FOSC112 Flashcards
What is sales and why are they critical? (L10)
- Main quality within manufacturing and service
- Over 80% communication efforts and budge devoted to sales
- Selling align product with target and needs; IPAAPACF
- Push large ticketing items over edge
- 90% market controlled 300 must sell them first.
Sales main communication platform, marketing facilitates in supporting role
What is the structure and purpose of a marketing plan? (L11)
- Achieve goal/object at specific time/location
- Contain optimum flexibility and complexity
- continuous cycle, initial plan, execution, evaluation, revision
- Specificity tested sausage (descriptor), opposite (desire, playable alternative)
- Contains current, desired, resources, deadlines, areas responsibility, required tasks
How are retail food markets structured?
How is food marketed in a supermarket? (L12)
- Regular exchange goods and services, not as popular
- Weekly food markets, small specialised food retail stores (specialised market)
- Delivery 1970s quick, unpackaged/seasonal
- Influenced electric engine, mobility, long term storage, carrying capacity
- First in 1916, 1930s
- Current strategic unit arranged to maximise spend. High value ‘pleasant’ low value efficiency. Exploitation high = illusion low costs storewide
- KVI, kept low transfer low cost to other products
- COMPETITORS - adapted specialists, Convenience stores, Large Discounters, Web
How are foodservice markets structured?
How is foodservice marketed and to who? (L13)
- In home, out home, Three layers allowing more innovation and ability to add value
CORE OFFERING - calorific
SERVICE ELEMENT - Development/presentation environment
OTHER ENHANCEMENTS - Atmosphere cater feeling. Most demanding and detailed - Driven by social group needs, cater the conversation
- Online websites separate consumer and service (fragmented consumer interface)
How are international markets structured?
How is food marketed internationally? (L14)
- Cant grow enough, get elsewhere. Promotion, political, social, strategic, economical and lobby pressure are motivations
TARIFFS (government imposed boarder), every jurisdiction
OVERT non-tariff (non money, difficult, delays)
COVERT non-tariff (Not government agencies, due to chance?)
CURRENCY (unpredictable, volatile in value) - small pop, suburb, mistake expensive, partner
- irrevocable transactions
How has the internet changed the food marketing?
What are the major platforms of internet food marketing? (L15)
- mega players, Facebook google since 2005, main platforms consumers and suppliers meet and exchange
- Difficult food in perishable
-Dominate due to info exchanges too optimise offers - Increased flow info and critical platform of communication
- Nodes, flagship for web comm, structured to optimise decision process, dedicated websites
- Links, search engines
How do we use websites and FaceBook to market food?
How do we use social media to market food? (L16)
Website structured to support decision process
- Internal structure of nodes (flagship comm platform)
INBOUND - bringing Ito the site
AT WEBSITE - lead to a decision
OUTBOUND - link the consumer with product
- Google analytics, collects information on specific consumer behaviour and search parameters, tracks arrival and movement in website
- Contains a brief that understands the journey
ACTIVE ADVERTS - banners and ads specifically targeted to behaviours, costly, not welcomed
INBOUND MARKETING - content encountered, diverts consumer using links, subtle
INFLUENCERS - new, push product via social media
Why do we require product innovation?
What is the product lifecycle? (L17)
Free markets are either democracies or law allowing companies
- require the reinvestment of capitol to generate high return
- High return requires growth requires innovation
- 5 stages of the life cycle
INTRO, GROWTH, STABILITY, DECLINE, MORIBUND
(BCGMA) - share/growth (cash cow, dog, star-late, problem-early)
- Motivations to deletion - 95% update - withdrawal
What is the new product development process, why is it important? (L18)
Commercialisation introduce into market - 6 stages
- PIIDAD
Policy
idea generation
idea screening
development product
analysis financial
development commercial
- System eliminates potential failures that will miss market etc
What is the structure of an effective new food product concept?
How does the concept allow food marketers and technologists to work together more effectively? (L19)
Concept - written/verbal statement of needs, target, will to pay
- Judges worth of development
- Revenue (need)> costs (delivery)
- protects silly failiures
Marketing generates identity
- both produce solution, presentation/timing
- Communicate development, changes compared to policy and original concept to avoid concept drift
What is the product usage cycle?
How is it used to develop new product specifications? (L20)
Series events the product will experience from the manufacturing til looses its identity
- Display, Sale and consumption prone to failure
8 stages of a life cycle
-PRODUCTION, within costs, time/date
-DELVIVERY, Withstand abuse
-STORAGE, consistent state
- DISPLAY, fit category, stimulate AIDA
- SALE, positioning (premium), opportunities
- PREPERATION, Accessible, transport
- CONSUMPTION, Paletable,
- DISPOSAL, recycle?
- Specifications used by T & D as guidelines for product to adhere
- if produced accordingly, will sell for the nominated price
How are food products introduced to the market? (L22)
Commercialisation process introducing market fail penetration not follow 17 steps before launch:
1. Target audience - channels both directions (comm,info,pay,goods)
2. Reach target audience
3. Problem solving
4. Buying journey
5. secure online identity - Crowded markets important, AIDA quick accurately, distinctive to have impact on market
6. Validate product
7. Competition known/be different - Revenue come someone else. point diff, relationship, reaction of competitor
8. Novel
9. Trial/demo - Help know, walk in purchase not seen b4
10. Strategic plan - reaction competitors, with long term objective, not too tight
11. Same page - within organisation, sales (presentation), channel participants support and known benefit, feedback studied
12. Brand voice guidelines - hard recovery, nature message transmitting, logo,comm,triggers support creation brand voice.
13. Early Use Incentives - hard build consumer long term
14. Testing product - prototype failures market true test. (real conditions)
15. What you don’t know - uncertainties identified, potential impact assessed, financial models compare
16. High impact Story - crowded market, coherence, novelty, personal touch, obtain traction, impact success
17. Next version - No last forever, greatest needs successor, commit ongoing development.
How is financial portfolio analysis used to manage product portfolios? (L22)
- Portfolios, any company actively inventing will have portfolio, must kill moribund and they populate.
- Revenue (product), Cost (function), costs lined up with relevant productst and calculate cash contribution
- Graph, see money loss, rid moribund, cash losers either killed or negotiated with supermarkets
What is market research purpose in food development? (L23)
Purpose to support a decision and identifies un meant needs in the market.
How do we decide which market research questions to use? (L23)
Correct questions asked to avoid silly failures.
- Define decision, observation, memory, creative idea
- Research proposition, statement yes/no
- Assumptions, There is a need, Product will fulfil need, accessible market, desire large enough
- hierarchal decomposition into smaller achievable sub assumptions converted into questions,
- Link assumptions up to main ones, rare all positive, one negative can be fixable with the change of something (size)
