Executive summary

EXECUTIVE SUMMARY Memo Fizz is an energy drink that provides various benefits to the consumers. It gives you the energy you needed and at the same time it also enhances your memory. It contains ingredients that are good for the health. Some ingredients were substituted in order to decrease or as much as possible remove the negative side effects of some energy drinks such as Caffeine and Guarana. It also contains L-Carnitine that provides a lot of good effects and benefits for the health. Majority of the consumers prefer drinking coffee, to boost their energy but experience some effects such as: drowsiness, stomach ache, headache, and others are having a hard time in sleeping. Memo Fizz provides the solution to the problems. It helps you boost your energy in the safest way as possible. Memo Fizz offers different and various flavours, such as coffee, tea, chocolate, orange, mango, apple, wheat grass and four seasons. Because of the variety of flavors offered to the consumers, they will be having more choices. Memo Fizz does not offer only a two in one energy drink (energy booster and memory enhancer) but it also serves as refreshment. So anyone, even if you are just thirsty, can buy the product. The product focuses on the needs of the professionals and the students (main target market), but the group did not close the opportunities to sell more the product so they are promoting it not just as a two in one energy drink but also as a perfect refreshment to relieve you thirst. And that explains the slogan of the product— UPGRADE THE USUAL! MARKET DESCRIPTION AND ANALYSIS Name of the Product: MEMO FIZZ Logo of the Product: Product Description: It is the drink that we’ve been waiting for! The Memo Fizz is an energy booster / memory enhancer drink. It is a very unique product because aside from its energy booster effect it also has the ability to enhance the memory of an individual. This product is made for the benefit of the professionals, other workers and the main target market of the product- the students. Most of the students are having a hard time in studying due to fatigue in school or drowsiness. And it is really hard to resist such kind of distractions, but the long wait is over. The product has the ability to make the individual have the energy needed for their task and at the same time a good drink for memory enhancer purposes. Compared to other energy drinks, this Memo Fizz Drink has no side effects when it comes to proper sleep. Meaning if the individual decided to sleep, he/she will not be having a hard time to sleep. It is the common complaint the researchers (group) hear from the students who are drinking energy drinks or coffee just to be awake when they are studying late at night. According to them–yes, the energy drinks makes them awake but when they already want to sleep, they cannot actually go to sleep because of too much caffeine Situational Analysis A. Target Markets Target Market | Description | Students | The main targets of the MEMO FIZZ drink are the students. It is because the Memo Fizz drink has the capacity to enhance the memory of an individual and at the same time boost their energy especially when they are studying late at night. College students (to be specific) are having a hard time to resist drowsiness or fatigue and tend to drink coffee or other energy booster drink just to be awake. So this product is NOT JUST AN ENERGY BOOSTER BUT ALSO A MEMORY ENHANCER–DRINK. | Professionals | Being a professional is a tough job or has a tough responsibility, so this product is a big help for them to be ALWAYS ON THE GO, and to avoid forgetting important information, meeting and more. | Other Workers | Even the normal workers are benefiting to this product because aside from its use or benefits it has a great taste and really good refreshment, so even the drivers, carpenters or other normal workers are one of the target markets. | Players | Because of its energy boosting effect players will also benefit from the MEMO FIZZ product, and at the same time it will help them to think right and on track. | Others | | B. Demographics/Psychographic Profile of the Market – Demographic | | Age | 13 and above | Gender | Male and female | Income | Not as low as P50 | Occupation | Students, Professionals, Other workers and Athletes | Generation | Starting from younger generation or teenagers and above | Psychographic | | Lifestyle | People who are workaholic and also for those who are engaged into sports | Personality | Those who are young, enthusiastic, impulsive consumers, who seek to savour the new and offbeat product. | The specific age group that would be interested in the Memo fizz drink would those from the age of 13 years old and above. Due to the range of age factor, most of the target youth’s occupation is more likely to be students and working adults as well. This energy drink may focus on people who are always in need of an energy booster like those who would stay up late at night due to paper works, studying or for exercising purposes. Memo Fizz is not just for memory enhancer and energy booster purposes; it is created also for refreshments purposes. It is serve in different flavours which is actually separated into two. There are fruit-like-flavors and non-fruit type flavors. Because of this feature, anyone can buy this product especially when they are thirsty. C. Market Needs The main reason behind the creation of this product are the complaints of the students about their situation more specifically the night shifters. According to them, they