You should explain how these items or actions benefit consumers and the product or service life cycle.
You will also provide a market analysis explaining why your business has a place in the market.
You should research your business industry, the market and your competitors in your selected area.
The body of the assignment should be 3-4 pages in length (this does not include your cover and reference pages) and written using APA format and guidelines.
You should have 3-5 references for this portion of the paper.
This material may consist of step-by-step explanations on how to solve a problem or examples of proper writing, including the use of citations, references, bibliographies, and formatting. This material is made available for the sole purpose of studying and learning - misuse is strictly forbidden.Introduction
The success of any business idea lies in its commercialization. The new product idea of healthy and tasty ready-to-eat meals also requires significant market research and strategic planning so that the image can be projected in the minds of the consumers accordingly. This report presents an analysis of the market prospects along with description of the product and its life-cycle so that the business plan can be developed accordingly.
Industry & Market analysis
Ready-to-eat meals is one of the fastest growing segments in the food and restaurant industry. As per Smith (2010), consumers are easily preferring to dine at home rather than opting for restaurants so that they can save money and use funds judiciously. Almost 64% of the consumers surveyed had stated that they had purchased ready-to-eat meals in September 2010 which shows the growing demand for this product. Hwang & Huang (2010) had further conducted research and stated that while ready-to-eat meals are facing growing demand, they are...