When exists businesses enter a new market, they have to be aware of the new market determinants that holds opportunities for their business. The market criteria’s will also be useful to understand the form of marketing and product/process strategy that is required as well. This research report is prepared for Tin Mustard’s product Tin Mustard-Smooth. Tin Mustard is a company based out of Northern America. Tin Mustard is assumed to be evaluating the market potential for its product in Australia and the report presents an evaluation of both its domestic positioning and its strategy adaptations required for the Australian market.
The smooth mustard product is specifically designed for spring season for use in traditional grilled items. It boosts the taste of grilled items. The product targets the North American consumer who prefers grilled items.
Price: The price is 8$ for 283.50 grams (approximate 9 ounces) that is consider to be a little pricey compared to competitors such as Heinz mustard which sells at $2 for around 32 ounces.
Place/ Distribution: The mustard is available for sale on retail sites and online which most competitors of the product also do.
Promotion: This is a new product that was launched in spring 2014, and hence, it is expected to go on some strong promotional offers till the market situation for the favour is well established.It is recommended that the second choice of standardization would work better in the Australian market, and Tin Mustard should retain its product quality and costs. However, it could try selling its products through local retailers and more in order to create more brand awareness at first.