Entrepreneurship is an inventive conversion of resources into functional products. It is beyond meager business activities due to its involvement in targeting novel niche markets.
Dolphins Inc. Bakery (DIB), as a newly started company, is no exception in this realm due to its undying desire to transform the bakery industry with new health-conscious wheat products. The business currently enjoys two strategic sites in New York as well as Chicago.
It is determined to offer various tasty gluten-free wheat products arraying from customary bread up to bridal cakes. One of its outstanding cakes, “DIBs premium,” is amazingly rocking the entire U.S. population despite its novelty.
To augment its market divide, the company anticipates providing varied products in the baking realms. This incorporates having a global coverage with major orders destined to Europe. The business success started silently in 2010 when Jacobs Green, the founder, battled gluten intolerance in his body.
As an entrepreneur, he later drafted how gluten-free and allergen-free bakery products can storm the yawning markets and relieve the entire victimized population. This is attainable by introducing DIBs premium cakes among others.
The business intends to spend additional millions of cash for expansion and facilitation of its premises with modern machineries, workforce, and baking technology. It is profit-oriented hence; all its efforts target clients’ contentment and consequent retention.
Clients receive their best tastes hence always ready to do business with DIB. Concurrently, the firm requires more shareholders to augment its capital. This is in line with the organization’s dream of having its branches spread globally to serve its customers better.
The multiplicity of products it offers to the market assures the company an extensive genre of customers. Concurrently, product variety is among the stakes on which the company’s prosperity rests.
The organization employs knowledgeable artisans who are creative enough to guarantee availability of varied products in the market.
Customer Problem
Various customers in any business parameter pose different problems, which the production companies must address to continue doing business. In this context, customers have health problems elicited by baked products.
DIB heard its customers’ tribulations long before it started thus currently producing DIBs premium and others to curb the gluten intolerance among clients. Concurrently, it also considers allergic customers by producing allergen-free products.
The customers who encounter allergic problems after consuming baked products have their predicaments addressed by DIB. Consumers on special diets are also considered. This makes the business distinct and able to measure up in the competition realms.
Granting critical customer desires also lie on the supply of varied products from which the customers can choose. The company is dedicated to produce different forms of cakes, loaves, and bagels among others. This is in conformity with the efforts to curb the inadequacy of diversified products.
Additionally, DIBs premium considers the issue of flavor, texture, and recipes. Varied customers have dissimilar demands on the category of products they prefer. DIB has addressed this with lots of devotion by ensuring that different products are in the market. Every customer can at least get his/her preference.
This diversity makes the company’s brands to do better marketwise. Equally, most consumers present nutrition problems, which DIBs premium has addressed fully. The cake is highly enriched for healthy growth among consumers. Some clients are mostly concerned with the nutritive value of the baked products.
They would pay more on healthier products than spending less on non-nutritive products. DIB products are no exception in this evaluation gauges. The company enriches their products with vitamin B, irons, and folic acids among other fundamental nutrients.
Product purpose
DIB products solve the customer troubles in numerous ways. This is evident by the products like DIBs premium targeting consumers on special diets and those prone to allergies. For customers who cannot endure higher gluten levels in their bodies, DIB products are the better option.
These products fronts little health risks when scrutinized medically. Concurrently, those with allergic reactions against wheat products can now consume such foodstuffs without any complications under the courtesy of DIB baked products.
Moreover, customers who have the problem of jumping from one brand to the other are able to have a limitless range of products from which they can make their own choices.
On nutrition, DIB products have enrichments to address the customer needs. The malnutrition that arises from continuous consumption of wheat products no longer exist. Equally, clients have varied tastes in terms of zest, whiff, tint, and textures. The organization tackles this problem by providing varied products.
Conversely, to alleviate ignorance on culinary aspects, the company has had publications including “Delicious and Healthy,” “Know your bread better” and “Home Baking Manual.”
Its clients can read by themselves and know more about how to leave healthy, and do a delicious baking at home thus alleviating the problem of ignorance.
Target Market
A target market is a section of customers, which the organization has opted to conquer with its marketing tactics. Its characterization should be precise for the product promotion to succeed.
In order to market DIBs premium and other products perfectly, the organization has defined its market segment to be those customers who have decided to utilize gluten-free products.
The advantage of market targeting is its ultimate competence to make endorsements, pricing, and distribution of the organization’s products trouble-free and cheaper (Abrams & Kleiner 88). Target marketing grants a center to all promotion activities. The market size that DIB is targeting to acquire is hefty enough.
The company’s growth rate is rapid since it highly eyes the global appearance. Most of its products are of good quality to convene the worldwide market demands. The customers get a perfect clustering where each group has a product of its match.
Market structure is the orchestration and characteristics of a specified market segment. The kind of a market structure DIB is facing is of a pure competition. Despite the uniqueness of its products, there are other companies, which are producing numerous baking products in the market at much cheaper prices.
