Posted by admin | Posted in Build a Shed | Posted on 27-12-2009
Tags: google, map, maps, reference, travel
Market research – a vital component of market entry
The business knowledge is power. In considering the expansion of its line products there are a lot of unknowns. It can be like trying to find his way in the dark without a torch. Who will buy? How many potential customers there? What product features customers want? How should the product is positioned to appeal to these potential customers? The questions are endless. Meet, or at least have an idea of the answers shed light on its journey from concept to market products and increase chances of success. Research markets is the torch.
The following is a brief case study about chocolate and how Donovan market research helped them to "hit the target with their new chocolate bar.
Donovan chocolate (DC) is a relatively small chocolate maker in the hands of two brothers based in Hamilton, New Zealand (NZ). Until recently, only DC had produced traditional craft and chocolate chocolate-covered confectionery. The brothers had been working on developing a new prescription. The new chocolate is made with only the bare ingredients and do not have any additives and preservatives found in all chocolate incorporate other. His recipe was one "Real" chocolate flavor that was not altered by the additives. The Donovan brothers knew they were in a great product but were not sure what the best strategy would be to consider the market.
DC sought the services of a marketing consulting firm to conduct research and formulate a marketing strategy for its new bar. The first steps involved a lot of competitive analysis on what candy bars are currently available in the market, both domestically and internationally, and how they were placed. This included pricing, bar sizes, brands, packaging and product range. Comparing this investigation regarding industry sales data allowed the consultants to analyze the manufacturers were doing well and what they were doing well.
It was unanimous that the new product was above the level of DC current range and capable of competing with other subjects of mainstream confectionery. It is therefore recommended that the DC to introduce a new luxury "Brand. The consultants designed a survey to test the possible brand names and logo designs possible with a database of key influences consisting of specialists brand, brand managers and consumer goods industry partners. It emerged from the survey that the brand of choice was "Brothers Donovan. The research also helped design aspects of the brand Donovan Brothers.
In the analysis of competition was evident that the market was segmented between current chocolate bars – Cadbury, Whittaker, Lindt, etc., and organic chocolate bars – Green & Blacks, Dagoba, Scarborough Fair, etc. The new recipe was organic, but after much analysis of the consultants recommended that the bar is not positioned as organic. The organic customer base, although growing, was still very small and competitors consisted of a pair of big and a lot of small manufacturers. The chocolate bar current customer base, however, was much larger. Go to main customers would mean that Donovan Brothers would only have to get a small market share to succeed. The consultants recommended to call the bar of 'pure Donovan Brothers Chocolate'. The word "pure" is very common and still appealed to people who are concerned about the content of their food. 'Pure' Donovan Brothers give a point of difference in the market for chocolate bars, because it would underline that no additives or preservatives. Pure had been successfully used by new Zealand products such as beer, water and especially in international marketing for Tourism New Zealand. This link is important to tourism as it was anticipated that the chocolate is exported and sold in duty free shops.
Brother Donovan pure chocolate is available in most supermarkets throughout New Zealand and has been selling well. quality market research ensures that the brothers were Donovan well equipped for a successful entry prepared to provide strong growth.
About the Author
Kieren Ross is a consultant for Campbell Consulting. Kieren specialises in tourism research and tourism marketing. Although relatively new to the industry, Kieren has already amassed significant experience through working with businesses in the New Zealand tourism industry. Kieren has a Bachelor of Management Studies from the University of Waikato, part of which was completed at the Jonkoping International Business School in Sweden as an international exchange student. After his studies Kieren spent time backpacking through Europe before returning to New Zealand to take up a position at Campbell Consulting. http://www.campbellconsulting.co.nz/
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