comm-223-project-this-is-the-group-assignment-that-takes-30-of-the-total-grade-you-are-required (1)

Comm 223 project - This is the group assignment that takes 30% of the total grade, you are required Marketing Management I (Concordia University) Scan to open on Studocu Studocu is not sponsored or endorsed by any college or university Comm 223 project - This is the group assignment that takes 30% of the total grade, you are required Marketing Management I (Concordia University) Scan to open on Studocu Studocu is not sponsored or endorsed by any college or university Downloaded by I hate summers .. (ashakhera96@gmail.com) lOMoARcPSD|18817725

The Cover-Up: A Solution To A Raising Problem John Molson School of Business, Concordia University COMM 223 section H - Introduction to Marketing Shaune Lynch April 17, 2023 Identification of New Product/Service .................................................................................. 2 Description of the product ................................................................................................... 3 Relevance of the Product .................................................................................................... 4 Macro-environmental Impact ................................................................................................ 4 Political ................................................................................................................................ 4 Economic ............................................................................................................................ 5 Demographic ....................................................................................................................... 5 Technology .......................................................................................................................... 5 Cultural ................................................................................................................................ 6 Natural Forces ..................................................................................................................... 6 Segmentation, Targeting, and Positioning .......................................................................... 7 Two Potential Target Market ............................................................................................... 7 Target Market ...................................................................................................................... 9 Value Proposition and Positioning .................................................................................... 10 Secondary Data & Sales Potential ...................................................................................... 10 Potential sales ................................................................................................................... 12 Marketing Mix ........................................................................................................................ 13 1. Product .......................................................................................................................... 13 2. Place/ distribution .......................................................................................................... 14 3. Price .............................................................................................................................. 15 4. Promotion ...................................................................................................................... 15 Reference .............................................................................................................................. 18 Appendix A: Sample page from first source: ............................................................... 22 Appendix B: Sample page for second source ............................................................. 22 Appendix C: Prototype of the Cover-Up ....................................................................... 23 Appendix D: Table of the number of students enrolled in postsecondary institutions inCanada, per province ............................................................................. 23 Downloaded by I hate summers .. (ashakhera96@gmail.com) lOMoARcPSD|18817725

Identification of New Product/Service Two of the sources we consulted for product ideas are: 1) https://www.rd.com/list/shark-tank-products-worth-your-money/ (see appendix A for a sample page) This source is an article from the magazine Reader’s Digest. It shows Shark Tank products that are worth buying to make lives simpler. It is a good place to find ideas since the point of the show is to help entrepreneurs develop new products. If a product receives an investment, it shows that the investors believe there is a profitable market for it, and that it isn’t readily available on the market. 2) https://www.huffpost.com/entry/products-for-cold-weather-problems_l_61fc3119e4b0500 4242a4550 (see appendix B for a sample page) This is an article from Huffpost, an American website. It suggests some top products for cold weather problems. The website is an established and credible source of information, which makes it a good source to use to obtain new products and service ideas. The market for these types of products is right here in Canada. Both of these sources are good since they reach a large audience in North America on a regular basis. In addition, they are both reliable and provide current and useful information. Description of the product As drink spiking becomes increasingly common in public places, leaving one’s drink unattended is most certainly a cause for concern. “The Cover-Up” is the product this assignment will focus on and we will market it in Quebec and Ontario. In essence, its purpose will be to protect Downloaded by I hate summers .. (ashakhera96@gmail.com) lOMoARcPSD|18817725

individuals from having their drinks spiked. It will do so by creating a barrier on the cup so that no substance can be dropped into it. Its usage is simple; individuals will buy the reusable product and cover an open drink with it. It will be made of silicone which is durable, flexible and eco-friendly. Relevance of the Product We believe that this product will be successful because it addresses a problem that is unfortunately very present in our society. Too often, people do not feel safe in bars and clubs for fear of being drugged. Our product would answer this need of security by allowing everyone to drink safely. Additionally, the options that are currently available on the market are limited and not environmentally friendly which does not sit well with our target audience, generation Z. This generation is sensitive to the environment and they tend to dislike single use items. Lastly, we plan on having two groups as our target audience, bars and college students. This first group has never been targeted by a similar product before which is a mistake since they could be great resellers and therefore allow us to be first mover in this market. Macro-environmental Impact Political Increased tensions among Canada and China could cause barriers between trade agreements further making it difficult to trade between one another. This issue would pose a threat to our business as our sole supplier is located in China. Moreover, China’s recent civil unrest is a cause for concern as it has been shown to lead to a cease of production capabilities. For example, when Chinese citizens protested against harsh pandemic restrictions, production and distribution both decreased (Cohen, 2022). Furthermore, government subsidies for start-ups could be very helpful to support costs. Downloaded by I hate summers .. (ashakhera96@gmail.com) lOMoARcPSD|18817725

Economic Firstly, the cost of supplies may vary significantly from year to year. The reasons for this may be due to a shortage of labor and demand for the good. Therefore, the cost of silicone may increase at a rate which makes it profitless to sell the Cover-Up. Secondly, low consumer income poses the problem of low demand. Although the product may seem like a necessity to some, on a broader scale, it remains a normal good. That is, when income levels remain low, most will gravitate away from purchasing the product, therefore making it crucial to sign long-term contracts with oversea suppliers so as to not have sudden price increases. Demographic Age, gender and geographic location play an important role in the success and marketing strategies for our product. The large population in Quebec and Ontario give us a great opportunity to delve into a very large target market (UniversityList, n.d). Additionally, these provinces have the largest number of universities and colleges in the country which could potentially help us since they are the demographic that tends to go out the most. Technology Technology plays a critical role in business performance, and it evolves at a rapid rate. We anticipate that production automation will be an innovation that will affect our company. As a start-up business, we run the risk of having larger companies, such as “Alibaba,” steal our design and produce it at a faster rate. Additionally, we believe that social media will have a tremendous impact on our product. Indeed, it will enable us to reach our target demography since 9 in 10 Canadians aged 15 to 34 are on social media ( Canadians’ assessments of social media in their lives , 2021). Studies have shown that the use of these platforms have a positive impact on the performance of businesses ( Ahmad, S. Z., Ahmad, N., & Bakar, A. R. A., 2018 ). Downloaded by I hate summers .. (ashakhera96@gmail.com) lOMoARcPSD|18817725