The Consumer and Market Profile
The aim here is to identify and develop an in-depth understanding of your consumer and the market within which you will sell your product. Remember that the appendix is a great place to place supporting materials (graphs, charts).
SECTION 1: BRIEF NEW PRODUCT INTRODUCTION 1-1.5 pages
Briefly introduce your company. Introduce your new product with a very brief – but clear description of what you will be offering to the Canadian market and what makes your product different (product differentiation). Remember, your new product should be a business-to-consumer product. Include a brief description of the consumer want that your product fills. How does the new product link to the strategic role of the company? What is the positioning of your new product?
SECTION 3: MARKET PROFILE 2 – 2.5 pagesHere you can demonstrate why this new product idea is a good idea. What are market conditions like? Who are your competitors?
Situation / Market Analysis:• Consumption rates, size of the market, growth of the market, future growth potential of the market, barriers to entry• Trends in the market that support why proposed new product will be successful• Threats in the market that might hinder why the proposed new product might not succeed A reminder- you may use a step-down analysis to help you with your calculations. Also, secondary data sources are available in the library which can help you obtain relevant information to calculate the size of your market.
Competitor Analysis:• Direct competitors (Manufacturers & their brands)• Specific market shares of direct competitors• Presence of indirect competitors• Describe the competitive field (Is the market fragmented? Consolidated? Presence of a strong market leader?)