You work for an international food and beverage company, and the CEO of the company wants to introduce a new beverage product in the US market for 2021. Your team is charged with the following tasks:
- Develop a new beverage product concept that can be brought to market by 2021. The product should have broad appeal for the US market (i.e., nothing illegal or distasteful).
- Present a five-year marketing plan to upper management that includes a description of the product, a plan for where it will be sold, a summary of the existing competition, and recommended promotion strategies that can help to sustain sales volume and profits for several years.
- The CEO is especially concerned about the risks of a recession in the next 2-3 years, so your plan should consider ways to make the new product less susceptible to recession.
You should assemble a document that addresses each of these components for the product launch. The points assigned to this project are evenly divided among 5 components — product description, competition summary, marketing and promotional strategies, recession resilience, and presentation quality (40 points each). So, you should allocate most of your effort to the economic components of this analysis.