Executive Summary
Introduction
Ten years ago, if one asked food and beverage executives about the US consumer’s future, few would have predicted how fast and relentless change has come. In their purchases – or lack thereof – Americans have contributed to abrupt landscape shifts, less a development than a historical jump that seems to have taken place at a glance. Buyers look more and more closely at brands. They know what products they want to skip. They are shopping for organic, natural, and better things and gradually bypass fresh and creative brands in favor of innovative and new ones(Thiagarajah, 2019).
It is estimated that the average American consumes at least 39.76 gallons of soft drinks every single year. The per capita intake has decreased by 25 percent from its high of 53 gallons in 2000. In a new foreign poll, more than 50% of respondents use soft drinks at least several times a week if not daily (Thiagarajah, 2019). The US also has some of the highest intake ratios in the world. An estimated 46% of people who consume soft drinks also purchase beverage flavor Infused Water drinks. The majority of this population is youth, especially college and university students.
Research Objectives
A research objective aims to identify competitive strengths (and faults), identify potential contributors, identify customer demographics, improve brand recognition, and measuring market efficiency. These are among the few aspects in which businesses can use quality research to strengthen their involvement with consumers. To develop an excellent marketing research proposal, it is essential to come up with a solid objective analysis that is effective, measurable, and focused. When your objective research is unclear, likely, your market research will not be successful (Mohajan, 2018).
When I set out to conduct my research, I had a clear objective on the few things I wanted to find out regarding my study niche. To achieve these, I set out to meet and interview a couple of university students to determine if they are conversant with beverage favor infused water drinks(Mohajan, 2018). I also provided a questionnaire to help me in my research study. The majority of my target audience was youths, especially university students who consume soft drinks more than adults and children.
When conducting my research, I wanted to identify potential competitors in the business niche to measure the market efficiency of the product. To attain this, I used the student’s vast knowledge of the demographic to understand other potential competitors in the area. I deployed the use of a survey to collect information from fairly large groups of people(Mohajan, 2018). I used different types of surveys, the most straightforward being the one-shot survey which provided very conclusive research.
The non-participant and participant observation technique proved to be much helpful as well. I spend a considerable amount of time observing university students on how regularly they purchase soft drinks within and around the university.
Key Findings
It came to my attention that quite a number of university students consumed soft drinks. In contrast, many students bought fruit salad at the regular student’s fruit stand in the college. I also noted that when the temperatures are high during the day, the students consume soft drinks at a high rate (Durlak, 2016). The findings from the questionnaire and the interview were more decisive. Students who took part in the interview stated that introducing a new beverage favor for the V8 Infused Water product within the university would greatly benefit. This move was welcomed more positively as students saw the product to be of good help to their health.
Problem Definition
There are some challenges and problems they will have to face for any business entering a new market. In this case of Campbell, Inc., the company has to go through some tough times before their new products sell from the shelves. One of the significant problems that Campbell, Inc. might face is competition from other established beverages company such as coco-cola and Pepsi, which highly dominate the shelves in every (Zhan & Gao et.al 2020). When conducting my research, I observed that most of the students consumed Coca-cola and Pepsi products more than other brands.
Another major problem that the company is most likely to encounter is winning the trust of its customers over other established brands. Students who took part in the interview stated that it would be difficult for them to trust the new product In the market and form a habit of buying the drink when need be regularly(Zhan & Gao et.al 2020). Most youths tend to create brand loyalty that is not so easy to break.
The last major challenge that Campbell Inc. is likely to face is the pricing of the product. Since the new product being introduced in the market is V8 Infused Water Product, manufacturing the drink might be too costly therefore causing the price of the product more expensive compared to other competitive brands (Liang & Yu et.al 2018). This might cause the students to forge the product and opt for other cheaper and readily available ones.
Research Methodology
To conduct the research, I had to put a few issues into consideration to come up with a viable market research proposal. The first measure I took was to identify what exactly I am investigating. I aimed to systematically identify and analyze how the new beverage favor for the V8 Infused Water product would perform in the market when introduced. To ascertain this, I deployed the use of various techniques to analyze the market trend. In my research methodology, I used both qualitative and quantitative data research to study the market and the customers(Mohajan, 2018).
In quantitative research, I obtained numerical data and thoroughly analyzed the finding to develop an effective working result for the company’s marketing research proposal (Elliott, 2018). This data involved studying the number of drinks that college students would buy every day at the university canteen. It also involved the study of the time frame in which most students bought more drinks.
The experimental research systematically examined whether there is a cause-and-effect relationship between variables. The experimental study tested the hypotheses and prediction using acquired statistics whose results may be generalized to a vast population on the used sampling method.
In my research study, I also incorporated questionnaires, interviews, and surveys to ensure that I acquire accurate and effective findings for the company’s product launch(Mohajan, 2018). The majority of the students I approached to participate in my research program were more than willing to help, and they provided sincere opinions and answers on the interviews and questionnaires.
