Drivers of change are the factors that make a difference in the industry in general. These forces compel companies to modify their actions because the industry changes. Drivers of change originate in the outer ring of the macroeconomic environment and in most cases the inner ring of the microenvironment. Some of the important drivers of change identified in the industry of store brand below.
1. Customers Awareness
At first, customers are not interested in private label brands because of quality and shows very attractive shop. But improvements in the quality of private labels to attract a large number of customers. These customers are aware of the benefits provided by both national brands and private labels.
2. Change Lifestyle
Change in lifestyle of people is also an important driver of change. People are aware of health and raise awareness of what they are paying for a product. They try to get the best quality products in order to stay healthy and physically fit. Due to changing lifestyles of customers, many companies are trying to reach with hygiene products. Similarly, also seek to convey the message to our customers’ health care customers.
3. Change in the Interest of Retailers
Initially, retailers were only interested in domestic products. But he began to take interest in private labeled brands experienced the greatest benefits of these private labels. Now retailers are able to advertise cheaply and get a better profit margin.
4. Trend Toward Store Products
Store brand products have improved the quality of recent years because it reduces the difference between the quality of store products and domestic products. At the same time, the products of the shops are easily accessible to change the perception of clients and the forces of market conditions to be changed.
5. Marketing Innovation
Marketing innovation concerns the introduction of new ways to market the products of a company. Because technology is changing very quickly because traders are able to find new ways of marketing the products. They do online marketing for their products proved very successful.
6. Change in Technology
Technology is changing rapidly. The new technology is becoming day by day. All companies in this industry therefore need to improve their processes and facilities to be competitive in the market. Many companies are now able to sell their products online, because competition is increasing rapidly. Similarly, the new technology products being introduced into the reduction of financial aid.