Marketing+Question&+Answers

__**Marketing Questions & Answers**__

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1) Detail three items you debated on producing before selecting your produced item. Three items we discussed making were colored salt, gloves that are already broken in, and better sports drinks. We decided that gloves that are already broken in would take too long to produce and sports dinks would be too hard to make because of the years of researching it would take to find something better than what is already out there. That left us with colored salt which had no major design flaws. 2) Does your product have demand in an age of abundance ? Our project is needed in the age of abundance because many people eat a lot of food which often needs to have salt on it. 3) What is your competition for your product? How will you win the market for your product? The competition for our product is What's Shakin! Table Salt. This is another brand of colored salt. Also, regular salt is a competition because it would probably cost less to make and sell. 4) Explain how, if your project fails, it is a “big mistake.” If our project fails, it is a “big mistake” because we could learn what went wrong and improve from it next time. That way, we wouldn’t make the same mistake. 5) How will you design your packaging? How will story play a part in the advertisement of your product? Our packaging will be cheap, plastic, salt containers which will be shipped in cardboard boxes that will contain 20 of the salt products. 6) Create a prototype of your product (it can be a descriptive graphic). Prototype- We have constructed a prototype to show. 7) How will you produce your product? We will produce our product by having a machine produce our colored salt very easily, quickly, and cheaply. Different machines will fill the containers (which we buy from a plastic company). They will then go down a conveyer belt where a small amount of employees will package them. Another machine will load them to a shipping area. Our company will be in the United States because we don’t have a lot of employees to pay. This way we will save money on shipping. 8) How will you advertise? Who are you marketing your product for? Why? We will advertize on television at first to get the word out. The commercial will be fun and meaningful. Then we will put bright advertisement on a billboard and posters to also catch people’s attention. We are marketing our product for people who like to eat and people who want to start to eat healthier. This way, the people will realize they need to see how much salt they are putting on. 9) What stores will you approach with your product? Our product could be sold at many different food stores. We could sell our product at restaurants and places like Wal-Mart and Mini Marts that sell different kinds of food product. 10) How much will your product cost to make per parcel? This includes cost of materials, production, and shipping. For how much will you sell your product? What will the price be? What is your profit margin per item? We estimate that it will cost about $1 to make our salt per parcel. We will sell it for $3.99 so that we will make a profit of $2.99 per salt container. Two jars are only $6.99. [|Three items we discussed making were colored salt.docx]