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LP3 Assignment: Product Concepts and Development This assignment will assess competency 5. Create a set of marketing planning activities as a tool for accomplishing organizational objectives....

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LP3 Assignment: Product Concepts and Development

This assignment will assess competency 5. Create a set of marketing planning activities as a tool for accomplishing organizational objectives.

Directions

For this assignment, view the video Chapter 11 – Developing and Managing Products. Jim King and his wife discuss how they decided to create the company GaGa’s Inc. using the product Sherbetter. The line expanded from just Lemon to several other flavors as well as Sherbetter bars, the struggles of branding, line extension, and other aspects of the frozen dessert market.

After viewing the video, write a XXXXXXXXXXword essay that responds to the questions, “What type of new product is GaGa’s Sherbetter? Why?" Also respond to the following prompt: “what stage in the Product Life Cycle does it seem that GaGa’s is in? Explain."

Answered 30 days AfterOct 30, 2017

Solution

David answered on Nov 30 2017
37 Votes
GAGA A Market Study
GAGA A Market Study
Contents
Introduction:    2
Analysis and Study:    2
Conclusion    4
Introduction:
This video mainly swivels around a product that is unique and revolutionary as compared to other stereotypes in the market. There is an individuality to the category in which this product could be fit into as well as the target audience that the product GAGA she
etter is poised to capture over a long period of time. At present, according to the essence conveyed by the Key Managerial Personnel of the respective company we could infer that the product has been in the market for nearly 15 years, however is limited in geographical reach and volume of sales. The following section is a deep dive analysis with respect to the product as well as the market strategy of the company as observed from the video.
Analysis and Study:
Cravens, D. W., & Piercy, N. (2006) has argued that any business that is pitting to be successful is expected to differentiate its product from that of the competitor in terms of content, quality, appeal as well as other related unique selling propositions. Firstly, the product She
etter is unique by itself as it could not be categorised in its entirety either under the ice cream or the She
et category. It was a completely new idea of a frozen, flavour based product in the market. The product was actually a frozen dessert, which was sweet and made from ingredients such as Milk, Liquid Cane Sugar, Cream, Skimmed Milk, , fruit Orange Juice Concentrate,...
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