Question

What is missing in the market (gap analysis)?
Which gap you can fill by introducing a new product in the market?
What feature you can add (that are missing in available products)?
How can you analyze your target segments?
What are the relevant factors (base) upon which you can segment your market?
Which pricing strategy is appropriate for this segment?
What marketing channels are relevant to attract that target segment?
What are the ethical concerns that as a company you have to take care for this target segment?

This assignment needs you to put some efforts. Here is a tip for you to follow for the assignment: Read the above questions and think about a new product (or a new product feature) that can fill a gap in the market. Once you have an idea, look for the answers by using the concepts you have read during the semester, or search it on the internet using google search.

Answer 1

Answer-) The product name is "Mineral Mocktails" . This product is a moktail of different juices and the most important thing is that it is Hygienic and healthy to consume.

So, I observed that their were many beverages in the market to drink but their is a gap where fresh, tasty and hygienic drinks are missing . People wants healthy and delicious drinks and therefore the name suggests mineral Mocktails where mineral means that it has all necessary ingredients which makes in fresh and natural.

I can fill the gap of a thin line between soda and juices. See some people want to drink soda but because of sugar content they won't and some people want to drink juice but because of taste they won't. So their is a gap , therefore this product being delicious Mocktail of various juices and at the same time being hygienic and healthy can cater to a wide category of people.

The feature which I can add is that use of disposable bottles. Beverage industries today use plastic bottles that is harmful for society and by using eco friendly bottles, it will be good for society as well as it will also create a good image of the company in the eyes of the public being ethical and socially responsible.

My target segment will be most of the young adults who are very busy and do not have time to spend on theirselves. They want something quick to drink which is healthy and tasty. So my target segment will be upon psychological and geographical factor from where I can know how many adults are their in society and what is their buying Behaviou in beverages.

The pricing strategy should be economical pricing where the pricing would be neither too high making the product out of reach for common public and neither too low making the product inferior.

OTT(over the top) medium of marketing is suitable where the company can be promoted in various online channels where target audience can see the advertisement.

The ethical concerns which i have to take care is that minimal waste, proper Hygiene standards and no quality compromising.