Mkt621 Assignment No. 1 Solution

SOLUTION:

Being a marketing manager you have been assigned a task of introducing an alternative to butter in market i.e Butter in Liquid form so that cooks won't have to melt down blocks of margarine to obtain the same product.

Required:
1: Suggest a suitable Brand Name for this alternative to butter i.e. in liquid form. (2)

Ans: Unique identity for eg: Butter lake or butter milk etc

2: How would you decide about the Positioning Strategy to position your product in the mind of customer? (7)

Ans: Positioning must give the answer "Powerful reason to choose our product"
We are using new product to introduce in the market and we also know the concept of positioning. Positioning is making a good image in the minds of the customers.

There are 7 approaches to positioning strategies.
Price – quality approach, Application approach, Product user
approach, Product class approach, Cultural symbol approach and Competitor approach.
But in this case as we have to introduce a new product, we will use Approach Product user approach.

3: Who is your Target Audience and what specific Media will you use to market this product? (7)
Target is our best potential customers. In this case, these customers are hotel cooks.
We want to communicate KEY BENEFIT of our product that can attract our targets.

We have choices of Media.
1. Print Media (papers etc)
2. Radio
3. Television
4. Below the line Media (such as direct mail, sales promotion, exhibitions, sales literature etc)
OR
5. Media Mix for advertising. (Combination of media to be used).
Think about it.
Do cooks watch Radio or television channels on which you will give ads? Does a these medium have Target Market Coverage.
(Reach, coverage and frequency)
Is the media you selected is affordable?

4: Give General Comments about this new business idea that would it appeal to audience? (4)

Ans: Being a marketing manager, we know that customers always want and need those products which have some use in their minds. 

If they are satisfied, the business is a good idea because liquid butter can help cooks in making dishes.
It will help our company to reduce cost of making solid butter and can earn good profit.
(You can add your own comments )