Marketing Strategy for new Cereal Essay Example | Topics and Well Written Essays - 2000 words

Marketing Strategy for new Cereal - Essay Example Also, having regard to the virtual dominance of the breakfast cereals market by five major companies, attention is focussed on special characteristics of the product which could ensure some market penetration. New Product 3 Manufacture and Marketing of a New Breakfast Cereal in Australia Introduction The product is a new breakfast cereal called â€Å"GoodHealth†, and it differs from those already on the market in two important respects: its ability to remain crisp for longer when milk is added, and its lower salt content (Oakenfull, 2009). The product will be manufactured to complement the existing range of food products already produced by â€Å"PolyFoods†, a small company founded in 2001 and located in the outskirts of Canberra. The first intention is to market GoodHealth throughout Australia, and then to expand into the global marketplace. In order to achieve this aim attention will be given to exploiting modern marketing theories as they apply to the appropriate mac ro-environment outside the organisation. The application of marketing theory The aim of marketing is to sell the product and over the years a number of theories have been developed to identify the factors which are necessary for the construction and implementation of an effective marketing strategy. ... y of Marketing† that the central feature is the ‘Transaction of buying and selling’ based on the perceived ‘value’ of the product by the buyer. This perception, which is underpinned by ‘brand image’ is subject to such fluctuations as needs, financial situation, experience and taste. Linn (2010) offers a dual model of the process ‘Price Asked < Perceived Value’ and states that â€Å"The condition for the transaction being performed is, in principle, that the buyer values the product to equal or New Product 4 more than the price asked† (Linn, 2010). It is now appropriate to consider the six main macro-environments which will affect the target market for the product and consequently hte company’s product strategy. Analysis of the macro-environment Demographic In the late 1990s 49% of Americans ate cereals at breakfast – almost 20% more than any other product or combination (Topher, 1997). Statistics gathered in Australia at about the same time (AUSSTATS, 1999) found that over 65% of the population ate cereals daily, although there was no clear breakdown into easily identifiable products. However, the figures showed that children in the age range 2-15 years consumed more breakfast cereals – as did adults over 45 years – than the age group 16-44 years. These trends indicated some marketing target areas. Firstly the adolescent group, and the over 65s who generally preferred ‘something warming’ such as porridge. For the former it is essential to stress that breakfast cereals are not just nourishing but ‘cool’ and for the latter it is important to stress that the added vitamins and nutritional properties of breakfast cereals, and â€Å"GoodHealth† in particular can contribute to wellbeing and delay the onset of various diseases such as cancer of

Target Corporation Essay Example | Topics and Well Written Essays - 1250 words

Target Corporation - Essay Example The full name of the retail store known as Target is Target Corporation. This name came to be known in 1962. Target Corporation has a main headquarters located in Minneapolis, Minnesota. The main headquarters is located right downtown. Other smaller offices are also located in Minneapolis, Minnesota. The state of Arizona is home to the financial headquarters for Target Corporation. Target Corporation also has two banks that are located in Sioux Falls, North Dakota and Salt Lake City, Utah (Target2011). These many different headquarters allow for target to provide appropriate customer service and financing. Target Corporation was not always known as the Target that is today. The first Target store was opened in the 1900’s and named Good fellows. Good fellows produced dry goods. The store was located in downtown Minneapolis. It wasn’t long before the company became known as the Dayton Company. Later in the 1960’s the first Target store was opened. The store was loc ated in Roseville, Minnesota. The store quickly became popular and expanded to the now known Target Corporation. This rapid growth came from a strong founder. The founder of Target Corporation is George Dayton. George Dayton was born in 1857. George was born in New York. Throughout his career he stumbled upon a retail store that his bank had foreclosed on (Soylent Communications 2011). This business venture was the start of many other additions. George acquired more popular retail stores such as Mervyns, Hudson’s and Marshall Fields. These many retail mergers led to the current Target Corporation. These mergers also proved the strength that Target Corporation has. George’s determination allowed him to become a successful business man and build Target Corporation to what it is today. The original business of Target Corporation was a Dry Goods retail store. It wasn’t long before the Good Fellow Dry Good’s Company became known as one of the number one suppli ers of retail goods. Products originally sold were retail items like other department stores. Target Corporation sells various products. Products range from children’s clothing, canned goods, jewelry and electronics. Target Corporation is a one stop shop for popular products. Target Corporations owns a majority of manufacturing facilities that help keep the price of goods low. The Target Corporation has a history as many different companies. Target Corporation is responsible for the Merger of many popular retail chains. In 1956, Target Corporation was responsible for the very first shopping center that had two different shopping levels. This new shopping center became the new face of shopping centers in America. Soon after Target Corporations two story shopping center, many similar shopping centers such as malls were spreading throughout the country. The target store was the first of its kind. The Target store of 1962 was able to offer discounted retail items. Offering discou nted items made Target a popular retail chain. The 1960’s and 1970’s were huge decades for Target Corporation. During this time, there were large mergers and the announcement of Target Corporations entering into the stock market. Another merger with Marshall Field’s later took place in the 1990’s. This final merger allowed Target Corporation to become huge generating over $30 billion dollars (Target2011). The success of Target stores led to the sale of Marshall Field’