cannot resist their drowsiness and whenever they tend to drink coffee or any energy drink, they cannot sleep if they are already done studying. And because of that their performance during examinations were affected so the group decided to create the MEMO FIZZ due to the following reasons: – To have a drink that is beneficial to all types of person – To have an energy drink that will not push your energy to the limit instead supply the amount of energy needed – For the students, professionals and other costumers to enhance their memory and at the same time having the sufficient energy needed. – Energy Drink that is very tasty and a very refreshing drink which goes with different flavors. – It will not be a burden for you to take your sleep if ever you’re already sleepy (unlike coffee and other energy drinks) – And many more D. Market Trends Energy Drinks are widely used by athletes, students, professionals and other workers nowadays. But majority of them prefer drinking coffee not because of its energy boosting effect but also because of its addicting taste. The researchers have decided to create refreshment that will serve the needs of the consumers. This product offers different flavors to serve the different taste and preference of the consumers. At the same time it enhances your memory and supply the energy you need. Memo Fizz is a product that UPGRADE THE USUAL kinds of energy drink. It differs from other energy drink in the sense of taste, way of advertising, ingredients, promotion and the benefit it gives to its consumers. E. Market Growth To promote or to come up on a way to advertise the products, here are the group’s strategies: * To have a survey or taste test randomly picked from the crowd * Advertising to schools and other communities by offering free products or merchandise * If given enough budget, the product would be advertise in TV commercials, newspapers, magazines, internet advertisement, and many more * To make the product affordable * The product would have a refreshing taste with varieties of flavour to choose from * The product prioritize the health of the consumers Competitor Analysis MEMO FIZZ | OTHER ENERGY DRINKS | * Aside to its energy booster effect it has the capacity to increase one’s memory/ memory enhancer. * It goes with different flavors such as: * Coffee * Tea * Wheat Grass * Chocolate * Orange * 4 Seasons * Apple * Mango * Good taste (refreshments) * It has no side effects in terms of * Sleeping habits * Health * Memory Issues * Physical Health * More * The price is very affordable Php 35. 00 per can * Compared to other Energy Drinks it can supply the needed energy and at the same time when the individual wants to take a sleep he/she will not be having a hard time to be asleep. | * Limited benefits * Limited Flavors * Most of the energy drinks have side effects in sleeping issues of the one drinking the Energy drink. * No effect in boosting ones energy | SWOT Analysis Environmental Scan Internal Analysis External Analysis Strengths Weaknesses Opportunities Threats SWOT Matrix SWOT INTERNAL FACTORS Weaknesses * Unknown brand (unpopular product) * No pilot or trial done yet. * Delivery-staff need training. * Customer service staff needs training. * Processes and systems, etc. * Management cover insufficient. Strengths * A new innovative product * Offers unique qualities as an energy drink * Memory enhancer and at the same time energy booster * Affordable price * Quality of processes and procedures * Offers various flavours that satisfy the different tastes of the consumers * Stylish packaging * Products have required accreditations * Management is committed and confident EXTERNAL FACTORS Threats * New competition in the market, possibly with a new product * Price wars * Technological advances * Shift of consumer’s taste away from the firm’s product Opportunities * Opens a new market * Could extend to overseas. * New specialist applications. * Can surprise competitors. * Support core business economies * Could seek better supplier deals. Key to Success To obtain success in business, these are the reasons, or the keys to success: 1. Perseverance in establishing the business and promoting the product 2. High quality products 3. Products are safe and made and handled with care 4. Our product is true and sincere to what is promised to the consumers 5. The company also helps in community service, reaching out to other people and other persons who were affected by calamities 6. Continuous Innovation of the product and the Market 7. Open-Minded Management Personnel 8. Dedication 9. Consider Costumers’ Health as a major priority MARKETING STRATEGY Mission The missions of the researchers are to be able to perform the following: 1. To provide the consumers with high quality products, giving them effective products; 2. To improve the products, if any, hence providing consumers better products; 3. To refresh the customers and provide them the energy they need. 4. To advocate a healthy lifestyle, thus offering products that are made from natural ingredients, providing consumers health benefits. 5. To provide superior customer service. Marketing Objectives The researchers aim to achieve the following objectives: 1. To be able to have a product that is unique, refreshing and distinct taste; 2. To have an effective product that boosts energy and enhances memory and at the same time it does not have any negative side effects in terms of the consumers health, diet and sleeping habits; 3. To give consumers health benefits; 4. To be able to provide consumers with an affordable price. 