EOC: Week 10: What are the benefits vs the features?

"A brand’s value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs. At AT&T, it’s “Your World. Delivered.” whereas with T-Mobile, family and friends can “Stick together.” The diminutive Smart car suggests that you “Open your mind to the car that challenges the status quo,” whereas Infiniti “Makes luxury affordable.” And a recent joint advertisement by Kraft and Campbell features a tomato-soup-and-grilled-cheese-sandwich combo that “Warms hearts without stretching budgets.” (Marketing: An Introduction for Education Management Corporation, Pg. 9)

The benefits of the Chorizo Tapas by Phileas Fogg is to give adults a more memorable and exciting experience. The snack products of Phileas Fogg not only provide exotic flavors but it allows people to try the many flavors of the world and experience the culture without having to pay money to travel to these places.

A product can be offered with varying features. A stripped-down model, one without any extras, is the starting point. The company can create higher-level models by adding more features. Features are a competitive tool for differentiating the company’s product from competitors’ products. Being the first producer to introduce a valued new feature is one of the most effective ways to compete.(Marketing: An Introduction for Education Management Corporation, Pg. 215)

The features of this product are that it brings together salty and spicy foods together. These chips are flavored with chorizo, sherry vinegar, and paprika. These flavors all enhance flavors and also goes great with alcoholic beverages. 

The difference between a feature and a benefit is that a feature describes what the product has, such as with smartphones they can surf the internet, text, take pictures, etc. Where as a benefit is something that has more value. It brings to you an experience, it could benefit your health, benefit you financially. It draws you in and it shows that the company cares about its customers where as features is about competition. 

EOC Week 9: Three Great Mission Statements

 “Some companies define their missions myopically in product or technology terms (“We make and sell furniture” or “We are a chemical-processing firm”). But mission statements should be market oriented and defined in terms of satisfying basic customer needs. Products and technologies eventually become outdated, but basic market needs may last forever. Cold Stone Creamery’s mission isn’t simply to sell ice cream. Its mission is to “make people happy around the world by selling the highest quality, most creative ice cream experience with passion, excellence, and innovation.” Likewise, Under Armour’s mission isn’t just to make performance sports apparel, it’s “to make all athletes better through passion, science, and the relentless pursuit of innovation.” (Marketing: An Introduction for Education Management Corporation, Pg. 40)
I choose the three mission statements that I felt stood out the reasons were: good terminology, humor, and they draw you in.
Sharon St.Lauren's mission statement was really good. I liked the terms that are used because they pull you in, such as "packed with power in every bite," and "smile around the world." http://sewb4us.blogspot.com/
Joaquim Abbott's mission statement had a good way to draw you into the product. It made you enjoy the snacks without even trying them yet, which is a good way to make people want to try your products. It also draws in different demographics; it lets people know that even adults will be able to enjoy the snacks that the company makes. http://jquik.blogspot.com/
Victor Camarillo's mission statement has humor in it and humor is always a good thing. You want people to be able to laugh and enjoy what it is you are selling. Humor is a great way to keep people interested and ultimately buy your products. http://vegasvicphoto.blogspot.com/ 

Implementation Evaluation Control

"Investigation and evaluation steps should be built into your marketing plan to measure the effectiveness of your implementation. Evaluation is based on specific targets or aims as elsewhere. For example, performance may be evaluated in terms of the number of sales calls made or new accounts started."
http://toolboxes.flexiblelearning.net.au/demosites/series5/504/content/04_promote_biz/01_marketingplanning/07_impevalctrl/page_001.htm 
"Methods for controlling the marketing plan: measuring income/expenditure budgets (performance), performance appraisal evaluation (i.e. staff), variance analysis, budgetary control, benchmarking, marketing mix effectiveness, competitor performance." http://prmarketingcommunication.com/2011/12/13/marketing-planning-implementation-and-control/
This product is specifically aimed towards adults that like to have a few drinks and have fun. We hope to attract to the Hispanic community and then expand to all other ethnicities. Our income will be measured based on sales and our budget will probably be about $1.50 to make so that we are able to gain profit. We will take in account our competitors performances by doing research on sales and by keeping a good relationship with them. We will look at sales increases and decreases, and look for reviews so that we will be able to make our customers more satisfied and give them the experience they deserve.

