Preston_Parker_MKTG630_U1_IP

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Colorado Technical University *

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MKTG630

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Marketing

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Feb 20, 2024

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docx

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Preston Parker Assignment Title Colorado Technical University 11/19/2023
Introduction Refresh is the newest sports drink on the market. It is made from local ingredients grown right in the United States. The all-natural ingredients taste great and are better for you. Small farms produce the ingredients keeping shipping cost down and ultimately the cost of the drink. The packaging and bottles are both made from recycled materials, which reduces waste in our landfills. Other sports drinks are mass produced using artificial ingredients in other countries and shipped using methods that impact our environment negatively. Refresh is the obvious choice when choosing a spots drink to quench your thirst. What are the features and benefits of this brand? Features are something a product is or has (Shewan, 2022). Refresh Sports Drink has all- natural ingredients and a delicious, thirst-quenching taste. Refresh also has packaging and a bottle made from recycled materials. Refresh is available in many different flavors and can be purchased in single bottles or packs ranging from six to eighteen bottles that are 12, 20, or 32 Fluid Ounces. Product features address common problems experienced by the target market (Shewan, 2022). Refresh Sports Drink also has many benefits. Benefits are the results and outcomes of using a product or service (Shewan, 2022). These benefits are why a consumer uses a product; it is what draws them in. It most likely changes something about their life that they either have been wanting to change or didn’t know needed changing. For Refresh Sports Drink, the benefit is being able to consume a thirst- quenching beverage before or after a workout, during a sports event, or simply throughout the day all while knowing the ingredients are natural and pure. An added benefit is knowing the packaging and bottle was manufactured using recycled materials, allowing the consumer to rest easy knowing they are preventing unnecessary waste in landfills. With the ingredients being
grown and harvested in the United States, customers know exactly where the ingredients come from and can be assured that their own neighbors will benefit as well through jobs and continued economic growth in the area. A benefit can be thought of as the primary reason to purchase a product (Shewan, 2022). Organizations often confuse Benefits and Features, and this can be equated to intent (Shewan, 2022). Consumers often only care about the benefits a product has to their lives, they don’t care how long it took to develop, produce, or ship to their favorite chain grocery store. Marketers must keep this in mind when presenting their product to a target market (Shewan, 2022). The goal is to get the consumer to see why the product will fix their problem, whether they knew it was a problem or not. What differentiates this sports drink from the competition? To differentiate Refresh Sports drink from the competition, we must use a product differentiation strategy. A product differentiation strategy places emphasis on the perception the consumer has of the product over the competition, not actually changing the product itself (Board, 2014). This means being creative in how the drink is presented to the consumer. Refresh Sports Drink is different from other drinks because it uses local ingredients that are all- natural. Other drinks may use natural ingredients, but they may come from many different sources that are not local. This can lead to a higher perceived value, which can permit the company to price up, leading to increased profits (Board, 2014). A cost- or price-based competitive advantage strategy can be achieved by having the lowest cost production and distributions leading to lower prices than the competitor (Board, 2014). This strategy will be difficult for Refresh to achieve due to how and where its ingredients are sourced. They will be able to lower distribution costs due to the location of the ingredients,
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