Key findings

.docx

School

Centennial College *

*We aren’t endorsed by this school

Course

MISC

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

3

Uploaded by UltraDiscoveryEel40

Report
Key findings Environment: frozen food and to be stored in a cold storage Industry: With established firms and new entrants striving for market share, the market for plant- based food alternatives is becoming increasingly competitive. They will be up against both domestic and international brands. As more companies enter the plant-based food market, the risk of oversaturation increases, potentially leading to price competition and market consolidation. Firm: The Company’s brand awareness may be pretty low, particularly in the NA region where they are attempting to grab and establish a foothold. Building the brand recognition and trust in short term can be a bit difficult. Though they have had some sales success, however it also presents a picture of sales volume accumulating to $300K USD per year which implies a relatively tiny market presence. Strategy: They have the potential to expand into the North American market, which is known for its enormous customer base and significant demand for plant-based alternatives. By targeting undernourished populations worldwide with its plant-based protein source, giving a socially responsible and sustainable alternative. The major problems that are identified are as follow: 1) Limited sales volume: Although they were successful in selling, this also demonstrates a trend of increasing sales volumes to US$300k each year which suggests little presence on the market. 2) Lack of established brand: although they are trying to take over and occupy a position in North America, it is possible that the company's brand awareness may be low. It may be a bit difficult to build brand recognition and trust in the short term. 3) Increased competition: The market for alternative protein products from plants is increasingly competitive, driven by the existing companies and new entrants seeking to consolidate their position on the market. They're going to be competing against domestic and international brands. 4) Market saturation: the risk of oversaturation is increasing, potentially leading to price competition and market consolidation, as more companies enter the plant-based food market. 5) Legal challenges: Different legal frameworks and norms need to be adhered to as part of an expansion into North America. It can be difficult to adapt to the new legislation and ensure that it is complied with.
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