Data Analysis and Results
The fresh V8TM Infused Water has just become more thrilling and delicious. For a crisp, soothing taste, the brand infused water with basic ingredients such as vegetable juices and natural flavors. Consumers will now taste exquisite hydration and 1 serving without artificial additives.
Being in the beverage space for over five years, the college student market gap was a space for which the bran was to be extended. There has been a growing trend experienced with the v8 original, which is the hero product of the v8 family. The flavored water in the lineup seems to do well with the college customers seeking healthier snacks while remaining true to the vegetable first heritage.
Conclusion
Our study finds that hydration remains the most necessary state in packaged beverages because customers want near-water forms of hydration that are more natural and efficient than neon-hued sports drinks and traditional water. This movement has led to neighboring water drinks from plants like cocoa water. In order to achieve hydration value growth for customers, added value waters and premium moisture options must be offered. There is no secret from the interview with the focus group that consumers today want to live healthy lives and have more vegetables (Liang & Yu et.al 20118). In their acquisitions or lack of it, Americans have driven a drastic transformation in the landscape, not a development but a blind-eyed jump through history. Buyers are more and more critically looking at brands. They know what foods they want and what they want to skip. They search for organic, safe, and better-for-you ingredients and bypass fresh and creative brands evermore. College students spend a lot of money even though they can’t make it. They’re not just spending it on noodles from Ramen, but modern-day students instead buy everything from appliances, movies, clothing, and spring breaks to healthier living.
Research objectives and results
Leverage samples and Trials
Kids of college enjoy free stuff. Many attend university activities because they provide free food. What better way to hook loyal consumers in the long run than to sell your product free of charge? In their research, Campbell Inc. ensured they had free samples or tests before the crowd. They coordinated with home life to provide a moving package during the autumn semester and subsidized study breaks in Midterms or Finals. This increased their sales and customers.
Offer targeted discounts
For the water supply line v8, exclusive deals are an excellent means of getting involved with the viewers, unlike individual advertisements. Students like to believe their school is the best. What better way to strengthen this than publicity? College students went for the product just because of the targeted discount (Keller, 2017).
Managing well their social accounts
Social ads are a smart way to get to Millennials and Millennials now. When it comes to selling to university students, Campbell can ensure they use these channels, even though there is no budget for ad campaigns. Since most college students are on socials, the product’s existence and its usefulness went viral(Keller, 2017).
Recommendation
The promotion ‘The V for vegetables’ can be 100% video-based to meet the millennial generation. It could include TV, streaming videos, social videos, and home videos on various channels. You can also try using Facebook to have videos. Courting a potential V8 crowd prompts people to try the jus as a snack at midday or during training. V8 needs to keep appealing to a millennial demographic, so consumers reassess personal choices, including keeping them safe and provide a simple, comfortable and nutritious approach in this compressed healthcare environment.
Appendix I
A copy of a questionnaire I handed out to the college students is attached bellow:
- Name:
- Age:
- Gender:
- Question 1; How often do you consume soft drinks?
- Question 2: Have you ever tried a juice infused water product before? If yes, did you like it?
- Question 3: How often are you likely to purchase a infused water drink in a period of 1 week?
- Question 4: Would you prefer a infused water drink over a soft carbonated drink?
- Question 5: Would you try a new beverage favor for the V8 Infused Water product if it boosts your health status?
- Question 6: Are much are you willing to spend on the V8 infused water drink?
References
Durlak, J. A. (2016). Programme implementation in social and emotional learning: Basic issues and research findings. Cambridge Journal of Education, 46(3), 333-345.
Elliott, V. (2018). Thinking about the coding process in qualitative data analysis. The Qualitative Report, 23(11), 2850-2861.
Keller, K. L. (2017). Managing the growth tradeoff: Challenges and opportunities in luxury branding. In Advances in luxury brand management (pp. 179-198). Palgrave Macmillan, Cham.
Liang, F., Yu, W., An, D., Yang, Q., Fu, X., & Zhao, W. (2018). A survey on big data market: Pricing, trading and protection. IEEE Access, 6, 15132-15154.
Mohajan, H. K. (2018). Qualitative research methodology in social sciences and related subjects. Journal of Economic Development, Environment and People, 7(1), 23-48.
Thiagarajah, K., Ong, M. K., Teh, L. K., & Lye, H. S. (2019). Plants Infused Water as Preferred Healthy Drinks. In Bottled and Packaged Water (pp. 367-402). Woodhead Publishing.
Zhan, M., Gao, H., Liu, H., Peng, Y., Lu, D., & Zhu, H. (2020). Identifying market structure to monitor product competition using a consumer-behavior-based intelligence model. Asia Pacific Journal of Marketing and Logistics.