Mymuesli operates in a competitive environment currently, but existing competition is going to increase even more as the company is going to enter new markets. Thus, it is significant for the organization to understand what its competitors are and how it can excel them. First of all, Mymuesli should realize that it is not yet well known to new markets, which means that some time should pass for buyers to realize that their preferred option is not the best one and it is advantageous for them to try Mymuesli’s products. Non-customized cereals turn out to be less expensive, and many clients prefer them as a result.
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Competition exists even within the same concept, as there are many types of cereal targeted at children or women who are losing weight. To compete with other brands, Mymuesli needs to focus on the peculiarities of its products, prices, place, and promotion. To create brand awareness, the company should ensure that it offers exclusive options (such as a possibility to select preferable ingredients from the whole range).
Price should also be attractive to potential clients. Social media can be involved to enhance marketing, as it allowing becoming closer to clients. It can also be advantageous to consider the possibility of future innovations in addition to those that are already provided. For instance, the company may start selling its ingredients in retail shops so that not only online buyers will have a chance to obtain customized products. Finally, it is significant for the organization to develop a long-term plan instead of focusing on short-term goals associated with business expansion. In this way, it may be advantageous for Mymuesli to reduce prices and increase them with time.
Currently, prices for Mymuesli’s products vary greatly, and they depend on raw materials. Even though many clients accept the necessity to pay more for high-quality products, low-priced brands tend to attract more and more attention. It is significant for Mymuesli to ensure that its customers will not prefer products provided by their competitors. In this way, the company is likely to benefit if it established a new pricing strategy that is more stable and consistent.
I particular, a three-tiered strategy should be considered when a company starts expanding. In this way, each type of client will be aligned with a particular pricing strategy. Consistent pricing in online sales can be ensured if the organization tries to provide the same price range for all countries, in which it operates, regardless of its currency. Penetration pricing should be used for retail because it provides an opportunity to enhance brand recognition, as Mymuesli’s competitors will be likely to set premium pricing.
Thus, non-clients who visit shops looking for other products and potential clients from a new market will become familiar with the brand. With time, this approach can be altered to increase the company’s profit. Finally, business to business sales should be considered. Depending on the quantity of product needed by a client and on the possibility to establish short- or long-term cooperation, product price should be increased or decreased. All in all, Mymuesli will have an opportunity to ensure brand awareness when it introduces its products to a new market. Customer recognition will be achieved regardless of existing competitors.
Needs and wants
To adapt its products to the client’s needs, Mymuesli has already focused on customization, providing consumers with an opportunity to choose those ingredients they are willing to have for breakfast. However, it is critical to remember that customer demands are not stable. To understand what its clients want to receive, Mymuesli should gather clients’ feedback and analyze their interests. In this way, it will be advantageous to focus on social media, as people often use it to share things they like. The company’s website can also be used. It should include a simple form for customer feedback that reveals whether clients are currently satisfied with the obtained products and what they want to improve or add.
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- Mymuesli should identify its main competitors and their advantages to address them with more attractive products, prices, place, and promotion in the framework of a long-term strategy.
- The company should use a three-tiered pricing strategy to develop consistent prices for each type of client. The possibility of selling its products for a lower price before the brand awareness is built should be considered.
- Mymuesli should become closer to its current and potential clients:
- Customer feedback should be obtained with the help of a special form on the company’s website;
- The client’s needs and wishes should be identified with the help of the analysis of social media.