The first step has several stages. These are the following to step1.
Determine the four P's the four P's are:
- Product
- Place
- Price
- Promotion
The Product. Find your product (s) and start your market research. Find out weather there is a market for your product (s) how big is the market? And would you want to reach all of the market of focus on a lower proximity (area)?
Place- where can the paying customer collect the product from. In your market research analyse the market and conduct surveys. Find out where they buy their other juice.
IMPORTANT
Find out your competition. Find out how much of the market they own and break it down into segments you can access all of the information from the library in Manchester.
Price - try to negotiate your price inline with other brands to temp customers to walk away from the leading brands. Analyse your running costs and make a reasonable decision on the price. But remember to make a profit.
Promotion - how are you going to get the public to more importantly notice your product (s) and remember it? There are key factors concerning how you present the product (s) to the customer. Look at the buying trades of your market. What kind of people will be buying your product (s) and make it appeal generally to them.
- Packaging - how will it be contained? And how will it appeal to your target market?
- Colour matters to all of us psychologically. Make the colour appealing and noticeable to the market use a logo that represents the fruit juice and remember to be fashionable and memorable.
- Slogans. for example “because a lady loves Milk Tray”
“L'Oreal because your worth it”
Test the market run such things as consumer panels and one to one with general public in the street.
IMPORTANT
all of these things must click and be memorable, fashionable and studied
Set aims and objectives. Setting aims gives you a sense of direction. Where you aim to be
Objectives- quantify your aims give them a time scale for example. Write a mission statement about your aims; make it formal and highly representational of what you stand for as a business.
Before you start your market research decide which kind of market research you will conduct there is Desk research and secondary research.
Desk research is using information that already exists
And field research is doing such things as surveys. You can employ research firms to do your work for you.
Desk research
Secondary research
Advantages
You can fid out what the competition are up to and the trends of the market.
The information tells you what you want and no other company will have this information.
Disadvantages
It costs and some of the information may be irrelevant
It costs a lot of time and money and resources.
When using secondary research you might want to consider these options
- Consumer panels
- Questionnaires
- One to one
You do these to collect data and the publics opinion. about your product (s)
