Marketing Strategies Word Count 3,195
Breakie cereals is a company that is new to the market. The company makes and sells breakfast cereals. The company is Australian owned, operated and only uses Australian products in their cereal. The company wants to introduce to the market the cereal Breakie Healthy Start. The macro environments trends that were identified in Assignment 1 were: - the increase to the aging population, increasing gap between the high and low income earners, concerns about environmental problems and increases in the populations obesity rate. This essay will outline the trends identified and help segment and target the market, set marketing objectives and position the product using the marketing mix.
2. Target Market
"A set of buyers sharing common needs or characteristics that the company decides to serve." (Kotler et al 2007 p 360).
Companies use target marketing to tailor for specific markets. There are three components involved in target marketing these are:
1. Market segmentation - Identify different ways to segment the market and develop profiles of resulting segments
2. Market targeting – Evaluating each market segment’s attractiveness and selecting one or more of the market segments to enter
3. Market positioning - creating positioning for each target segment and create marketing mix for each target segment – (Kotler et al 2007).
2.1 Market Segmentation
Demographic segmentation is where a market is analysed and divided into groups based on demographic factors, such as age and sex. These factors relate to the social and economic features of the market being segmented. Demographic variables can be closely related to customer needs and purchasing behaviour, this helps producers target their product more effectively. One of the demographic segments is
Age Segmentation - Consumer needs and wants change with age although they may still wish to consumer the same types of product. Breakie Cereals can...