New Product DevelopmentAuthors nameInstitutional affiliationThe New Product: Cloud MacchitoThe new product is a new coffee drink known as Cloud Macchiato.The Cloud Macchiato is a new coffee that refocuses on cold coffee and movesaway from Frappuccinos. Additionally, it will be available in hot and iced.The new product is marketable in all countries in the world, and the main targetcustomers entail the working class and middle-income individuals between theages of 20 and 55.Cloud MacchitoThis presentation will highlight specific marketing goals for the new product,which will be discussed in-depth to ensure that it is successful in theincreasingly competitive coffee industry (Wang & Zhang, 2017).The scope of these goals includes the target profit, sales in dollars, marketshare, customer awareness, customer satisfaction, and return oninvestment.Customer SatisfactionThe target is to achieve a 70% customer satisfaction rate within thefirst three months.This will help the company know whether customers like the newcoffee product and how they perceive the same.Customer Satisfaction ContThis rate is expected to increase moving forward as newingredients are added to the coffee, and more improvements aremade to ensure that customers get the best experience as theyenjoy the coffee at work or home.Market ShareThe goal is to achieve a 40% market share in the next two years.This is the numb ...
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