lower prices than competitors, or by offering more benefits to justify higher prices.” (Marketing an Introduction, Armstrong /Kotler, p.53) When a product has benefits that consumers love, then there will be more consumers interested in purchasing your product. Some consumers also love to have features on their products. Ford and many other companies are great examples of business that have different features so that their consumers are satisfied with their product. “Ford offers several Escape models and dozens of optional features.” (Marketing an Introduction, Armstrong /Kotler, p.54) There are some consumers who only like the basics, and there are other consumers who like more features. The feature that my Phileas Fogg snack will have is the way it is packaged. The packaging of my snack will be unique because it will be in a package that looks like a big red pepper.  Another feature that my snack will have is the great spicy savory flavor to it. The look of my actual snack will also be a feature because it will look like a fresh shrimp. Lastly, my product will be sold for $3.99 for 2.5oz of product. My product will be valued because it will be a premium product sold at an affordable price. 

Implementation Evaluation Control

“To find the best marketing strategy and mix, the company engages in marketing analysis, planning, implementation, and control.” (Marketing an Introduction, Armstrong /Kotler, p.50) For some people it is easy to come up with ideas of new products to be place in the market. After coming up with a plan, a company must find a place where they can make the products. That would be the first part of implementation. When finding a place that will be willing to make the desired product, the company must look at the prize of everything, because the company still needs to make profit. After finding out where the final product will be created, we would have to find out the places where we would sale the product at. Since my Phileas Fogg snack is an adult snack, I would have to look for bars and clubs where I could sell my product. After finding the bars and clubs where I would want to sell my snacks at, I would take them to different states of the country. Once my product sells nationally, I would like to go world wide, and would want my product to sell al over the world. “Marketing implementation is the process that turns marketing plans into marketing actions in order to accomplish strategic marketing objectives.” (Marketing an Introduction, Armstrong /Kotler, p.57)

Price

“Price and service are the major marketing factors; branding and advertising tend to be less important.” (Marketing an Introduction, Armstrong /Kotler, p.212) Price is very important when it comes to a business that wants to sell a product or service. If the company does not set for the right prize the consumers will either purchase too much of it, or not purchase it at all. If the prize is too high, consumers will go to a different distributor of a similar product. If the prize is too low, the consumer will want to purchase too much of it that there might not be enough supply to complete with the demand. “A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price range.” (Marketing an Introduction, Armstrong /Kotler, p.219) Since there are some products that are all ready in the market, the competition with prize is very high. My plan is to sell my product for $3.99 for 2.5oz. There are people who are wiling to purchase my snack because we live in a culture where people like to have fun and enjoy a good snack. When people go out to bars and clubs, they are use to spending from $10-$25 on a drink, they do not worry about the prize. Those people want the experience and are willing to pay for it. My snack will have value, and that is what my consumers will appreciate, and will be willing to repurchase it again. “The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.” (Marketing an Introduction, Armstrong /Kotler, p.6)

Promotion

Promotion is the basic way to encourage consumers to try a new product or service. “Promotion: Developing and spreading persuasive communications about an offer.” (Marketing an Introduction, Armstrong /Kotler, p.313) One of the basic things that a company needs in order to make profit and be known as a company is a web site. The time that we live in makes a company have to have a website because of the time that we spend online. The first thing that I would do to be able to promote my product is by building a website for my Phileas Fogg snack. My website will have all of the information about my product. That website will also be the main place where people can ask/ have any questions or concerns. My website will also have information about where my product can be purchased. The website will also have the addresses of my consumer’s local bar/ and or club. The website that I will have for my Phileas Fogg snack will also be a place where consumers can get coupons to buy my snack. My website will also be up to date, and will also feature new locations that my product will be sold in the future. Another way that I would like to promote my product is by having a Tumblr and an Instagram where my consumers can post videos and pictures of them enjoying my delicious snack. Whenever they would post something on my snack’s Tumblr and Instagram they will get a special offer to go back and buy my snack again. “Promotion spending is relatively high to inform consumers of the new product and get them to try it.” (Marketing an Introduction, Armstrong /Kotler, p.259) Since promotion can be very expensive I would also partner with major alcohol and soda beverage to promote my products.

Distribution

“A review of distribution that evaluates recent sales trends and other developments in major distribution channels. “ (Marketing an Introduction, Armstrong /Kotler, p.56) To distribute my Phileas Fogg snack, I would partner with beverage companies that all ready help distribute other products. I would like to partner with soda and beer companies, as well as potential companies that deliver their products to all kinds of bars and clubs. I would like to partner with beer companies as well as the Coca-Cola beverage company. “And they must find ways to “partner” with major distributors in a search for distribution economies and improved joint performance.” (Marketing an Introduction, Armstrong /Kotler, p.232) The design of my product will also be an advantage for distribution because it will be unique and different from all the other products that are available in the market. “Resellers are distribution channel firms that help the company find customers or make sales to them. These include wholesalers and retailers who buy and resell merchandise.” (Marketing an Introduction, Armstrong /Kotler, p.68) The main distribution for my product will be the companies that I would partner with. 

Product

Final Product

“The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.” (Marketing an Introduction, Armstrong /Kotler, p.10) The product that a company offers must be good in order to be desirable for a consumer to purchase. My Phileas Fogg corn chips (2.5oz), Enchilado de Camarones, (Spicy Shrimp), will have what the consumer wants. My product will serve a great quality of ingredients. My product will be a like a corn chip; it will be toasted shrimp with a traditional flavor of spicy shrimp. My snack will be somewhat light, but its delicious spicy flavors will make it very desiring to eat. I decided to go with a traditional Latin shrimp dish because I believe that anyone would enjoy the spices of my snack to go with their alcohol beverage. For me there has to be a spice in my snacks in order to enjoy it, and I know that other people would enjoy my snack as well. The spice of my shrimp snack will make people want to drink more, which will also help the sales of my snack as well as other alcohol beverages. “The product concept holds that consumers will favor products that offer the most in quality, performance, and innovative features. “(Marketing an Introduction, Armstrong /Kotler, p.10) The concept of my delicious snack will want people to purchase my snack because of its flavors and unique visualization. Since my product will be similar to other corn chips that are available in the market, I decided to go with a different style of packaging.

Since my snack will be made out of red peppers, I decided that my packaging will be in shape of a pepper as well as a color of a red pepper. “Marketers would answer that they include packaging as just one of many product decisions.” (Marketing an Introduction, Armstrong /Kotler, p.54) The packaging of my product has to be unique and interesting so that consumers will be willing to try it out.

Target Market Strategy

“The art and science of choosing target markets and building profitable relationships with them.” (Marketing an Introduction, Armstrong /Kotler, p.9) When a company knows their target market, they have a better idea of how to market their product. When the company is aware and they know exactly their target consumer, the company will know have more profitably.  They will also not waste their time trying to market to other consumers. For my Phileas Fogg snack, Enchilado de Camarones corn chips, my target market are those who enjoy alcohol drink along with a side of a delicious spicy snack. My snack is targeted to those who are outgoing, and are adventurous. “The company must first decide who it will serve. It does this by dividing the market into segments of customers (market segmentation) and selecting which segments it will go after target marketing).” (Marketing an Introduction, Armstrong /Kotler, p.9)  I decided to serve a crowd of people who are outgoing because I want my snack to help my consumer socialize with other around a bar, for example. I want a target market that is enthusiastic, friendly, and very outgoing. When people go to a bar or a club, they go to drink, snack on, and socialize. That is why my snack is the perfect snack that will help consumers who enjoy drinking alcohol.