Assessing market opportunities to grow a ready meal business
Understanding the dimensions and complexities of a new market opportunity is a challenge for small business owners to balance with ‘business as usual’ workload. This case study outlines how Prominence supported an SME with an AusIndustry grant to investigate and chart a strategy to enter a new market by leveraging capability in similar markets.
Project backgroundOur client in the catering and cooked chilled food production market was seeking access to new markets to replace lost contracts and drive future revenue growth. They required a detailed market analysis to identify the most attractive market opportunities and key business capabilities needed for success.
Our approachWorking with the business owners and key staff Prominence consultants undertook:
- Analysis of the current “ready meal” consumer market for trends associated with growth, segmentation, competitiveness, consumer demand and other key success factors.
- Establishing the criteria for market attractiveness and applying this to market data to identify the most attractive direction.
- Determining consumer reaction to the proposed new ready meal products
- Identifying key strategies for market entry by way of product development, distribution, pricing and the range of selling and promotional activities.
- Providing key assumptions (revenues and costs) as inputs into forward financial projections.
- Secondary data analysis
- Direct market investigation of the fresh ready meal market
- Conducting consumer focus groups
- Applying technical knowledge of food production and packaging
- Applying knowledge of online retailing, partnering