Thursday

Marketing Mix: Product

My product is pretty simple. Children's vitamins are something that is used in everyday life. What makes my product stand out, however, is the look and the taste. My vitamins are designed to look and taste like real chocolate candy. What will really make my product stand out is the variations. My vitamins will not have only one flavor. There will be multiple flavors.
"A product development strategy entails the creation of new products for present markets"(pg17)
The flavors will come out over time. The first would be white chocolate flavored vitamins. Then there will be dark chocolate flavored. The rest will be based on seasons and holidays. For example, mint chocolate for St Patrick's Day and chocolate with peppermint for the Christmas season. I believe that this will keep my product exciting. Children and parent's would be excited to try new flavors and see what is coming next. Some flavors will be limited editions. I feel like this would make people want to buy them because they are only around for a limited time.
" Diversification is a strategy of increasing sales by introducing new products into new markets"(pg17)
I will constantly try new things so the customer has something to look forward to. For example, I would try to imitate a candy such as Reese's pieces and make my vitamins taste like peanut butter chocolate. I think that constantly changing the way my chocolate vitamins taste will help me keep my customers. I want my product to constantly try new flavors just likes Oreo's and pop-tarts do. Even though I will experiment with different flavors the original will always be on the shelf next to it. I want to keep the original because there re some people that don't like change. If I change the flavor and not have the original, I might lose those customers. That's something that I don't want to happen.
"Market development a marketing strategy that entails attracting new customers to existing products."(pg17)
I believe that by adding excitement with my new and limited flavors, I am attracting new customers. Some children don't like milk chocolate. By having multiple flavors I might have a kind of chocolate that they do like. Those customers might be drawn to my product because of the variety that it has. The main goal for my product is to make everyone happy. I want to be able to make something that all children will like and having multiple flavors will help me do so.

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