3-5 pg paper assignment

For this assignment, create a 5-6 page paper (not including title page) that contains the following information:

Include a concept statement. Concept statements are useful during the research phase as a means to obtain feedback on a new product idea from potential consumers before bringing the product to market. A concept statement must include the following key information: Headline (This can be as simple as “Introducing XYZ Product!”)Product Description (Include a short statement describing the key features of your product.)Value Proposition (What value does your product commit to deliver to consumers? What are the key benefits of using your product? What problem does your product help consumers solve?)”Reason to Believe” (Why should consumers believe that your product will deliver the value it promises? Be sure to provide facts here, not “fluffy” language!)Suggested Retail PriceImage/Product Shot (Provide a drawing or mockup photo of your product.) Include a summary that explains the rationale for each component in the concept statement (for example, why you included certain product features, why the specified price was chosen, why the key benefits highlighted are the most important ones, etc.).Describe two ways that you will do market research to identify who your target audience is. Discuss the type of market research, how you will implement the research, and why you selected those types of research.Create a persona that represents your target market based on your research.

Create a SWOT analysis for your product to identify strengths, weaknesses, opportunities, and threats.

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:

The 5 Active Generations and How to Market to Them