Forevergreen Product Management Launch Plan
Essay Preview: Forevergreen Product Management Launch Plan
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Executive Summary
ForeverGreen is a food preservative containing naturally occurring microbes that is formulated to be sprayed directly on fruits and vegetables to Development of ForeverGreen began in July 2005 and the first version was released for beta testing in January 2008. It was developed to significantly expand the existing company product line offering with a product formulated and packaged for residential use. This product affords the customer an environmentally safe method to preserve fruits and vegetables over an extended period of time. This provides a means to avoid damage to the eco system and preserve consumer food investments.
ForeverGreen will be positioned as a low cost edible solution that enables customers to preserve fruits and vegetables over an extended period of time. There are other products that perform this service however, the process requires, on the high end, expensive machine systems and on the low end, purchase of various sized bags to promote preservation.
This product will be packaged and sold in point of sale displays in retail supermarkets, drugstores, health food stores and farmers markets initially, as well as a permanent item in the same establishments once desired market share has been achieved. In addition, the product will be sold online via organic farmer websites, and general purpose websites such as Amazon.com.
The potential market for the product is very promising. Currently there are various methods available to the consumer to achieve the same purpose; however, the varying degrees of effectiveness and the range of costs does not show a clear picture.
The product development team projects to launch 200,000 units in a soft launch and achieve breakeven at approximately 124,000 units (rounded). If the first units are sold completely for full price, then the projected profits not including taxes and distribution would be approximately $648,000.
The product development team at ForeverGreen has a combined experience of over 25 years in the field. The launch plan for this product should accomplish the following corporate objectives:
Introduce residential customers to our product and company
Achieve brand loyalty in preparation for other residential products to be introduced to the market over time.
Provide a lower cost line as an alternative to the FoodSaver® Vacuum products
Expand product availability to include mass food retailers
Create acceptability/creditability with consumers and promote brand recognition
Opportunity Identification and Selection
This product fulfills the following perceived residential customer wants and needs:
Flexibility – This product is sprayed directly on produce and is edible due to its natural ingredients. It does not require the customer to find a bag to fit the produce nor does it need to be washed off before consumption.
Waste Reduction – This product allows the customer to preserve produce over an extended period of time and therefore allows the customer time to consume food before it spoils.
Cost Reduction – Because produce will remain edible for a longer period of time, the consumer can purchase more at a time and not return to the supermarket as frequently. In this economy, this will also save on the customer gas expenses.
Ecologically Responsible – Product contains naturally occurring microbes to harness the gases emitted from the produce. Therefore, no chemicals are being put into the eco system and no waste from plastic bags and containers are being placed in the landfills.
Opportunity Concept
Consumers currently purchase fresh produce as directed by nutritionist worldwide. However, customers are frequently beleaguered by fruit and vegetables spoiling before having the chance to consume them. The customer would like to be able to preserve food longer to avoid.
FoodSaver® is experienced in creating and marketing commercial and consumer food preservation systems involving bags and vacuum systems. With this skill set, FoodSaver® seeks to offer a “new to market” product that is not limited by the size of bags currently used in the vacuum system and also various “green” bags currently offered in the marketplace. This product, “Forever Green”, is an edible spray-on product that will allow the company to fill a niche that was observed during gap analysis between high and low end retail consumers.
Product Innovation Charter
Background
This plan is to design, develop and launch an edible food preservation product for residential consumers. This product will appeal to ecologically savvy consumers seeking a means to maximize produce investment costs with a low-cost solution.
Focus
FoodSaver® expertise in food preservation technologies will be leveraged to produce products that will successfully meet residential consumer demand for low cost food preservation methods.
Technology
ForeverGreen will use naturally-occurring microbes (microorganisms) to inhibit the ripening of fresh fruits and vegetables and provide customer with extended shelf life post purchase.
Market
Consumers desire the newest product that is cost-effective and provides maximum efficiency, while remaining easy to use and environmentally friendly.
Goals-Objectives:
To be the leader in innovative consumer food preservation products.
This product will serve as an entry level consumer product to promote brand loyalty and increase acceptability and credibility in the short term.
Products introduced later can be bridged with the entry level product.
In the long term, this will provide a new revenue stream from a previously untouched market.
Increase brand recognition through product presence in mass retail establishments and promotional efforts.
Guidelines
FoodSaver® aspires to utilize existing knowledge and expertise in food preservation to provide a product that will offer excellent performance, safety and value to the customer.
Environmental/Market Analysis
Examining current