Question

Assume you live in a mid-size city in United states, in the State of Texas. You are starting a healthy energy drink company. Targeting the fitness community in your area. How will you ensure consistent quality in your products and processes? How do your company’s standards compare with the industry standards? Any bench marking etc. Please answer all the questions. Thank you in advance.

Answer 1

If I live in a mid-size city in the United States, in the State of Texas and if am starting a healthy energy drink company then targeting the fitness community will be my objective. We would ensure consistent quality in your products and processes by using advanced technologies for preparing health drink, reducing the sugar components, diet drink can be prepared, advertising near the gym, badminton courts, parks, play arenas etc. Initially to attract the customers in a perfect competition market would be difficult until and unless the differentiating factor is not showcased. The samples quality and the original product should be of the same quality. Maintaining the standards by adhering to the laws of Food and hygiene regulatory standards would convince people to accept the product. The pricing should be competitive, and some emotional kind gestures like on the drink packaging itself mentioning that 1% of the MRP would be given to the children’s education or to orphanage centres would attract people. Adding fewer or no preservatives even if it is costly will also attract people as the target audience wants healthy food and drinks.

The company’s standards should be better than the industry standards as competitors like Red Bull have already acquired 27% of the market. The brand image is very important as according to Statista, energy drinks report 60% of the population consider brand as the purchasing factor and 54% likes it for good taste. The initial investment to establish in the market is highly required and, in the advertisements, comparing other brands and the providing the benefits of the drinks can attract people. Instead of using celebrities as brand ambassador, common people highlighting the need for them can be a good advertising concept. Sponsoring sports events can also attract sportsperson and sports lovers. The major attention should be given to the quality rather than packaging. Providing doctor’s report on the effect on any person can also encourage audience.