The new PowerBar GelBar combines the products of two growing market segments into one: the growing segment of energy drinks և a growing but fast-growing, mature energy tile market. At this stage of product development, we need to focus on the life cycle of a good product, the next stages, our unpredictable plan, when we reach it, the marketing mix actions that can be taken to promote the product. brief initial pricing strategy.
Product life cycle stage currently
Despite the fact that GelBar combines growing products with growing / mature products, I think GelBar is in its infancy. However, due to the nature of the ingredients, it is a non-disruptive product that probably reflects the product of the low learning curve. This means that the implementation phase will be short and fast. That’s why I expect GelBar to be a quick competitor once the product launches.
There is some logic to the claim that the product is actually an extension of the PowerBar growth phase և a way for the company to prevent a decline in the maturation phase. From a macro point of view, this is true, but the product itself must start at the investment stage. As the company views the product as a new growth product, GelBar will enjoy market discovery և a large advertising budget potential that will allow it to penetrate the market quickly և with high customer awareness.
Planning the life cycle stages of a future product
Introduction – Launch a product with intensive marketing efforts և pricing. Wrap the product in shiny packaging to attract customers to buy the product. Run in limited markets to test customer feedback, fix product issues before mass market.
Growth – At this stage I expect many competitors to enter the market. More flavors of GelBar can be introduced և promotion will focus on the differences between B GelBar և competition. We will expand the offerings of GelBar as we present our product launches in multiple markets.
Maturity – Keep introducing new product versions until GelBar reaches the full product line. Store your goods in the Impulse Shopping Department at all stores, including gas stations, sports shops, grocery stores, etc.
Decline – Slowly reduce tile production եք Offer alternative rods to encourage customers to switch while reducing conversion costs (ie, reducing the risk of losing, according to scout theory). Start replacing GelBar in the next newly selected stores to test new products.
Promoting GelBar through Marketing Mix: Three Product Promotion Strategies
Product – In the presence of many bars ու on the market և energy drinks արտադ product packaging հեշտ ease of use are paramount. GelBar should be advertised as a product like Snickers to facilitate the idea of an appetizer. Good physical packaging should emphasize the combination of internal components. Possible combinations include two-tone packaging that focuses on 5 hours of energy orange և PowerBar gold or blue և and white to visually emphasize two different components.
It is also possible to package the product. The bar must be available both individually and as a package. This packing horse will allow a serious athlete to buy 6 to 10 bars at a time for a reduced price per bar. Increasing the number of bars available for one-time purchase, GelBar appeals to top athletes, as well as discount membership stores such as Sam’s Club or Costco.
Promotion – As GelBar’s primary market is for high-end sports enthusiasts, advertising will be limited to clearly relevant sporting events. Possible events և End-user groups include community sports events, high school sports events, corporate-sponsored sports և professional sports athletes.
As the product matures in the product life cycle, general advertising will be used. Involving athletes at an early stage will be a natural boost as fans see how athletes use GelBar during sporting events. In addition, GelBar can hire celebrity endorsements from these early professional sports adopters. This will increase the visibility of GelBar for the average consumer և will help increase sales as GelBar’s placement also expands until the product life cycle growth և maturation stages.
Placement – GelBar is designed for serious athletes, so placement will initially be in high-end sports shops and venues, such as professional or amateur league sporting events. These limited test markets will allow us to address customer complaints about new products before distributing them to grocery stores and health food stores in the region. As we believe that GelBar can be a “planned” impulse purchase, the product must be stored in two locations at each location: “at the cash desk for impulse purchases” or “other energy bars” for planned purchases :
When the product is ripe, GelBar should be at every gas station, discount membership store, grocery store, training and sports equipment store. This large market penetration will ensure maximum value for customers as GelBar will be readily available during training or in a short time.
Set the price of GelBar to achieve these goals
GelBar is originally a high quality product that matures into a mass consumer product. Therefore, the pricing strategy will work best in the beginning. Whether GelBar should be given at sporting events to minimize the impact of spy theory on the end user at first, the product should eventually cost more than the market value of energy bars when it is released in a select few markets. This high price will ensure that only a top athlete can set up a bar Gel GelBar as a status energy bar.
However, once competition enters the market, the price must be reworked. Going beyond the penetration pricing plan, GelBar will be able to lead the market, effectively competing with the new bars released by our competitors. As a status bar, GelBar should be widely accepted by mass consumers as long as we are associated with high-performance, elite athletes. This price reduction will make the product available to all types of athletes, not just the elite. The ultimate goal of pricing strategy is to mentally imitate Gatorade or Powerade, both of which are synonymous with sports nutrition.
A thorough analysis of the product life cycle հասկ Understanding the appearance of each phase will be key to Gel promoting the successful launch of GelBar. By using different marketing mix strategies at each stage of the product life cycle, GelBar can stay one step ahead of the competition և maintain its market share. Using each stage of the life cycle, including the fall, as a way to boost GelBar will close the main customer, the elite athlete, while making sure the product is easily accepted by mass consumers when we release a mass. market segment.