In this group project your team will learn how the short and long-term planning process works. The project is also designed to include team collaboration that will be used to create a Voice-Over PowerPoint presentation directed at the Strategic Planning Committee on the importance of a new product innovation for the future of the company.
Read the following scenario:
Valerie Harper has often been responsible for the development of new products based on what marketing considers high target markets. Valerie has recently been handed the research results on Biotech’s customer demographics. Based on the research, the Marketing Department would like to see Biotech develop products geared toward the baby boomer market.
From reviewing the research, Valerie noted that Biotech has done little development of the over 50 customer demographics. The current Biotech line has a few joint supplement products and vitamins targeted toward this age group but nothing more. Valerie researched the trends and found high blood pressure, Type 2 diabetes and Alzheimer’s/dementia were a few of the major health concerns for the over 50 customers. Further research revealed clinically proven effects of hibiscus tea on reducing blood pressure. This finding led Valerie to consider developing a product that was all natural, good tasting, and competitive with existing teas. The tea would be pre-made and packaged in paper cartons with coated sealant. The plan is to promote the tea as natural products for green accountability. The tea container would include a straw so potential tooth erosion from the acidic tea could be minimized.
Valerie also thought about other products that might be appealing to baby boomers. She came across several ideas. The first is a protein bar that was made with coconut, dark chocolate, almonds, and blueberries. The bar would contain all-natural products that would increase the protection of brain function through protective antioxidants, thus protecting against dementia and Alzheimer’s. A second bar would contain natural herbs and would be developed with help from a vendor located in India, which helps lower blood sugar in Type 2 diabetes.
Valerie named the test line Boomers Best Bets for the purposes of development. Having come up with samples of the products, costs and overall descriptions of the products, Valerie and the head of marketing were now ready to approach the Strategic Planning Committee with their new product ideas. Valerie put together a team including a person from Marketing, Production, and Quality Control to review the products and decide how to position the products for acceptance by the Strategic Planning Committee.
Step 1: Your Role as a Member of the Pitch Team
Your group is part of Valerie’s Pitch Team and has been tasked with creating a voice-over PowerPoint presentation that Valerie will use to “pitch” the Boomers Best Bets to the Strategic Planning Committee.
Valerie has given detailed directions for the PowerPoint so it is crucial for you to follow instructions. Your team is required to research the nutraceuticals and supplements industry to assess the external environment of the business.
• You should look to the Company Profile for internal information regarding the company.
• The PowerPoint slides will use the note section to explain the slides as well as the voice over feature.
For the purpose of this project