BLK is the first ever fulvic- enhanced all natural mineral water. This is a recent item that has recently entered the market. This product derives from a proprietary blend of fulvic acid which is a yellow brown substance. It is a derivative of plant matter that is mined from an 80 million year old source deep within the earth. Naturally black in color, the formula binds to the molecules of pure Canadian spring water giving BLK its signature black color, with no artificial dyes, coloring, or additives.
Fulvic acid is critical in the growth of plant life, helping the transportation and absorption of nutrients. Fulvic acid’s small molecular structure allows for the fast absorption of over 77 different trace minerals and elements, powerful electrolytes, and antioxidants that are overall good for the body. BLK is distributed by BLK Enterprises LLC in New York, NY. It is a private company categorized under Water Distilled Manufacturers. It was established in 2011 and incorporated in New York.
Product Decision
As a group we wanted to choose a product that was different and nutrious and yet at the same time was astetically appealing to the eye of the consumer. We found BLK water to be a product that met these needs. One of our group members knew of this product and introduced it to our group and we all agreed that it would be a great product to learn about as 3 out of 4 of us had never heard of or come across this product. After our group sampled this product and learned more about it we were all curious as to why this product was not more widely known or advertised to become more popular.
Research Objectives
Our group will be using the five following criteria’s to evaluate the product as it will help us to explore the BLK Water in order to determine if the product is a success or failure in the competitive market. To have a successful product in the market, we question BLK’s attributes based on the following: A) Customer Interpretation: evaluative reactions ( perception) B) Product packaging/ Product appearance: package design, size, price, color, bottle volume C) Advertisements: T.V, events, word of mouth, celebrity endorsements, D) Distribution: grocery stores and specialty stores
E) Market Segmentation: who are the main customers that are trying to be reached? Research Hypothesis
BLK Water is a successful company. This water is a new emerging phenomenon that is sweeping its way across shelves nationwide. However, due to a major lack in marketing, we believe that this product is a failure on the overall business model and will not catch on like the other major bottled water companies such as Vitamin Water, Smart Water, Evian, or Fiji. We believe that BLK can do much better if they promote their product through different channels.
Methodology
A) In order to accomplish the previous section mentioned, we will need to research the product and locate it, determining the places that the product is most sold at: * Location of the product- we found this product to be available at all grocery stores, but not available at convenience stores, coffee shops, or fitness centers. * Placement of the product- BLK water is displayed in grocery stores along with all other popular waters and is lacking any display that really makes it stand out to the consumer. * Price- The price of BLK water is slightly higher than regular bottled water such as deer park, being about one dollar more;
But is in the average price range of specialty waters such as Figi and Vitamin Water. Therefore we agree that the price is acceptable for the product. B) Take notes on our first reaction with the product in the grocery store environment. We all the same similar shocking reaction when we first found BLK Water in the grocery store which we will be explaining in our presentation. C) Do some research, then based on these, form hypotheses of the product to discuss why the product may or may not be doing well in the bottled water market. D) Develop surveys and distribute to the public using the following information:
* Male/ female
* Occupation
* Age
* Income
* Would they consider buying the product?
* Would they try the product?
* Would they buy the product?
* This will allow us to have an overall idea of what the consumers think of the product, thus providing us with a better understanding of the customers’ viewpoint. E) Collect data and compile all survey results- completed 11/13/2012 F) Review data and interpret the product
G) Conclusion about the product
Questionnaire Design
We distributed this to our whole Marketing Research 342 class. This is our cover from our questionnaire. We asked 14 different questions in hopes to understand the potential customer basis. In our questionnaire, we questioned the product. We mainly focused on the water’s appearance. We used interval scales on our survey asking the question on a 1-5 non-forced scale.
The participants could rate how they felt about the question 1 being definitely not and 5 being most definitely and 3 being neutral. For our demographics we asked questions regarding gender which was a simple, male/female choice, income, age, and education in a range format, which we asked at the end of our survey as these are sensitive questions and participants are not always willing to share these answers with strangers. Our screening question was our first question of the survey which would tell
us the Here is a copy of our actual survey we used. BLK WATER
Consumer Water Preference Survey
BLK is the first ever fulvic- enhanced all natural mineral water. This is a recent item that has recently entered the market. This product derives from a proprietary blend of fulvic acid which is a yellow brown substance. It is a derivative of plant matter that is mined from an 80 million year old source deep within the earth. Naturally black in color, the formula binds to the molecules of pure Canadian spring water giving BLK its signature black color, with no artificial dyes, coloring, or additives.
Fulvic acid is critical in the growth of plant life, helping the transportation and absorption of nutrients. Fulvic acid’s small molecular structure allows for the fast absorption of over 77 different trace minerals and elements, powerful electrolytes, and antioxidants that are overall good for the body. BLK is distributed by BLK Enterprises LLC in New York, NY. It is a private company categorized under Water Distilled Manufacturers. It was established in 2011 and incorporated in New York.
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