Question

Have you ever thought of starting your own small business? Think of a good or service you might like to provide to your community. Then, describe how you would supply the good or service. How would you go about estimating demand for your good or service? Evaluate whether there would be enough demand for there to be a “market” for your good or service.

Answer 1

The business which comes to my mind is health drink for the employed population who has the pressure of fulfilling the needs of the entire family. Health drinks like Horlicks are making the person fatter.More advertisement is seen for the kids in the form of pediasure,junior horlicks and many more.Even old-aged persons are advised to drink products like Ensure. As far as I think efforts should be made to prepare a healthy drink for the younger population who has the work pressure, and also require to fulfill the aspirations of family.

One of the best way is to advertise in offices,colleges where maximum number of younger population is present.Advertisement can also be done in TV channels, newspapers.

In order to advertise for the product in order to teach the slogan of STAY FIT and STAY HEALTHY ,it is necessary to read the minds of the working population.Generally it is observed that in order to reduce stress younger generation drinks tea and coffee in huge amount.It has a adverse effect on their health.So a health drink which has all the essential ingredients like protein, vitamin,calcium, must be present. Through surveys and selling the product in some selected places ,the demand of the product can be estimated.Online marketing is also a suitable step as younger educated population has an easy access to it.

Whether there will be demand for the product or not will be defined by the marketing strategy and proper distribution channel.Marketing strategy includes such advertisement which will create attention of the population. It might include lines like your life is valuable for the family. So stay fit and stay healthy.

Other step can be proper distribution channel. One of the best way is online marketing. Availability of the product near offices is also good.Prices should not be kept very high so that middle income group might be able to purchase it.This is because working person generally doesnot want to spend more money on himself. Other step is to introduce the product in small containers.Many people can then purchase it and if satisfied then demand will automatically increase. Even college students should also be asked to use the product so that they become used to the product when they go for their new job.

These steps may be useful for the working population and ultimately for the community as well.