Posts Tagged ‘market reasearch for beer’
In my previous post I discussed about the various functions/steps to go through before setting up a microbrewery. I also discussed the first step, ‘Conceptual examination’ in detail. In this post I shall discuss the importance of market examination and various questions need to be answered.
Before starting any business we have to do an extensive market examination. Market intelligence can help to understand where opportunities lie for the business, how big a challenge they represent, and what we need to do to succeed.
Some of the important factors which need to be considered while doing a market examination for your microbrewery, are mentioned below:
- Target market and the market segmentation based on your initial objectives.
- What is the structure and size of your target market and their purchasing power.
- What all kinds of Beer are available and popular in your target market
- How significant is size of target market to size of your microbrewery project.
- What are the localization of demand for specialty Beers and the level of competition
- What kind of Beer people prefer in your target area.
- Income groups and price range of your target market.
- What are the distributive trade practices, restrictions, preferences.
- Regulatory requirements, local approvals, product approvals etc.
- Estimates of sales revenue, costs of sales, distribution costs.
- Have I forgotten anything? Do write me a note
Some of the answers you may already have in your mind, and for some you would have to do your research. It would be good that you spend some time seeking these answers, because they will become the backbone to your operations. A good consultant/ market research firm can help you document these answers.
In next post I shall discuss the third step/function which is feasibility study.