5. To increase customer satisfaction. 6. To increase visibility and memorability of brand identity. 7. To inform target audience about features and benefits of our product. 8. To promote the product and increase new customers from referral and word of mouth. Target Marketing Energy Drinks are all over the stores right now, but not everyone is interested to buy such product. Memo Fizz is something new, because it provides and offers different flavours that fit the preferences of the consumers. This product is for everyone. It is for students, professionals, athletes, other workers, and more. But the main target market of the product is for the students and the professionals. 1. Students- a. The main targets of the memo fizz drink are the students. It is because the Memo Fizz drink has the capacity to enhance the memory of an individual and at the same time boost their energy especially when they are studying late at night. College students (to be specific) are having a hard time to resist drowsiness or fatigue and tend to drink coffee or other energy booster drink just to be awake. So this product is NOT JUST AN ENERGY BOOSTER BUT ALSO A MEMORY ENHANCER DRINK. b. Since students have many things to do such as assignments and projects, and because of the very busy schedule they do not have the energy to study for their examinations and quizzes — Memo Fizz, would be able to help them retain their memory and at the same time boost their energy, thus the product would be of help to them, also giving them additional benefits such as vitamins and minerals. 2. Professionals- c. Due to their busy schedules and appointments, they tend to forget some of their duties and also run out of energy. The product would provide them the energy they need and also aid them in retain their memory. d. Being a professional is a tough job or has a tough responsibility, so this product is a big help for them to be always on the go, and to avoid forgetting important information, meeting and more. Positioning Memo Fizz is a two in one product where in it does not only boost your energy but at the same time it also enhances your memory. This product is also a good substitute for juice, tea and other drinks because it also serves as refreshments. But the main questions are: How does it differ to other energy drinks? And what is unique or special about it? There are 5 aspects where in Memo Fizz differs to other energy drink products. They are: ingredients, promotion (advertisements), flavour, benefits and approach. First are the Ingredients. The researchers conducted a research on what are the widely used ingredients of the energy drinks producers. Here is a table that shows the ingredients of other Energy Drinks and their effects/uses. [1] Other Energy Drink Consumers | Effects/ Use | Caffeine | Caffeine stimulates the central nervous system giving the body a sense of alertness. | Taurine |  It helps regulate heartbeat, muscle contractions, and energy levels. | Guarana | It increases alertness and energy. It’s more dense in caffeine than coffee beans (3-4% vs. 1-2%). | B-Vitamins | These are essentially the things that help you convert food to energy, | Ginseng | Ginseng, an adaptogenic herb, is known to increase energy, has some anti-fatigue components, supposedly relieves stress, and increase memory. | Gingko Biloba | It help with memory retention, concentration, circulation, acts as an anti-depressant, and even shows signs of helping people with Alzheimer’s. | L-carnitine | It may act as a thermogenic and help increase weight loss and endurance during exercise. (has negative side effects) | Sugar | Glucose is the body’s preferred fuel | Antioxidants | Anti-oxidants are things that help your body gracefully recover from the damage of free radicals. | Glucuronolactone | It is placed in energy drinks because it is believed to help with glycogen depletion by preventing other substances from depleting glycogen supplies in the muscles. | Yerba Mate | It is a natural source of caffeine (it does not produce negative side effects like the caffeine and guarana) | Creatine | Creatine helps with supplying energy to the muscles and is usually found in energy drinks and products that are marketed to body builders. | L-Theanine | L-theanine is an amino acid that according to recent studies has shown to calm the brain to enhance concentration.  This amino acid comes simply from tea leaves.  Green tea has the highest concentrations. | Artificial Sweeteners | They help cover the medicinal taste of the other energy drink ingredients | Table 1: Ingredients of Other Energy Drinks and their effects ————————————————- ————————————————- ————————————————- ————————————————- ————————————————- ————————————————- 1 Energy Drink Ingredients (http://www. energyfiend. com/energy-drink-ingredients) While here is a table showing the ingredients of Memo Fizz and the effects and benefits of its ingredients. It also shows the difference between Memo Fizz and other energy drinks. [2] Ingredients of Memo Fizz | Effects or Benefits | Decaffeinated Coffee | [3] A direct decaffeination process involves the use of carbon dioxide as a solvent. The coffee beans are soaked in compressed CO2, which removes 97 percent of the caffeine. The solvent containing the extracted caffeine evaporates when the beans return to room temperature. | B- Vitamins | These are essentially the things that help you convert food to energy, like sugar which is found in abundance in energy drinks. | Taurine |  It helps regulate heartbeat, muscle