Jacob Quirola

MAR 100

Professor Buckler

Product Concepts

In the world of business, Product concepts play a huge part. The product concept is viewed in this order product, price, place and promotion, but to fully go into depth of product concepts is to give an example of a real product and it’s concept being brought to million dollar business investors known as the sharks of Shark Tank and giving there view whether to invest in these new entrepreneurs or let them go.

Picking a pitch from the show, I decided to pick the first pitch called ” Honey Bunchies” and what caught my attention with this product was what it stood for and how it came to be and being a healthy person myself, I couldn’t resist but think about how much protein it contains. Krenda Bennett who is from Colorado introduces the healthy bar “Honey Bunchies” where she tells the story to the sharks about how her mother inspired her father to creating a sweet healthy bar in which started the business in 2010 and then retailing in 2013, with producing having the only ingredients of nuts and pure honey that consumers can enjoy.

Seeing the packaging of this product brings the colors that a child can be attracted to with a friendly bee character representing the bar, the purpose of this product was to fill there bar with nutrients and a healthy source of energy to bring to all ages, futhermore, during the segment the sharks really did enjoy her product. The process of kendra’s business is well established with marketing and advertising, but with it comes a challenging investment for the sharks.

During the discussion with kendra and the sharks, with sales being $300,000 to $520,000, what she was proposing to the sharks was that she was projecting a plan of sales being $2.2 to $4.2 million dollars which was a large jump for the sharks and her five reasons that she had estabish was not enough for the sharks to do a business deal. The reason why kendra couldn’t manage a deal with the sharks was that she was estimating that her business was going to profit because of the nationwide distributors she was going to partner with but the problem was that there were no guarantees the partnership was going to happen, with healthy food snacks being very competitive in the market and so the sharks couldn’t take a risk with a product that was good in taste but wouldn’t profit as fast as it would.

From what I have learned from this unit, I think in kendra’s case, she should have managed to start small and then grow her business through advertising in small local stores in her hometown and then promote her healthy bars online to give a wide perpective in branding which I believe was done well but could be better.