Running Head: THE LAUNCHING OF HANGOVER RELIEF The Launching of Hangover Relief Rasmussen college 4/20/2019 1 THE LAUNCHING OF HANGOVER RELIEF 2 Product Description The “Hangover Relief” is a retail product that consists of natural ingredients that helps the body gain back fluids and energy after a night of excessive drinking. Value Proposition The hangover relief is a product aimed to assist consumers in being able to engage in drinking and still manage to have a productive day after. It is a better, cheaper and much effective remedy to reduce grogginess, nausea, headaches and the dry mouth that most people experience during hangovers. Reason to Believe The product is made of natural ingredients that have been medically proven to be effective remedies to hangover symptoms. Honey, ginger, peppermint, and lemon have properties that improve the mood, metabolism and hydrates the individual, hence reducing the impact of a hangover. These natural ingredients are mixed with supplements including Vitamins B1, B6 as well as B12 whose functions in the body cannot be underestimated and makes the product more effective within a short period. Suggested Retail Price The product will retail at $20 on regular sale and go down to $18 when on discount to cover for the needs of the target market at an affordable price. THE LAUNCHING OF HANGOVER RELIEF 3 Figure 1: Illustrates a proposed design for the product advertising materials. Retrieved from https://www.amazon.com/PartyPalTM-Prevention-metabolize-ReplenishRevitalize/dp/B00NIGZCEC The image is not the actual design for the product to be launched, but the idea is similar in that it will display the drink, its products, and benefits in an attractive way to the consumer. The rationale of the Concept Statement The product details are based on the benefits each have towards the practical market approach as well as quality results to the end consumers. The reason for selecting hangover remedy as the product of interest in this launch is because there are less available substitutes. Most of these remedies that are already available in the market are pharmaceutical medication like painkillers and syrups that do not give immediate effect (Mikhail, 2018). There are also home formulas that people can make using natural ingredients, but most of the victims have no THE LAUNCHING OF HANGOVER RELIEF 4 time or resources readily available to help them in time of need. The hangover remedy product to be launched is, therefore, an effective way of providing relief to clients after a night of heavy drinking. The decision to use natural ingredients is mainly because the producer is careful to deliver an effective solution to hangovers without compromising the health of the users. Ginger, lemon, peppermint, and honey are great products that provide nourishing, detoxification and improves the metabolic impact of an individual’s body. These items used in the making of the hangover remedy is proven to have no short- or long-term side effects. The consumers can believe the effectiveness of the products as the ingredients used has a well-known positive impact on the body. The fact that this product can be used to treat handover symptoms like severe headaches or nausea feelings implies that it is produced specially to handle all challenges that arise from drinking (Mikhail, 2018). The retail price is determined by the production cost considering the ingredients used, equipment, labor, and other market expenses. $20 is the best price as it is at par or slightly higher from the market value of pharmaceutical remedies. The consumers will be willing to spend one or two dollars more to get a legit, natural and effective solution for their hang downs instead of opting for medication that might have adverse side effects. The discounted price might go down to $18 to attract new consumers and appreciate the loyal ones to keep purchasing the product for its quality and affordability. THE LAUNCHING OF HANGOVER RELIEF 5 Market Research The ability to get an active market for a new product is the best step to achieve progressive business activities. A target consumer base of young people between 21- 26 years old is a strategy that requires more research to attain practices that these individuals will appreciate. Although there is a specific consumer target for the product, the producer must also consider other age groups who might also need the product for similar or other uses (Narver, Slater & MacLachlan, 2004). While conducting market research, it is essential to consider the crucial aspects that will promote the development and success of this product. Firstly, brand research is a way of finding out the best images, characteristics, and narratives with which to involve the company. The information is used in every stage of the business lifecycle as it keeps everything focused on communicating a specific message to the consumers which determine their loyalty. As a new product, it is also advised to find the competitive analysis of this particular market as such details assist in making choices about price, advertisement and the services offered by rivals. Once a company has precise information on how to deal with their competition, it is easy to develop effective marketing strategies that will give both short and long-term solutions (Narver, Slater & MacLachlan, 2004). The market research also involves finding out about the consumer insights as these are the most influential stakeholders in the promotion of a new product. One can find out how consumers behave the way they do when it comes to particular product characteristics or changes. The producer is, therefore, able to personalize marketing strategies depending on consumer preferences and expected future changes. The market for hangover remedies is in such THE LAUNCHING OF HANGOVER RELIEF 6 a way that the consumers get more influence from social media and other online platforms which is a guide the marketing department on the decisions they should make (Narver, Slater & MacLachlan, 2004). Consumer satisfaction research is also essential as it puts into consideration the reliability of the product and service, market price, knowledge and consumer reviews about the products of that nature. THE LAUNCHING OF HANGOVER RELIEF 7 Shawn the Model Daily Activities Challenges Shawn has 3-hour classes in the modelling agency Shawn gets exhausted after a night of partying as he has to go to work and training He also has practice for the local magazine every afternoon Shawn’s Vital Statistics Shawn is an American based 24-yearold commercial and runway model He likes to go all night partying at least two days a week Shawn is active on mobile device and the internet Persona of the Target Market In the evening, Shawn has to attend a photoshoot for a clothing line he