Marketing New Food Product
Food is undoubtedly the primary need of the human race. Without food, you will surely not be able to survive. There are a lot of companies who are making big money out of food products. Food marketing is something that has been a good venture.
But before anything else, you must know pointers on marketing new food product for you to be sure that you will be able to reach the goals that you have set for yourself.
Food products are things that have been important in the lives of all people. Food is the most essential thing that people could not live without. This is surely a lucrative business that you would like to try. But bear in mind that in case you have new products, it is a must that you will know how to market them.
What is Food Marketing?
Food products usually involve marketing approaches as well as techniques which are also used for other services and products. When it comes to food marketing, the relevant topics usually involved are test marketing, positioning, segmentation, targeting, branding, consumer research as well as strategy on market entry. Also, food marketing is something which comes with other challenges like dealing with those products which are perishable, the availability as well as quality of which varies depending on the condition of the present harvest. Meanwhile, value chain is also essential. It is the extent wherein marketing channel’s sequential properties help in giving the product more value.
Food Marketing and Demographics
In marketing new food product, you must also be good in demographics, which call for understanding a population’s statistical characteristics. When we talk of food marketing, this is something that will help companies to understand the present market place as well as predict trends that might come out in the future. For instance, in Germany and United States, birth rates are really low, making you predict that lunch boxes’ demand will also decline. Simply put, companies which market products like these must check if they can shift the resources that they have to products which the growing population can consume.
Consumption Patterns and Food Marketing
Some food products like cheese, chicken as well as soft drinks have already experienced rapid consumption growth for the past few years. Although some market consumption has indeed increased, the reason behind this might be choices made by the subgroup. For instance, while most Americans reduced their pork intake since they are conscious of fats, the total capita consumption of this product still increased in United States. This result could be because there is a large number of Asian immigrants who love dishes made from pork.
In general, the Americans spend a small portion of the income they have on food products as compared to other people in other countries. Also, food prices are much lower in United States as compared to other industrialized countries, so that they can save more money for their other purposes. The low prices are the result why Americans spend a small part of their income for food products.