For purposes of this essay, you are asked to select a specific new product (Keytone Supplements) to discuss in your essay.
This essay should consist of a minimum of 3-4 paragraphs, and any outside sources that you use must be appropriately cited.
Your essay should include:
1. The first paragraph in this essay should be about this new product (keytone supplements). Provide a link to the web site for this product in this paragraph
2. Identify and explain the environmental force(s) that created the demand and opportunity for this product. Examples of these factors would be: consumers changing their wants and needs (social); changes in technology that makes a new product economically feasible or desirable or renders an existing product obsolete (technology); the establishment of new government regulations or legislation (regulatory); changes in the economic landscape that affect consumer purchasing power and spending (economic); the entrance of a new competitor in the market or alternative forms of competition (competition).
3. How does the new product satisfy the demand created by the environmental forces you identified? Be specific.
4. Identify brand, product and generic competitors for this product. Remember, there are different types of competitors. For example, Coke and Pepsi would be considered “brand” competitors because they offer the same basic features and benefits at similar prices. However, Coke and Mountain Dew would be considered “product” competitors because they compete in the same product class (soft drinks). Additionally, Coke faces “generic” competitors such as water, tea, coffee and juice because these products satisfy the same basic need (thirst).
