Friday, July 20, 2012
Progress
As our project comes along, we are inclined to say that we are experiencing great progress. As of today our summary of the energy drink industry is complete, and it is safe to say that we are even more confident in the prospects of the industry, in terms of growth and profitability. Our group is now foucusing on our individual marketing plan, and how we will expose our target market to our product. We decided that the best approach will be to target university students in order to create brand recognition, mainly because students are in the ideal age group that consume energy drinks, and tend to be more open to trying new products. We then decided, after obtaining some brand recognition, to try to market and sell our product in businesses that surround the university, further penetrating our target market and try to increase sales quantity. This is our current plan, and we continue to work on it, and appreciate all our classmates for reading and posting on our blog. Thank you.
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One of your threat is that the population is aging now these days and older people are less tempted to buy energy drinks. so Is totally agree when your company wants to target younger people and students. and of course athletes would be a great target market also.
ReplyDeletePossibly during finals week you could give out samples. I am not much of an energy drink person, but during finals I will be at least one a day. If I tasted one I liked I would be easily persuaded to buy it.
ReplyDeleteActually the majority of energy drink consumers are young people and your group should mainly focus on them as a target market. But it would be really great if you can market more middle-aged and older people to drink your energy drink. Since the energy drink market is competitive now, you should lower prices than other com petitioners to attract more customers.
ReplyDeleteFocusing on the university students is a brilliant thought. There are so many people attending universities, and word of mouth can go a long way. Satisfied students will voice their positive experiences with others outside of the university, creating a bigger market demand.
ReplyDeleteProduct sampling would be a good choice. Especially if provided when students are really needing that extra boost. If the consumer feels your product delivered as expected, they will be more willing to come back for more.
Personally, I love the energy drinks such as Gatorade and Powerade as it satisfies my thirsty in a favorable way that I cannot express by words. As their prices are still expensive for me to consume them more, I hope that your team can offer lower price to attract more customers like me, given that the qualities of the drinks are equal or higher than those brands aforementioned. Keep up your morale!
ReplyDeletePeople are beginning to find energy products more obsolete than from compared to 3 or 4 years ago (with our generation). The younger generations are all about the energy drinks though, they would be a great aim to market the new product. Try sampling out to those who are willing to try and those who are frequent users! Great work though
ReplyDeleteI believe you have the right idea to have students as a target market. That should make some sales, but my only concern is if price will be a definite factor that will make your product stand out from the other energy drinks (5-hr energy, Monster, Redbull, etc.). Nonetheless, I believe that if you provide free samples at first it would give you a good start.
ReplyDeleteGiving samples in the final week will be a great way to approach to new customers and to get the product out there to the market. Especially because some of them are in need of some energy drinks to study for the finals, and plus it is free. Everyone like free stuff especially for a college student.
ReplyDeleteSamples would be a great idea! My only question is regarding the health side of the product. While most energy drinks aren't very good for you, are you exploring creating a healthy and cheaper option?
ReplyDeleteSo your product will be focus only on young people opinions about your product? Because I agree that today, energy drink markets are very competitive, so you should be able to get old people points of view about your energy drink.
ReplyDeleteIf you want to sell your products around university, Why don't you try to enter in the mall ? Your target is about students, but now, I think there have some different kind of people like energy drinks such as assemblers (like my cousin, he usually drinks energy drink instead of water), workers or officers; so I think you should widen your target.
ReplyDeleteIt sounds like your group have thought of a great target market. I think going after university students is a smart thing to do since we are the ones who mainly drink energy drinks.
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