Question

7. You have come up with a new energy drink. You believe it has a better taste and fewer side effects than the other energy drinks currently on the market. You have been able to raise the money to produce this product, but now you must decide how you will market it. Apply the marketing mix to your new product. Describe how each of the 4Ps of marketing will be incorporated into your product and the goal that each component of your marketing mix is intended to achieve.

Answer 1

answer-

The marketing mix for my energy drink-

Marketing mix is the concept in which marketer uses 4 P's to make marketing strategy to market their products in the market.

Product- My product is the new energy drink which has very good taste. This drink is very healthy and safe to drink because it is clinically proven and there are very less side effects if we compare it with other energy drink in the market.

My goal is here to create the good image for my product when they compare it with another brand's energy drink.

Price- Price is the main factor because pricing helps my company to make profit and tells the worth of the product. For this energy drink i will choose Market penetration strategy in which i would put low price on my energy drink to create high demand . when my product will be well established then i would raise its price very slowly.

for example- Price of this drink will be $1.49

The goal is here to attract more customer and enter into the market.

Place- For the distribution of my product, i would sell my energy drink in Retail stores like Walmart, Target, Costco etc as well small local retail stores. I would sell my energy drink online platform like amazonfresh so that customers can get this drink anytime.

The goal is to build a strong distribution network for my energy drink.

Promotion- For the promotion of my energy drink, i would use TV commercials, Social media posts etc to create more product awareness for my drinks. i would also discounts on festive seasons like christmas, new years etc to increase sale of my products.

the goal is to increase the sale of my energy drinks in the market.

*hope this would help you. thankx..