Drivers of change commonly known as
factors, that plays vital role in the development or growth of any particular business.
These are the features of a business that drive on another features of the business.
Change in life style
Main
driver is the change in life style, for example especially in vitamins segment.
Customers are getting health conscious and becoming aware of what they pay for a product. Consumers perceive things in a broader way, their
attitude and societal concerns.
Trend towards store products
As
quality of original and store products was same and easily available,
customers were not focusing on original products. So the trend of market was
changing, which changed the perception of customers and forces the market
condition to be changed.
Awareness of customers
As
customer were getting aware that original products have just packaging, labeling
and promotion difference, they had started consuming private label products,
because quality was same as original products had.
Interest of retailers
Retailer
was much more interested towards private label products because, they had more
profit margins as compare to original products. In original products retailers were facing strict polices but in private label products they were free hand.
High profit margins
On
both hands retailer and customers were happy because, both had high profit
margin, which effect the overall market. Because innovators had to think again to
launch their product that sustain the profit of their part.
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