Identifying consumer needs

Introduction

This assignment is focussed on the pitch of a business idea where the idea is introducing snack bars and cookies made from coffee leaf. Wize Tea already sells beverages made from coffee leaf, adding snacks will help in expanding the product line and the business. This paper contains the pitch statement for the snacks and the description of its components like the consumer needs, demographic and psychographic information, the target market, social and financial perspective, and lastly, the growth potential of the business.

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Pitch statement:

Wize Tea is a company that sells a variety of tea with several flavours made from coffea leaf. It is time to expand the business and that is by introducing snack bars and cookies made from coffee leaf. The snack bars and cookies made from coffee leaf are the healthiest alternative to sugar laden snacks and can be enjoyed by anyone, even for the health conscious individuals. Snacking is a growing habit and snackbar sales are also growing. Our edible products augment the choice of health combined with habit.

Identifying consumer needs:

In any successful business, there is a focus on analyzing the customer’s needs. So, there are four main needs of the customers which includes Price, Quality, Choice and Convenience (BBC, 2021). Our company is Wize tea which serves low sugar beverages. Nowadays, people do not want to consume high amounts of sugar in their drinks as well as food, because they are very conscious about their health. Wize’s Iced Teas have only 10 calories which helps during dieting (Wize tea, n.d). Moreover, we are also introducing a snack bar and cookies that contain less sugar and calories, are made from coffea leaf, which is again good for all the diet conscious people.

Demographic and Psychographic Information:

Demographic information is the analysis of population based on some factors like age, race and sex. So, as our company is making iced tea already, we are introducing some snack bars and cookies in it. In my opinion, people from any sex and race can consume our products. However, if we talk about the age, then those above 12 can drink it. But, right now, the emphasis is on the snack bars and cookies, which can be consumed by all ages, and on average it is between 5-60. It does not have any bad impact on the health. If we talk about the location where the company should be located, then Vancouver is the best place because of the locality of the business in the first place.

Psychographic information is a qualitative method that we can use to identify different traits of humans like personality, values, attitudes, and lifestyles (Bozhuk & Krasnov, 2017). There are different flavors in snack bars that we are going to provide to the customers. Now, it totally depends on the customers which flavor they want to buy and eat. Every person has different traits and likings, so we can not identify or analyze their likings. But, as discussed earlier, the consumer can be someone striving to be fit, health conscious, or looking for a healthier option for their favourite snacks. It can also be someone trying to find a nutritious substitute snack for their family, themselves or who they care for.

As we all know the benefits of the coffee plant, nutraceutical companies have already done their studies and it is well proven that the coffee leaf, apart from the coffee bean, has a much bigger opportunity to be mainstream. Wize Monkey (now Wize Tea Inc.) deals with organic coffee teas both dry and iced teas, it sells these beverages and with the introduction of snack bars and cookies, it will be able to target the psychographic segments described above.

What are the target markets?

The first question before setting up any business is that, what would be the target markets? We had the same question, what is our target market? And who is going to prefer coffee leaf over coffee beans.

So, our target audience is tea enthusiasts and people who are much invested in drinking healthier drinks and having an ethical – social viewpoint, people who don’t care much about the price tag but are health conscious and have a common interest towards organic drinks/food, therefore plan to live a healthier life. Moreover, if we see the analytics, tea consumption is only going to get bigger in the future (Watson, E., 2014). Having tea under Wize’s business model, and expanding onto snacks generate great value.

Our initial plan to route our new products will be the internet only. But if we get a better response, which we are hoping for; then we’ll go for the special organic retailers and private startups, tea shops, cafes. Max Rivest (one of the co-founders of Wize) said, “Anything new is a risk.” Seeing the current scenario of the market, we think that the market is now ready than ever for our products.

Identifying business viability from social and financial perspective:

The next question that comes to our mind is, how can companies balance social impact and financial goals? It’s seemingly difficult for companies to balance these two goals (Besharov et al., 2019). For companies, making these grand announcements about being socially responsible might take a toll on their profit earnings. Apart from being a profitable company, Wize wishes to create a more sustainable livelihood for coffee planters in Nicaragua and other coffee growing nations. For its profile, coffee leaf tastes less bitter than regular black tea but it has the same texture as it is, but far more less caffeine.

To sum it up, Wize is pretty much viable from a social and financial perspective. At first, Wize is helping the coffee farmers by encouraging them to harvest coffee leaves instead of treating them as waste/by-product & people who are buying Wize products are helping the coffee leaf farmers indirectly.

Convincing evidence of the potential for business growth:

Covid-19 Pandemic has hit up the sales of organic foods in Canada (Food in Canada, 2020). There is a better chance for Wize to attract people towards the company as more people buy organic foods, thus the edible products which are made up for Coffee Leaves will gain popularity. This is a green signal from the external environment of business which plays an important role in the success of a product or service. Business growth is also essential and according to The Osborne Group (2016), the growth of business reflects the potential of selling existing products or developing new products/services for existing or new customers. Moreover, snack bars are highly popular among consumers with 2.9% growth in their sales in 2018 (Reilly, 2018). Snacking is the fastest growing trend especially among the people with exhaustive schedules and having a healthy snack is a real need. Thus, the growth potential for our product is extremely high.

Conclusion

Overall, the paper highlights the pitch statement for Wize’s new product i.e., the edibles (snack bars and cookies) made from coffea leaf. The pitch statement captures the consumer need, the target market, demographic and psychographic information, social and financial perspective, and the evidence for growth potential. This pitch statement sums up the characteristics, purpose, and the reach of the new products.

References

BBC (2021). Customer Needs. BBC Retrieved from: https://www.bbc.co.uk

Beshorav, M., Tushman, M., & Smith, W. (2019, January 4). How companies can balance social impact and financial goals. Harvard Business Review. https://hbr.org/2019/01/how-companies-can-balance-social-impact-and-financial-goals.

Food in Canada. (October 6, 2020). Dramatic growth in purchase of organic products – new data. https://www.foodincanada.com/products/dramatic-growth-in-purchase-of-organic-products-new-data-146531/.

Reilly, M., K. (2018). Snack bars continue growth through better-for-you innovation. SF&WB. https://www.snackandbakery.com/articles/92418-snack-bars-continue-growth-through-better-for-you-innovation

The Osborne Group. (January 22, 2016). What is Business Growth Potential?. https://www.osborne-group.com/what-is-business-growth-potential/.

Watson, E. (2014, November 21). Coffee: The next big thing IN Tea? Wize Monkey prepares to unveil coffee leaf tea. foodnavigator. https://www.foodnavigator-usa.com/Article/2014/11/21/Wize-Monkey-s-coffee-leaf-tea-ambitions.

Wize Tea. (n.d). About us. Wize Tea. Retrieved from: https://ca.drinkwize.com

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