Product

“We define a product as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. Products include more than just tangible objects, such as cars, computers, or cell phones. Broadly defined, ‘products’ also include services, events, persons, places, organizations, ideas, or mixes of these.” (Marketing: an Introduction, Ch. 7, Pg. 208) In this case, my product is a food item that not only provides nourishment as a compliment to the experience of drinking in a bar but also facilitates social behavior with its intriguing packaging and marketing.

To begin with, however, there are a few questions that must be asked before even thinking of introducing a new product to an already saturated market. "First, Is it real? Is there a real need and desire for the product and will customers buy it? Is there a clear product concept and will the product satisfy the market? Second, Can we win? Does the product offer a sustainable competitive advantage? Does the company have the resources to make the product a success? Finally, Is it worth doing? Does the product fit the company’s overall growth strategy? Does it offer sufficient profit potential?" (Marketing: an Introduction Ch. 8, Pg. 248) To answer the first question, of course there is a niche market for snacks that are to be sold specifically in bars. The product is real. Not many companies primarily sell their products in bars other than those whose products are alcoholic beverages or garnishes for those beverages. With regards to the second question, I'm certain that we can "win" if we provide enough intrigue about the product and market it appropriately. There is little to no competition and opportunities for innovation are boundless. To answer the final question, there is a great opportunity for profit based on questions one and two. There is potential for a well-known and well-developed product to surface in this market. It's worth doing.

A good product is no longer enough to stand out in today's competitive market. “…Companies are moving to a new level in creating value for their customers. To differentiate their offers, beyond simply making products and delivering services, they are creating and managing customer experiences with their brands or company.” (Marketing: an Introduction, Ch. 7, Pg. 209) To differentiate my product, the cheese ingredients in my snack food will be derived from actual French Brie cheese and, as I had said before, the marketing of this product both on and off of the packaging will be interesting and engaging (courtesy of Phileas Fogg's tall tales).