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Competition in energy drinks Name Institution Energy drinks or rather beverages range from cold to hot, sugar to sugar free, and those that contain carbon dioxide to those that do not have. The key players in the market must apparently scan the entire market and set long-range plans that will enable them acquire worthwhile market segments…
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Download file to see previous pages Despite the fact that the beverage market is wide, the needs and wants vary in accordance to various aspects. Description of the industry’s strategically relevant business and environmental components People have different beliefs and perceptions, tastes and preferences, needs, and wants simultaneously. A company should not take consumer wants for granted. The reason behind it is simply that the consumer turns out to be the heart and soul of the business, without the company cannot survive. The world comprises of cultures observed to by their specific habitats and they differ accordingly from one place to another. Different geographical and climatic conditions also affect consumption parts of the consumer. A company seeking to exploit the market fully must consider reviewing the above factors for they clearly state consumer-marketing environment. The vision and mission of any beverage company must highlight the importance of customers. Since the beverages directly affect the customers, the mission and vision should be encouraging such that the customers feel close to the organization. Essentially, production and delivery of the beverages will be dependent on the economic political structures of the market. A company approaching a third world country shall not apply the mechanisms of that which is approaching developed countries. A company shall have to establish clearly, the production, promotion, distribution, and strategies. Strategic planning for the above factors enables a company to reach segment appropriately and deliver satisfaction. The choice of a delivery channel should relate to the perceived costs to incur and time taken to reach the consumer. Technological advances ultimately affect the industry and a company seeking competitive advantages must perceive chance as rather an opportunity to a threat. It must study the competitor’s impact in the desired market, the various tactics, and their target customers. Evaluation of competition Assumptions that any markets are perfect are bound to injure efforts. A company must scrutinize and understand competitors’ strong points, measure the degree on which they influence the market, and weigh them against their weaknesses. Through the realization of the competitors’ weaknesses, the company stands the opportunity to counter competition and survive tremors in the new segment. Since all beverage companies may tend to crawl in the shadows in an attempt to fish information. The company should watch closely and try as much possible to contain its information. On the idea of pricing, the company should ensure that its prices vary from those of competitors, a factor that minimizes chances of switching from one brand to another. However, it is advisable that company first wins the hearts of the customers, mainly through proper distribution and advertisement (Kotler 2009). Drivers of change in the industry dynamics Bearing that the beverage industry comprises of many players and so are the customers, the Company must be specific on which end to cater for in the segment. The company does not perform these tasks solely as there are other key players in the market contributing to its success. It must analyze its suppliers, employees, buyers, and logistics channel. Suppliers are important to the point that they bring production materials to ...Download file to see next pagesRead More
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