Bottled Water as a Global Product
Since before, water has been considered as a universal solvent. Everywhere you can find a safe water to drink. However, continuous water pollution made water unsafe due to hazardous pollutants that resulted to water filtration. Since water get more polluted everyday, entrepreneurs see a potential of bottled water in the market as an alternative to tap water. Nowadays, people prefer to buy bottled water due to several purposes. Purposes can be due to health benefits, convenience, hydration maintenance, safety and religious practices.
Since more people prefer the consumption of bottled water over tap water, this resulted to an abrupt increase in the companies that sell bottled water in the market (Business Wire 1). Entrepreneurs came to a realization that bottled water has a big potential in the market. According to 2008 survey, the US bottled water market has already reached 9418 millions of gallons that made the country the top consumer of bottled water. It means a good opportunity for bottled water companies.
As more entrepreneurs enter this kind of business, the market continuously become denser and competition become tighter (BMC, 1-2). It is the tight competition among water companies that resulted to various innovations in water as a means of employing an innovative marketing strategy. The variability in kinds of water such as mineral, distilled, purified, vitamin-enriched, and flavored water all pose different claims about their properties and all of them are saying that what they have is better over the others (Business Wire 2).
Pricing also became a marketing strategy by offering the best price possible for the bottled water. Since there are many brands of water for every single kind, the buyer is decision is very critical because it decides which among the brands stand out. Buyers’ decision depends on how they perceive the product to fit their needs and wants. No matter what the preferences are, the best strategy to stand out from the rest and be chosen by the buyers is a marketing strategy and differentiation.
Bottled water companies should remember that in order to capture the market, they should not only focus on the brand but also in the appearance and functionality of their products. Recommendation: Based on the analysis done in the bottled water market and on existing competition among all bottled water manufacturers, it is recommendable to invest in the bottled water industry. It is because of the high potential for market demand of bottled water or any filtered water products. As stated above, water pollution continue to grow and in accordance, the need for safer water continue to increase.
Since water is just a simple product and by entering this business means dealing with a lot of challenges associated with the dense competition, the most effective to stand out is to establish an effective branding and marketing strategy that will make the product stand out from the rest and at the same cater the needs of the majority of the market. It is true that the bottled waters beings sold by various companies are all the same and offers the same kind. Innovation is always possible but it will come to a point in which there will be a limitation by which the water cannot be developed further.
Thus, it is the marketing strategy that will keep the existing product on top of everyone else (Business Wire 1 and Gale 1). As a preliminary, a market study should be conducted in order to achieve knowledge about the demand of each kind of bottled water and to determine which of the existing brands should be given much focus or if an innovation is needed. As soon as the appropriate statistics are achieved, a study or survey can be conducted by means of getting random samples and knowing their preferences in water consumption. The survey must be unbiased in order to achieve correct results.
Results will then be subjected to thorough study to determine the appropriate improvement needed and associate it with the marketing strategy. Based on the market study and survey, changes regarding the product like the bottle’s shape, size and design can be made to better fit the grip of the average consumers. Essential vitamins and minerals can also be added for health conscious people since nowadays, more people are giving much importance to health as means of being fit, energetic and young. Flavors can also be added as a last option to give water a more sophisticated look and to make it more appealing to children (Gale 1).
Since these changes may just be the same with everyone else, step into the consumers’ culture can be done and incorporate it with branding and marketing strategy. For Islamic areas, a product seal called “Halal” can be associated with the product to make suitable to the religious standards of Islam. It is because for Islam, people are only allowed to eat foods with “Halal” that means that the food is processed in a spiritual manner (Hughes 1). In accordance, appropriate and intense advertisements can be implemented to inform people about the benefits of drinking water and advantage of using the company products.
Though water products are generally similar, there are still some differences in it in terms of contents, process and vitamins included. That is why consumers are recommended to read the label. Encouraging people to read the label is one way of marketing the product because it ensures that the company is true to its obligation of giving what’s the best for the consumers. Lastly, since more people are more health conscious, one way to market the product is to include health tips that can guide the customer in staying fit.
Ideas for incorporating environmental concerns like the source of the water and the act of being green in terms of the materials used in manufacturing bottles can also be done and indicated in the label (Business Wire 1). By having these kinds of information in the product’s label, the company is not only able to make an efficient use of its labels but it is also able to capture the consumers’ needs and provide them with something beyond their expectation that can make them stand out from what is common (Gale 2). References: Beverage Marketing Corporation. (2007). “Bottled Water Continues As Number 2 in 2007”. The 2007 Stats.
Pages: 1-3. Business Wire. (2008). “Learn about the Bottled Water – US”. B-Net. 22 February 2008. Pages:1-2. http://findarticles. com/p/articles/mi_m0EIN/is_2008_ Feb_22/ai_n24320322/ Gale-Cengage Learning. (2005). “Research and Markets: Pinpoint Growth Sectors and Identify Factors Driving Change in the Market for Bottled Water in the US”. B-Net. 30 August 2005. Pages: 1-2. http://findarticles. com/p/articles/mi_m0EIN/is_ 2005_August_30/ai_n14937187/ Hughes, K. (2008). “Market growth with Halal”. Prepared Foods. May 2008. Page: 1. http://findarticles. com/p/articles/mi_m3289/is_5_177/ai_n25454306/? tag=content;col1Sample Essay of BuyEssay.org