Unit 3
I have been give £1,000,000 to create and launch a new product to a market of
my choice. I am going to need to complete a certain amount of research in
preparation for the product launch and I will need to have a unique selling
point to attract customers to my product.
Investigating Marketing
Initial Ideas
Steak
Cutlery Selection
Chairs
PC Monitor
Hair Gel
Clothes
Food
Vegetables
Alcohol
Hot Drinks
Soup
Fizzy Drinks
Meat
Bread
SWOT Analysis
I have chosen three ideas from the initial ideas list and I am going to perform a
‘SWOT’ analysis on them. Performing a ‘SWOT’ analysis is important because I
can conclude the strengths, weaknesses, opportunities and potential threats of
a particular product.
Steak Burger
Strengths: Good marketing campaign and good selling point.
Weaknesses: Target Market not necessarily that big.
Opportunity: Possibility of expanding to other related food products.
Threats: Currents brands that are well known and have a good reputation for
meat products.
Flexible Chairs
Strengths: Good base idea which should appeal to the target market.
Weaknesses: Product will need a big advertising campaign to ‘kick off’.
Opportunity: Opportunity of expanding to other furniture related appliances.
Threats: Lot’s of well trusted business already produce chairs.
Inside out T-Shirt
Strengths: The t-shirt can be turned inside out to show a different colour.
Weaknesses: Will need to gain access to big retailers and show that the
product can compete with all the current top brands.
Opportunity: Opportunity to expand t-shirt range to other clothes designs and
types.
Threats: Big name brands are already covering alot of the main target markets.
The Product
The product I have chosen to go with is the steak burger. The following
information is the full description of my product and what features it
possesses.
The basic outline of the product is that it is a steak in a burger. Although this
sounds simple and plain, according to my research, steak burgers to not
currently exist in any of the big retailers in the United Kingdom. Like any good
steak, it will be 100% meat and will be treated carefully before it is distributed
to the public.
I feel that it is a good opportunity because steak burgers aren’t usually a type
of meat or burger that is usually discussed but with a good marketing
campaign, I believe that this product can fill this gap in the market and become
a success.
Product Perceptual Map
Below is an example of what I feel the current competition to my product looks
like on a product perceptual map.
Customer Profile
Here is a small profile of a typical customer who would purchase my product. I
will take advantage of this information by using it in my marketing campaign.
Name: John
Age: 37
Gender: Male
Location: Birmingham
Occupation: Pub Manager
Hobbies: Cricket, spending time with his family
John is the ‘big daddy’ of his family. He likes his food to echo his big personality
so a big steak is the perfect meat to fill his strong appetite.
Marketing Mix
I am going to create a questionnaire consisting of twenty questions revolving
around the 4 P’s (Product, Price, Place and Promotion). In doing this I will be
able to determine exactly how my product should be, the price is should cost,
the place I should sell it from and how I should advertise it.
1. Please name a burger you have enjoyed recently and the reason why you
thought it was a ‘successful’ burger.
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2. Do you think that having a steak as a burger is a good idea or not? If not,
please state why.
Yes
No
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3. What is your favourite colour?
Blue
Red
Yellow
Green
Black
White
Other
4. Do you think a burger when purchased should be microwavable?
Yes
No
5. Would you bother recycling the packaging if it was recyclable?
Yes
No
6. How much money would you expect to pay for a microwavable burger?
Less than £1
Between £1 and £2
Between £3 and £4
Between £2 and £3
Between £4 and £5
More than £5
7. How much would you be willing to pay for a ‘good’ burger?
Less than £1
Between £1 and £2
Between £3 and £4
Between £2 and £3
Between £4 and £5
More than £5