Got a
chance to work on a market feasibility study for a new Food and Beverage
venture. Must say, am finding the B2C market as exciting as B2B.
The
industry has, of course, a huge scope -
the permutations and combinations are massive and the risks enormous. But the
actual end result will be well worth going through the mind-boggling
microscopic details.
Am still
in phase 1 - the business intent, product idea and intended market are dotted lines in the air. The idea is to
take all of this and turn it into something more concrete and quantifiable.
Being
fully aware that without a consumer survey there can be no hope for that
something concrete to develop I still jumped right ahead to the Part B of the
exercise - defining the Marketing 7 Ps.
In my defense - since the business idea was still too hazy it was essential to
identify whether the idea itself was feasible.
This
picture found on the internet gives a good summary of the 7Ps. (www.jerichoconsulting.co.uk/)
For our
particular exercise the Place is quite
crucial. So I shortlisted my "location wish-list" and went around
discussing with the respective location managers about the product feasibility, space
requirement, legal documentations, etc. etc.
I did a primary competitor study - products on offer, price points, key locations undertaken and so forth.
I even had the good fortune of knowing a couple of industry experts and so their valuable inputs went into the mix.
The end
result is that I have a better grasp of the Business Models we could use, the
Operating Models that would work and I even managed to come up with a few
additional perspectives to the product line we could develop.
Its time
for Phase 2 - Approvals and Business Buy-in.
Best of
luck to me. :)
