MARKETING Assignment Example | Topics and Well Written Essays - 3000 words

MARKETING - Assignment Example As a nutritional product, it is quite likely that the product will be influenced by various macro-economic features, such as demographic, cultural, economic, political, natural and technological environment of the economy. With this concern, the recent market trends can be identified as significant for the growth of a nutrition product such as â€Å"GoodHealth† and shall be considered in the process of developing a strategic marketing plan to specify the target market with a set of marketing objectives for the organisation. 2. Target Market The current market trends in Australia are identified to be quite supportive for the growth of nutritional products. Consumer persuasion towards the consumption of healthier food products such as cereals and fat modified milk is observed to be at a growth phase in the current market scenario of Australian food industry (Cleanthous & Thuraisingam, 2010). The product, â€Å"GoodHealth† is also based on these two main ingredients, i.e. milk and cereal containing low fat and nutritional particles with due consideration to the tastes and preferences of the potential customers. With these virtues, the target market of the product will be determined in the following discussion in light of few significant segmentation variables, i.e. demographics, geographic, current purchasing situation of the potential customers in the region, purchase ready factor of the product and the local environmental influencing factors. a. Demographics Researches have revealed that two particular age-groups of customers, i.e. children and adolescents included in the age group of 2-15 years and the adults aged above 65 years are recorded to consume larger amounts of cereal based food products in comparison to the age group of 16-64 years olds (Australian Bureau of Statistics, 2008). This can be apparently identified from the diagram represented below: Fig. 1: Age Distribution of the Consumption of Cereal Based Products in Australia Source: (Au stralian Bureau of Statistics, 2008). However, in the current market scenario, the trend to consume cereal based products is also at a rise among the age group of 16–40 years. It is worth mentioning that the population of Australia majorly comprises of two age groups, i.e. 16-64 years and 0-15 years (Australian Bureau of Statistics, 2010). Therefore, concentrating on the age group of children and adolescents included in the age group of 5-20 years and above 45 years shall provide with better growth opportunities to the product in future. b. Geographic Considering the age distribution in terms of population in Australia, the targeted geographic regions can be recognised as Western Australia, Australian Capital Territory and South Australia. Western Australia and Australian Capital Territory can be identified as the geographic regions of the economy to grow with immense rapidity in terms of population (Australian Bureau of Statistics, 2010) while, South Australia provides with a competitive benefit of larger consumption of cereal based products in comparison to other regions. However, the market structure of South Australia is termed to be highly competitive that shall create a constraint to the growth of the â€Å"GoodHealth† (Williamson, 2011). Evaluating these regions in terms of availability of raw materials and distribution facilities, Australian Capital Territory and South Australia can be termed as suitable locations for the launch of