Description Do New Market Selection and Analysis for My better Batch. My Better Batch is a company ...
Description Do New Market Selection and Analysis for My better Batch. My Better Batch is a company that provides cookies baking mixes and have not stated in the marketing yet. https://mybetterbatch.com 1 attachments Slide 1 of 1 attachment_1 attachment_1 UNFORMATTED ATTACHMENT PREVIEW Section 1. The Market: Product and Competition Analysis 1.1 Company overview: Mariia My Better Batch emerges as a startup brand within the culinary landscape, strategically positioned to meet the evolving demands of today's time-constrained consumers. As a certified woman owned brand, My Better Batch redefines the concept of accessible homemade baking, filling an existing gap in the market. Unique Selling Proposition (USP): My Better Batch has a singular value proposition - the provision of delicious mixes for 'homemade' baked goods, without the hassle typically associated with traditional cooking. The unique selling point is rooted in the idea that individuals, regardless of their busy schedules, deserve to enjoy the culinary satisfaction that comes from dishes reminiscent of homemade comfort and authenticity. My Better Batch offers an expansive array of all-natural baking mixes that seamlessly bridge the chasm between convenience and authenticity. This value proposition affords the customer the convenience of a timesaving shortcut without any compromise in terms of taste and quality. The idea of My Better Batch can be associated with a source of dissatisfaction, related to limited propositions on the market. Currently available baking mixes and shortcuts are not succeeding in replicating the taste and pride of homemade recipes. This leads to a starting point, where a newly established product could fill in the gap in existing market propositions. My Better Batch represents commitment to quality, convenience, and community, which will become a great solution for customers. 1.2 Industry and Competition Analysis: Ghaida Cookies Market Trends: The current trend in the worldwide culinary industry is the growing number of healthconscious individuals, which has led to a notable increase in the demand for gluten-free cookies. This shift is particularly evident due to the rising occurrence of chronic diseases. Significantly, prominent entities within the sector are strategically introducing healthier options, exemplified by the introduction of oatmeal raisin cookies and snickerdoodles laced with natural flavours. The emphasis on health and wellness has emerged as a significant factor contributing to the remarkable growth witnessed in the cookies industry. Furthermore, there has been a notable increase in the popularity of oatmeal cookies, which are marketed as a more health-conscious option compared to conventional chocolate cookies and chocolate chip cookies. This trend is particularly appealing to consumers who prioritise their well-being and seek out items that complement their active lifestyles. The changing consumer preferences, characterised by a growing inclination for cookies with clean labels, are expected to have a significant impact on the market landscape. As a result, a rising number of bakeries are actively pursuing certification from the non-GMO Project to adapt to these emerging trends. Additionally, it is worth noting that customers are not solely interested in natural components but are also actively contributing to the growing need for a wide range of choices. Consumer decisions are being more influenced by several factors such as timelimited promotions, distinctive experiences, innovative flavour combinations, and collaborative branding efforts that provide a sense of nostalgia or excitement to wellknown products. The diverse nature of this demand is significantly contributing to the expansion of the worldwide cookie market. Technology Impact: The incorporation of technology, particularly the production and distribution of educational cooking videos on the internet, has had a significant influence on "My Better Batch." The utilisation of technology in this method not only functions as a means of promoting the business, but also establishes it as a valuable educational asset. The utilisation of web videos effectively captivates consumers by appealing to their visual senses and providing them with valuable information, thereby facilitating a more profound and meaningful affiliation with the brand. Through the utilisation of this technology, My Better Batch effectively boosts its brand visibility, thereby expanding its reach to a global audience and actively contributing to the process of globalisation for its products. The videos' interactive aspect facilitates user participation, hence offering useful insights into product usage. Furthermore, the integration of technology is in accordance with current tendencies, demonstrating the brand's ingenuity and capacity to adjust to the digital era. The dissemination of these videos on various social media platforms not only serves to bolster the brand's online visibility but also fosters a sense of community among consumers who engage in sharing their experiences, feedback, and