contractions, and energy levels. | Ginseng | Ginseng, an adaptogenic herb, is known to increase energy, has some anti-fatigue components, supposedly relieves stress, and increase memory. | Gingko Biloba | It help with memory retention, concentration, circulation, acts as an anti-depressant, and even shows signs of helping people with Alzheimer’s. | L-Carnitine | [4] Carnitine is a substance that helps the body turn fat into energy. Your body makes it in the liver and kidneys and stores it in the skeletal muscles, heart, brain, and sperm. Carnitine has been proposed as a treatment for many conditions because it acts as an antioxidant. Antioxidants fight harmful particles in the body known as free radicals, which damage cells and tamper with DNA. Antioxidants can neutralize free radicals and may reduce or help prevent some of the damage they cause. | Milk Thistle | It is placed in energy drinks not really for any energy enhancing properties but as a counter agent to mixing energy drinks with alcohol as milk thistle is supposed to help with hangovers and detoxing the liver from alcohol. | L-Theanine | L-theanine is an amino acid that according to recent studies has shown to calm the brain to enhance concentration.  This amino acid comes simply from tea leaves.  Green tea has the highest concentrations. | Inositol | High doses of inositol have also been given to patients with certain psychiatric conditions because of its positive effect on the nervous system. Inositol is found in many foods such as fruits, beans, grains, and nuts. There are no known side effects from ingesting too much and Inositol is considered safe. | Natural Sweeteners | Such as fruit extracts (flavors of Memo Fizz) | ____________________________________________________________________ 2 Energy Drink Ingredients (http://www. energyfiend. com/energy-drink-ingredients) 3 Is decaffeinated coffee safe to drink? (http://goaskalice. columbia. edu/decaffeinated-coffee-safe-drink) 4 L-Carnitine (http://www. umm. edu/altmed/articles/carnitine-l-000291. htm) Second is the Promotion. The product will be advertised to the public in a different and more unique way. And this will be further discussed on the subsequent parts. ————————————————- Third is the flavour. Unlike any other energy drink, Memo Fizz has a different approach when it comes to flavour. There are fruit-like-flavors and the non-fruit-type of flavors. ————————————————- Fruit-like-Flavors ————————————————- -Orange, Apple, Mango, Four Seasons ————————————————- Instead of using sugar and artificial sweeteners, the fruit extract will be used to give a sweet and yummy taste but also with a bit of preservatives to maintain the taste of the fruit extract. In this way people who are very conscious when it comes to their sugar content can have the opportunity to drink and taste the product: Memo Fizz. ————————————————- Non-Fruit-Type Flavors ————————————————- -Coffee, Tea, Chocolate, Wheat Grass ————————————————- Instead of using pure caffeine, the coffee beans will be processed in order to remove the caffeine; the idea of decaffeinated coffee will be used. ————————————————- Fourth are the benefits. The ingredients that the researchers have chosen were for the benefit of the consumers. They lessen the sugar content of the product by simply using the natural way of sweetening such as by using fruit extracts, they used a decaffeinated ingredient to maintain the taste of coffee without any caffeine in it (this is for the benefit of those who are coffee-lovers). They used natural memory enhancer ingredients that help not only in increasing memory but also to relieve stress such as Ginseng. ————————————————- Aside from ingredients, one other benefits of drinking Memo Fizz is the delicious taste it gives to the consumers. It does not only enhance your memory and boost your energy but at the same time it gives you that satisfaction once you drink it because of its very good taste. ————————————————- ————————————————- ————————————————- The fifth and last aspect is the approach. The approach that the researchers are talking about is the uniqueness of the product. Unlike other energy drinks, Memo Fizz Product has a different approach and that is its: Two in One Effect, which is the energy booster, and memory enhancer effect. And that gives you the tagline: UPGRDAE THE USUAL because the product gives you something new. Pricing Strategy The selection of the company’s pricing objective and a related strategy requires careful considerations of the business and financial goals, the state of the market (including its past and future), and the products and prices of existing competition (and possibly their business goals). The company selected objectives and strategies that will position the product and business for success. However, it is understand that choosing an objective and strategies that are appropriate for the business at the current time does not prevent the firm from changing objectives or employing different strategies in the future as the business grows or changes. The business mission of Redista is to be a leader in the industry. It aims to provide consumers with high-quality products, giving them effective products without any negative side effects. The firm aims to be an advocate of a healthy lifestyle, thus offering products that are made from natural ingredients, providing consumers health benefits. The company aspires to provide a superior customer service. Hence, the firm sets to use the quality leadership pricing objective to further emanate such mission. The said pricing strategy signals product quality to the consumer by placing prices on products that convey such quality. PRICE OF THE PRODUCT: Php 35. 