Link to slides
Ask: Create an innovating marketing strategy for an imaginative product - a cube in which you assign the function.
Develop a marketing strategy formation using the 5Cs (consumer, company, collaborators, competition and context).
Looking at who your target customer is, what about the context of our time will make this product successful, how to make the product innovative
Insight: People take food for granted, leading to massive food waste and underappreciation of food.
Strategy: Invent a product that reverses the life cycle of rotten food to reduce food waste and encourage efficient use of food.
Context: Consequences of Food Waste
- The U.S. wastes almost 40% of its entire food supply
- 43% of that waste comes from households, which amounts to more than $408 billion worth of food
- Environmental Impact: Food waste contributes to 11% of the world’s greenhouse gas emissions
- Impact of COVID-19 Pandemic: 89% of Americans became more conscious of germs than before the pandemic
What is ReCoCube? A solar-powered small cube that uses revolutionary laser technology to scan the food
What Does It Do?
- Turns deteriorating food back into fresh food
- Shows data of food, such as the updated expiration date, how to properly store the specific scanned food, etc.
- Disinfects invisible virus/bacteria (ex. salmonella on chicken, contaminated water)
Context: Why Do People Discard Food?
- People want to eat only the freshest food
- 1st function: restoring its fresh state
- More than 80% of Americans discard consumable food because they misunderstand expiration labels
- 2nd function: shows accurate expiration date
- Concern about foodborne illness
- 3rd function: disinfection
Positioning Statement:
For [busy people in their 20s living alone], who [seek to enjoy nutritious food while minimizing food waste and saving money], ReCo is the only brand among all [food-preserving technologies] that allows you to [transform deteriorating food back to its freshest state] by [utilizing revolutionary solar-powered laser technology that revives the life cycle of any food items].
Customer
Main Target Audience: Busy people in their 20’s living Alone
- Students and workers
- Busy with school, work, social life -no time/energy to cook
- More impulsive spending habits
- Small/single households generate more food waste per capita than larger households
- 20–25% of household food waste is caused by excessively large packaging