culinary endeavours including My Better Batch products. In general, the utilisation of technology, namely through online videos, assumes a crucial function in developing the brand's identity, extending its scope, and cultivating a dynamic connection with its broad consumer demographic. (Use if needed: https://www.mordorintelligence.com/industry-reports/cookies-market) 1.2.1 Porter’s Five Forces Analysis: Muzamil My Better Batch is establishing itself in the market of Baking Mixes and wants to grow as a success. For that reason, we must perform Porter’s five forces analysis, to understand the competitive forces at work, market attractiveness, and profitability of the industry. Our analysis reveals that the composition of the five forces is not favorable in the industry if you enter as a manufacturer for cookie mixes, and overall, the competitiveness is moderate to high. There are many players who are trying to squeeze the profit’s share from the industry. However, there are a few suggestions that My Better Batch could implement to avoid these challenges and achieve better profitability. • Enter in partnership with a co-manufacturer to avoid high capital expenditure. • Enter those markets and regions where brand loyalty towards existing brands is lower. • Design long-term contractual deals with suppliers. • Maintain proper SOPs and manuals for suppliers. • Market your product and USP aggressively against competition and substitutes. 1.2.2 Main competitors (brands on shelf, flavor profile, net weight, type of retail store, retail price, product attributes): Larissa 1.3 SWOT Analysis: Mariia (I took colors from My Better Batch Website but we of course can change them) 1.4 New Market Selection and Analysis: Ghaida 1.4.1 Market Analysis: Ajinkya When looking to find a new market to enter, we need to look at two factors: a. Consumer behaviour and preferences b. Market condition and suitability to enter Consumer Behaviour The purchasing preferences of the consumer and their views on the food industry is what largely tells if a company will be able to sustain in any country. For this assessment, we first make the following assumptions about the industry that My Better Batch is operating in: a. Most products made in this industry either use sugar or artificial sweeteners, their selling point is the sweet taste b. The company will be more successful in countries which are aware of the concept of “cookies” and have similar products in their shelves. c. Consequently, the Baking Ingredients & Mixes Category of this country is growing at a healthy rate d. Consumers have less time to spend in the kitchen and are looking for solutions that are easy to make e. Consequently, the Instant Foods Category of this country is growing at a healthy rate Thus, the market we are choosing needs to align with the expectations of the consumers. In FY 2022, Germany emerged as the top market in terms of next exports in the bakery industry. (source) In the Americas, Canada finished second while the US finished eighth. However, considering that the bakery industry deals with many products that are not directly in line with what My Better Batch is making, we need to add more statistics to get a general overview. A measure of affinity for sweets and related products can be seen in the consumption of sugar in an year. We can see that despite having almost four times the population of India (source), the consumption of sugar in India is less than three times the consumption of sugar in the US. (source) This means that of most major economies which have a significant sugar consumption, the US has a per captia sugar consumption that is on the higher side. While the region of Europe still leads the world in terms of net demand (source), the demand is fragmented into different nations and different types of food. On the other hand, thanks to similarity in cultures, the US has consumers which largely behave in a similar and predictive manner and hence, it is more likely for the product to get more consistent users in the US. Market Suitability Examining a variety of variables that may affect the success of such enterprises is necessary when evaluating the viability of various nations for the cookie and sweet industry. When deciding if a nation is suitable for entering the sweet and cookie market, we need to investigate these important considerations: 1. Market Size and Demand: We need to look for countries with a significant and growing market for sweets and cookies. Larger populations often offer greater market potential. 2. Consumer Preferences: We have to consider the local taste preferences and cultural factors related to sweets and cookies. 3. Competition: Research of the level of competition in the sweet and cookie industry within each possible country is required. Entering a market with limited competition may offer more opportunities for growth. 4. Regulatory Environment: The regulatory environment, including food safety standards, labeling requirements, and import/export regulations, will change on how attractive a country will become. 5. Supply Chain and Infrastructure: We can evaluate the country's infrastructure, including transportation and logistics capabilities. Efficient supply chains are essential for delivering products in a timely manner. 