NEW BREAKFAST PRODUCT Student Name MRKT 410 INSTRUCTOR: DATE: Insert Date

 Analysis of breakfast food market  Demand forecast  Identification of new breakfast food product  Market potential for the idea  Current and future demand  The nature and extent of competition  Behavioral factors  Target market identification  Cultural and subcultural factors  Proposal of marketing strategy to be used What we shall cover

 The demand for breakfast foods is expected to rise significantly  People are becoming more aware of health benefits of breakfast  In America the demand may not change much because the market is almost saturated  China seems to be the best location  Knowing what consumers need will work magic in the future Demand forecast

 In the United States alone the market for breakfast foods stand at around $13 billion  There are some types of foods which are traditionally regarded breakfast food  They include breakfast bars, cereals, breakfast meat, bread and dairy products  31 million consumers forgo breakfast and this can be attributed to factors such as convenience, health considerations and others  The demand for breakfast foods is still good but can be much improved by tapping all these people who do not take it Analysis of breakfast food market

 The breakfast food market is making a lot of progess today  There is a challenge of new entrant to penetrate the market  People are moving away from junk foods to nutritious foods  Being creative will give a company competitive edge over their competitors Industry analysis

 Innovation is important for market survival now  Green chiles and corn cakes are a good morning food  It has a fast growing menu today  People care about what they take today New breakfast food

 With today’s dynamic market, breakfast food outlets need to be more creative  The potential of this new food product is high as it is low in calories  Due to the changes in people’s preferences, health considerations and convenience, there is potential of the growth of market share  Changes in the market bring with them opportunities  A good product matches with the people’s needs and considerations Market potential for the product

 Although the demand is not so high today, it is expected to grow gradually  Due to the increasing innovation and market competition, different flavors have been made  We expect the demand to go up by a great margin in future  Introduction of new flavor will also help in growth of the market demand in future Today’s Demand and Future Demand

 The market competition is very stiff for breakfast foods.  Especially in the United States the market is almost saturated  It calls for a lot of creativity and innovation for one to succeed  With people moving away from unhealthy fast foods, the competition is even getting stiffer  Fast food manufacturers are getting higher competition  With so many products in the market today, the market is even more complex.  The market has both rivalry among existing firms and threat from new entrants Nature and Extent of market competition

 There are different factors influencing the purchase of breakfast products.  They include lifestyle, tastes of the consumer, culture, sub culture, social class.  Also age and lifecycle stage are important factors to be considered along with economic situation  Occupation also dictates how a person decides on what to buy  Self concept is also important  Another factor is the personality of the consumer Behavioral factors influencing purchase of breakfast products

 Perception and motivation are also some factors which influence purchasing decision  Beliefs and attitude are very important when a person is making decision to buy any product  A consumer also needs to be motivated to buy a certain product  Learning can also be a factor influencing how breakfast foods consumers make decisions about purchasing  Factors such as family and its size and reference groups play their role in this. Behavioral factors influencing purchase of breakfast products

 Sometimes people skip breakfast due to time reasons  Some others would rather stay without eating breakfast if the food for breakfast has a lot of calories.  Some buy fast foods to take as they travel.  Time for reporting to work may ne another reason Behavioral factors influencing purchase of breakfast products

 Different groups of people eat different products  There are products for children and those for mature people  Also it depends with the climate of the region  Culture and health considerations are also factors to consider when allocating the market segments Target market segments for the product

 The market segments for this product would be for both hot and cold climate area  It can be taken by both young people as well as adults  The product is aimed at the middle earning Target market segments for the product

 Culture is a detailed examination of the character of a society  These are factors based on morality  Knowledge and beliefs are important factors  People have their own beliefs which are mainly imposed by their cultures and subcultures  What people consume depend on the system they were brought up in  There are some products which some of us cannot consume due to our faith Cultural and subcultural factors

 Culture is something we grow with  It is a guideline for us to remain respectful  Culture involves beliefs, values and customs  Factors which influence consumer purchasing behavior include language, knowledge, laws, religion, food customs, technology and many more  Culture is the society’s personality Cultural and subcultural factors

 Culture is acquired and we are not born with it  There are some people who strictly follow culture due to fear of the society  Family is the first unit which teaches us culture  Also religion and schools teach us many things about culture Cultural and subcultural factors

 Our subcultures include religious groups such as christian, muslim, nationality and child and adilts  Factors influencing subcultures include age, gender, region, and social class  Consumer behavior changes with age subcultures

 Consumers buy different products during their different stages of life  Children do not consume similar products as adults  Also youths have different preferences as compared to adults  Consumer behavior is also determined by age Subculture - age

 These are subcultures based on either male or female  To a great extent of men’s and women are different  The buying habits of men and women differ so much  Women may be willing to spend on a given breakfast product while men may not be willing to. Gender

 The society is divided into social classes  Consumer behavior is affected by social class  When a consumer social class changes, consumer behavior is also altered Subculture – social class

 This is a strategy by an organization  It combines all marketing goals into a single comprehensive plan  It involves market research and thorough study of the market  Knowing your target market is important Marketing strategy

 First market segmentation is important  Understanding the effects of demographics and geographic boundaries will help in the marketing  The market needs to be well analyzed before coming up with an effective marketing plan Marketing strategy

Some marketing goals are developed  Achieve $5.4 million yearly  To come up with other flavors of the product Strategic plan  To be the best breakfast food choice for all groups of people Marketing strategy

 The product should meet the needs of all the consumers  Those people who are concerned of health factors, convenience and different cultures  People from different geographical zones should be satisfied by the product. Marketing strategy

 In conclusion, coming up with a new product is challenging  Making the product become a hit in the market is a challenge and it needs planning  Purchasing a product depends on demographics, regions among other things.  The breakfast market is becoming more and more dynamic  There is the need of making sure that people take a healthy breakfast meal. conclusion

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