The “Spin Pop”

The “Spin Pop” belongs to the “improvements or revisions of existing products” category, as it is a revision of the previously introduced Ring Pop. Several candy companies compete in the novelty candy products (candy/toys) category. Kandy Kastle’s new-product development strategy is targeted at the new novelty candy market segment that arose in the wake of the faltering toy market of the 90s. Kandy Kastle has sought to capture this market by employing a multi-faceted new product approach with the primary focus on innovation. Their company goal is to introduce a new candy product to the market every three months. Kandy Kastle considers bringing innovative candies to market on a frequent basis its competitive advantage. Come up with the next great new product idea for Kandy Kastle. You can come up with an entirely new product or revise an existing product. Evaluate opportunities for increasing sales and profits using STP (segmentation, targeting, and positioning). When using STP, you must first divide the marketplace into subgroups or segments, determine which of those segments you should pursue or target, and finally decide how you should position the new candy to best meet the needs of those in your target audience. Questions: 1. Post the name and description of your new Kandy Kastle product. 2. Provide three different segments of the population you will market towards and why. 3. From the list of market segments you have selected, who will be your primary target audience and why? 4. How will you promote your new candy product to the market segment you selected? Create a tagline, slogan, or jingle for your new candy/toy product that will resonate with your target audience.