represents since they bring in new stock everyday He therefore struggles with either ignoring some events or take painkillers to feel better the next day Device and Social media use Goals and Objectives Desktop devices 60% Shawn has the goal of rising in his modelling career though the right exposure and connections Mobile devices 99% He also loves to make memories with his friends and colleagues through parties Social Media use 99% THE LAUNCHING OF HANGOVER RELIEF 8 SWOT Analysis Hangover remedies are products that must undergo positive and negative factors to make a good impact on society. The SWOT analysis of this new product is as below. Strengths The major strengths of this hangover remedy product are its brand promotion, which represents a naturally effective solution for challenges that come with drinking. The target consumers can relate to this product as many of them want to find a way of having fun and still conduct their daily activities without the interruption of headaches, fatigue, and nausea. The product also has an affordable price considering the quality ingredients which attracts many consumers. Weaknesses The company size does not allow for more inviting and well-funded advertisements as they might cost a lot from the capital invested in the product. The consumers will, therefore, have less information about the product and reduce their possibility of making a purchase. Opportunities There are great opportunities as the product is operating in a growing market with fewer substitutes, meaning that the possibility of success if higher. The target market is also appreciative of products that make their lives more comfortable like the hangover remedy which enables them to have a good time and still engage in their daily commitments. Partying in the US THE LAUNCHING OF HANGOVER RELIEF 9 has expanded with increased events that involved drinking and hence increasing the consumer base for these products. The increased use of social media among individuals of 21-26 makes marketing easier for this product as the company can address a vast audience with a single post. Threats The greatest threat that might face the launch of this product is the availability of pharmaceutical pills or syrups which most people trust due to their medical connection. It would take enough convincing through the implementation of great marketing strategies to achieve a position where customers can accept the product. References Mikhail, N. G. (2018). U.S. Patent Application No. 15/345,143. Narver, J. C., Slater, S. F., & MacLachlan, D. L. (2004). Responsive and proactive market orientation and new‐product success. Journal of product innovation management, 21(5), 334347. Hangover Relief Hangover Gone in under 30 minutes Stout, Keisha 4/6/2019 Hangover Relief The “Hangover Relief” is a product I would like to launch so that I may eliminate so many other remedies that I know we have all tried so many times; with no success. My product will have natural ingredients that will allow your body to rehydrate itself in less than 30 minutes. No more nausea, no more grogginess and most importantly no more headaches; you will feel as if you never were drunk to begin with. The reasons for the creation of my product are countless but I have one main reason to put this product into production; Life. I know that not all of us feel the same after a night out, but I know that we all feel fatigue, we all feel the headaches and my personal favorite, the dry mouth. In some cases, having a hangover can be so severe that you end up missing those extraordinary events. You can end up missing those birthdays and weddings. I say let’s change that! Just like every product out there, I have a target range. My main target would be those who I know would benefit the most from my product. Clients between the ages of 21 and 26 are my main target due to the stereotype that proceeds that age group. Many people around that age range are your college students and military members; those are the ones who often drink the most and who can benefit the most from my product. That age group has the mentality that they can go through life drinking and partying and feel invincible. Unfortunately, that is not a true statement, we all suffer hangovers and we all have those symptoms, so we can all benefit from the product. The age range doesn’t stop at 26, it is for those who are 21 and older since the product resolves so many issues, it can be used for more than just hangovers; it can be used for all hangover like symptoms. The biggest value in my product will be how universal it is. Yes, my main idea came from not having any more hangovers, but it can help with those who feel those hangover like symptoms when they do not drink. For those expecting mothers who feel that nausea, that fatigue and that dizziness now can change those symptoms. A hangover is defined as the experience of various unpleasant and psychological effects following the consumption of alcohol; the “Hangover Relief” will redefine what it means to have a hangover. What once lasted hours and sometimes days will now be gone in no time. A hangover is a consequence of having drinking too much alcohol, which causes several effects such as Urinating more which can cause dehydration; which can cause you to feel thirsty and lightheaded. It can also cause low blood sugar which can make you feel tired,shaky and possible seizures. References Hangover https://en.wikipedia.org/wiki/Hangover How to cure a Hangover https://www.medicalnewstoday.com/articles/5089.php Running Head: HANGOVER RELIEF 1 Hangover Relief Market Analysis Keisha Stout 04/14/2019 2 HANGOVER RELIEF Hangover Relief Market Analysis Introduction This paper looks at the market for the Hangover Relief. It undertakes to segment the market, identifying three consumer segments which are most likely to buy and use the product. Additionally, from the various consumer segments, the paper pinpoints one that is to be the target market and provides a backing for the choice as well as providing a description of the target market based on the demographic, psychographic, behavioral, and geographic details. The paper particularly analyzes the cultural aspects under consideration as regards the product based on the demographics selected. The paper then gives a description and analysis of the competitive environment of the product, looking at key competitors and the strengths or benefits of the product that are the foundation for the product positioning strategy in the market. The Products Market Customer Segments The three main customer segments for the product comprise; Young college-going youths aged between 21-26 years, due to their partying and drinking culture with them being more prone to drink alcohol than any other age group. The second segment is working