Introduction
This paper gives an analysis of the infant formula industry with regards to how Great Start Nutrition can gain entry in the market with this product. It gives the internal and external analysis of the business, goals, and objectives that the company needs to focus on, as well as a competitive analysis of the industry.
PESTEL Analysis
Political: Great Start will have to meet safety requirements and prove to government agencies that the new product is safe for consumption by babies.
Economic: The current state of the economy shows that start-ups can perform better. Interest and inflation rates are favorable for Great Start Nutrition at the moment.
Social: A lot of people want products that are proven to be 100% safe for their babies. Also, there are customers who believe in breast milk only for their babies. Thus, these will affect the reception of the new baby formula in the market.
Technological: The company has to make use of research and development activities that have been made possible by modern technology and come up with a product that caters for the needs of all customers (Helu & Hedberg Jr, 2015).
Environmental: with concerns about conservation of the environment, the company has to adopt environmental friendly ways of production, including using packaging materials that do not pose a danger to the environment (Govindan, Diabat & Shankar, 2015).
Legal: laws that can affect the launching of the new product include health and safety law, consumer law, and anti-trust law. The company has to ensure that it avoids these legal obstructions.
Porter’s Five Forces Analysis
The threat of new entrants: since the nutrition industry is easy to get into, Great Start Nutrition faces a considerable threat from new entrants.
The threat of substitution: there is a high threat of substitution because research and development is continuous and new and better products can be discovered, replacing the current ones.
Bargaining power of suppliers: suppliers have lower bargaining power because they are many in the industry.
Bargaining power of customers: since there are many players in this industry, customers have stronger bargaining power because they can easily shift from one business to another.
Competitive rivalry: there is considerable competition in the industry. Marketing and advertising activities are heavily applied by companies.
Goals and Objectives
Goal: Creation of awareness of the new product among the targeted customers within the first five months after launching: This goal is linked to Porter’s Five Forces analysis because it addresses how the company can find a niche in the market.
Objectives:
• to attract at least1000 views of the new product information in the social media platforms of the company
• To get at least three media outlets conveying the press release about the product
• To get at least 100 visits to the company website within the said period
Goal: to attain sales of a third of total products within the first year: this goal is related to PESTEL analysis because sales will be determined by how the company performs in the industry.
Objectives
• To identify the market segment to concentrate on
• To acquire a customer group that will become loyal to the product
• To attain the threshold for profitability from the product
Goal: to achieve competitiveness of the product within the first year after launching: this goal is linked to the SWOT analysis because it addresses the performance of the product internally and externally.
Objectives
• To get a breakdown of the top companies in baby formula across the industry
• To identify a competitive advantage to focus on
• To identify the weaknesses and strengths of competitors.
Goal: to promote environmental conservation and attract customers who are concerned about the same within the first two years: this goal is linked to the PESTEL analysis.
Objectives:
• To source for and use organic materials in the production
• To avoid using plastic products during packaging
• To approach marketing from an environmental angle
Competitive Analysis
The three major competitors of Great Start Nutrition are Nestle, Mead Johnson, and Abbott
Nestle: the company produces Nestle Good Start. The food is available for babies between zero to twelve months. The company has a strength because of its international reach and great brand awareness. However, it has been criticized for the production of products that have turned out to be unsuitable for customers in the past.
Abbott; this company produces Similac. A strength of the company is that Similac has immune-nourishing qualities similar to those in breast milk. However, it has a weakness in that the products may lead to allergic reactions among some consumers.
Mead Johnson: this company produces Enfamil. The company boasts of having an international market. However, due to its merger with RB, the company has no control of the market as it used to.
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