Product Plan - Essay Example

New Product Plan PESTLE PESTLE is an instrument of analysis that will be used by the company to evaluate its immediate market and come up with the necessary actions that are necessary for the markets (Duncan, 2005:47).PoliticalCanki is a new product in the market that should be aware of the government regulations that are in place. Therefore, before it starts to supply its products in the market it should ensure that it has met all the stipulated standards to stay away from any political issues (Duncan, 2005: 52).

EconomicThe price of Canki is set based on the economic state of the target markets. The economic factors are also taken into consideration when evaluating the costs of the product. In case there is inflation, the company will have to increase the price of its products (Duncan, 2005: 55). Socio and CulturalIn the modern world, consumers are increasingly becoming concerned about their health. This explains the reduced consumption of carbonated drinks (Science Direct, 1999). Canki should therefore consider this in the production process (Duncan, 2005).

Additionally, the company should be concerned about the increased attention concerning waste management.TechnologicalCanki should employ the latest technology in producing and marketing the new product. It employs social media and internet advertising. Technology is among the most important aspect that will be used as a source of competitive advantage (Duncan, 2005: 67).LegalCanki should take into account licensing issues related to a new product and changes in laws and regulations governing the soft drink industry.

EnvironmentalThere has been an increased demand for environmental awareness owing to increased pollution as well as limited resources. The company should therefore consider production methods that consider these aspects.SWOTThe SWOT analysis entails an internal analysis of the aspects that contribute to the success or failure of Canki.StrengthsThe product has diverse designs that appeal to customers from various market segments. The product is highly convenient and has been packaged in a reusable can (Duncan, 2005:72).

The product has also been produced in an environmentally friendly process that conserves energy and minimizes waste. Finally, the product can be kept cold and has bubbles. WeaknessOne of the major weaknesses of the product is that its price is higher than that of other soft drinks in the market. This could have a negative impact on sales (Lomax, 2007: 129). Secondly, the can cannot store hot drinks.OpportunitiesThe company is in a position to develop an online market and build business relationships with existing companies including Tesco and Coca-Cola (Lomax, 2007: 126).

ThreatsExistence of substitute products in the market and other increasing competition from other new entrants in the market that may copy Canki’s ideas (Lomax, 2007: 128). Marketing Objectives Being a new product in the market, Canki is concerned about increasing awareness of its brand to consumers (Lomax, 2007: 126). This will help to increase the company’s sales. Secondly, the company aims to improve its packaging from using plastic bags to Kraft paper pages. Thirdly, the company aims to increase the price of the product from £7.99 to £4.99 to increase its profits.