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Details of the Company Product

The company I have decided to work with is a new beverage store in our region. Lemmon grass beverage is a company that provides chemical free beverages to the people in the region. In a bid to help and promote healthy lifestyle Lemmon Grass Beverage will provide an alternative to the chemically preserved soft drinks and other beverages that have got high sugar content. This beverage company is planning to revolutionize the industry and ensure that the life of the clients is their priority.

How to conduct a market analysis

In order to thrive and be sure that the business can thrive in the market an analysis of the market should be done. First, all the information about the market should be collected and weighed. Since this is a beverage company it will be necessary to identify If there is a need for this new product in the market. If there is need then the next step is finding more about competitors

Collect all information about the competitors as much as you can. Every market has got competition but knowing about the competitors will help us develop new brands and the new product that meets the consumer's needs. Learning about the competitors will help us in knowing their weaknesses hence being an advantage to us (Churchill, & Iacobucci, 2006). 

Identify the gap in the market. It is proper to come up with a business that will face little competition. It is proper to come up with a blue ocean strategy where yo develop something that is not there in the market. For our case, lemon grass is a beverage outlet where only natural beverages are served at the convenience of the consumers

Market segmentation

It is necessary to divide the target market into different segments. For Lemon Grass beverage they can target homes, small organizations, small offices, and educational organizations. Having e target market will ensure that the products are customized towards the particular markets

Additionally, it is necessary to identify and quantify the size of the market. When doing the analysis try and identify how many people or organizations you are targeting to help in coming up the total amount of product to produce.

Finally, it is also necessary to understand what is happening in the market. What are the trend in the market in terms of the kind of services and products the consumers? It will not be profitable to offer products that are out of data in the market(Churchill, & Iacobucci, 2006). 

Developing an operating plan

To come up with an operating plan I would first develop a strategic plan for Lemongrass beverage. When developing the strategic plan I would outline the activities and goal that I would like to accomplish within a particular period of time. The strategic plan will act as a guide to the operating plan(Babin, & Zikmund, 2015). 

Secondly, I would focus on the most important goal of the company and that would be getting the maximum number of clients within the first two months of operation. In order to achieve this, we will develop a nice advertisement team to help in promotion of our products

Stick to the plan. People plan but they fail to follow the plan hence not achieving the goals. It is necessary to stick to the plan to ensure that all the goals are achieved as laid down in the organization's strategic plan (Babin, & Zikmund, 2015). 

Enhancing proper communication is also an important factor when it comes to the development of the operating plan. All the plan laid down must be communicated to all the stakeholders to ensure that they are achieved. It is necessary to share and discuss the plans with the stakeholders involved to make them feel part of the plan and to enable them to carry them out effectively.

References

Churchill, G. A., & Iacobucci, D. (2006). Marketing research: methodological foundations. New York: Dryden Press.

Babin, B. J., & Zikmund, W. G. (2015). Exploring marketing research. Cengage Learning.