Business Management
ahriasgx
week_3_.docx1
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Title of Paper
Student Name
Course/Number
Due Date
Faculty Name
Title of Paper
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Overview of Organization
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Description of Product/Service
Measurable Spice Rack
Cooking is a passion for most people, and the people who do not cook as often, the product will make it much easier to use and understand, With cooking it comes with a lot of spices, the product this team came up with will go great in the kitchen, or even a camper, and can also be mobile for camping trips. It is called the measuring spice rack.
The measuring spice rack attaches under the cabinet (where you put a light under it, and for the camper it will have the same thing. Camping it will be a portable stack rack that can be set on a cooler or even a table. It will come in many colors that most appliances are going towards, such as white, black, red, teal, and orange. It will also come in different styles, such as wood or plastic and both will have clear containers and labels to write the spice on. This spice rack will have a knob that will allow a person to select, 1 tsp, a ½ tsp, 1 cup and so on.
As a bonus, it will come in a flour, sugar, and rice container that will also have the same measuring system. This type of spice rack, will save time and space in any kitchen, camper, or even when someone is camping. Spices take up a lot of room in a kitchen, and with the product there will be more space in the cabinets for anything else.
There will be no more measuring cups in every cabinets, or ten different sets of measuring spoons, it will be one spice rack that holds up to fifteen different types of spices. No more clutter in the cabinets or the drawers of a kitchen.
SWOT Analysis
“Diagnostics and SWOT analysis approach as management methods is a delicate endeavor, as both specialists and beneficiaries of their results have different opinions about their role in management. A considerable part of them consider SWOT the best way of investigation and analysis, as they have on hand, together, strengths, weaknesses or failures, opportunities and vulnerabilities or threats. From this perspective, we believe that it is confusion between SWOT analysis and SWOT matrix, the latter being the result of analysis, with high reflectivity capacity of reference elements of internal potential (strengths and weaknesses) and regional, national and international organization ambient (opportunities and threats” (Verboncu, & Condurache, 2016)
Our organization will be producing a spice rack for everyone who loves the kitchen, loves to cook, and even bakes. This product will take up no room in the kitchen and leave more space to add different appliances if needed. With this product, there is no more measuring cups or too many sets of measuring spoons. The measuring spice rack will do all the measuring in just one simple turn of the knob. It is durable, it is light, and it is movable.
This product will range from anywhere of $29.99 to $49.99. Depending on the style. This price is unbelievable, with having measuring cups and sets of measuring spoons, guaranteed the budget is already over this.
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Strengths (Internal) |
Weaknesses (Internal) |
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Opportunities (External) |
Threats (External) |
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Competitive Analysis
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Current company’s strengths and weaknesses |
Potential Competitor’s strengths and weaknesses |
Competitive Rival’s strengths and weaknesses |
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Target Market |
The target market is diverse and global, allowing for more revenue and more opportunities to upsell and cross-sell other innovative products. |
Most competitors have targeted restaurants and hotels, while we have targeted individuals and homes. |
Target restaurants, hotels, and luxurious homes. |
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Product |
The product is very durable as it is made from plastic or wood.
Product is more aesthetically pleasing and more portable than its competitors.
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There are already companies doing these and have been in the market for a while.
Their products may not be as appealing or as compact and portable as ours. |
Their products may not be as appealing or as compact and portable as ours. |
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Place |
The Company plans to deliver the products to the nearest stores to the clients, including partnerships with the major stores across the country |
The competitor may already have another product on the market and use the already established connections to get their products on the shelves faster |
Most of their products are available in large retail stores. |
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Promotion |
Aggressive advertising as the first product of its kind and hence making a name for ourselves |
Since we came first, they are disadvantaged as looking like copycats. |
Their products are marketed to hotels and restaurants than homesteads and camping enthusiasts. |
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Price |
Our price is cheap due to economies of scale and having mass production done in China where the raw materials are cheaper there |
If they are too cheap, they risk losing a lot if they use local manufacturing which is more expensive than outsourced production. |
The competition’s prices are higher |
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Competitive Barriers |
By using intellectual property rights and a patent, we can prevent any competing company from entering the market and doing what we do. That gives us a head start before they come up with ways to create an opportunity or opening on the same market. |
This leaves the competition at a loss as they cannot copy what we have regardless of their resources.