Sales/Marketing Strategy
The acquisition and maintenance of customers is one of the key elements in the DIB’s growth. Having defined its market segment and knowing better its customer demands, the company is ready to conquer the global market.
As an entrepreneurial company, risk taking is the order of the day and a reasonable amount of money is put in the sales and marketing department to achieve this core objective. The sales panel and distributors majorly do the marketing promotions since they are the ones who directly interact with the customers.
They make sure the clients know more concerning the products and their distribution sources. The sales faction has to discern each product well before heading to the customers. Planning is very important for the team to succeed especially in the sale of DIBs premium.
Concurrently, the company carries major promotions through mass media. This ensures customers’ responsiveness and acquisition. On client retention, the company has erected a department combating customers’ grumbles to ensure an ultimate satisfaction.
Additionally, consistency in the product production to evade the structure and taste disparities witnessed on some products is essential. This is marked in the manufacture of DIBs premium. To deter customers from resorting to other available alternatives, products are well distributed straight from the company.
The distributors pick the products from the company; give them to the wholesalers, who dispense them further to the retailers.
They can also take products directly to the superstores and gatherings where larger consumptions are anticipated. Through this orchestrated distribution chain, the customers can easily find the products.
Business Model
Business models are the underlying principles with which an organization maneuvers to generate, convey, and confine on value. This can be either economically or socially (Watson 2). DIB is no exception in this parameter and strives to uphold its business models.
Strategy, amongst the models employed by the business, guarantees that the business sustains its uniqueness for the provision of what the global market requests. This is evident by the introduction of DIBs premium.
The essence of business model in DIB is to provide products that are highly valued by the customers, make them pay for this value, and earn revenue from the transactions. The company thus makes gluten-free products, which are highly valued by the customers. Valuable products are what matters in the market.
Additionally, the firm arranges to generate money through the sales of its goods. Since it is not a service-providing industry, supply of creditable products that satisfy the customers’ needs is its main objective. This is in line with attaining novel clients as well as retaining the old ones.
The fact that the company is providing a unique products that other firms have not ventured into translates to less competition and more revenues.
Competitors
Several competitors exist in the baking industry and DIB is not safe from their impacts. These rivals can easily override DIB’s new products in the market if given space. To curb this, the company endeavors to proffer distinct products, which are only unique to it. This makes it favored in the market divide.
Other companies also have their strategic tactics on how to conquer the market. DIB will continue to mask them by providing what the market demands while at the same time offering admirable customer etiquettes. Prompt attendance and response to the customers’ grievances is no exception.
It is factual to claim that larger companies are difficult to defeat in the competition realms; however, with a different product in the market, which directly addresses the customers’ desires, a newly emerging company like DIB, can easily conquer it and have a reasonable market share.
DIB has this principle in its strategies and fights to be the best in the market.
Competitive Advantage
Competitive advantage is the lead a firm enjoys compared to its rivals. This advantage allows the organization to generate more sales and hold more clients compared to other rivals.
Many types of this advantage exist including the organization’s cost structure, product values, distribution set-up, and the customer treatment (Nilsson & Rapp 19). DIB embraces this strategy to the fullest. Its products are valuable with their prices affordable.
This indicates that any product that is not able to match them in terms of quality can hardly battle them in the market. Other competitors in the market can barely imitate the technology with which the products are synthesized. This is evident with the kind of distinctiveness DIBs premium enjoys.
Equally, the company offers no patent over its goods. The fact that the company is producing gluten-free products is an advantage over other companies, which are unable to provide their customers with the very product. The prices are also peculiarly set such that they evade being in value brackets with other competitors.
More so, the organization is targeting a market segment that is very different from its contenders. Concurrently, the company has a strategized distribution chain and customer support that can barely meet simulation from the other rivals.
Conclusion
In conclusion, an entrepreneur is a risk taker who is able to identify a target market and outdo its competitors. DIB has demonstrated this quality by introducing gluten-free baking products. Among them is the DIBs premium released to curb health predicaments associated with gluten as well as allergy.
The company identified its customers’ problems and decided to provide them with a solution at a cost (make business). The products are purposefully destined to solve problems that originate from gluten consumption.
This has distinctively put the corporation ahead in terms of identifying its objective market and consequently offering them what they essentially need. In order to acquire, maintain, and reach more customers, the company invests in a highly energized vending as well as distribution workforce.
Due to stiff competition in the market, DIB emphasizes on competitive advantages upon its competitors in order to amplify its market share.
Works Cited
Abrams, Rhonda. & Kleiner, Eugène. The successful business plan: secrets & strategies. California, CA: The Planning Shop, 2003. Print.
Nilsson, Fredrik. & Rapp, Birger. Understanding competitive advantage: the importance of strategic congruence and integrated control. Heidelberg: Springer, 2005. Print.
Watson, David. Business Models. Hampshire: Harriman House Limited, 2005. Print.