Yes, this is the exact question that comes to mind when you see a consumer puzzled between two products in a retail store. How does he choose between two brands? Will he even look at the new product that the brand has executed recently? Or will he go for the same old product to keep himself away from risk?
We are talking about products. The products that we are dependent on for our daily need! FMCG are such kind of product that is directly used by the consumers. FMCG products can be classified under, necessity, comfort and luxury item. Consumer’s decision and interest keep changing according to the classified FMCG. Accordingly the industries change their approach for product to get qualified as a favourite FMCG product of the consumer. These products are channelled through retailers, agents so as to keep the demand refined and regenerated to customers. The retail stores redefine it to department stores, supermarkets, hypermarkets, speciality stores, and many. Since FMCG products try global market, so the supply chain becomes tedious until it has strategical plans and programmes.
What is this strategy?
- A thorough market research, where in the company has to analyse its competitors, find its market position, find the target market, find the demand of the product and so on.
- A requirement of data analytics and modelling can give a distilled picture of the competitor’s strategy, their product positioning, and their packaging methodology and so on.
Who does not want a good PLC curve? FMCG is such sector of the market which keeps on experimenting with:
- Product positioning
- Product packaging
- Product pricing
- Product promotion
to keep it rolling from introduction stage to growth to maturity stage of the PLC of the product. The market “trend”, “customer satisfaction”, and a promotion so as to stay in every customer’s mind, is what a FMCG marketer think of.
Market Quotient stayed the closet to the customers, understanding them and making things more user friendly to them. Market Quotient is a research hub who can analyse what he thinks, working with all that uncertainty we see in market, analysing the market doldrums, following the market trend giving customised service to the client. We research to give your PLC curve a rise to the “maturity stage”. To know more about us, please feel free to drop in at email@example.com.