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Energy drinks introduction
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A business is always set up with an aim of profit maximization. Before a business is set up, the entrepreneur always has to analyze the market. The target group, the advertising medium, level of competition among others. The business has to know its strength and the weaknesses and the strength of the competitors. This factor therefore enables choosing of the right product or service to invest in. There are several products that a company can invest in. These are consumer products among others. Consumer products are always the trickiest part of investment due to the terms or regulations there in. Since they are goods for consumption, the authorities lay rules to guide their production. They always have to be tested by the health ministry to determine whether they are fit for consumption or not. This therefore makes the consumer products production strict since the authorities also always monitor the pricing of the consumer goods, and more so the basic consumer goods. The authorities always make sure the basic products are affordable to all. This has therefore attracted stiff and fair competition in the production of consumer goods. This therefore makes the production of the consumer products more expensive in terms of production cost. In choosing the consumer product to produce a company therefore has to consider the market where to sell the product. For high returns a product has to be one that is on high demand in the market where it is availed. One of the best selling consumer products of American origin are the energy products. These energy drinks are on high demand mainly in the southern American countries. These products are generating high profits for the American economy while England is believed to be the largest impor... ... middle of paper ... ... http://marketingabout.com Brenan Mary, Sharon Kuznesof, (2010). Exploring Consumer Acceptance Of Novel Food Technologies. Retrieved from: http://www.socio.org/News/~/media/Files/.../mary_Brennan.ashx Dennis M, P.Mccarthy, (1990). The Bureaucratic Manipulation Of Indigenous Business. Retrieved from: http://www.h-net.org/~business/bhcweb/publications/BEHprint/v019/p0123-p0132.pdf Investorwords.com, (2010). Repatriation. Retrieved from: http://www.investorwords.com/4180/repatriation-html Kent Wolfe, (2006). Estimating Market Potential Check-List. Retrieved from: http://www.caed.uga.edu/publications/2006/pdf/CR-06-08.pdf Springer, (2011). Sourcebook Of Labor Markets. Retrieved from: http://springer.com/social+science/book/978-0-306-46453-9 Tutor2u, (2008). Competitor Analysis. Retrieved from: http://tutor2u.net/business/strategy/competitor_analysis.htm
Price increases in the raw material mean that prices needed to be increased, but customers were still willing to pay for a quality product.
Figure out the typical customers is the first marketing strategy. Business should find the right customers who would by your product and tailor and focus its marketing effort toward them. Thus, this target market represents the group of customer offering greatest opportunity.
As stated in the case, “the market for energy drinks was growing; between 2010 and 2012, the market for energy drinks had grown by 40%. It was estimated to be $8.5 billion in the United States in 2013 [and] forecasts projected that figure to reach $13.5 billion by 2018” (pg 5). However, much of this market’s revenue -- 85% in fact -- is dominated by five major brands, while the remaining 15% is split between approximately 30 regional and national companies. (pg. 5). With this saturated market, it might not be best for Crescent Pure to enter as a completely new product to the industry, as there is the possibility that it will be squeezed out of the profit shares by more established brands -- especially if it is not properly secure in its identity. In addition, while the market for energy drinks appeared to be growing at an exponential rate compared to the market for sports drinks -- which increased only 9% in five years and would be at approximately 60% of the rate for energy drinks in 2017 (pg 6) -- the consumers appeared to be wary of partaking in the market for several reasons, which would potentially harm the reach of Crescent Pure. These concerns included rising news reports discussing the safety of energy drinks (pg. 5). Taking into consideration the data provided in the case that concerns reasonings of why consumers choose specific drinks over others, there
The beverage industry is highly competitive and presents many alternative products to satisfy a need from within. The principal areas of competition are in pricing, packaging, product innovation, the development of new products and flavours as well as promotional and marketing strategies. Companies can be grouped into two categories: global operations such as PepsiCo, Coca-Cola Company, Monster Beverage Corp. and Red Bull and regional operations such as Ro...
... and products. This will allow the company to increase its product line in order to respond to the change in consumer preferences, and also gain the right of patent.
Know your market and competitors before starting your business. Effective research and strategic planning are often what separate the winners from the losers.
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
For example, Henry Ford had developed the automobiles that was affordable to the middle class by using the assembly line. Even though he did not invent the automobile or assembly line, he was the one create the affordable cars to the America middle class by manufacturing the exact same cars. By manufacturing the same product, he was able to lower the price for each unit and lower the unit product cost of automobile as well. Hence, price is an essential factor that drives the consumers’ purchasing decision. Therefore, standardized product is an effective way to attract more consumers because the price is
We probably all agree that the primary objective of any business is to achieve revenue and attain a certain profit. But then here is the question that we might ask, is profit the only element that should be considered when making business decisions? In my point of view the answer is no as I will try to demonstrate throughout this paper. One quick alternative of what should be the first top priority of a business is creating a customer as Dr.Peter Drucker said. According to him “The customer is the foundation of a business and keeps it in existence. He alone gives employment. To supply the wants and needs of a consumer, society entrusts wealth-producing resources to the business enterprise.” (Santayana, George. Is The Tyranny Of Shareholder Value Finally Ending? )
Birchall, Jonathan (2008, February 14). Emerging markets help keep Coca-Cola bubbling: [LONDON 2ND EDITION]. Financial Times, p.25. Retrieved March 8, 2008, from ABI/INFORM Global datebate. (Document ID: 1429142611).
This assignment is concerned with your understanding of the key issues relative to portfolio analysis and investment. In completing this assignment you are to limit your scope to the US stock markets only. Use the Cybrary, the Internet, and course resources to write a 2-page essay which you will use with new clients of your financial planning business which addresses the following issues and/or practices:
Every business needs a target market and once a company finds that target market they have found their niche. The best ways to find your market niche is
How – the goods and services are made are chosen by the producer, often choosing resources which will give them a competitive edge over other companies. Such as the choice of cheap labour or mass production.
Before starting any business you should consider its objectives, in order to develop a strategy. It is the strategy that lays out how the objectives will be achieved and determines deadlines for achieving them. If and when the goals are reached the business will be successful.
This distribution is intensely affected by the relative adjustments society offers to such exercises. This infers strategy can impact the allotment of business enterprise more successfully than it can impact its supply(Baumol, W. J. (1990).My company would be shaped in such a way that adds value to the entrepreneur who put in lot of faith and made his best efforts to serve the consumers with the quality products.