Company Background, Client Charge & Optimum Executive Board
Product market category for Beginnings Baby Food
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The “Beginnings” company manufactures traditional, homemade baby food that include meats and vegetables, appealing to consumers who prefer kosher certified and organic friendly food products. According to the North American Industry Classification System (NAICs), our client, operating under number 311422, is involved in the production of canned baby foods with meats. Due to increased consumer awareness on the importance of consuming food products that provide nutrition benefits, to shift to healthy food products, and according to survey by Gallup carried out in 2014, approximately 45% of Americans consume organic food (Riffkin, 2014). This shows an increasing trend in consumer preferences for organic food, compared to the Harris poll conducted in 2007 that showed 30% of Americans consumed organic food (Bittman, 2009). As such, venturing into homemade baby foods that do not contain inorganic substance is ideal for establishing a broader customer base of health conscious consumers. In Miami Florida, for instance, the percentage of health conscious consumers stood at 32% in 2012 and the trend is expected to improve in the subsequent years (Rivera, 2012).
In order to penetrate the market, the company must focus on small-scale production as it continues to build a credible sales history and loyal customers, thereby attracting venture capitalists to help expand the business (LeBeaux et al., 2009). In 2010, the global market for baby food stood at $36.7 billion. While in 2015, it has risen to $ 55billion as illustrated in Appendix 1 (Statista, 2015). As such, this is a market segment that offers greater opportunities for Beginnings Baby Food Company. In the U.S alone the market for baby food is expected to increase by $7.04 million in 2015, thus providing better chances of business success (Statista, 2015).
Presently, Beginnings Baby Food Company is developing differentiation strategies that will: (a) emphasize its competitive advantage, (b) define its value proposition to its consumers, (c) appeal to consumers’ quality of product ingredients for toddler nutrition, and (d) analyze and construct an optimum 4Ps Marketing mix. Based on stiff competition in the baby food industry, a focus on 100% organic and kosher certified products will stimulate Beginning’s competitive advantage, when compared to baby food firms using inorganic products (LeBeaux, Epperson, & Huang, 2009).
Beginnings Baby Food, as a new entrant, expects to join the market mm/yyyy and will initially cater to the xxxx class and xxx culture of people in Miami, FL (see Figure A – breakdown of population/cultural group in Miami or specific area of Miami)
This research will focus on conducting a market research, venture cost and logistics analysis for Beginnings Baby Food Company to introduce homemade baby food, thereby, proposing best practices that will help raise capital and attract customers. In addition, carrying out a market research is necessary to identify the ideal market and establish a customer base for consumers with greater appeal or preference for organic food (LeBeaux, Epperson, & Huang, 2009).
Optimum Executive board for start-up Business
Since the company is new and the focus now needs to be on small-scale products as it penetrates the market gradually, a lean management and workforce is necessary to minimize additional costs. In this regard, the company can include in its executive a logistics director, marketing director, human resource manager and a financial director. Further, the marketing director can combine the role of identifying the target market and improving the new company’s R&D capabilities. In essence, the responsibility of the lean executive board is to provide the client and the business with functional capabilities needed to succeed in the baby food market. These include supply and delivery of baby food products, managing cash flow, hiring staff and identifying the targeted customers (LeBeaux, Epperson, & Huang, 2009).
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