Management - Innovative Product Project - Core Power - Report Writing Assessment Answer

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Management Assignment

Assignment Task

Task Part C:Innovative Product Project (Group)

Working in groups of no more than 4, students are to examine theexternal influences(topics covered in weeks 6-10) on buyer behaviour as they impact on thedecision-making sequence(topics covered in weeks 11-13) used by consumers, for an innovative product.This product must exist but as yet, not to be introduced to the Australian marketplace.In your groups you need to evaluate the need and acceptance of the product for the Australian market in light of the external influences on consumers.

Students must furnish the following information for this assessment:

1. Describe both the company and the product. Include details about the company history, the product’s features and benefits and current sales figures for the product.
2. Explain what the current trends are for the product related industry in Australia (size, growth/decline of the industry, actual or potential competing products) and why the product would interest Australian consumers
3. Choose a target audience on which to initially focus a marketing effort for the product. Justify why you have selected the target audience. Develop a profile by creating a persona of the typical consumer for this product (their demographic, lifestyle and consumer behaviour) and explain why you have chosen this target audience.
4. Identify and describe each of thefive(5) steps in theconsumer decision-making sequence, and evaluate the impact ofexternalinfluenceson each step of the sequence and the consequent effect on the target audience’s desire and decision to buy the product.

Amarking guidewill be made available detailing the specific requirements.

This assessment should be built as the learning occurs. It is recommendednotto make this a divided project; the learning experience and outcome will be better if the topics and questions are collectively discussed and worked on. To assist in assessing the contribution of each student in the group, brief minutes of group meetings should be kept that detail what activities have been undertaken and by whom. This is used in cases of complaints or disputes about the performance of a group member. The manner in which these records are kept is to be determined by the group. Strategies to assist with group work, may be found at the Learning Lab

https://emedia.rmit.edu.au/learninglab/content/assessment-tasks

The format for this assessment is agrouppresentation. This following items need to be included:

• Title slide including product name, student names and numbers, name of the course and date
• Introduction
• Structured body section, with information organised under headings as determined by the assessment requirements
• Conclusion
• Reference list

The presentation should be approximately twenty (20) minutes in duration including no more than five (5) minutes of question time.

Guidelines to assist with presentations can be found at the Learning Lab athttps://emedia.rmit.edu.au/learninglab/content/assessment-tasks

When referencing sources such as textbooks, journals, websites, newspaper articles, industry reports and so on, the Harvard Referencing system must be used. To assist with this process, a document ‘RMIT Business referencing guidelines’ can be found on the Learning Hub. Additional guidelines can be found at

Students are required to read beyond the text and to incorporate other credible sources into their academic work.

The final presentation is to be submitted via the Learning Hub (someone in the group will be nominated to submit this)PRIORto the in-class presentations (end Week 14).

Additionallyeachindividual student is to confidentially complete apeer assessmentthat is to be submitted via the Learning Hub. The peer assessment form is located on the Learning Hub and students are to evaluate the contribution made by each other member of their team. If a mark other than of equal contribution is allocated to a team member, then an explanation for the variance in contribution needs to be explained. The criteria for considering the contribution of the team members are as follows:

Quantity of contributions:

• frequency of attendance at meetings
• number of tasks taken on
• size and complexity of the tasks undertaken or participated in
• amount of time spent on tasks.

Quality of contributions:

• completed tasks, on time
• made genuine and concerted effort at all times
• accurate and relatively error free material presented
• highly imaginative or creative.

Contribution to team:

• helped create positive atmosphere in meetings and in communication
• made suggestions; had good ideas
• active and constructive in meetings
• sorted problems, smoothed difficulties
• helped make decisions and kept to them.

