Question

Provide a market entry strategy for a new brand of cereal.

Answer 1

Market entry strategy for a new brand of cereal would be to identify the existing competitors first in the cereal manufacturing business and study their products and revenue analysis for all the product ranges. Then customer analysis must be done in order to gauge the interest of the customers in new cereal being introduced and customer acceptance of the same. Then cost analysis must be done in order to ascertain the cost of production and whether the cost is less as compared to the expected sales and revenue generated out of that sale, hence feasibility study of the introduction of new cereal must be properly done. Next step would be to ascertain the market size of the cereal and anticipate the actual sales figure based on the market size. Then region selection and territories where the new cereal will be introduced must be done. After that pilot project must be started and some quantity of cereal must be sold in order to get a feel of customer demand. After that, full scale production must start and marketing initiatives must be run to garner customer attention towards the new cereals and sell the product in the market accordingly.