Your Topic Must Be For A New Product A Good Or


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 Star…

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


Expert Solution
  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.

  1. 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.

  1. 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.

  1. Marketing goals:

Following are the marketing goals being pursued by the

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

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

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.

  1. 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.

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