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Marketing Design and Innovation (PDF)

   

Added on  2021-05-31

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Running head: MARKETING DESIGN AND INNOVATIONMarketing Design and innovationName of the studentUniversity nameAuthor’s note

1MARKETING DESIGN AND INNOVATIONTable of ContentsIntroduction................................................................................................................................2Objective....................................................................................................................................2Part A-Consumer trend analysis.................................................................................................3Part B- Ingredients in product....................................................................................................4Part C-Assessment of data on market trends before product launch.........................................5Part D- Market performance of the product...............................................................................7Summary of the report...............................................................................................................8References................................................................................................................................10

2MARKETING DESIGN AND INNOVATIONIntroduction The current assignment focuses on the marketing and innovation strategies for a newproduct launch. In the current assignment, WRIGLEY’S 5 GUM had been taken intoconsideration. It had been launched in the USA market in the year 2007 with an aim ofproviding the customers with a healthy alternative. Wrigley’s is the world’s leadingmanufacturer of chocolate, chewing gums, mints and fruity confectionaries etc. It has itsoperations spread across 70 countries and is famous for manufacturing some of the knownbrands such as snicker’s, skittles, orbit etc (chiefmarketer.com 2018). However, before the launch of a new product a number of steps needs to beundertaken which are analysis of the market trends, understanding of the customer choice orpreferences. Therefore, taking some of these factors into consideration the marketing plan fora brand or a product could be developed.Objective The objective of the assignment is to-investigate the consumer trends that might have prompted the launch of newproduct WRIGLEY’S 5 GUMAssess the market performance of the WRIGLEY’S 5 GUM and drawconclusion of its overall success WRIGLEY’S 5 GUM is the newchewing gum of 5 calories, a product of MARSWRIGLEY CONFECTIONERY, launched in 2007 in US market. This sugar free stick gumproduct is more than just a gum brand and manufactured to stimulate senses and give people

3MARKETING DESIGN AND INNOVATIONa whole new experience. The name 5 on the product indicates stimulation of five senses(Wrigley.com. 2018). Part A-Consumer trend analysis For a product to receive success within the competitive market it is necessary todevelop an idea regarding the customer trends. Some of the customer trends which wereemergent during the launch year of the products were – going sugarless, healthy teeth etc.Therefore, based upon the current preference of the target customer segment the marketingplan was further developed. The chewing of gums had been found to be predominant withinthe teenagers. Hence, the young adults or the teenagers formed the target customer segment.In the order to evaluate the customer trends it necessary to understand the various factorsguiding the purchase of a product. Some of the factors which make teenagers prefer chewinggum are the relaxation produced by the chewing gum; they help in controlling bad breath,help in avoiding snacking, clear nose and throat, as well as protect the teeth from decayingactivities.The chewing of the gum has been seen to reduce anxiety by normalising the balanceof serotonin and dopamine in the brain. As mentioned by Nikolova and Inman (2015), thechewing activities have been seen to reduce the anxiety levels by decreasing the synthesis ofcortisol. The stress relief occurs and instantly and has long term effects. The flavoured gumhas been seen to cause arousal in the memory and learning centre of the brain helping ingenerating quick reaction. In the recent times, there is growing concern regarding theconsumption of excess sugar rich diets. Reports have proved that excess consumption ofsugar is associated with weight gain and digestive disorder. For example sugar rich diet hasbeen seen to promote the development of conditions such as Gastroeosophagul Refluxdisease (GERD) in people. Excessive comsumption of sugar have been seen to cause tooth

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