What are the Key Success Factors for the industry Essay

What are the Key Success Factors for the industry - Essay Example This research will begin with the statement that wide market that is available. Many people nowadays prefer bottled to other water. Some of the reasons why they frequently choose to take bottled water are because it is safe, that is, free from contamination, it is flavored and readily available. More significantly, most of the people consider bottled water as a product of prestige. Due to the fact that, we are in the generation that value showing than any other thing they opt for bottled water. It is estimated that in the year 1990 more than two billion of gallons of this water was consumed in the United States of America only, exclusive of other countries. By the year 2005, there was an increase of consumption per capita of 25 gallons. This is a proof that this product has a wide and ready market. The bottled water popularity that was ever on the rise was ascribed to the questionable sanitation issues of the drinking water that was provided by the municipality. Also, the lifestyle o f American that is ever working and busy found bottled water to be more convenient due to its portability. Due to health consideration, many people opted to take the bottled drinking water instead of the soft drinks. Soft drinks had a lot of sugar and other additives that were not healthy for the consumption of the people. The method of parking water too pleased many people. The water was parked in containers that could be returned back to the company after the whole amount of purchased water was used. (Dege 421). There was also very stiff competition from rivalry companies, something that made the administration of the company to innovate new production and marketing strategies to ensure that the company is known by many customers. This greatly improved the quality of the products. Due to the quality it attracted many clients who were interested with quality products. Promotions of the company were intensified, and at the same time products were sold at lower prices compared to the rivalry companies. The company was complying with all the legal requirements. Therefore, there was a minimal hindrance from the legal framework. This feature made all the activities of the company to be undertaken openly with no resistance from the enforcers of the laws for instance, the Federal Food, Drug and Cosmetic Act was given much priority. The constructions and the design of the company had followed the legal framework to the latter (Dege 420). Good administration is a factor that led to the success of the company. The management team focused on research to improve the production and marketing processes. It was also proactive in prevention of instances that could jeopardize the progress of the company. 2. How is the industry changing? The industry has been growing tremendously and expanding its market since the year 2000.this is because many people shifted and some are in the process of stopping using Municipal drinking water to bottled drinking water. More especially in the United States of America the market has immensely grown leading to high consumption of bottled water and other products which are produced by the company. The production of the industry is also changing to fit the demands of customers in regard to their health and nutrition, whereby they are producing products which are healthy and boost the body systems. Due to this, the industry is making a lot of profit and it is utilizing the same profit in opening up of new branches in areas of the target. Up to now, the industry is found all over the world. 3. Describe and evaluate the strategies of the "Big 3" companies in the U.S. market. Appropriate Promotion strategies The companies invested adequately in the marketing of their products using attractive methods and knowing the gap that was left especially by the Municipal that was in charge of supplying people with drinking water. The strategies took the attention of many people who later on decided to purchase for the products of the companies. They went beyond the market