1. Product Booze Chews is an alcoholic gum that is equivalent to half of a shot or half of a beer. The gumâ€™s flavor options include Mango Madness, Strawberry Split and Lemon Fusion. The gum will serve as an alternative to drinking alcohol. It will decrease overconsumption of alcohol and extra calories. Individuals will have to slow down chewing the alcohol, giving them time before they indulge in another piece. The gum is designed to give a little buzz, rather than a heavy intoxication. Consider this the safest and tastiest alcoholic alternative. 2. Target Market and Need for Product The target market for Booze Chews will be young up-and-comers. This will include college students of the legal drinking age (21+) and young adults in the working world. The age range will be between 21 and 26. There is a need for this product because it is time to offer alcohol through a different distribution channel. Alcohol in the liquid form has been present since even the Medieval ages. While we continue to rely so heavily on this substance, it is crucial to introduce a new and exciting form of alcohol that will cater to the needs of young adults. Additionally, Booze Chews should be targeted to the young adult population (ages 21-26) since young adults drink more alcohol than older adults and have not yet established brand loyalties. A recent Nielsen survey broke down beverage alcohol consumption by several generations including, Millennials (21-36 years old), Generation X (37-48 years old), Baby Boomers (49-67 years old) and the Greatest Generation (over 68 years old). When it comes to drinking spirits on occasions, Millennials were the most likely to drink for social reasons, while older generations were more likely to drink spirits for themselves. Because Booze Chews is an alcoholic alternative, offering something fun, fruity and ultimately social, it aligns itself well with Millennials who may need a quick alcoholic fix or buzz to increase their social wants and needs. Although not a research article, stories such as one in Forbes reveal that many young professionals have a drink after work, and many are trying to curb this habit. There are countless articles that discuss why professionals drink after work, and how to get them to stop this intense, liver-intoxicating habit. These stories, however, reveal a greater need for Booze Chews. By targeting young professionals, Booze Chews is the happy medium between binge drinking after a long day at work, and cutting these habits off cold. Instead of offering one or the other, Booze Chews offers these young professionals a safer buzz that still takes the edge off of a long day at work. http://www.forbes.com/sites/alysonkrueger/2014/02/28/things-young-professionalscan-do-for-fun-that-dont-involve-drinking/#24bb5bb72f29
3. Market Size and Growth A Nielsen Category Shopping Fundamentals study explores the U.S. consumerâ€™s mindset when it comes to purchasing alcoholic beverages. The study asks how consumers plan, how they engage and what influences them. The studyâ€™s findings span different alcoholic beverage categories that drive marketing tactics for an industry relying on the upcoming field of shopper marketing. The study revealed that millennials are experimental, attentive consumers. Retailers can appeal to them through in-store displays, promotions and new product launches. Because they are not loyal to particular brands yet, their habitual purchasing behaviors develop as they age. They will be introduced to this fruity, interesting form of alcohol and once they catch on to this new trend, they will introduce it to others and carry it on as they age, quite similar to tobaccoâ€™s introduction and loyalty. It is crucial to lock them into trending, popular and unique products right away, which is essentially what Booze Chews will do.
4. Competitive Landscape Seeing as Booze Chews is the first of its kind, my primary competition will be alcohol in the liquid form. It will be important to educate and inspire my target audience. Fortunately, because they do not have brand loyalties yet, it will be easier to encourage them to try something new and trendy. That being said, it is still important to recognize the main competition with hard liquor companies. According to an article in Business Insider, the top hard liquor brands include Jack Daniels and Fireball with Patron, Grey Goose and some white tequilas and vodkas following behind. Our competition for Booze Chews will be those brands and similar ones. Although we have not figured out exactly which alcohols will be used in Booze Chews, from a competitive standpoint, rum and vodka would be the best choice. Chemically and creatively, these alcohols would be easier to use in order to make a fruity chew. They also would be better since the top alcoholic brands in America tend to be whiskey and darker liquors. 5. Why My Product is Unique My product is unique because it is a whole new type of alcohol. Individuals have created different types of gum and candies, including caffeine gum, wine-flavored gum, vodka-infused gummies and some rum-soaked chews, but alcoholic gum has never officially and creatively hit the market like this. This gum is the newest and smartest alternative to drinking alcohol. It will decrease overconsumption of alcohol and extra calories. It is the safest and tastiest alcoholic alternative.