Just do a report for us and we will make a powerpoint

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Solution:

Innovative Product Project: Core Power

Innovative Product Project: Core Power

The Coca-Cola Company has prevailed in the beverage industry for decades, and it is still recognized as the largest drink-related firm in the world. It offers refreshing consumers with over 500 brands and over 3,800 beverage selections. With the influence of Coca-Cola, which is the primary brand, the company’s portfolio features 20 other billion-dollar brands with 18 of them offered in lessened-, low- or no-calorie alternatives. These brands include Coca-Cola Zero, Diet Coke, Dasani, Minute Maid, Sprite, Fanta, Vitamin Water, Simply, Powerade, Gold Peak, and Del Valle among others. Coca-Cola Company innovates new products almost annually and sometimes collaborates with other companies (Cross, 2013). For instance, Coca-Cola recently partnered with Select Milk Producers to form Fairlife LLC. Under this brand, Coca-Cola creates a market, distributes products and sells them to customers.

One of the recent innovations under this partnership is the introduction of Core Power, a naturally flavored extreme protein shake manufactured from real milk that is significant in supporting the development of wiry muscle. The Core Power consumers benefit extensively through building their lean muscles. The product that was invented in Atlanta, in the US a couple of years ago has developed extensively into the global market. Presently, it is available in at least 18 countries globally with sales exceeding $200 million (Cross, 2013). The focus is to examine how Core Power would perform into the Australian market with reference to the target population, current market trends in the country, and consumer buying decision process.

Current Trends for Related Product Industry in Australia

Australia is among the greatest producers and consumers of milk and milk products in the world. Milk production has increased in Australia in the recent years due to the increase in demand both locally and globally. In 2014-15 fiscal years, the milk production in the country went up by about 360 million liters, which signified a 3.8% rise (Pricewaterhouse Coopers, 2015). The improvement was prompted by advanced conditions with respect to favorable rainfall patterns and temperatures that dominated the Southeastern dairy areas of the country. At least 50% of the milk produced in Australia is consumed locally with the rest exported to other countries. Despite its small population size, Australia is the third largest exporter of milk in the world (Pricewaterhouse Coopers, 2015). The following table shows milk consumption milk products per capita in the country from 2011 to 2015.

Source: Pricewaterhouse Coopers, 2015

Compared to countries such as the US, production and consumption of yogurt and butter products is very low. Most consumers do not prefer them because of their health implication especially if consumed frequently and in large quantities. Even though the consumption is low compared to the US, the table clearly shows a growing consumption trend. For instance, the consumption of butter and blends was 3.7 liters per capita in 2012 but rose to 4.0 liters per capita in 2015 (Pricewaterhouse Coopers, 2015). It means that perhaps the consumers would be receptive to new milk products that can have significant health benefits to their lives. It means that Core Power has massive opportunity to penetrate into the Australian market because it is a new flavor and has massive health benefits compared to common products in Australia such as yogurt and cheese.

Core Power will interest the Australian consumers because of its uniqueness and widespread health benefits. First, as mentioned earlier, Core Power is enriched with protein nutrients and is highly effective for individuals with active lifestyles (Cross, 2013). Moreover, the consumers in Australia will be interested in Core Power because of its features and general health benefits. It has a great taste that originates from a simple ingredient list. It is a great source of Vitamin D and Calcium because of superior quality proteins (Walker, 2012). Unlike several milk products that often contain lactose, Core Power is lactose-free, which enables the consumers to develop their lean muscles.

Lastly, Core Power is manufactured in various flavors that range from chocolate and vanilla to strawberry and banana flavors. The wide range of choices will attract numerous consumers who love different flavors. Therefore, there is no doubt that Core Power will perform well in the Australian market.

Target Audience

Active lifestyle consumers aged between 24 and 39 often are the target audience for Core Power. This population group contains vibrant people who engage in physical activities The larger percentage of the population in the country comprises of young people and middle-aged individuals. Australia is known as a sports country with most of the youths taking part in over 30 competitive sports globally (Euronews, 2016). For instance, soccer is a common sport in Australia and the widely attended event in the country. The country has a nation football league running where more than 15 teams compete for the league trophy.

