Consumers of the product
The aim of Happy Lemon is offering yummy drinks to the target population. The market is busy considering that people across the country enjoy taking sweet and healthy drinks. The products are good for young and old. But, the target customers, are students and business people. Students enjoy yummy drinks. They will be willing to spend their savings on a sweet and healthy drink. Business people would also tend to spend on yummy drinks as a form of fast food. They would gladly spend on a healthy drink to boost their energy as they go on with their businesses. Also, these are the people who are most likely to the product. Having a target population is important as it helps in developing the product and building a brand (Turner & Endres 35). This also helps in sanding out in the market. Having a target market may limit the business potential but will help identify a clear path for reaching the consumer.
Happy Lemon needs to improve the current product for several reasons. First, product improvement will help attract new customers (Lizareli & Carlos 535). Second, it will increase the benefits enjoyed by current customers. Two strategies will be used to improve the current product. First, new features will be added to expand the scope of the product. This new feature will be reducing the amount of time used in making and serving the product. The target population is always in a hurry. Also, we all value time. So, speed is key in serving customers. With this strategy, the business will save more time for customers to execute their tasks. This will be highly valued and help achieve the set objectives (Lizareli & Carlos 538). Also, having a new feature tends to be the only improvements that potential customers hear about. So, it will have great potential in attracting new customers.
Also, improving the existing features will help improve the current product. The purpose of a deliberate improvement of the existing features will be to make the feature better for the current users (Lizareli & Carlos 535). In this case, the garnishes offered to the customers will be the focus. When customers order the yummy drinks, they are served with accompaniments such as lemon or lime. These accomplishments are currently presented in different sizes. By improving this, the current customers that like and use the garnishes will appreciate the improvements. It is an opportunity for adding significant value to the product (Lizareli & Carlos 538). The garnishes will be fresh and cut into equal sizes for a professional presentation. This will also create a ‘we do everything professional’ mentality.
Competing with current/potential competitors
Happy Lemon can use four strategies to compete with current or potential competitors. This is important considering the increasing competition in the market. The first strategy is pricing (Al Badi 3). A high price is associated with a greater likelihood of success especially in the face of competition. The aim here is offering target customers a better value. By making the customers perceive the product as providing the greatest value, Happy Lemon will have a competitive advantage. This is based on the view that customers tend to pay higher prices for greater value.
Second, Happy Lemon can compete with its competitors through product offerings not offered by competitors (Al Badi 3). This can be achieved through product differentiation. Happy Lemon can achieve a competitive advantage by; first, having a unique product appearance. For example, a color such as golden yellow can be unique and influence customers to perceive the product as unique, fresh, and better-tasting. Second, a competitive advantage can be achieved by delivering the products a request.
The third strategy is offering yummy drinks at a comfortable, trendy, and relaxed atmosphere. Happy Lemons faces stiff competition in the market. But, taking advantage of place concept to competition can be a source of competitive advantage (Al Badi 3). Customers will always prefer a place that is safe, trendy, especially students, and comfortable. Investing in such an environment would be useful in facing any competitor.
Happy Lemon can promote its product through various strategies. The first is partnering with local events to promote the product (Al Badi 5). These events include film festivals, trade fairs, and Christmas events or any other event. During the event, Happy Lemon can offer drink tasting. This would help create a unique image of the product to the current and potential customers. The second strategy is using contests. This helps in promoting a brand by putting it in the limelight.
The third strategy is using social media platforms to promote the product in a relaxed environment. The strategy helps connect the product to more potential customers. Also, this strategy will help Happy Lemon stay in touch with customers at a personal level that makes a product more familiar and appealing (Subramanian 187). The fourth strategy is in-store promotions to entice the public into buying the product. This can be accompanied by branded gifts such as pens, diaries, caps, and t-shirts. This strategy will ensure that Happy Lemon is always in plain sight.
Al Badi, Khalid, ‘The Impact of Marketing Mix on the Competitive Advantage of the SME Sector in the Al Buraimi Governorate in Oman’ Sage Journals, 2018, 1-10.
Lizareli Fabiane & Carlos Jose, ‘Practices for continuous improvement of the Product Development Process: a comparative analysis of multiple cases’ Gestao Prodicao, 535-538.
Subramanian, Kalpathy, ‘Marketing and Promotion of a Single Product in Different Regions’ International Journal of Engineering and Management Research, 2017, 7 (4), 183- 191.
Turner Susan & Endres AI, ‘Strategies for Enhancing Small-Business Owners’ Success Rates’ International Journal of Applied Management and Technology, 2017, 16 (1), 34-39.