While one has to conduct PESTLE Analysis as well as have a detailed understanding of the laws of the land, there is the other critical component and this is about understanding the people element. So here are some basic pointers of the kind of understanding one needs.
The first set of questions that we need an answer for is:
How big is the category currently in terms of volumes and value, and how has this evolved in the recent years? Who are the top manufacturers, and what are their top brands? What are the various segments (i.e. product types — flavours, formats, etc.) already at play? What are the various price points in which these are sold, what is the average selling price, what are the depth of discounts? Where (as in which shop formats) are the category more sold at (think hyper / supermarkets vs. traditional trade, or online, etc.), who are the leading retailers? All this typically comes in from the data source called the Retail Audit.
The second set of questions are on the #shoppers. How many people in that country buy that category already (i.e. is this an already matured category or is it a developing one)? How many times is this purchased in a year? How much quantity do people buy on a single trip, and how much do they typically spend on each shopping trip? What is the demographic profile of the shoppers? How does the shopping habits differ amongst them? Have habits changed over time? All this typically comes in from the data source called the Household Purchase Panel.
The third set are on the #consumer. Here one needs to understand how people consume the category. Here the points of interests are — What are the various ways it is cooked? Who in the house makes them? Who eats them? How is it served? Where is it stored (in the original packaging or a separate container)? Is it made only for one particular meal (example breakfast vs. lunch or dinner vs. mid-meal snacking)? What other ingredients are used to cook the category? What are food items are consumed alongside the category? Is there any festive season when this is consumed more? Are there any local preferences or taboos? Is there any specific difference amongst the younger cohort towards this category? All this typically comes in from the data source called the Qualitative Consumer Immersions.
These are just the basics ?
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