Hersheys BreathSaver Product Overview - Research Paper Example

Market Research The New BreathSaver “The Energy Mint” The mint industry would not have experienced the several changes it has so far experienced wereit not for the dedication that the participating companies invested to ensure that competition led to new products experiences. One of the major developments that the industry has experienced over the last several decades in expansion of the industry to accommodate innovativeness and creative marketing. Product lines have grown each day with every player creating an impression that has stabilized the industry in various ways, including an ever increasing definition of the market. Eventually, it became clearer that there are several ways to indulge the food industry in the manner production and marketing mint was adapting to. This has led to a new area of study in marketing strategy that the food industry so proudly presents to the world of corporate production and strategy formulation (Baldauf and Stair, 2010). In this discourse, the Hershey Company is applied as case study to explain the mint industry experiences in terms of product design overview, SWOT, marketing strategies, effectiveness and future performance predictions. Hershey’s BreathSaver Product Overview Snack foods and chocolate business has had an all time high performance since the emergency of Hershey Chocolate Company that has since found a special market niche eventually renaming to the Hershey Company (Weaver and Weston, 2007). Continued evolution of the snacks market has not only witnessed competition among a number of market players but has also experienced diversification of products range. In the growing list of products is the market mint brand known as BreathSaver. Initially, it was exclusively produced and marketed by the Hershey Company but other food companies have joined in the production. Generally, the BreathSaver is a product that not only serves as an ordinary mint product for the market but is also enhanced to capture the market that needs breath fresheners. Neutrazin is a special additive to the mint product that makes the BreathSaver an exciting market hit. In terms of its design, the BreathSaver is an improved mint disc shaped into a cylindrical product made of mint to capture these two markets. Alternatively, there are a few other features that distinguish it from other mint products, mainly through the product design. One of such features is the embossment of the name BreathSaver on the product. In addition, there are various flavors and packaging designs which include a certain number of the mint rolls in a single packaging. Regarding the new product, BreathSaver producer Hershey Company introduces a third feature of the product besides mint and breath freshener, namely energy. Fortification of energy giving caffeine derivatives is facilitated in the product. The new generation product line is once again created to add on to the long list of products currently being offered by the mint industry. It can be distinguished by the green packaging and the ingredients added (hersheys.com, n.d). SWOT Strengths Hershey Company’s profile as a giant food corporation taking the lead in the entire North American market hoists it up on the global food market, making this as one of the several successes held. A strong brand name enjoyed by the company under BreathSavers varieties presents the new product with a powerful market entry. The company’s mission statement captures its objectives as a leader in nurturing food products for the “hungry” market which puts the product in safe development hands. Powerful partnerships have been established by the Hershey Company with companies such as Nabisco, Coca Cola and Kraft Jet-Puffed Marshmallows. This assists in the market presence process which makes the company capable of dealing with a new product than many other companies (Washington IV, 2008). Weaknesses An elusive international market for Hershey Company may present a potential challenge in the manner in which the new product is marketed. International market already captured by the Hershey Company continues to produce poor results for other products. Company control and decision making problems at Hershey Company could act as a threat to full potential for the new BreathSaver variety. Borrowing trends at the Company in the recent operation periods leaves several questions about the sustainability of the company particularly in dealing in new lines of business such as the new energy mint BreathSaver (Washington IV, 2008). Opportunities Changes in food preference are a huge dynamic advantage that the new product presents to the company. New ventures may prove to be the escape route for the company amid several market and operation challenges to benefit from the new product. Health issues that the food industry takes care of might be solved through energy boosting alternatives thereby attracting new consumers fro the company (Washington IV, 2008). Threats Mint element of the product may not capture certain market segment that dispels it on health grounds such as obesity which is becoming an epidemic in Hershey’s biggest market area. Economic threats continue to pose as an uncertainty grows in shaky markets (Washington IV, 2008). Marketing strategies Tapping on the already established BreathSavers market will facilitate the new energy mint, which has become on of the benefits of market penetration at Hershey. Tapping into the brand name is perhaps one of the best strategies that a company can make. Applying the marketing partnerships engaged with other corporations presents an important strategic approach by Hershey. Internet marketing is a strategy that many corporations are applying today, particularly enhanced with the arrival of social network cites where direct consumer responses are addressed (Baldauf and Stair, 2010). Effectiveness The product has increased the effectiveness of the Hershey Company in propagating its objective of becoming a leader in food industry where it operates. The product is itself one of the market’s favorite among BreathSavers, creating the interplay of corporate and product effectiveness. Future performance predictions With the developments in the Hershey Company’s market success, it can be predicted that the future of the company and the product is bright and in safe hands. Perhaps a review of the market’s operation statistics should be enhanced to facilitate the exploitation of the market opportunities for a longer time and with increased gusto. Market expansion for the product will place the company’s position better than it is currently. References “The More Powerful, Next Generation of Mints.” (n.d) Retrieved from: http://www.hersheys.com/vending/product/BSenergymint.shtml Baldauf, K. & Stair, R. (2010) Succeeding with technology. Boston, MA: Cengage Learning Washington IV (2008) “The Hershey Company – Introducing the World of Chocolate – Part 1,” Retrieved from: http://www.washingtoniv.com/archives/65 Weaver, S. C. & Weston, J. F. (2007) Strategic financial management: applications of corporate finance. Mason, OH: Cengage Learning Read More