Introduction
Development of a product is one of the most intrinsic agenda that a number of enterprises continue to engage in the modern dispensation. Health portion business is a business that has been established, though there are a number of issues that need to be put into perspective to ensure that objectives are met as appropriate. Product development requires proper strategies to be put in place to ensure that the needs and expectations of the consumers are met as appropriate (Khurana and Rosenthal, 2000). The text puts into perspective the possible business development scenarios and the relevant strategies that are crucial for the wellbeing of a given scenario.
The industry has not experienced significant transformations. A number of people still have mixed thoughts concerning the healthy potion business to extent that people are conservative about the business idea. In the recent past, there have been attempts by some business quarters to venture into the business though the same has been faced with a number of challenges. However, there are high possibilities that in future there will be a number of businesses gain entry into the business, hence increasing the rate of competition in the industry. The target consumers for healthy portion are the people who are conscious about their health. In the recent past, there has been increased consciousness concerning the health conditions of different people. As such, the prospect of the business in the present and in the future has been overwhelming.
Healthy portion business together with the target market can be analyzed from a SWOT analysis point of view. A notable strength of the healthy potion business is that it has a wide customer base in the market. There are no other businesses in the market that portend a serious challenge to the enterprise in terms of completion. In this sense, the company is able to run its course without any considerations of being offered a serious completion. However, a serious challenge comes from the inherent weaknesses that the business experiences. The fact that the business has not competition, there is a danger of the company doing the same things over and over again. There are a number of opportunities that are relevant to the enterprise (Hill & Westbrook, 2002). There are prospects of the company venturing into other markets and expanding to the levels that are sustainable.
When the business expands to other markets, it becomes possible for the healthy portion business to increase in revenue and also widen the customer base. Threats may arise from other businesses gaining entry into the market. Anytime other business entities gain entry into the market, competition becomes a challenging factor and may dislodge the wellbeing of a business enterprise (Trout, 2000). The SWOT analysis provides a better perspective over which prospects of the business can be understood both in the present and in the future. The Swot analysis puts into perspective the various issues into perspective in so far as strengths, weaknesses, opportunities and threats are concerned (Hill & Westbrook, 2002).
The strategies that can be employed to ensure that the product becomes a success are varied and diverse. One of the strategies that can be employed in so far as product development is concerned is focused on the needs of the customers. Targeting the consumers while developing a product ensures that a number of issues are put into perspective. For instance, this strategy ensures that the product is developed by focusing on the needs and expectations of the consumers. By focusing on the needs of the consumers, the product becomes accepted by the customers across the divide to the extent that the healthy portion product becomes a success in the market (Ulrich, 2004). Another important strategy that can be employed in the business is the brand extension strategy. This strategy ensures that the new product to be introduced in the market has a similar product name as the original entities. The strategy ensures the consumers with a product that they are used to though in a different form. The introduction of a healthy drink should be given the same branding rights as the other product for which transformation is done.
Husig (2005) notes that technology is one of the most intrinsic components that enterprises can use in product development. For the healthy portion business, the use of technology as a strategy is critical in the sense that it would allow enhancement of the product through technological means (Thomas, 2011). Using technology ensures that there is relative quality and efficiency in the production. Healthy portion drink as a new product should be produced using the available technological means to ensure that the product is of the required standards. Advertising is one of the critical strategies that can be employed by any business entity. Case in point is that for a product to be known for a wide range of audience, it is critical to market the product through different means. In advertising the healthy portion product, branding of the product is very essential.
The essence of branding is ensuring that the product becomes appealing to the consumers (Kim and Wilemon, 2002). Different studies on consumer behavior have always suggested that consumers are motivated emotionally based on the branding aspect of the product (Ries, 2000). In advertising the healthy portion product, different strategies are to be used to ensure that a number of people are reached and awareness created. As a strategy, the advertising process is to be done through mainstream media, social networking sites and placement of various billboards in strategic places in public areas.
There are three possible business development scenarios that could take place in so far as the healthy portion business is concerned. One of search business development scenarios could be merchant commission. Merchant commission could be of help in ensuring an increase in sales. Healthy portion business would give other business the discretion to sell the product and then pay commissions to the respective businesses. Australia experiences winter in the Q3 to the extent that the sales of the drink of affected to a greater extent. The business development scenario in this case could be open store. The business could extend operations to tropical zones to ensure that the sales are not affected. Franchise is the third business development scenario that could take place. In this sense, healthy portion business could contract a supplier to use the company rights to sell the healthy portion drink. In return, the business pays the supplier for the services offered. In this sense, profitability could be on a maximum high both in Q3 and the rest of the seasons.
The best business development scenario would be merchant commission. This would help the company improve on the sales and widen customer base. The essence of merchant commission is that other businesses or suppliers work for the company by selling the products to other markets. At the end of the day, the company stands to benefit significantly. For instance, a number of consumers might be reached with the merchant commission aspect hence surpassing the objective of the target market. However a number of improvements would be necessary to ensure that the scenario meets its objectives. One of the improvements that can be made to the scenario is ensuring that the businesses offered full discretion to deal handle the product operate only on behalf of the healthy portion business. On the hand, the customers should be able to know the other merchants in the field acting on behalf of the company.
The four strategies are very crucial for the wellbeing of the business. By employing the four strategies, the aim is to raise the prospects of the product in the market. The main agenda of employing the strategies is to ensure that the consumers are reached through different main. Product development in this aspect is another aim of coming up with the strategies. Jimmy notes that businesses should come up with strategies that are accommodative and relevant to product development (Smith et al, 2000). Product development requires a proper balancing act to ensure that the inherent agenda is achieved.
One of the most critical in product development that would be most appropriate for the business is focused on the consumers. Focusing on consumers means that the needs and expectations of the consumers are factored in the product development process. Consumers are critical in any given market. In the event that the product does not meet the expectations of the consumers, salability becomes elusive and therefore, impacts negatively on the business in terms of profitability. To this extent, product development aimed at the consumers would be very essential and informative. Another strategy that can best suit the essence of product development is an advertisement. Ion advertisement, the four-market mix is very essential in ensuring success. To ensure that product development becomes a success with respect to advertisement, place, product, location and promotion are very essential in ensuring the success (Pop, 2006).
The location of the business should be easily accessible to the consumers. On the other hand, the product should be developed according to the needs and expectations of the customers. Promotion of the product ensures that the product gets to an audience from a wide range of people within the target market. Price is an essential component within the framework of market mix. The healthy portion strategy should come up with a price penetration strategy that is aimed at increasing sales. The healthy portion business is to institute prices that are fair and relative to the expectations of the consumers. The two strategies would be very appropriate and essential for a start. Technology and extension branding can be introduced as the business continues to make progress. The target season for the healthy portion drink is the winter. During winter season, the four-market mix can be intrinsic to a larger extent.
Conclusion
Product development is one of the most intrinsic undertakings that an enterprise that a company can engage in. Healthy portion business enjoys significant monopoly in the market. However, there are necessary strategies that are crucial to the wellbeing of the business for the present and the future. Focusing on the consumers, advertisement, brand extension and introduction of technology are some of the strategies that are essential for product development at healthy portion business. Advertisement and targeting consumers are some of the most important that the business can employ for a start and then introduce the rest as the business progresses.
References:
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