Custom «Product Management» Essay Paper Sample
The food business provides services with intensive creation to attract the majority of clients. While creating a new menu, the following factors need to be considered; the test of time, national appeal, and craze. Consolidating factors that the team brought forward for consideration with rigorous analysis, I have come up with the best new item to be added to the menu. It is appropriate to use brand extension to ease marketing expenditure rather than brand proliferation. The ideal product for Burger King to introduce to their menu is a wacky burger. The contents of the wacky burger are basic requirements with a catch of three additional ingredients suggested by a customer. This will bring in new conscious buyers and maintain the regulars.
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Burger King established itself as a burger restaurant; therefore, introduction of new elements to the menu will mean a new comprehensive campaign. This will cost a huge amount of funding. Introducing another burger will ease the marketing fund. Following the burger legacy will also show commitment to the brand. The customer will appreciate the fact that the franchise is investing to its specialty (Lehmann & Russell, 1997). Cannibalization is increased by brand extension, but in this case, we will minimize the impact as we are going to sell the existing burgers under a new combination. This will increase the sale of existing ingredients to a large extent. The ingredients of burgers will be acquired as normal, the only difference will be the combination sold to customers.
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The consumers will enjoy the new product. This is because they are well aware of the regular high quality of Burger King‘s burgers and additives they enjoy most. The idea of a self-created burger will entice regulars and attract new consumers to the business. The key aspect in the marketing campaign will be to portray commitment to this specialty. These will draw attention of a new entourage of clients who believe in the authenticity, class, and sustenance. This group is the majority of customers in the food industry. The Burger King brand has already marketed itself as a leading burger place; therefore, introduction of the new burger to the menu will attract those clients who are curious about the latest revelation. The influx of clients will generate more revenue.
Burger King is bound to sell a convenient calculated price that will take into account various additives the client might require. The influx of clients and calculated prices will reflect on the profits of the business. At the kitchen level, the inception of the added item to the menu will become an ease. This is because the staff is used to the legendary burger offered at the place, and additives are easily resourced and not complicated. This will mean that their will be no need for extra expenditure on staff trainings (Gorchels, 2000). It will be easier for a manager to explain the contents of burgers to customers since they choose most of the ingredients themselves. Lawsuits associated with customers’ allergic reaction will be avoided.
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A break-even analysis has been carried out, and it showed that the sale of the new product will only require covering the amount for its marketing. Since the cost will be low, considering the factors used to get the new item to the menu, the sales amount required will also be low. The marketing of the new product will use the available marketing onslaughts propagated by the organization to gain trust of consumers. The new product will ride on the fame of its predecessors. This will ease the budget for its marketing immensely (Onkvisit & Shaw, 1989).
In my decision, I have covered all the bases required. I took into account the production and its costs and minimized it to get the highest results for the current budget. I considered the customer base and their requirements as well as the image of the business portrayed in the society. The establishment is known for its legacy of great burgers and the majority of clients would like it to remain the same. This aspect made me rule out proliferation. Together with the new product, the franchise will maximize its client base, revenue, and profits. It will also avoid spoiling its reputation of producing excellent burgers.