Brand Name: Korean Ginseng Union
Product/Service Type or Description: Retail
Overview:
MZI Identified the Potential for Ginseng Products in the North American Market
With the explosion of energy drinks in the U.S., leading ginseng manufacturer Korea Ginseng Union sought to develop and launch red ginseng products into the North American market. The company, although largely successfully in Asia, wished to expand outside the saturated Asian market. MZI Global® consultants worked with the company to analyze the North American ginseng market and to identify new product categories and underserved needs. By creating a program for strategic product development, MZI Global Inc. allowed the manufacturer to identify and evaluate the potential for existing and new red ginseng products in the North American market.
Client Objective:
- Korean Ginseng Union is popular in Asia
- They wanted to explore the potential market in North America
- They wanted to enter the North American market since energy drinks were growing in popularity
Market Challenge:
- Identification of niche and new target audiences unsaturated with red ginseng products
- Variation in tastes in North American markets required new product development in order to enable red ginseng to cross into mainstream markets
- Creation of a creative, educational, and viral marketing plan to introduce red ginseng to North American consumers
- Transformation of packaging and promotional items to facilitate consumer adoption in the U.S.
MZI Global® Solutions:
- Conduct detailed industry and competitive analysis to identify emerging market trends, underserved markets, and opportunities for new product development
- Segment the North American market into target consumer groups in order to identify niche markets that had the highest potential for red ginseng, herbal remedies, and stimulants adoption
- Execute primary research with focus groups of target consumers to identify consumer needs unmet by current market offerings and facilitate the development of new products and flavors
- Identify consumer tastes, market voids, and emerging category trends through one-on-one interviews with distributors and retailers
- Design packaging and promotional items based upon market analysis and primary research
- Generate a new brand direction integrating North American consumer tastes
- Developing an integrated marketing and sales campaign that included experimental, viral, social, business-to-business (B2B), and traditional marketing tactics
MZI Global® Results:
- Created a solid business and marketing plan for client’s entry into the North American market
- Introduced manufacturer to the oldest and most well-established beverage company in Mexico, who was interested in a new product development joint-venture for the Hispanic market in North America
- Compiled a detailed portrait of the current market, identifying key competitors, major market and category trends, target distribution channels and ideal market entry conditions, strategies, and plans
- Assembled consumer profiles for all major target markets
- Presented client with a clear assessment of market voids and consumer needs, as well as innovative new products
- Provided Korea Ginseng Union with a comprehensive branding strategy, complete with package and design recommendations, for both existing product lines as well as new products recommended for development