Good Essay On Contingency Plan For Business

Type of paper: Essay

Topic: Brand, Market, Formula, Risk, Business, Time, Customers, Health

Pages: 2

Words: 550

Published: 2021/02/02

There are a number of risks associated with beginning a new business, particularly one like Formula 2 Go. Parents are particularly difficult to market to in some ways, because they tend to be very concerned about what their child eats, drinks, or interacts with. Breaking into the market can be difficult, and there are certainly risks insofar as developing into this particular market is concerned. Because the target market is also varied—the target market being individuals looking after young children and infants—the information gathered also suggests that a variety of risk-management strategies are important for the longevity of the company.
One of the risks involved in trying to break into the infant formula market is the issue of brand trust and recognition. There are some formula companies who have been in the business a long time, and command good brand recognition from customers. When trying to break into the market, there is a risk if the brand contains something too new or different—it begins to seem like a risk to the customer, and customers do not like to take risks with things like infant formula and baby food.
Brand recognition and trust is paired with the ability for Formula 2 Go to get all its important constituent pieces through the Food and Drug Administration in the United States. Determining that this baby food is safe for consumption is important, and it is important for the FDA to certify all of the constituent components of the formula before trying to market the formula. The formula itself will include a number of different things, ensuring that the appeal to the customer can come from a variety of different important qualities of the food.
The major selling point is the time and convenience of Formula 2 Go, but this could fail to be a major driver in the market. If it is a major driver in the market, alternative brand messages must also be cultivated in case time and convenience becomes less of a selling point for the consumer. Time and convenience may not remain as important, so ensuring that the customer is aware of the other benefits of Formula 2 Go, like added nutrients and electrolytes, will help maintain the health of the brand.
Brand threat is one of the largest risks to the brand, and one of the biggest problems that Formula 2 Go faces in the coming years. Developing brand trust early and aggressively is the best way to offset this particular risk. In addition, developing multiple avenues for health and safety will help build brand image successfully over time. There could be health laws put into place that threaten the potential for development of new products, so products must be thoroughly scrutinized for health and safety standards.
There are a number of important risks to consider when developing this product. The niche market that targets people in childcare can be extremely lucrative but also risky to join, because childcare workers are very careful about what they give to children. Finding a niche in the market while procuring other niches is similarly important for the overall brand success. Minimizing brand threat and maximizing brand awareness can also help the cultivation of new and different niche markets for the brand overall.

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Good Essay On Contingency Plan For Business. Free Essay Examples - Published Feb 02, 2021. Accessed February 01, 2023.

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