Market Research Essay Example | Topics and Well Written Essays - 1250 words

Market Research - Essay Example Because of the developments in technology over time, the marketing industry has evolved greatly where marketers now have to embrace social media as an invaluable marketing tool. This is because social media has facilitated instant consultation among consumers and this has led to reversal of traditional branding where consumers now have more power owing to influence through social media. In addition, traditional media sources such as televisions have been rendered ineffective as computer networks have come up, rapid online communication and multiple sources of information have become available (Patino & Pitta 234-235). Snacks and pastries business This paper looks into the marketing research process of a snacks and pastries business to be undertaken close to a university/ college and office buildings. The idea is to lease out a truck that would serve as the ‘shop’ and kitchen for the business from which snacks such as samosas, kebabs, sandwiches, cupcakes, doughnuts and s oft drinks. This is because my friend and I have noticed that we are usually lacking time to sit down at a restaurant for breakfast and lunch. Sometimes even for dinner we end up ordering out as we are tired from school and extracurricular activities. The only free time we have is Saturday evenings where we do our cleaning and because we both enjoy cooking, experiment on new recipes. She loves meat so she tries out meaty snacks while I, having a sweet tooth, try out pastries and cakes recipes. This pinpoints a need in the market, which is a part of the process involved in market research. Next, we identified that there isn’t competition nearby, the closest food truck is about ten minutes away. Still, people are fond of it ourselves included; therefore, we intend to compete with this by offering fresh, quality snacks and pastries at affordable prices. Because we are passionate about cooking, we intend to come up with innovative recipes for our products, which will give us comp etitive advantage. Statistics on the product Cinnamon rolls and cupcakes are listed among the top 25 most American foods which is an indication of their demand and high preference across all age groups. The list also includes meaty snacks such as beef burgers and chicken sandwiches thus, we intend to make our meaty snacks using chicken and beef initially (Lutz). In addition, dried meat snacks were reported to bring in sales of $1.19 billion in 2012 which is a 12.4% rise compared to the previous year. This coupled with the fact that Hillshire Brands’ CEO stating that consumers desire protein in their snacks which creates a need in the market and indicates earning potential of the business (Riell,). Due to the fact that the meat jerky was reported as being resilient in the course of 2007 to 2012, despite the economic recession, we intend to use this in our sandwiches- mostly chicken and beef. This has been attributed to the fact that meat jerky has a low price that has continue d to sustain consumer sentiments. Notably also, because it is a dried product it can be stored longer making it favorable for our business idea (IBISWorld). Target Audience and Cost Considerations The main target audience for the business is college and university