6. Labour Availability and Costs: The availability of skilled labour at affordable costs is important to break even in terms of cost.. 7. Access to Ingredients: The country needs to have a stable supply of ingredients needed for sweet and cookie production. Dependence on imported ingredients can affect costs and availability. 8. Distribution Channels: A sub-category that could be included with supply chain study, the availability and efficiency of distribution channels, such as retail stores, supermarkets, and e-commerce platforms determines easy of intra-country transport. 9. Economic Stability: A stable economy is generally more conducive to business growth. 10. Taxation and Incentives: How much the government is taxing ther food industry can impact a country’s image of business friendliness. Some countries offer tax breaks or incentives to attract foreign investment. 11. Cultural Considerations: Tailoring your products to local customs can improve market acceptance. 12. Sustainability and Environmental Regulations: The company will need to ensure compliance with environmental regulations and sustainability standards, as consumer awareness of these issues is growing. 13. Market Familiarity: Some countries will be more familiar for a business to expand into because of the culture of the place, purchasing trends, average income and so on. These nations will be easier to penetrate. Of course, depending on the business, each of these factors will have a different impact on the attractiveness of the market, with some factors leading to a larger shift in sales or consumer perception. We can compile the above mentioned factors and assign each one of them a weight on the basis of how important that factor is for this business and industry. These factors are: S.No. Factor Weight 1. Consumer Preferences 0.25 2. Market Familiarity 0.2 3. Supply Chain Complexity 0.15 4. Political and Economic Stability 0.1 5. Labour and Manufacturing Costs 0.15 6. Business Landscape 0.15 We can see that the sum of these weighted average scores is 1.0. Next, we can consider a list of countries which are attractive as a market to expand into/enter into. While each of them has certain advantages over others, only after considering all factors can we come at an informed decision. These countries are: 1. USA Reason: Native country of business, high familiarity, high stability, businessfriendly landscape 2. India Reason: Low labour costs, similar consumer preferences, business-friendly landscape 3. Canada Reason: Market familiarity, low supply chain complexity, business-friendly landscape 4. UK Reason: Market familiarity, high stability, business-friendly landscape 5. Australia Reason: Market familiarity, high stability, business-friendly landscape 6. Brazil Reason: Low labour costs, business-friendly landscape, low supply chain complexity Giving each country a rating between 1 and 5 for each factor, with 1 being the least favourable and 5 being the most favourable outcome (eg: 1 on labour costs would mean high labour costs, 1 on political stability would mean low stability), we can analyse the list of nations considered before to see which country is the most suitable to expand into. With these two observations, we can conclude that is the most logical step for My Better Batch to first expand operations in the US. Once the company has established itself in the US, only then should it think of moving to other countries. 1.4.2 PESTLE Analysis: Ajinkya The analysis has been performed keeping the US as the target country for expansion. Ghaida: -Brands on shelf: 1- Betty Crocker 2-Pillsbury 3-Duncan Hines 4-Krusteaz -Flavors offered: 1- Chocolate Chip Cookie 2-Peanut Butter Cookie 3-Oatmeal Chocolate Chip 4-Snickerdoodle Cookie 5- Sugar Cookies 6- Oatmeal Cookie 7- Delights Cookie Brownie Bar 8- imited Edition Pumpkin Spice -Net weight: 17.5 oz = 496 m 19.35 oz = 548 -Retail price point: 2.47$ 2.37$ 5.54$ -Ingredients Enriched Flour Bleached (wheat flour, niacin, iron, thiamin mononitrate, riboflavin, folic acid), Chocolate Chips (sugar, chocolate liquor, cocoa butter, soy lecithin, natural flavor), Brown Sugar, Sugar, Palm Oil, Leavening (baking soda, sodium aluminum phosphate), Salt, Nonfat Milk. -Packaging: comes in a sealed, plastic pouch or tube. -any other product attributes: Instructions: On the packaging, you'll find clear and concise instructions on how to prepare and bake the cookies. This may include preheating the oven, scooping the dough onto a baking sheet, and recommended baking times. Allergen Information: For those with allergies or dietary restrictions, the packaging will clearly state if the product contains common allergens like nuts or if it's suitable for certain dietary preferences (e.g., vegetarian). Brands Bettry crocker Pillsbury Duncan hines Chocolate Chip Double Sugar Chocolate Chunk Chocolate Chip Cake mix Brownie mix Oatmeal Peanut Butter Dolly Parton’s Flavours Chocolate Chip Funfetti with favourites Keto Peanut Butter Chocolate friendly Muffin mix Snickerdoodle Candy Bits Frosting Sugar Cookie Funfetti Sugar Salted Caramel