As Nabati foods already had a product , so they started with the market research for the same. Alternative strategies don't come out of blue; they are derived from the firm's vision, goals and objectives.:-
Market development strategy to enter new markets with existing product.
Dominates the vegan egg market with its mug-bean based JUST EGG.
New markets can be different geographic locations or new customer segments.
targeting new types of customers in current market through a different market segmentation strategy.
JUST EGG comes in 12- ounce pourable format for scrambles, omelets etc.
Understanding customer needs and creating new possibilities.
Product development strategy :
In April 2020, the company debuted a pre-baked folded format.
Launched a line of vegan.
Vide bites at grocery stores nationwide.
Market penetration strategy where it just expanded the business and gained more fame:
Gaining momentum on menu's worldwide.
Including fast food chain which replaced chicken eggs.
Addition of vegan egg in the breakfast menu by various brands.
Selling via new channels.
Changing pricing strategies.
Diversification strategy :
As it was already a renowned, it strategized to expand it product i.e by moving to a powdered vegan egg, liquid version etc.
New products are sold in new market.
Q1. Design the suitable marketing mix elements for the chosen strategic alternative
NOTE: KINDLY plese refer to the attchedment for anware the question .Thank you
Research activities performed to discover the the needs and preferences of consumers and potential consumers. It examines target markets, target audiences, consumer interests, customer feedback, market environment, competitors' positions, etc.. Market research also includes the techniques to develop, launch, and make successful products and services in the market .
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