The Smart Fridge is distinctively designed for the lazy ones that used to cook everything in the microwave. Our goal is to aim for easy functionality, while maintaining prestige. Being the first to introduce such a high tech refrigerator into the consumer’s hands, we want to keep a strong brand image from the ground up. Building brand reputation will be key to be able to expand innovatively internationally and launch new products in the long run.
First, differentiating our product from other competitors would be the easier step due to it providing a special service. Next, would be promoting our solution for convenience, prestige, luxury, and time efficiency, basically a product consumers would need in their busy lives.
Then, distinguishing specific target markets that would be able to afford the luxury of having prestige would be the first step to many more. Aiming our product at consumers that are able to afford this product would establish easy sales and profits. Another segment would be the consumers that value the food in their refrigerator and enjoy cooking quick meals at home. Furthermore this would lead to consumers with families with 2 or more members that also enjoy entertaining guests. In addition increasing brand awareness would be a continuous objective because, in the long run this would be a similar intent when expanding in the future.
Marketing Strategy Primary Target Market
The primary target marketing for our product is people focused on the full utilization of resources they have and that want to limit the amount of food they waste each year. This could include things like daycares or households. These individuals will also have to be funded or wealthy and think it will be a good investment. The Smart Fridge will allow them to use all the foods they have in their refrigerator and never waste foods due to the fact that they didn’t know what they could use it for when cooking. This will allow them to reduce their impact on their environment and be a more efficient household. More than $4 million dollars in food is thrown away in the US every year and this could help to reduce that number. We will focus on the individuals who would like to make that a reality.
Secondary Target Market The secondary target marketing for our product is wealthy 30-40 year old homeowners living in urban areas that have a hard time choosing what to eat for dinner each night. The Smart Fridge allows them to shop for the foods they like and never have to change their shopping habits to have meals that can be made each day. These individuals will most likely have children and be cooking for more than 2 people when they cook food. Due to the expected price of upwards of $40,000 they will need to have a lot of disposable income. Our Secondary market will be people who enjoy the prestige of owning things that not many people are able to afford.
Overall Branding Strategy Our branding strategy will be focused on the 3 main benefits of owning this product. The first is the uniqueness of a product that will allow you to see exactly what can be made within the contents of your refrigerator. This will be the first product of its kind and we hope that will generate a lot of buzz. The second aspect is the positive impact that it could have on the environment. The Average household wastes $640 a year in thrown away food. Our product could save countless amounts of resources in getting this food to households that end up throwing it away anyway. Our target market isn’t going to be too concerned about pinching pennies but they will have the opportunity to limit the amount of food waste each year while also saving some money. The final aspect is the prestige of owning a product that not many people will be able to own. When an individual has one of our Smart Fridges, people will want to come over to see it in action and that is something that makes people want our product.
Product Strategy The product we are selling is going to viewed as a prestigious luxury item that does a lot of good for the environment, while also being a one of a kind useful commodity. It will set us apart from any other competitor selling refrigerators because they will simply be unable to do what our fridge is able to do. We will be viewed as a company that takes pride in helping reduce individual’s impact on the environment and that will help our products image. We will provide superior quality, excellent customer service and will make sure that our customers feel they can call us with any issues or concerns that they may have. We will only sell in high quality stores and will be viewed as the centerpiece of any appliance section. By doing this our product will have a very highly regarded image that many people will want in their kitchen.