BUS 5112 - Unit 1 - Discussion assignment 2 PDF

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Assignment for Discussion UNIT 1. Related to the given assignment. This is sample file to prepare the assignment yourself. Thanks...

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Himalayan Pink Salt Syed Zeeshan ulHassan University of the People, US BUS5112: Marketing Management Frank Billingsley June 20, 2021

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Discussion Assignments:

1- Identify the product(s) that your company manufactures and sells. 2- Develop a statement of your target market(s) 3- Develop a statement of your competitor’s target market(s) 4- Develop a value proposition statement.

Product: Himalayan Pink Salt

1- Identify the product(s) that your company manufactures and sells:

A human diet is incomplete without salt, which is an essential ingredient used at various times throughout the day in different cuisines worldwide. Pakistan's Khewra salt mine produces Himalayan pink salt. Salts around the world are distinguished by their different colors, but this pink salt stands out from the competition. It is a delicacy with a wide range of health benefits. The pink salt miner extracts around 1000 tons of it each day, which then goes through the process to produce a wide variety of products. (Abby Narishkin and Steve Cameron, 2021)

In addition to the usage of pink salt in food, several factors influence Himalayan pink salt's popularity around the world.

Following the salt's processing, we sell the product on our local market and export it to various distributors in Europe, the Middle East, and Western countries in different forms.

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2- Develop a statement of your target market:

As of now, we are approaching distributors, superstores, and industries to engage our customers around the globe. Additionally, we intend to run the business on our electronic platform, which will permit us to sell products directly to consumers. The product we offer contains no additives or chemicals and contains less ratio of sodium per teaspoon, making it a healthier choice for anyone with a health-conscious mindset.

Himalayan Salt consumption continues to rise every single day. By 2025, it is expected to reach 13 million US dollars in sales. (PMI, 2021)

3- Develop a statement of your competitor’s target market(s):

We compete principally with all traditional salts, sea salts, kosher salts, and other various types of salts companies. These salts are readily available to consumers on the market. Unlike us, our competitors focus primarily on superstores and industrial usage. Most of our competitors’ product is used in food recipes.

4- Develop a value proposition statement: Himalayan salt contains less sodium per serving which is a healthy choice as our product contains 680 milligrams less sodium per teaspoon when comparing with the traditional table salt. (WebMD,2021). As per the US Food and Drug Administrations (FDA), daily usage of salt should not excel 2300 milligram of sodium a day otherwise it can cause hypertension or high blood pressure. (US FDA)

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The uniqueness of our product is helping us to sell our product in a different form. It helps to retain moisture in your skin and is used as massage product. Also due to our product pink color, we can sell a different product line which contains i.e., cutlery, decorative items, aromatic lamps, skin scrubs, massage stones, and much more. (Kiersten Frase, 2021)

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References

Abby Narishkin and Steve Cameron, (2021), How 800 million pounds of Himalayan salt are mined each year. Business Insider, June 20, 2021. https://www.businessinsider.com/how-800-million-pounds-of-himalayan-salt-are-minedyearly-2021-2 PMI, (2021), Global Pink Himalayan Salt Market is estimated to be US$ 13 million by 2025 with a CAGR of 4.1% during the forecast period. Global News Wire, June 19, 2021.

https://www.globenewswire.com/fr/news-release/2021/03/02/2185584/0/en/Global-PinkHimalayan-Salt-Market-is-estimated-to-be-US-13-million-by-2025-with-a-CAGR-of-41-during-the-forecast-period-by-PMI.html WebMD, (2021), Himalayan Pink Salt: Are there health benefits?

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https://www.webmd.com/diet/himalayan-pink-salt-health-benefits%231#1 US Food and Drug Administration, (unknown), Sodium in Your Diet, FDA, June 19, 2021.

https://www.fda.gov/food/nutrition-education-resources-materials/sodium-your-diet

Kiersten Frase, (2021), 12 Pink Himalayan Salt Products We’re Loving Right Now, Hello Glow, June 20, 2021.

https://helloglow.co/pink-himalayan-salt-products/...