Question

Provide your recommendations in terms of market trend, company structure, Project viability with justifications in brief.

Answer 1

Market Analysis includes understanding the type of customers that exist in the market, their needs, what group of markets you serve or target markets, what kind of product or services you are going to develop to meet the customer needs, what is the pricing and how your competitors are doing in the market. Marketing also refers to advertisement, ongoing promotions, public relations, etc. Market researchers use various methods to find out the information on current market trends, target markets, competitors, customer satisfaction regarding product or service etc.

Current trends in the industry help to develop the best product as per customer needs. Market trend refers to the significant changes in the market. You should identify the market trends early and plan the changes accordingly in the business for the success of the business. You should monitor the change in customer needs before planning a product. If its demand is reducing plan for something new that will attract the customers. Try to make products that are unique to attract customers as per current trend. Pricing also is a part of market trend and people are more interested to buy discounted product. Online marketing is an important feature current market trend and prioritize online marketing while planning the business. Identify the trends which are important for your product and have significant impact on your business. In the example given here, in lunch box business, the current trend includes new meal deals and rise of snacking. Prepare the lunch menu as per the demand of the customer and remove the items which are customers do not prefer. Start an online portal for taking orders and selling the meals online.

Understand the major group of customers who is going to get maximum benefit out of your product. Each target markets are unique for each product and understanding the target market for your product helps to identify where to promote your business more. You can serve better if you know the customer more and helps to communicate effectively with the customer. A good research will help you to identify the primary target market and additional target markets. Additional markets will help you to get more revenue through promotions. You need to identify the people who really want your service and target those customers using the resources available to you. Look at the competitors if you are new to the market to identify target markets. Avoid making assumptions because if the target market selected is wrong it may lead to failure of your product. The target markets for lunch items business can be schools or offices where customers do not have time to prepare lunch. Identify them and approach them through advertisements and promotions.

Identifying your competitors and the characteristics of products they are offering will help you to develop better products. It also helps to set the prices less than the competitor and conquer the market. Identifying the threats from new entries and current competitor will help to improve the business. The competitor can be someone who provides the similar product or service that you offer. You should know the product or service they provide and their marketing ideas to compete with them. Identify their position in the market and the technologies they use also how they distribute and deliver the product. Read the articles in publications, try their product, check their websites and attend their exhibitions to get information about competitor. Compare their product and service with yours and try to make yours better through innovation. Find out the worse thing in their product and this will help to highlight how your product is better from others while doing promotions and advertisements. In the given case identify the other organizations that provide food services in the area and try to understand how they differ from you. Analyze their items provided in menu and prizing and try to make your menu more attractive and offer at discounted rate to compete with them.