The EverClean Travel Mug exists in a very unique market as the reusable water bottle industry is expanding, along with product offerings. It has proven difficult to specifically pin the industry to a single category, and customers needs vary greatly. The market is in constant motion, with changing company goals and updating customer needs. The major key trends can be categorized under four sections: technological; cultural; regulatory; and socio-economic. Technological trends are focused on efforts to insulate and heat travel mugs, to satisfy the customer need of maintaining an ideal drinking temperature. Culturally, the 21st Century has seen a major movement toward environmental protection and sustainability. Millennials are leading the charge for …show more content…
Students are busy, and reusable mugs perfectly align with their daily lives. There are over two-million post-secondary enrolments in Canada as of 2016, (?), representing a large and reachable customer base. This customer base desires affordably priced products, and cares most about the functionality and convenience the mug offers them. These students are not searching for a status symbol, as majority make a low to no income at all. The industry has low switching costs, and university students tend to lack brand loyalty. They prioritize price over brand recognition, which bodes well for us emerging into the market. The market is clearly outlined and aligned with our offering. However, a few issues persist. These include a high volume of competition and low industry profit margins. Regardless, our product operates with a low-cost model, and the industry forecasted market value in 2025 is $10.4B USD, (2017). Since brand loyalty is non-existent with both our target demographic and in our market, an emphasis on the factors they place great importance on is key to our success, such as low price, and focusing on