EOC Week 10: What are the benefits vs the features?

Our product, Cocoa Cough, is a product designed for the benefit of the mildly sick to the bedridden individuals that are tired of the same overly medicated tasting cough syrups forced upon them by doctors and pharmacists. “We define a product as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.” (Marketing: An Introduction, Armstrong/Kotler, and pg.209)  

Cocoa Cough will also help parents of small children to get their children to take Cocoa Cough not only willingly but also enthusiastically. Just so they can enjoy the creamy Milk Chocolate, Dark Chocolate, or White Chocolate taste that will help alleviate that nasty cough and get them back on the road to recovery. “Services are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.”  (Marketing: An Introduction, Armstrong/Kotler, and pg.209)  

Cocoa Cough’s unique design and look will have you most likely finding the product in retailers such as Whole Foods and Trader Joes, in the specialty sections. “Specialty products are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.”  (Marketing: An Introduction, Armstrong/Kotler, and pg.209) Cocoa Cough will be sold and featured in a sleek dark colored plastic bottle with neutral colors and a picture of chocolate mixing with cough syrup. Due to the appeal children will have for the flavor, every bottle will come with a child safety top, so as to try and avoid unnecessary overdoses and/or over medicating children and adults.                      

Week 09 EOC: Three Great Mission Statements

I found Larry Clay's Business Mission Statement to be sound in it's message it is trying to convey to the public. It states what it wants to do for the consumer and how it plans to do so.

The Business Mission Statement for Javier Garcia strikes me as a proper example of stating what the product is and who their target consumer is. 

Coral Anne-Marie McGarvey has the most elaborate Business Mission Statement I have read for all my classmates thus far. She states the drive behind her product, the needs of the consumer she to fulfill and how she plans to implement her strategy. 

The following quote from the book explains what I believe a Mission Statement should be like and give clarification as to why I chose these three individuals for their statements."Mission statements should be meaningful and specific yet motivating. They should emphasize the company’s strengths in the marketplace. Too often, mission statements are written for public relations purposes and lack specific, workable guidelines." (Marketing An Introduction, Armstrong & Kotler, pg. 40)

Week 08 EOC: Creative Content

The creative concept for “Cocoa Cough” is to show my product to the world, by which I plan to make an ad for my product in Photoshop.

I will take a picture of a cough syrup bottle and design a new label for it. The label will be hand drawn and colored, then glued to the bottle so pictures can be taken of the mock product. The label will show chocolate and cough syrup pouring together into a single stream, filling a spoon to the brim. The pictures of the mock product will be taken in a studio setting to get the best results possible of the “Cocoa Cough” bottle. Once the cough syrup bottle and label have been photographed, I can import the image into CS4/CS5 Photoshop and then add text to the photograph, creating a slogan for “Cocoa Cough.”

The ad should show the product as something tasty and a more suitable choice to replace the overly medicated general brands of cough syrup on the shelves. “Companies that market experiences realize that customers are really buying much more than just products and services. They are buying what those offers will do for them.” (Marketing An Introduction, Armstrong/Kotler, pg. 210) The customer should experience a delicious chocolate taste every time, making it a hit with children and parents everywhere

Final Project: Implementation Evaluation Control

Having business goals is an important part of being a business owner, running a company and providing a product.  It's important to be able to monitor those goals at regular intervals to make sure you are still on the right track.  Some of the tools that are instrumental and important to utilize are "...budgets, schedules, and performance standards for monitoring and evaluating results." (Marketing: An Introduction, Armstrong/Kotler, Appendix pg. 02) Budgets can be used to compare planned and unplanned expenditures from a given week, month, or a fiscal year of business. Schedules show when tasks are scheduled  to be completed versus when they are actually completed.  Performance standards track the outcomes of marketing programs to see whether the company is moving toward its objectives. These checks and balances help maintain proficient system, one that is able to implement its plans. "Through implementation, the company turns the plans into actions. Control consists of measuring and evaluating the results of marketing activities and taking corrective action where needed." (Marketing: An Introduction, Armstrong/Kotler, Ch. 02, pg. 31)

Final Project: Price

"Setting the right price is one of the marketer’s most difficult tasks. A host of factors come into play. But finding and implementing the right price strategy is critical to success." (Marketing An Introduction, Armstrong/Kotler, Ch. 09, pg. 275) Cocoa Cough will retail for only $12.99. This makes it roughly the same cost as the highest selling brands, such as Delsym Cough Syrup, and approximately $5.00 more than the cheapest selling brands. This makes it competitive with everyday brands on the market without alienating itself do to over cost. Setting the price too high will make the consumer stop and question the difference between your product and the next one that is ten dollars cheaper. Our price is worth every moment the consumer enjoys the delicious and rich taste of chocolate and the enjoyment that the customer will receive. "Customer value-based pricing uses buyers’ perceptions of value, not the seller’s cost, as the key to pricing. Value-based pricing means that the marketer cannot design a product and marketing program and then set the price. Price is considered along with the other marketing mix variables before the marketing program is set."  (Marketing An Introduction, Armstrong/Kotler, Ch. 09, pg. 276)

Final Project: Promotion

“Profits increase during the growth stage as promotion costs are spread over a large volume and as unit manufacturing costs fall. The firm uses several strategies to sustain rapid market growth as long as possible. It improves product quality and adds new product features and models. It enters new market segments and new distribution channels. It shifts some advertising from building product awareness to building product conviction and purchase, and it lowers prices at the right time to attract more buyers.” (Marketing An Introduction, Armstrong/Kotler, Ch. 08, Page 262) Cocoa Cough will be advertised in youth magazines and other periodicals that children and young adults would peruse. Television commercials will be shown featuring young children and young adolescents enjoying the taste of Cocoa Cough and feeling the effects of a relieved cough. “At some point, a product’s sales growth will slow down, and the product will enter a maturity stage.This maturity stage normally lasts longer than the previous stages, and it poses strong challenges to marketing management. Most products are in the maturity stage of the life cycle, and therefore most of marketing management deals with the mature product.” (Marketing An Introduction, Armstrong/Kotler, Ch. 08, Page 262)

Final Project: Distribution

“Distribution channels are more than simple collections of firms tied together by various flows. They are complex behavioral systems in which people and companies interact to accomplish individual, company, and channel goals. Some channel systems consist only of informal interactions among loosely organized firms. Others consist of formal interactions guided by strong organizational structures. Moreover, channel systems do not stand still—new types of intermediaries emerge and whole new channel systems evolve. Here we look at channel behavior and at how members organize to do the work of the channel. “(Marketing: An Introduction, 10th Ed Page 314) The best way to distribute Cocoa Cough would be through specialty store, such as Trader Joe’s and Whole Foods, where the average customer has a more refined palette for finer things. Specialty stores attract a clientele that generally has the higher income to purchase better quality and tasting goods, such as Cocoa Cough. The packaging and bottle being made from recycled goods will also help Cocoa Cough identify with the environmentally conscience shopper as well. Another avenue to get Cocoa Cough to the public will be through online sales from the Cocoa Cough Corporation itself. “Changes in technology and the explosive growth of direct and online marketing are having a profound impact on the nature and design of marketing channels. One major trend is toward disintermediation—a big term with a clear message and important consequences. Disintermediation occurs when product or service producers cut out intermediaries and go directly to final buyers, or when radically new types of channel intermediaries displace traditional ones.” (Marketing: An Introduction, 10th Ed Page 320)