By: Dhairya Patel & Jacob Morrison (Partners)
Product Name: Warm-Hot
Product: This product looks similar to a refrigerator, however the usage will be completely opposite. Instead of keeping your food cold, Warm-Hot will keep your food warm or hot.
Price: $69.99-$499 depending on size and brand.
Promotion: TV commercials, Billboards. This product does not need to be promoted as much because it is developed to be a normal household item which everyone citizen would be aware of.
Place (Distribution): Produced and distributed in Canada. Having a factory in Canada will reduce our distribution cost. Once revenue rolls in, we will develop our company world-wide.
Customers (Target Market): Women ages 30-60, University teenagers 18-30. Mostly women will use this product and teenager who live at campus or by themselves.
Competition: Microwave/Oven companies.
This product will certainly be unsuccessful in the Canadian market. Every household already has an oven and a microwave which can make their food warm anytime they want, therefore why would they bother purchasing our product. Also, most of the food products are either supposed to stay cold or remain at a room temperature. The lack of food items that require a hot temperature reduce the usage of our product. In conclusion, this product is very lame and will be the biggest fail of the year that it's introduced in.