Marketing. The market place Target markets: is a large group of consumers who share common needs or characteristics and which a company determines to.

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Presentation transcript:

Marketing

The market place Target markets: is a large group of consumers who share common needs or characteristics and which a company determines to be a focal point of a marketing strategy. E.g. Age, gender, income or location. Niche markets: a small portion of the target market. E.g. Cholesterol-lowering margarine, lactose-free milk and vegemite in a tube.

The marketing environment Competition: any product that competes for the consumer dollar as firms or companies market similar or substitute products. Economy: the state of the economy affects the consumer’s ability and willingness to spend. Political, legal and regulatory factors: labelling and food safety regulations Social and cultural environment: affects how people live and behave and this influences customer buying behaviour Technological environment: development of new processes and new products

Market research 1.Review of international research 2.Research consumers needs and wants 3.Gather information from consumers, salespeople and suppliers 4.Analysis of the research undertaken by government bodies

SWOT analysis Strengths The product has a valuable brand status Strong nutritional profile Celebrity support Weaknesses People want a change Size of the advertising budget is high Consumers are more health conscious so are shifting to low fat products Opportunities Increasing demand for ‘ better for you’ products may lead to new products Threats Competitors New packaging or labelling requirements The cost of raw ingredients may rise

Marketing fundamentals Product: not just characterised by its physical features, but other factors such as service, packaging and pricing. Price: an assessment of the target market will determine whether the consumer expects a high- quality product and is willing to pay a higher price for it. Place: the location at which consumers purchase the product Promotion: enliven the sense of sight and allow it to work on and activate the other senses

Promotional tools Advertising in the media Personalised advertising Free samples Cash-back offers or entries Point-of-sale displays Company sponsorship Recipe cards and books Tie-in promotions Promotional campaigns

Ethical food marketing to children Strategies On television Poster competitions Providing free educational resource material Food and drinks for sale on school grounds or very close by Coupons collected by children for a free item of food Internet sites and games Within television programs used in the curriculum Corporate logos on equipment, buildings and prizes awarded for excellence Sponsorship of school events