Question

Your topic must be for a new product (a good or service). Because this is an applied project and not a research paper,please be creative and do not select a new product for a large brand, such as Starbucks. If you are interested in coffee, for example, consider your own bistro as your topic and then use information from companies like Starbucks or Seattle's Best Coffee for ideas and competitive research as you work on your project.

The deliverable for Week 1 is to collaboratively write a two-page description of your product, including the following.

1. Information about ownership and company structure
2. A description of product
3. A mission statement
4. Marketing goals
5. Who a typical customer might be

Answer 1

1. Information about ownership and company structure:

The ownership of the company is based on the partnership agreement. Where in there are three partners Mike, Adrian and Lara. Mike Owns 51% of the stake while Adrian owns 29% state and Lara owns 20% stake in company. The company has got 100+ employee and it run a tea chain in name of Brewers Stop. The company has supply chain, manufacturing, finance, HR, sales & Marketing department. Audit is being done by external audit agency.

2. A description of product

A wide range of tea which are being made and sold by the brand, it is very un-conventional to find such names of tea in any other outlet Like, Soul Tea. (A blend of fine tea with aromatic herbs which are sourced from organically grown farms). The USP of the product is companies backward vertical integration of supply chain with tea growers and herbs producers which have their farms organically certified and each product batch goes through the rigorous quality checks.

Company has established very strong supply chain relationship with suppliers and focuses on quality of raw material so that the product SOUL Tea always taste same whenever customers order this tea in any of the outlet.

3. A mission statement:

Mission Statement of the company is to achieve the brand leadership in herbal tea market and promote the lifestyle and health benefit of the herbal tea. Company aims to achieve 30% market share in herbal tea sales.

4. Marketing goals:

Following are the marketing goals being pursued by the company:

Increase the sales by 20% annually for next 3 years.

Build brand awareness and reach the TOMA (top of mind awareness) among the target customers.

To grow the market share, at present it has 10% market share and company aims to reach to the level of 30% market share in next 3 years.

Increase the customer base, company aims to increase its reach and customer segment.

Enter new cities, at present company is operating in only one city, going forward company aims to entre and establish in 2 new city every year.

Improve Customer Engagement through social and digital media engagement

Enhance customer relationship, there should not be any lack on customer complain and query

Increase customer satisfaction, company aims to have 100% customer satisfaction

Customer retention, company has taken 90% repeat purchase target, which means every 90 customers out of 100 customers who visit the shop should come back.

Capture customer feedback and improve the operations.

5. Who a typical customer might be:

Since the product is herbal tea and it is popular among many target segment, this herbal tea is mainly targeted at working professionals (40 year plus) who prefer to maintain the healthy lifestyle, however there is growing awareness among the young generation of working professionals 25-35 years of age too to have a balanced and healthy lifestyle and they are also looking for some natural drinks which are good for health. Therefore, to engage better with the target customers company is focusing mainly on engagement through the social media and digital marketing.