Product Development Brief Template

Product development brief template
. The maximum word count for the reflection (excluding references) is 750
words.
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Focal FMCG market: Meat free and vegan food
a. The market opportunity
The state of market or industry that reflects the demand or potential demand of
customers for new service, product or idea offerings, which are accepted as the
base for attracting customers by companies with the motive of growth (Baker
2016). The economic state of Maldives is majorly dependent on sectors like
tourism, agriculture and fishing (Camilleri 2018). The country experienced a growth
in GDP of 5.5 percent in the year 2018. The country earlier experienced the major
influence of only one religion, Islam but with the increasing tourism inflow and
globalization, Maldives have incorporated diversity in their cultural and food
offerings. Based on the data extracted from PEST analysis, the market opportunity
for addressing the arising preferences of the local people in the southern city Addu
in Maldives (Kotler et al. 2015). Due to the heavy inflow of travellers from around
the world, the country have experienced a growth in employment opportunities.
Employment rate for 2018 is 61.42 percent, which is lower than the rates in 2014
but have been stable from 2016. The decent employment rate of Maldives have
led to a transformed lifestyle of the local people. The increasing opportunities and
busy schedules in day to day life marks the need for ready to eat food products,
which can be consumed on a daily basis by the local people in Addu. The world is
becoming more aware of the concept of ‘veganism’. There are vegan restaurants
in Maldives, they have a proper ‘dining experience’, which may not be feasible for
the localities and are comparatively expensive than local food, which creates a gap
for responding to the needs of the need of local people and option availability. The
gap in the market can be addressed by introducing the factor of convenience
associated with affordable healthy vegan food.
b. Target market
The process of dividing the population based on demographic, geographic,
psychographic and behavioural segments for constructing homogeneity in the
market, which allow organizations to address the needs effectively is known as
market segmentation. Targeting is a phenomenon of selecting a homogenous set
of potential consumers for the purpose of offering products and services in order to
satisfy the preferences of consumers. The target market for The Meat free vegan
food will target segments like geographical, psychographic and behavioural. The
geographical area/segment that will be selected for the targeting for the Meat free
and Vegan food is the Southern city of Maldives, Addu. In the psychographic
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