1) Product description: 2) Question for the industry Analysis* a. What are the current consumption trends in your industry (specific products, recent sales revenues, cultural/lifestyle trends)? b. Environmental Scan: What other external/environmental factors exist that may impact your success? Discuss three (3), choosing from among the five categories, and be specific: social, economic, technological, competitive, regulatory. Prof Comment for the Industry analysis: For part A, you mentioned the increasinhabits. That is the start of the section- you should continue by talking about the particular food changes they are making.research into food choices – are more people going smoothies, protein drinks, other alternatives to meals? You should cite the evidence that you find using in-text citations and put the source into the bibliography in MLA format.For part B, this is a good start. You discussed social and economic factors. I think you also brought technology into it as well with automating the process and creating a web page. Try to make this section more detailed. In other words, discuss social factors (how multicultural / multiethnic factors impact the demand for smoothies and the kinds of flavors and ingredients to include); economic factors (inflation will impact the cost of your ingredients and thus the price that you charge your customers, making the smoothies less affordable); and technological (trends in self-service, automation, and the need for up to date ecommerce sites are a factor that could impact your success- if you do not keep up with these trends, you could lose customers to rivals such as Tropical Smoothie Cafe). 3) Competitor Analysis – Competitor Analysis – who are your competitors, and what competing products exist? Consider similar products and substitutes, where applicable. 4) Marketing Program (the 4 Ps) a. Product strategy – discuss your product line, unique features of your product, branding and packaging strategies. b. Price strategy – explain your price strategy, and how it compares with competing products and substitutes. How does your price strategy correlate with your target market? c. Place strategy – where will you sell your good or service? Are you selling direct to consumers or using intermediaries? If you are using intermediaries, explain your choice and discuss how it is the most appropriate strategy for your target market. If you are selling in your own retail store or restaurant, discuss locations and describe your range of merchandise. d. Promotion strategy – What types of advertising will you use at first, and then as your business grows, will this strategy change? Where will you advertise? Be sure to correlate your chosen promotion strategies with your target market.
