About the Company
IYQ (In Your Quest) is a consumer company formed with the objective to venture in a market niche not been fully utilized by investors. The company specializes in the production of non-alcoholic products with the aim to attract a large population of consumers who avoid alcoholic drinks due to their health, country or religious inclination. The company has three brands on the market, which are Apple Punch, Passion cordial, and Tropical Mocktail. All these drinks are freshly prepared from fruits with the aim of not only refreshing the customers but also providing the nutrients that are required by the body to strengthen the immune system. IYQ brands are driven by the objective to meet the needs of the customers in the market.
The Company mission statement is anchored on the ability to meet all the needs of its prospective customers. The mission statement is ‘To be the best producer of non-alcoholic beverages in the world’.
Range/ Nature of products
The products that IYQ produces are aimed at meeting the nutritional needs of all since the products will provide the nutrients required by many all over the world. The medicine taken to supplement necessary nutritional requirements will be an outdated practice if the non-alcoholic beverages that IYQ providers and intends to launch are embraced.
Quality comes first in all the operations of the company since this is what makes the brand unique. The fruits that are used to produce the beverages are sourced from the best farmers in the country. The products have to meet the strict standards set by the company, and this is assured by guiding selected farmers who supply the fruits to the enterprise.
The price of our non-alcoholic drinks is inexpensive since the company aims at helping the society and the customer meet their nutritional requirement and refresh them in their daily life. The objectives can only be achieved through the provision of quality products at affordable prices. The brands come in different sizes and customers can select the desired size depending on the utility to be met. The size are determined by the packaging of the drink hence vary in price.
The company offer after sales service to clients who own retail shops in the form of transport and advertisement materials. The company services are aimed at helping the end customer be informed more on the importance of the products to his health due to the nutritional benefits the products have to the client.
Overall Relationship to Customer
The company has a client relationship department that has the responsibility to deal with concerns of the customers. The department also gathers the complaints, compliments and suggestions that can help the company improve on its products hence satisfy the expectations and the needs of the customers.
Relationship to Rest of Industry
The industry has vast potential, and this can be utilized fully if all the players concentrate on providing quality products. The company will work together with all firms in the industry to ensure there is constructive growth.
Incorporation of New Technology/Other New Developments
Technology and research are major contributors to enhancing production of high-quality products. The company intends to introduce a new technology that would help increase production hence assist in the reduction of prices of the company due to the economies of scale.
IYQ prospects to increase its market share within the next one year to ensure that all the clients within the country are aware of the company’s products. The increase in market share will come with increased revenue hence profitability.
Relationship to community/ Social Responsibility Goals
The company establishment was anchored on the goal to meet the needs of the society. The company has a Corporate Social Responsibility plan to offer education bursaries to the needy in the society. The plan is a part of the company's commitment to the needs of the community.
Other Personal/Management Goals
The management goals of the company are anchored on transparency, professionalism, and ethical practices that would ensure the customer gets the best products all-round the year.
The trend in Non-Alcoholic Beverage
The non-alcoholic beverages have received positive reception due to the increase in customers who do not take alcoholic drinks. The negative impact of alcoholism has boosted the consumption of non-alcoholic drinks since the drinks provide better pleasure and benefits than the alcoholic drinks.
IYQ positioning strategy is based on customer perception factors of quality, price, and other aesthetics. The ability of the company to produce high-quality products at affordable prices would provide the customers with the confidence to trust the company to provide the expected products and services. The aesthetic factors provide the customers with a chance to choose from a variety of selected products.
Companies Distribution Channel
The consumers will buy IYQ products from selected retailer stores that the company has collaborated with and from the stores opened by the company under its name. This will ensure the customers get the right quality products that are supplied by the company. The replenishment of the products will be done before the products are out of stock to ensure continued supply to customers. The sales and marketing team will visit the stores to monitor the stock hence make the right arrangement to replenish.
Risks faced and how to mitigate them
The company faces risks such as the presence of counterfeit products. This can be reduced by the presence of distinctive features that would help distinguish between counterfeit and original IYQ products. The regulatory risk of setting the price ceiling and floor would hinder the pricing strategies of the company, but this can be mitigated by setting the right prices that customers expect. The risk of providing substandard products to clients can be reduced by ensuring that each product follows the proper production processes before packaging. The quality assurance department will have these responsibilities.
The research and development unit within the company has provided the company with enough information on the best areas and products to invest on and innovate in. The Weaknesses of the business such as lack of adequate market experience will be mitigated through research and development to ensure the company is well aware of the required information and knowledge. The opportunities within the industry are vast, and the company intends to utilize on each one of them accordingly. The threats from the industry such as competition can be eliminated by providing products that would be associated with the company hence gain competitive advantage. The SWOT analysis has helped the company understand the environment it operates in hence formulate and implement the necessary strategies that suit the environment.
"About Us – IYQ Company." About Us. N.P., n.d. Web. 25th July. 2015.
Hutt, M. D., & Speh, T. W. (2013). Business marketing management: B2B. Australia: South-Western, Cengage Learning.