Marketing Strategies for New Product Launch of Functional Sports Drinks
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Abstract
Currently, Generation Y people are more health-conscious, which has resulted in a growth in sales of health products, especially functional drinks, which are considered health drinks that help boost immunity. It is expected that the market value will grow by an average of 7.08 percent per year until 2028, making it a very interesting business. Therefore, this article aimed to 1) study the consumption behavior of functional drinks, such as sports drinks, and 2) design a marketing strategy for a new product, a functional drink, such as a sports drink, using a quantitative research method. The sample group was 452 Generation Y consumers in Bangkok. Data were collected using questionnaires and analyzed using basic statistics in the quantitative research case. The research results were as follows:1) Generation Y consumers mostly consume functional drinks, such as sports drinks, after exercising to restore the body and replenish minerals. They prioritize taste, reasonable price, and purchase from convenience stores or gyms. They were also open to new brands and interested in additional product functions, such as fat burning; and 2) the marketing strategy for new products was to use the STP marketing strategy, including segmentation, target selection, and product placement. (Positioning) and 4P's marketing: Product, Price, Place, and Promotion. The research results can be applied to launch new products with STP and 4P's marketing strategies systematically in order to accurately define the target group and create differences from competitors, as well as design products that are in line with consumer behavior effectively.
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