Product Invention
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Product Invention

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I had invented this product for a marketing class during Fall semester 2006. I was the leader of the group and proposed the idea for marketing class. I devised the mission statement and all the ...

I had invented this product for a marketing class during Fall semester 2006. I was the leader of the group and proposed the idea for marketing class. I devised the mission statement and all the implementations.

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Product Invention Presentation Transcript

  • 1. PRESENTED BY: John Bush Michael Eissey David Johnson Caitlin Harte
  • 2. MISSION STATEMENT We strive to provide you with excellent customer service and satisfaction, exceed expectations, and provide a memorable experience each time you barbeque.
  • 3. MARKETING OBJECTIVES
    • Our objectives are providing a product that meets customer expectations, as well as to maximize our profits. We plan on selling 100,000 baste masters in the first year of production. We would like to provide you, the consumer, with the highest quality and the most advanced technology in barbeque basting. We shoot to give $75,000 to charity.
  • 4.
    • Strengths:
      • New innovation
      • Fewer employees means less payroll
      • High profit
    • Weaknesses:
      • Possible failure
      • Cost (lack of financial resources)
    S.W.O.T
  • 5. S.W.O.T. CONT.
    • Opportunities:
      • Providing a new product that is user friendly
      • The market lacks a quality barbeque baster
      • Helping charities through giving 5% of net profits
    • Threats:
      • Advance in technology
      • Lack of advertisement and brand awareness
  • 6.
    • The BBQ Baste Master will be made of a syringe attached to bristles. You fill the syringe with barbeque sauce and go to work. Fill, baste and brush your meat.
  • 7. Product & PACKAGING
  • 8.
    • We will be marketing the BBQ Baste Master to the everyday user or the avid griller. Once we gain product awareness, we will sell the product to a high end kitchenware stores such as Kitchen aid or Crate and Barrel.
    TARGET MARKET
  • 9. The End
    • GO OUT AND ENJOY YOUR BARBEQUE WITH THE BASTE MASTER!
  • 10. PRESENTED BY: John Bush Michael Eissey David Johnson Caitlin Harte
  • 11. DISTRIBUTION STRATEGY
    • Our product is a assembly line product. In the beginning, we look to go to home and barbeque shows. We will also throw barbeque parties, much like pampered chef. We will pitch the item to the attendants. At the barbeque or grill shows, we will supply the top chefs with the product to test and give feedback to future customers. In the first year or two this is our strategy, we want to gain a product and brand awareness before trying to sell to a grocery or home goods store.
  • 12. DISTRIBUTION STRATEGY CONT.
    • After we have gained customers and brand awareness, we plan to supply the product to home goods stores or grocery store. We will be producing the product in a factory either in the states or in China and distribute the product from there. The product will be able to be made in a assembly or production line with few employees. This will allow for better profit maximization.
  • 13. PRICE
    • We will begin the sales for the BBQ Master at $14.99. We have estimated the manufacturing cost to be $4. This would give us a profit of $10.99. This does not include the money needed for travel and testing the product. If we succeed in selling 100,000 units, we will make $1.49 million. After we remove the product cost, our net income will be roughly $1.1 million.
  • 14. PROMOTION STRATEGIES
    • Our advertising campaign will begin with an ad in Food and Wine magazine as well as Living magazine.
    • Our alternative method of advertisement will be a car similar to the Oscar Myer Weiner vehicle, except ours will be shaped like the Baste Master and will have pop out grills for demonstrations.
    • Our PR deals with our customers and is the face of our company. He or she will be the ones dealing with surveys and our customer feedback.
  • 15. Promotion Strategies Cont.
    • Our personal selling techniques will be hosting BBQ parties to promote and permit people to test the product.
    • The Sales promotion will consist of a string of home shows and barbeque festivals throughout the country.
    • Give away several BBQ Masters at shows (especially barbeque festival), so the avid griller will be able to use it at the festival and alert the attendants how amazing the product really is.
    • Future goal would be to sponsor cook-offs or the barbeque festival.
  • 16. Implementation Plan IMPLEMENTATION PLAN MISSION STATEMENT We strive to provide you with excellent customer service and satisfaction, exceed expectations, and provide a memorable Experience each time you barbeque. 3-10 YEARS -sell the product on to home goods stores. -Baste Master vehicle -extensive clientele base -sell between 1 million to 1.3 million Baste Masters 11-30 YEARS -early in these years we will be at the maturity stage and then slowly fading to the decline stages in the product life cycle. By the end of the thirty years we will most likely be drowned out of the market. 0-2 YEARS -sell 100,000 Baste Masters in 1st year. -gain consumer awareness and earn $1.1 million. -$75,000 to charity -advertise in magazines, home/ cook shows, and BBQ parties