Price

"Value-based pricing reverses this process. The company first assesses customer needs and value perceptions. It then sets its target price based on customer perceptions of value. The targeted value and price drive decisions about what costs can be incurred and the resulting product design. As a result, pricing begins with analyzing consumer needs and value perceptions, and price is set to match consumers’ perceived value." (Marketing: An Introduction for Education Management Corporation, Pg 276)
Price is the amount of money customers must pay to obtain the product.(Marketing: An Introduction for Education Management Corporation, Pg 54)
The price for this product at a grocery store would probably be around $2.48. I chose this price because it is about the typical price of a bag of chips that a person will buy at the grocery store. Personally I usually would not pay more than $4 to $5 on a bag of chips. So I decided to put it at $2.48 instead of $3.48 because the chips that are usually marked at that price are big brands like Doritos and Lays. I feel that if I mark this product at a price a little lower than those brands, then it could draw people into saying "Hey those sound good and its a flavor combination that I haven't heard of before."
The price for this product at a bar or nightclub will be around $4 to $6. I chose this price because people that are typically at the bar are those that are okay with spending a bit more money, plus things at bars are usually more expensive than in stores.
The people that shop at grocery stores are those that are looking for great deals and don't want to spend money on something they don't feel is worth it. People that buy at bars are people that are just looking for a great time and will buy just about anything at what ever cost to have that time. 

Distribution

"To make products available in the right place at the right time in the right quantities
Distribution is achieved by using one or more distribution channels, including:

• Retailers
• Distributors / Sales Agents
• Direct (e.g. via e-commerce)
• Wholesalers

A distribution channel can be defined as:
"all the organisations through which a product must pass between its point of production and consumption" http://www.tutor2u.net/business/marketing/distribution_introduction.asp
We will distribute this product through retailers such as grocery stores, liquor stores, and gas stations and we will also sell directly at bars and nightclubs. At the grocery stores this product will be sold in much larger bags. This is because many people that are buying from a grocery store are usually buying for multiple people, for parties and sports nights. At bars and nightclubs this product will be sold in smaller portions, because when you are at those kind of places you don't really want to be carrying a big bag around. Plus the product is at easy access, so if you run out and you are still hungry you are able to just purchase more.

Promotion

Promotion means activities that communicate the merits of the product and persuade target customers to buy it. (Marketing: An Introduction for Education Management Corporation, Pg. 54)
I would promote this product in three ways: advertisements, give out samples at grocery stores, and have bowls of this product all around the bar. I feel that these ways of promotion will help get the word out about this product. Advertisements are a great way to reach a variety of potential customers, because the majority of adults watch TV. Giving out samples is also a great way especially inside of a grocery store because many people are hesitant to buy new products. So by giving out samples it exposes the product to the people and the people to the product. If a customer is able to taste the product before hand and for free then they are able to decide if they like it or not. This benefits both the company and the customers.Putting out bowls of this product around the bar can help, because it draws people in. People don't just want to drink they want to be able to snack on some food too. It's all about the experience, this isn't just a ordinary snack food it's an adventure in a bag.
The advertisement will be based on the adventure that Phileas went on to discover these amazing flavors. Here are just a few drawing of some of the scenes within the commercial.

Product

"Product means the goods-and-services combination the company offers to the target market." (Marketing: An Introduction for Education Management Corporation, Pg. 54)

I have created an amazing salty and spicy snack that will go great with alcoholic beverages. It is a chorizo, paprika and sherry vinegar flavored tapas (chip). What is a tapas you may ask, well I was thinking the same thing while traveling through Madrid, Spain. Tapas is like finger food, bite-sized, or an h'orderve,it also means "cover" in Spanish. Chorizo is a salty and flavorful meat that is very common all around Spain. Paprika is a spice that is used to give a dish color and flavor. It is made from ground, dried fruits of Capsisumannuum, which are usually bell peppers or chili peppers. Sherry vinegar is a wine vinegar made from sherry. It must be aged for 6 months in American oak, have a minimum of 7 degrees acidity, and can only be aged within the sherry triangle, which is in between the cities of Jerez de la Frontera,Sanlucar de Barrameda, and El Puerto de Santa Maria.This snack offers adventure, mystery, and memories. It will take you on the flavorful journey that Phileas Fogg went on; show you why he chose these amazing flavors and how he came to discover them. This snack will help you to jump start an amazing night. This snack will put a whole new meaning of salty snack foods. Here is what the packaging will look like, and where the Lorem Ipsum is is where the adventure will be placed. I chose these colors because mainly and food idea has the color red in it. I once heard that the color red makes people hungry is I guess that is why many food companies and restaurants use this color and i chose this color to represent the spiciness of the product. Also red is a great color to make your product pop. The other colors i chose were golden yellow, olive green, and cream because I felt that they fit the theme of Spain.