Image From: http://foundationmediasolutions.wordpress.com/ When it comes to the industry of CPG (Consumer Packaged Goods), success in this field would involve speed. This speed refers to the rate at which top businesses take advantage of current consumer trends and secure their share of the market from the competition.
A good example of this that involves packaged consumer goods is the fast rate in which customer tastes can be altered. At one point, drinking coffee is considered healthy, then next time it is not, and then after a while it will be good again. Consumers prefer food items such as sweets without sugar, diet cookies, and food without saturated fat, but suddenly choose to forget their preferences and eat whatever is available. Aside from this, brands continue to fight for the greatest market share while delivering innovative products and responding to price changes or promotions from the competition.
For a company to stay in operation, they have to provide excellent services or merchandise. When it comes to the field of CPG, the firm has to closely monitor their own business, the other brands and the consumers so that they can get ready for another day of work. If they properly prepare their promotional campaigns and commodities, they will retain the trust or attention of their present clients and possibly gain potential ones.
“Big Data” refers to a compilation of data sets that are complicated and large, to the point that they are difficult to process through conventional data processing programs or internal database management equipment. This, together with the capacity to instantly study a lot of data is a potent weapon for assisting packaged consumer goods firms win over the consumers, earn a lot of profit, and secure retail shelf space. Data that is collected from POS (Point-Of-Sale) units and sales forecasts from retailers and distributors will help determine the next marketing strategy, pricing, distribution and the volumes of production.
A good example of this that involves packaged consumer goods is the fast rate in which customer tastes can be altered. At one point, drinking coffee is considered healthy, then next time it is not, and then after a while it will be good again. Consumers prefer food items such as sweets without sugar, diet cookies, and food without saturated fat, but suddenly choose to forget their preferences and eat whatever is available. Aside from this, brands continue to fight for the greatest market share while delivering innovative products and responding to price changes or promotions from the competition.
For a company to stay in operation, they have to provide excellent services or merchandise. When it comes to the field of CPG, the firm has to closely monitor their own business, the other brands and the consumers so that they can get ready for another day of work. If they properly prepare their promotional campaigns and commodities, they will retain the trust or attention of their present clients and possibly gain potential ones.
“Big Data” refers to a compilation of data sets that are complicated and large, to the point that they are difficult to process through conventional data processing programs or internal database management equipment. This, together with the capacity to instantly study a lot of data is a potent weapon for assisting packaged consumer goods firms win over the consumers, earn a lot of profit, and secure retail shelf space. Data that is collected from POS (Point-Of-Sale) units and sales forecasts from retailers and distributors will help determine the next marketing strategy, pricing, distribution and the volumes of production.
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