Conduct a market analysis for your chosen company and develop a report that will

Question

Conduct a market analysis for your chosen company and develop a report that will be given to the senior management of your chosen company. The objective is to develop a Product Innovation Charter (PIC). A PIC is a written document, prepared to chart the company’s new product strategy. To develop the PIC you will need to conduct a PEST and/or SWOT analysis. Your market analysis should also include an analysis of your customers. You also need to answer the following questions: •What are the market opportunities? •What are the technology opportunities? Identify an area of opportunity for your chosen company. Then develop a PIC for your chosen company. You can find examples and more about a PIC through searching online. At a minimum the PIC should include background, focus, goals and objectives, and guidelines.

Explanation / Answer

Let us consider the Coca-Cola Company for developing a Product Innovation Charter. The company has proved itself to be a market leader in the soft drinks category. The company should now focus on a new market which it has to enter. Venturing a new market with a new product is referred to as market penetration. The advantage of the company would be the brand name associated with it. Since the company has already earned reputation among the consumers, market entry will be easy, but to grab the market share would completely depend on the product category and the product type.

Let us assume that the Coca-Cola company ventures into the snacks market with a crunchy variety of potato chips. The SWOT analysis for this product has to be considered now.

SWOT analysis is the detailing of the strengths, weakness, opportunities and the threats for the new product. This will enable the company to have a clear picture on the scope for the new product.

The Goal of the company would be to : To establish Coca-Cola's brand in the snack market and to sustain the same. The company would focus on attracting the end-users. The main objective of the company would be to venture into the new market segment and grab the market share thereby becoming the market leader.

Strengths for New Product:

Weakness for New Product:

Opportunities for New Product:

Threats for New Product:

The inference is that the new product can enter the market but it should be ready to face stiff competition form its rivals which can be overcome only by intense marketing and innovative technology.

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.