An Examination Of The Caviar Market Economics Essay

An Examination Of The Caviar Market Economics Essay The new business is aiming to produce a substitute caviar product in Russia and Kazakhstan, with a view to exporting it to the UK. It is anticipated that the main targets for this product will be those in the low to middle income bracket who would not generally be able to afford real caviar. Consumption of caviar in the UK is not as widespread as in some other regions and this is thought to be primarily due to the high price that is commanded by caviar in the country. The aim of the business is to provide an affordable alternative that will be provided over the internet and by phone, allowing for rapid delivery of products that are well priced. Loyalty offers will be available and the business aims to target the general consumption market rather than the exclusive, luxury segment of the market. Initially, the target will be the UK alone, although there is no particular reason that this could not be extended in time as production increases. Substitute caviar made up of a variety of d ifferent ingredients will be available in order to satisfy the widest range of tastes possible. Overview of Research Process A multifaceted research approach has been taken, due to the fact that whilst completing the initial research it became clear that the UK market may not be the best initial overseas market to target, and this resulted in a wider analysis than originally anticipated. Consideration was given to the global market for both the export and import of caviar and caviar substitutes, with a view to gaining an understanding of the general movement of caviar and also in an attempt to understand where the value lies and where there is opportunity for growth. Another research approach was to look at commentary specific to the UK market and the way in which UK consumers view the caviar products, in order to get an idea as to whether or not there is likely to be a demand for a caviar substitute of the nature proposed. This type of research will naturally require greater depth and primary research in the form of consumer questionnaires; interviews would also be desirable to supplement the general media reports. Information was also obtained in relation to the production industry in Kazakhstan and Russia, which was also seen as important as this gave an indication as to whether or not these countries had the ability to increase their production and had the necessary facilities to do so at a reasonable price. Critique of Research Process The research process was somewhat scattergun in nature, aiming to cover a wide range of issues and this resulted in lack of depth at times. By attempting to determine the potential market in the UK, the general market for caviar and caviar substitutes, the general production processes and the way in which caviar substitutes are developed, this research was naturally less detailed than may be necessary in the next stages of business development. A more focussed approach, for example, looking specifically at the UK and the va rious caviar substitutes available, may have been a more productive approach at this stage.