Krusteaz Triple chocolate chunk Snickerdoodle, Gingerbread Butter vanilla sugar Gluten free Chocolate chip Net weight 17.5 OZ 16 OZ, 17,5 OZ, 6,5 OZ 10 OZ, 15,25 OZ 15,5 OZ, 17,5 OZ Pricing point 2,72 3,68 1,46 15,92 Packaging Sealed pouch Cardboard, sealed pouch Cardboard, tube Cardboard Celebrating is simple, creating sweet moments every day Easy to make, Make it on your own, ingridients we are proud of, no preservatives USP Quick and Quick and Easy, Easy, Homemade Special taste, occasion treats Simple Endless options ingridients Gluten free yes yes yes yes Zero sugar yes no no no Industry Analysis (Muzamil): My Better Batch belongs to the baking mixes market segment, which is expected to experience growth in coming years, due to the pandemic induced convenience, changing lifestyles, shift to plant-based diets, and demand for clean label products. The global market is estimated to be worth $6.2 billion in 2023, with a CAGR of 5.2% it is expected to reach $10.3 billion in 2033 Source. North America dominates the market with a 35.7% market share, driven by rising disposable incomes and convenience lifestyles. Moreover, the European market, comprising 29.8% of the global market, is expected to offer substantial growth as well Source. The Asia Pacific region is also experiencing increased demand for baking mixes owing to globalization, cultural export from the west and technological advancements. Major market growth is attributed to countries like China, India, Europe, and Australia. This report focuses on the Cookie Mix category, a popular subcategory of baking mixes. The cookie mix market is categorized by flavor characteristics and distribution channels, including store based, such as supermarkets, convenience stores, specialty shops, and non-store based such as online retailers like Amazon and e-Commerce sites. In 2021, the store-based sector contributed most to the market for cookie sales, offering a wide selection and easy access to products Source. Convenience stores make purchasing convenient while traveling, while specialty shops cater to high-end cookie types. However, it is expected that online marketplaces like Amazon will overtake brick-andmortar businesses in global sales share. The cookie mix market offers various packaging options, including rigid and flexible. Rigid packaging, like boxes or buckets, is preferred for protection and preservation of texture and freshness. Flexible packaging, like bags and pouches, is also widely used but has a lower market share. Firms prefer flexible packaging for its cost-efficiency, and space efficiency. Source The market is crowded with competitors, to name a few, such as Keto and Co., Simple Mills, Stonewall Kitchen, Duncan Hines, Kristeaz, Betty Crocker, Pillsbury, Bob's Red Mills, Miss Jones Baking Co., King Arthur Baking Company, Coconut Whisk, and Meli's. While there are many big players in the industry, there are also numerous smaller regional companies. Together the market is enhancing competitiveness by bringing in unique offerings to cater to different consumer segments. Main Players (Muzamil): Brand Offering Net Weight Price Label Packaging Organic Chocolate Chip Everyday Delicious Monster Everyday Delicious Chocolate Chip 10.6 Oz 13.0 Oz $5.99 $6.99 Clean/Dirty Flexible Pouches Gluten Free Chocolate Chip Triple Chocolate Chunk Snickerdoodle Gingerbread Butter Vanilla 14 Oz - 18 Oz $3.97 $6.78 Dirty Rigid - Boxes Gluten Free Chocolate Chip 22 Oz $5.69 $6.78 Clean Rigid - Boxes Epic Chocolate Chip Cookie Kit Epic Chocolate Chip Caramel Cookie Kit Epic Kit, Cookies and Creams Double Chocolate Chunk Mega Chocolate Chunk Mega Keto Friendly Chocolate Chip 8.40 Oz 22.20 Oz $2.92 $6.22 Dirty Rigid - Boxes Keto Soft-Baked: Chocolate Chip, Snickerdoodle, Peanut Butter, Double Chocolate Chip Keto Shortbread 7.85 Oz 9.20 Oz $10.99 Clean Flexible Pouches Classic Chocolate Chip Sugar Cookie 16.00 Oz 22.00 Oz $9.95 Clean Rigid - Boxes Chocolate Chip Sugar Cookie Funfetti Seasonal Cookie Mixes Gluten Free Chocolate Chip 6.50 Oz 17.50 Oz $2.37 $4.68 Dirty Flexible Pouches Gluten Free Chocolate Chip 9.40 Oz $8.69 Clean Rigid - Boxes Chocolate Chip Double Chocolate Chunk Oatmeal Cookie Oatmeal Chocolate Chip Peanut Butter Snickerdoodle Sugar Cookie Walnut Chocolate Chip White Chocolate Macadamia Nut Salted Caramel Pumpkin Spice Apple Brown Sugar REESE’S PIECES 6.25 Oz 17.90 Oz $1.79 2.69 Dirty Flexible – Pouches Rigid - Boxes Outrageous Chocolate Chip Sugar Cookie Shortbread Cookie Coconut Macaroon Cookie Snowball Cookie Gluten Free Cookie Gluten Free Sugar Cookie 12.00 Oz 24.00 Oz $7.95 $9.95 Clean/Dirty Rigid - Boxes Original Gluten Free Chocolate Chip Gluten Free Oatley Raisin Gluten Free Rainbow Chip Gluten Free Dark Chocolate Cranberry Gluten Free 16.00 Oz $8.99 Clean Rigid - Boxes Chocolate Chip – Vegan and Gluten Free Snickerdoodle – Vegan and Gluten Free 8.40 Oz 10.00 Oz $9.95 Clean Flexible Pouches Dark Chocolate Chip Triple Chocolate 16.75 Oz 52.50 Oz $5.07 $31.00 Dirty/Clean Rigid - Boxes (Women Owned) /industry-reports/cookies-market Purchase answer to see full attachment Explanation & Answer: 1 Question User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
