-Market Analysis-
1.Who is the target market for your product?
My product “Ker-Ching Fresh Water” is aimed for the “more wealthy” side of the world. This is a premium water source in which is a reasonable price for the water you are paying for. This is generally for all people who would like to live life in the best way. My product’s price would be priced at $29.99 per 1.25L which is very cheap. My product will normally be showcased in high grade places like in:
Cremorne Point
Point Piper
Bellevue Hill
2.Who are the rival brands/competitors to your “KER-CHING!” product and why are they competition?
The rival brands/competitors are as follows:
Bling H20
Veen
Fillico
There are more rival brands that i can keep listing but those are one of the main brands in which can damage my product. Bling H20 is the biggest competitor out of all my rivals due to its fame on the internet. This can be bad in many ways for my brand. The consumer already might be loyal to the rival brand, decreasing our customers and profits very rapidly. This impact is the worst way on how my brand can be affected.
3.How does the price “KER-CHING!’ product compare to those of rival brands?
Comparing my pricing of my brand new “Ker-Ching Krystal Water” to a rival brand like “Bling H20” there is a huge difference between pricing and quality. Let us talk about my pricing on my product. It is really cheap for a premium produce, it can also be hung as a trophy of wealth and happiness. The price i had in mind was $29.99 per 1.25L a bottle, beating the most known big expensive water brands. Bling H20 however sells $40 per 750ml a bottle meaning approximating $80 per 1.25L a bottle.
-Part C-
In my “Ker-Ching! Krystal Water” package, the techniques I used was bright colours and a promotion. Bright colours are the best way to attract attention for consumers.The bright colours are the best way to attract customers. The Promotions, however is another good technique to get more attraction due to the package gets noticed first and grabs attention first of all and seeing a promotion like eg. Buy one get one free or 1 in 10 bottle and win a free trip to somewhere.
Bright Colours are one of the best package techniques there are. It attracts people of all ages no matter what because of the attention-grabbing colour. This effect can help customers become eager to buy one since it will look good on the self. When marketing new products it is crucial to consider that consumers place visual appearance and colour above other factors such as sound, smell and texture. But Colour is the most crucial part to a marketing design. According to a website 93% of the focus is on visuals. This shows that colours is the key component to this whole product design and is heavily considered by me and other companies.
Promotion is another key ingredient to the whole package design since it can attract buyers and get a reward. It will benefit anyone who uses this technique. Most consumers would like to get a reward for being loyal to a brand and so would I,who wouldn’t?