Besides, the country also runs a second division league with more than 17 teams competing. Other than soccer, Australia is among the countries that perform well on the global stage in rugby, cricket, hockey, swimming, shooting, rowing, water polo, tennis, cycling, and volleyball for both men and women among several other sports. In the 1990s, the country was pronounced the prevailing cricket team in the world. In the 2016 Olympic Games in Rio, Australia participated in over 15 sports and managed to be on the top five of the medal standings. It means that the country contains a large population that participates in active lifestyles that would require high protein intake (Euronews, 2016). Presently, Australia contains over two million active young people who either engage in competitive sports or participate in exercises for fitness reasons.

With this in mind, there is no doubt that Core Power will interest consumers in Australia and within a short period, it will have become the most preferred drink for sports people. The fact that it comes in various flavors proves that indeed it will perform better than cheese, yogurt, and milk in the Australian milk products’ markets (Cross, 2013). Therefore, Core Power is a unique product that has not yet been introduced in the Australian market, but from the present market trends of related products in this market, it is clear that it will perform well.

The 5 Stages of Buyer Decision Process

Before venturing into the Australian market, Coca-Cola Company will have to undertake a marketing research to determine the consumer behavior of the Australian population. Their consumer behavior determines their buyer decision-making process (Walker, 2012). Consequently, it is significant to examine the stages of buyer decision process to determine the Australian consumer behaviors. The buyer decision process contains five main stages. They are addressed comprehensively below.

• Need Recognition

The buying process begins with problem recognition, which is a highly significant step because, without need, there is no purchase. A need is discovered when there is a gap between what the consumers get and what they ideally desire (Donnelly & Peter, 2012). In the situation in Australia, there is no doubt that need is recognized because despite the country having over two million individuals taking part in active lifestyles, there is no specific milk related product that provides a natural flavor of protein manufactured from real milk (Cross, 2013). Therefore, there is no doubt that the introduction of Core Power into the Australian market will alter the buying behavior of consumers towards milk products.

• Information Search

When the problem is discovered, the consumers will begin to look for information concerning pertinent solutions to the problem. The consumers will search for information on the possible solution depending on the intricacy of the options identified and the choices to be made. Another determining factor will be the consumer’s level of involvement because, for example, purchasing pasta needs minimal information and entails minimal consumers compared to purchasing a car (Funk, 2008). In this case, Coca-Cola Company will have to provide sufficient information about Core Power on the global platform for the consumers to access it. Note that in this case, the consumers depend on the external information from the media as opposed to internal information that they do not possess.

• Alternative Evaluation

As mentioned, the consumer comes across varied information when he or she searches for a solution to the problem. The consumer gets the opportunity to evaluate the various alternatives that provide the solution to his or her problem (Walker, 2012). During the evaluation, the consumer examines factors such as product features, health benefits, general benefits, and ease of use. After evaluating the alternatives, the consumer chooses the solution he or she thinks best suits personal demands.

• Purchase Decision

After deciding on the best brand that meets his or her demands, the consumer proceeds to purchase it. It means that the consumer's decision depends on the information and choice made in the prior stages (Funk, 2008). A consumer committed to purchasing Core Power will make sure he or she acquires it to fulfill a personal need.

• Post-Purchase Decision

This stage solely depends on the level of satisfaction that the consumer experiences after consuming the product. If the product satisfied the initial need of the consumer, he or she would tend to be a routine customer for the same. However, if the product fails to meet the demands of the consumer, he or she will be disappointed purchasing it and will seek for another alternative in the shortest time possible (Donnelly & Peter, 2012). The fact that Core Power has managed to meet the demands of hundreds of millions of individuals in the world proves that it will satisfy the demands of the Australian consumers.

In conclusion, Coca-Cola Company is a great beverage brand in the world that has successfully promoted over 20 brands on the global market. Presently, it deals with Core Power product, which is an energy drink enriched with proteins. The company plans to venture into the Australian market and introduce it to the consumers. However, Australia is the largest exporter of milk in the world, which means that it contains plenty of milk and milk products for its people. Core Power will interest the consumers because of its unique features, health benefits, and target audience. With regard to aspects of the five decision-making processes, it is clear that Core Power will perform well in the new Australian market.

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