Please refer to the attachment to answer this question. This… Read the following informa

Please refer to the attachment to answer this question. This… Read the following information carefully:My product is a cereal called “Essential Mornings”Product:With the delicious taste of Sugar, Honey, and Chocolate coupled with heart-healthy omega-3 fatty acids from flaxseeds, it’s a delicious and healthy treat! A perfect breakfast or snack and tastes great in a recipe. The cereal consists of small squares of rectangles of wheat and rice covered with Sugar, Honey, and Chocolate.Price:Based on the size, one package would be $4.50 + tax per box. $4.50 is a good price, because it is reasonable and not too expensive nor too cheap. If I set the price of my product low, then customers may get suspicious and think that there is something wrong with its quality. On the other hand, if I make it too expensive then nobody will buy it because they might not consider the item to be worth paying so much. By selling at this price, more people are likely to buy my product because my product is cheaper and healthier than most overpriced cereals and my product offers loyalty programs and rewards that many other cereal companies do not.Place:The stores where my product will be sold are at Walmart, grocery stores, and convenience stores. It will be sold in all grocery and convenience stores because these places are where most consumers go to buy their cereal. I made the choice for my product to be sold here because I want my product to be accessible in a variety of places, and I want to increase my brand awareness. I would definitely consider e-commerce because my product would be even easier to access and buy and I will have more flexibility in my pricing. Also, I will be able to better strategically discount, and provide coupons and other online/offline specials.Promotion:The advertising channels that I will use to promote my product are Video Advertising: Television & YouTube, Newspaper Advertising, TV & Radio Commercials Ads, and Social Media. Firstly, I made this choice because I feel that these are the best ways to improve brand awareness for my product, and these are the best advertising methods for me to increase my sales. Secondly, I would be able to fight my competition better because various forms of advertising helps meet the forces of competition prevalent in the market. Lastly, I will attract more potential customers by generating more awareness about my product through social media channels and YouTube. I may also offer special sales promotions such as loyalty programs and contests.Customer Profile:The consumers of this item would be children and teenagers. They would like my product the most because they would enjoy the sweetness, the crunchiness, and how delicious the cereal is. I also think that the kids and teenagers would find my advertisement appealing. Additionally, they would enjoy the benefits that come with buying the products such as coupons, discounts, and chances to earn points for the boxes of cereal they purchase and then redeem those points for toys, sporting goods, and school supplies.Here are some responses:Response 1: your cereal sounds delicious. My question is whether your product is going to be sold in one country or is it going to be available worldwide?A good strategy that I believe is really effective to maintain loyal consumers is to include a secret toy in the cereal box. It can be little cars or funny-looking monsters in fighting poses. That is going to help your product stand out against other competitors.Response 2:I like the idea of a loyalty/point system you have with your product as it is something unique to cereal products. Not only would it attract new customers, but also hook the recurring buyers to stay with your brand. An idea for your marketing plan can be setting a release date for your product to build up hype and anticipation. I think marketing this date in advance would be extremely beneficial for you because of that point system that you mentioned. It would give time for people to share the message with others and it can lead to many more orders on your first day of launch; as well as build your brand awareness.Response 3:I like the concept of your product and how you included potential wants for your target audience. The toys are a good marketing strategy to catch the eye of your consumers, as it is marketed towards them. A recommendation I would give you is your cereal box design. This is crucial when it comes to marketing your product. I would say to use designs that appeal to kids and teens such as eye-catching colors, trending characters/people, and possibly games or a challenge on the back of the box. Response 4:I really like your idea of a cereal being healthy and tasty because alot of cereals I see have too much sugar (30g-40g). My question is how much cereal will be in a each box? Using all of this information given to you answer this QUESTION:Given your plan for this product so far, and responses from “consumers”; can you begin to develop a Sustainable Competitive Advantage?If yes; describe what you think it might be If not; describe what steps you could take to determine what it might be Make sure that your answer is descriptive, 100% correct, and uses marketing terminology. Thanks! Arts & Humanities Communications Marketing Share QuestionEmailCopy link This question was created from Marketing3232.docx