Product Planning Process
I am going to launch a new product in the market, I am focused on the coffee shop industry, and I want to open my new coffee shop in different cities of U.S. However, I know the competition is tough in the industry, but I will provide the customer, with the best experiences of coffee shop, they ever had. Moreover, I am focused on the market research and developed new strategies so the customers attracted towards the new brand.
Core Product aka Core Customer Value
The core products of my coffee shop will be the refreshment and the time pass drinks that I will provide to satisfy the customer.
The actual product will be coffee.
The augmented level will be, as I will give different kinds of coffee, excellent and rich taste, wonderful lighting, music etc.
My coffee products will be the specialty products, as they will be superior in the quality, have the delicious flavor, there will be customer coffee as well, which will truly stand out.
However, our coffee will be the best because the taste of customer choices will be added to it, there will be efforts to satisfy the customers, and there will be customer preferences.
The product will be different in competition because the customers can tell about the choices, they like in coffee.
I will be more user friendly, as reviews are taken by the customers.
I will classify or target my customers in the market, based on the demographics, as the every person in the city and country like to drink coffee, but my target will the single as they are self-evident.
Behavioral approaches can also be there, as the people like to drink on occasions, degree of loyalty, the people who think coffee is cool or the people willing to try new coffee etc.
The Best Segment Strategy
In demographics, the professional, the people have the income over $40,000 as they will drink coffee on the daily basis, however, the age group between 25-45 are more likely to drink coffee.
The product will be the coffee, handcrafted beverages, fresh food items etc.
The price will be premium or high price so the customers can value the product.
The place will be where the customers have high income and the highly visiting area.
However, the promotion will include advertising, personal selling, sales promotion etc.