00 The company (Redista Group) believes that it produces exceptionally high quality products. Thus, it may price its products slightly higher than the competition. The quality leadership pricing requires the company to keep close tabs on its customers. A marketing research is conducted to better understand the consumers’ needs and wants. Results from the survey reflect a very high positive remark from the possible consumers hence giving the company an indication that such product will receive a high rate from the customers because of the quality measurements within the market surveys. Premium Pricing is employed since the product that the company is selling is unique and of very high quality. And since the “ Memo Fizz” is quite new in the market, the company does not set aside the fact that only a small quantity will be sold during its first entry in the market. The results attribute demand that a high, or premium, price be attached to the product. Buyers of such products typically view them as luxuries and have little or no price sensitivity. The advantage of this pricing strategy is that the company can price high to recoup a large profit to make up for the small number of items being sold. Premium pricing can be employed with the profit margin maximization or quality leadership pricing objectives. The premium price charged for the uniqueness and quality of the product allows the company to generate large profit margins on each item sold. The product will also demonstrate the company’s commitment to quality, and customers will perceive the name of the company when they desire such quality. Place Strategy As a new product in the industry it is somewhat hard to compete and promote the product. Place is a critical aspect to consider in order for the product to sell and be known. Consumer Retailer Manufacturer It is not a direct selling because there is a third part involved which is the Retailer. In order for the product to be known, it must be sold to different stores or supermarkets, wherein competition cannot be avoided. Memo Fizz will be sold not just through retailers but also it will be placed in vending machines near school or offices for a more convenient way of buying. Advertising and Promotional Strategies In a product launch, the advertising and promotional strategy is an essential. We need to attract potential customer and project how much business the advertisements will bring in. We have prepared 3 main goals or SMP: sales promotion, marketing materials and publicity. UPGRADE THE USUAL! Memo Fizz is not your typical energy drink! Aside from its energy boosting power, it has a very unique feature that most students and hard time late-workers need, a memory enhancer! It comes with different flavours that suite every one’s preference and a trendy layout. TARGET SMP Sales Promotion — To incorporate sales promotion activities in the advertising and promotion plan, such as: * Coupons redeemable (Planner) — we will be offering premiums. For every, 5 bottles returned = power balance 15 bottles returned = planner 20 bottles returned = statement shirt (“ Upgrade The Usual”) Creative design / product layout * Song — compose a catchy. Upbeat song * Dance promotion — create a dance craze * Limited offers/ discounts Marketing Materials – Every business will include some of these in their promotion plans. The most common marketing material is the business card, but brochures, pamphlets and service sheets. In addition we will provide, * Free samples/taste * Freebies attached (Bookmark/wallet size calendar) Publicity — To generate publicity and spread the word! * Posters/billboards * Funny/unique Advertisements * School-to-school Booth stand — free samples with photobooth ( customers should first like out fan page) * Sponsorships * Product launches * Getting and using testimonials * Radio/newspaper/ * Media Our target SMP is incorporated with various marketing strategies that is to be discussed below: [5] Strategy | Description | Push Strategy | Promote product through offering incentives, premiums and purchase additional quantities. | Pull Strategy | With a pull strategy, the target is the consumer as opposed to the seller. We will promote UNIQUE advertising campaign to launch a new product using a dance craze. This can increase publicity and can create consumer demand for the product. Placing coupons and free samples will do also. | Combination Strategy | A combination strategy occurs when the push and pull methods are used simultaneously for maximum promotional effect. In addition to providing incentives for a seller to promote a product, a manufacturer will also launch an advertising campaign to entice consumers to purchase the product. | Building Demand | Sales promotion strategy can involve increasing or building demand for a product. By advertising a special limited offer, such as offering 20 percent off the purchase price if you buy before a certain date, it can create a sense of urgency in consumers, who then give the product a try. Another way to build demand is to use advertising to show how your product fills a need in a way that your competition’s product does not. | Table 3: Advertising and Sales Promotion Strategies ________________________________________________________________________________ 5 Advertising & Sales Promotion Strategies (http://www. ehow. com/list_6513656_advertising-sales-promotion-strategies. html#ixzz2Ktzevwjw)