Step 1: Generate an idea for the product. Survey customers for feedback on existing products. Estimate the cost and expense. List all ideas for the product.
Step 2: Make market strategy and market plan, create a brand strategy based on their product as well as acknowledge of brand awareness. Contestants are mentored and judged by a team of experts in advertising, branding and development.
Step 3: Contestants communicate with the advertising mentors to figure out the brand name and package. So that the judges can estimate the contestants’ product, packaging and product launch by their understanding of the market. Then they will forecast which product is going to be most popular on the shelves of Woolworths.
Step 4: The price varies on each product, depends on the quality and manufacturing. Therefore, the marketers need to know the price benchmark and then make the pricing strategy.
Step 5: The viewer for the tv show could be invited to purchase the product from Woolworths on after the episode. So the product would reach out to a broad market.
2. Discuss the importance of branding in a supermarket product. How have the brands been developed for each of the products?
The branding in a supermarket product is important, because people will definitely tell others about their favorite brands especially for supermarket products. Therefore, a strong branding material is critical for generating huge referrals. Moreover, brands could build customer loyalty, make consumers to make decisions more quickly. The certain brands’ package could always attract consumers’ attention. Taking the advantage of TV shows to build the brand awareness to consumers, brand associations, brand loyalty and the concept of perceived value.
3. These products utilise a high degree of customer involvement in the product’s.