marketing+questions

Betty Yeung Jade Zheng Josiah Covert Connor Bigelow

1. Detail two items you debated on producing before selecting your produced item. There were many items that we debated on before deciding on ElectroGum. We were debating the styling shampoos. This product would straighten or curl your hair by using it. We also debated on ElectroGum, which would provide prolonged endurance. We ended up deciding ElectroGum. This is because it was the simpler and cooler idea. 2. Does your product have demand in an age of abundance? Yes, our product does have an age of abundance. People who play sports or do activities that require large amount of energy for fun need it. They play and need the prolonged energy to keep them going. People could be doing what they love for a longer time period. It’d help keep them fit and in shape. 3. What is your competition for your product? How will you win the market for your product? The competition for our product is the Gatorade. Athletes usually chew gum while playing their sports because for many of them, it is a habit. Chewing gum also motivates people when playing. However, whenever gum has electrolytes in it, it’d be even more benefitting. It provides the player more energy for doing different activities. 4. Explain how, if your project fails. It is a “big mistake.” If we fail, it may not necessarily mean that our project was a mistake. It could just mean that we did not do a very good job of advertising it or make it appealing enough for people to buy it. There could also be reasons like that people just think that our product was too expensive for their liking. However if our project does fail and is considered to be a big mistake, the reason behind that could just be we did not do a very good job of persuading people to buy and try it. Maybe it could be the fact that we did not make the product good enough and the people did not like it so they spread the word and other people did not even bother to buy our product. 5. How will you design your packaging? How will story play a part in the advertisement of your product? We will design our packaging by using a Stride prototype, but instead of the Stride logo, we will use our ElectroGum logo. We will also change the ingredient labeling. Then we will donate 1/3 of the profit to woman sport. In our advertisement we won't really have a story part but for every pack of ElectroGum that we sell, some of the profit will be donated toward a charity of our choice. 6. Create a prototype of your product (it can be a descriptive graphic). 7. How will you produce your product? We will produce our product by using an existing gum. We would have to get multicolored ones. So, we would have to get many packs of gum. Then we will put those few pieces into an orange gum pack. Then we will use this “ElectroGum." 8. How will you advertise? Who are you marketing your product for? Why? To advertise our product, we will use commercials, ads, etc. We are marketing our product for athletes. Since the athletes are the ones who are constantly moving and in motion, they will need things that will provide extra energies. Of course, our gum will have electrolytes, which will give persistence. So, athletes will most likely be the ones to buy our product. 9. What stores will you approach with your product? Our product would be targeted to sport stores. These stores are often targeted by athletes, who we are trying to sell our product to. These stores would also probably be the first ones to readily accept our product to sell. This is because if we are a hit, they’d be making money too. So, in the end, if we sell well, everybody would gain. 10. How much will your product cost to make per parcel? This includes cost of materials, production, and shipping. For how much will you sell your product? What will the price be? What is your profit margin per item? We are probably going make our product for 75 cents a pack. We are selling our product for $1.50. This is better than the price for a bottle of Gatorade. It is also better than the price of a regular pack of gum. We are also going to donate 25 cents a pack. So, in the end, we will be making a profit of 50 cents per pack.