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No unbreakable barriers have been set up by the competition. |
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Likely responses |
Its new, very good looking and portable. |
I saw this in the hotel once. |
I saw this in the hotel once. |
This product generally targets each and every one who cooks, bakes or roasts. Among the millions of recipes across the world, a high percentage of them require at least one spice. This market is filled with ladies and gentlemen, young and old, rich and poor and from all walks of life. Since this is a product connected directly to a basic need, its market is highly sustainable and credible.
Demographic
There is a vast demographic for this product. The list includes gender, where both men and women are able to see and use the product in their daily lives. The ladies most of whom cook in the kitchen will enjoy the convenience of the spice rack. It will allow for easy access and array of all the spices available for a meal and will save kitchen space which most ladies wish to have. The portability of the rack will appeal to the men as well, as they tend to do a lot of outdoor activities while keeping their luggage size at minimum. The rack will give the men easy access to spices that are used in more than 93% of all meat recipes.
The age demographic for the spice rack is any age above 16 years where individuals know and realize the essence of having spices in their food and the aromatic and taste effect that has. This will also appeal to the young as a gift for their mothers, grand mothers and elderly siblings and friends.
Cultures and communities that embrace spices will find an appeal in Spice rack. These communities include the Indian, Mexican and South American communities. They are well known to cook very spicy meals and this culture leads them to have very many spices in the house. Such communities will also be targeted to purchase the spice rack.
Among the communities that love spices are the Muslim community, the Indian community and the South American communities. These individuals use spices in their meals each and every day making this a ready market for Spice Rack.
Psychographic
The spice rack will also appeal to individuals with certain opinions or lifestyles. Among them are, to those that perceive spices as the essence of better food. These individuals appreciate spicy food and love the different flavors that come with normal meals. Individuals who have learnt to cook spicy foods or use a couple of spices on different foods need some sort of order in their kitchen to store the spices in.
Outgoing individuals including campers like to pack light but have everything they need to have an amazing time in the wild. Having a handy, portable, light spice rack will allow them to cook nice enjoyable meals in the wild. This allows spice rack to fit into their lifestyles and make their time worth it.
Studies show that around 20 to 50 percent of people around the world have Choleric or Melancholic temperaments. This means these individuals have a strict sense of order and neatness that is also described by doctors as obsessive compulsive disorder (OCD). These individuals are not comfortable with disorder or chaos and hence like to plan things and keep them in certain patterns or order. The spice rack also targets this market segment as the racks satisfy their need for order in the kitchen.
Geographic
As one travels around the world, eating foods from different parts of the world, there is a difference in the tastes, but the common thing is that the basic ingredients mostly remain the same. The difference is in the mixtures and the spices used. Spice Rack would flourish in many regions in the world as spices are used globally. In the Asian communities, particularly in India, spices are put in every meal, and with over a billion people in that country alone, the market is huge. The southern American states have communities that cook using spices. Most of east and central African countries use spices in their cooking, from little one time spices to those that are put in every meal, spices are used globally, and this means there is a global market for Spice rack.
Behavioral Factors
Focusing on the buying behavior of Americans (our main target market) who’s GDP is over 16 Trillion, the people of the country will find the product highly affordable (Trading Economies, 2017). This will also be marketed across board into other countries.
Positioning Statement
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Conclusion
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References
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Measurable Spice Rack
Strenghts:
Growth by acquisitions
continuous product innovation and development
increased marketing expenditure
strong cash flow
robust customer relations
loyalty to shareholders
market leader
Opportunities:
Growing population
demographics
New customer
ideas for new product lines
New Hi-Tech methods of reaching customers a novel area
Weaknesses:
Large Debt Requirements
Climatic conditions
Stiff competition in international markets
customer preferences change frequently
product recalls
tarnishing of brand images.
Threats:
Loss of sales due to change in customer preference foreign currency exchange rate fluctuations
highly leveraged customers pose
a credit riskgovernment imposed regulations product recalls due to faulty product manufacturing.