adults aged between 30-45 years, most of whom engage in drinking as a leisure activity. The third segment comprises persons who experience nausea, headaches and hangover like symptoms though they have not drunk any alcohol, this may include; pregnant women, persons working in polluted or environments that induce hangover-like symptoms as well as those who are suffering from 3 HANGOVER RELIEF particular infections, sick spells or diseases. These segments will provide the basis for selecting the target market for the product. Target Market The consumer segment I chose as the products target market is the College going youths segment aged between 21-26 years. This is the segment of choice due to the fact that this age group is most likely to engage in heavy drinking and have been found to be the most drinkers, and thus have the highest probability of suffering from hangovers and need Hangover Relief, which is the product on offer. Additionally, they are most in need of hangover relief due to their educational and sporting demands which may require them to be physically and mentally well to engage in. This target consumer segment is composed of persons aged between 21—26 years, with 21 being the legal drinking age in the United States, which will be the geographic location for most of the target market. This age group is comprised of young adults who are most likely in college, university or have just finished their higher-education program. They are also most likely to be geographically based in urban centers, (Florida, 2018)meaning the product would have to be based and sold mainly in urban centers. Additionally, since this age group is majorly comprised of millennials and generation z, its psychographic profile most aligns with that of millennials and generation z, with it is defined by; strong personality and belief in selfexpression and uniqueness, high levels of diversity making them more likely to socialize and interact with others, high innovation and creativity as well as them being big spenders, with them being more prone to impulse buying and trying out new products in the market and sticking with those products if they prove to be trendy and good as well as having a high propensity for 4 HANGOVER RELIEF partying due to their socializing and interactive nature, (Green Buzz, 2017). This demographic, geographic, behavioral and psychographic factors heavily influence the consumer culture of the market segment and impact the marketing strategies for the product, hoe it will be sold, where it will be sold and the quantities it will be sold in, all the way down to packaging and advertising. Cultural Elements There are cultural elements that will need to be put into consideration for the product based on demographics of the target market, in this sense is the culture of the target consumer segment which will include aspects such as; There high affinity for technology which they use comparatively more than any other age group and thus a need for a technology application of the product such as creating a website and mobile application for buyers to use. They use social media more than any other generation and are exposed to more information and thus the product will need to have a high social media presence for it to reach the consumers effectively and to widen the market reach. They have a liking for innovative, trendy and creative products which they are more likely to buy and use especially if the product makes use of technology and unique concepts such as free delivery and bonuses for buying a certain amount of the product as well as what they would consider as cool product packaging, which is unique and attractive, feeding into their desire for self-identity, high customization and sense of individuality. There high liking for diversity and social interaction means the product would have to be suited to target social gatherings and parties such as music festivals and events which would provide a prime market and selling point for the product. All these cultural aspects of the select demographic group require the product to adapt and align to meet them and be part of the cultural and behavioral stance in order for it to effectively position itself and serve the market adequately while reaping profits. 5 HANGOVER RELIEF Competitive Landscape The key competitors for the product include already present pharmaceutical products, such as painkillers and home-made hangover remedies which comprise numerous rehydration formulas and programs. In order for the product, Hangover Relief to effectively compete and even outperform these current remedies, it will need to stand-out; through its packaging which must be unique and attractive to draw customers, its marketing strategy that will ensure it reaches the most number of consumers and convinces them to make use of the product, its pricing which should be below the cost of other available remedies or at par with them, its ease of use, high level of effectiveness and medical and quality regulatory certifications all of which will give it credibility and allow it to gain the trust of the target consumers and drive them to use it. These ensure will enable the product to gain a competitive advantage in an already crowded and complex market. In order to further cement the positioning of the product, the focus will be in its key strengths and benefits to the consumer, which will include; A low pricing margin, ease of use of the product, a lack of side effects when using the product in terms of both short-term and longterm effects, better product packaging and distribution through local deliveries and supply points for the customers convenience and a high level of quality and effectiveness of the product in relieving hangovers almost instantly making it more suitable as compared to other product and more effective as well. 6 HANGOVER RELIEF Conclusion The analyzed market segments and final product target consumer segment provide a clear view of the market potential of the product as well as its strategic market value which is aligned with and fully based on the consumer, the consumer needs and their preference. Based on the market aspects analyzed, the Hangover Relief product is an effective and quality product which will perform admirably in the market . 7 HANGOVER RELIEF References Younger Males Drink Most, and Sometimes Too Much Gallup: https://news.gallup.com/poll/8908/younger-males-drink-most-sometimes-too-much.aspx Millennials Are Happiest in Cities. Retrieved from City Lab: https://www.citylab.com/life/2018/06/millennials-are-happiest-in-cities/563999/ Marketing Psychographics- Talking About My Generation. Retrieved from Green Buzz: https://greenbuzzagency.com/marketing-psychographics-talking-about-my-generation/
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