III. Product and Service Description
This section of the business plan entails a detailed description of the product that I will be selling. Therefore, some of the sub-sections that will be covered in this section include a description of the product assortment, product uniqueness, product benefits, assortment strategy description and product experience description.
A. Description of the Product Assortment
According to Skarra, the success of a product depends on how a person is able to come up with the right product or service assortment. Therefore, in order for me to be successful with my product, I have decided on a product that I believe is right for my target market. Hence, my product is going to be a Beer with Protein. The beer is going to be in different sizes ranging from small, medium and big sizes. As a result, the product will be packed in bottles of different sizes such as 8 FL OZ, 10 FL OZ, 12 FL OZ, 16 FL OZ, 20 FL OZ, 25 FL OZ and 32 FL OZ. However, since the target market is composed of mainly middle-class consumers; I intend to produce more of the small size and medium size than the big size. Besides packaging the product in different bottle sizes, I also intend to use bright materials and bold writings to label the brands. This packaging strategy will enable me to attract more consumers in the target market (Rundh 989).
As a start up, I am going to have a medium-size brewing unit where I will be producing our product. The product will undergo through many stages in the production process to ensure that it is up to the required standards. Some of the stages in the production process include milling, mashing, straining, brewing, fermentation, beechwood lagering and finishing (Awny 143).
B. Product Uniqueness
C. Product Benefits
According to Franke and Schreier, the benefits/values of a product to the consumers are what determine whether the customers are going to buy a product or not. If a product has no value or limited benefits to the customers, then it is not likely to be successful. Therefore, in order to ensure that my product is successful and especially in the target market; I have ensured that the product is going to satisfy many values to the target market. One of the key values of my product to the target market is the added energy that our product will offer. My beer will be the only product in the beer market with the highest level of energy, and thus, the consumers will gain muscles while drinking their favourite party beverage.
Apart from the added energy, the target market is also going to benefit from a high quality product and at affordable prices. Unlike my competitors, I am going to adopt a market penetrating pricing strategy. This pricing strategy will enable me to offer the product to the target market at affordable and relatively cheaper prices while I also increase the market share (Mohan & Rasad 127). Also, the product is going to provide the target market with other benefits such as being happy and stress prevention. Many people are not usually happy due to stress resulting from various sources. However, if they take my beer then they are likely to be happy and to some extent reduce their stress levels.
D. Assortment Strategy Description
I will consider a deep assortment strategy for my product. In this case, I will produce different variations (brands) of the same beer. The consumers will be able to choose from the ten brands that I will start with during my first year in production. However, I plan to produce another forty beer categories in the next three years. I believe this assortment strategy will enable my customers to benefit from a broad range of my product.
E. Product Experience
The success of a product also to some extent depends on the distribution strategy that is being applied (Marich 80). Therefore, I have adopted various suitable methods that I will apply to distribute the product to the target market. Some of the distribution methods that I will apply include the retail supermarkets and convenient stores. Also, I will use the online distribution methods such as the Amazon. These distribution methods will enable me reach many consumers and also the consumers will have better product experience as they purchase and enjoy the Beer with Protein product.
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Franke, Nikolaus, and Martin Schreier. "Product Uniqueness as a Driver of Customer Utility in Mass Customization". Marketing Letters 19.2 (2007): 93-95.
Kress, Dominik. "Reinvestigating the Uniqueness of Price Equilibria in a Product Positioning Model under Price Competition in a Multisegmented Market". Operations Research Letters 43.6 (2015): 599-600.
Marich, Robert. Marketing To Moviegoers. Carbondale: Southern Illinois University Press, 2009.
Mohan, M. Madhu, and C.S. Jayanthi rasad. "Pricing Strategies in Retail Sector". IJSR 1.7 (2012): 127-128.
Rundh, Bo. "Packaging Design: Creating Competitive Advantage with Product Packaging". British Food Journal 111.9 (2009): 988-1000.
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