The Processed Spices Products Industry
In the world of real business, it is fairly known that the successful growth of most firms depends upon their ability to expand and realign their products in responses to challenges and opportunities presented by economic, political and social changes. Quick food styles are catching-up fast because of more number of working couples, domestic fuel crisis, non-availability of reliable domestic servants and breaking-up of joint family system. Neither time nor patience to prepare the ingredients and wholesome food in the house itself, the high price of ingredients and ready-mix are also a significant factor responsible for the spectacular increase in the demand for processed spices products. Since the potential for market expansion of the processed spices products are vast and the competition among them is very acute. Unless the firms reduce cost of production, it will be very difficult to survive in the market. Across four p's viz: Product, Place, Price and Promotion available to tackle the competition, processed spices product firms preferred product and strategies to fight it out through product diversification (Product Innovation).