Food Marketing APEC 4451 Fall Semester 2010 New Product Development Process Targeting and Segmentation Dennis J. Degeneffe The Food Industry Center University of Minnesota Why Introduce New Products? • The Case For Introducing New Products – – – “Organic Growth” - Shareholder value Competitive Position Capacity Utilization • The Case Against Introducing New Products – – Risk – the odds against success • High Odds of Failure* • High Cost of Failure “Cannibalization” of existing business
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Management Philosophies 1. Production Concept Focus on production and distribution efficiencies Consumers will favour products that are available and affordable 2. Product concept Focus on product improvement Consumers favour better products 3. Selling concept Focus on more selling and promotion Consumers won’t buy unless you persuade them 4. Marketing Concept Focus on satisfying target markets needs and wants better than competitors as a way to achieve organisational goals. 5. Societal Marketing Concept
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Hill Advertising Non-personal communications paid for by an identified sponsor, using mass media to persuade or inform. Advertising appeal The central idea or theme of an advertising message. Advertising exposure The degree to which the target market will see an advertising message placed in a specific vehicle. Affordability methods An advertising budget based on the residual funds remaining after all other activities are considered and accounted for. Ambush marketing The marketing of goods
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revolutionary development. The advertisers’ goal was to cater to the consumers’ wants and desires. Products have embedded values in their marketing messages to glamourize self-indulgence and narcissism. Although the advertisers use what they knew from the consumer to shape their wants to create in commodities. Marketers and advertisers use several
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dependent variable and the stuff that cause changes in sales are independent. • ***What does a researcher change…is the independent Why Segment Markets? • A business firm segments its markets so it can respond more effectively to the wants of groups of potential buyers and thus increase its sales and profits • What Market Segmentation Means’ o Market segmentation—involves aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action • To lead to
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straight-forward (CLEAR), and consistent with the market environment. They should focus on creating value for the customer. * Setting objectives and goals: objectives for each level of management SMART * Designing a business portfolio: Fit to company’s strengths and weaknesses allocating investment to businesses strategies for growth and downsizing * Developing functional plans: the grid Market penetration, market development, product development, and diversification * The annual
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Business Overview of Omega Watch Makers There are many ways to attract consumers to purchase products, for example, price, advertising, word of mouth, branding, etc. However, before attracting customers to consume, the important things that companies have to achieve are finding the right purchasers, aiming at the correct market and using precise strategies and methods to analyze and promote their products. The market nowadays is not homogenous but diversified. Competition is also not just within a country
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Table of Contents 1. Introduction 1 2. The Ten Step Strategic Marketing Process 2 3. The Strategic Marketing Plan 3 3.1. Scope 3 3.2. Space 4 3.3. Segmentation 5 3.4. Serve 10 3.5. Sense 12 3.6. SWOT 14 3.7. Select 16 3.8. Sizing 17 3.9. Stand 18 3.10. Seize 19 4. References 21 Introduction In this assignment, as part of the curriculum in the MBA program, I analyze the marketing plan of an organization to illustrate the
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..............................................................................3 Market Segmentation ...............................................................................................................................4 Methods of Segmentation................................................................................................................4 Lifestyle Segmentation in the Specialty Coffee Market ..............................................................5 Segments .......
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Vans Flow: 1. Background information 2. Client analysis (SWOT analysis) 3. Comparison with its competitors (Perceptual map)+ suggestions 4. Customer analysis (Market segmentation)+ suggestions Background information: (30s) • An American brand since 1966 • Apparel industry • Starting to sell classic skateboarding shoes when the huge skateboarding era (1970s) hit the States • It is considered as the largest extreme sports clothing company in the world [pic] [pic]
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