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Marketing Principles and Applications - Coursework Example

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Marketing Principles and Applications Table of Contents 1. What Is The Current Target Market For Special K And Its Special K Crunch Bars? Should The Target Market For Special K Be Expanded? If So, Describe The Profile Of The New Target Market. 3 2. What Consumer Behavior Influences Play A Role Or Will Play A Role In The Marketing Strategy For Special K?…
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Download file to see previous pages 7 References 9 1. What Is The Current Target Market For Special K And Its Special K Crunch Bars? Should The Target Market For Special K Be Expanded? If So, Describe The Profile Of The New Target Market. Kellogg Company is a well-reputed name in the global food industry. It specializes in nutritious food section perpetually focusing on the low fat cereal based food items. As a leading brand, the company has many sub-brands under its umbrella, such as Special K and Special K Chocolatey Crunch Bars. Similar to other brands marketed by the company, Special K and Special K Chocolatey Crunch Bars are also based on the cereals and intend to serve the customers with a low fat breakfast item. For instance, Special K cereal is produced from the rice cereal and contains only 110 calories without any fat (Kellogg Company, “Special K Cereal”). Special K Chocolatey Crunch Bars are also manufactured from cereals and contains merely 90 calories (Kellogg Company, “Special K Chocolatey Crunch Bars”). Considering the characteristics of these products, it is quite apparent that these products are mainly targeted to the young adults who also tend to be health conscious. Health consciousness is a growing factor among the adolescents and the young adults. With this concern, it can be stated that the marketing prospects for these sub-brands are quite significant and thus the company should aim at expanding its target market. With the purpose of expansion, the company can focus on both adolescents and young adults in the economy. However, this will require more aggressive promotional strategies along with few modifications in the products with due consideration to the nutrition required for the adolescents. 2. What Consumer Behavior Influences Play A Role Or Will Play A Role In The Marketing Strategy For Special K? Consumer behavior is referred to as the process undertaken by an individual or a group of customers in order to decide their consumption of a product at a particular quantity. The process involves the attitude of the customers, their income level, their spending power and also their lifestyles. As revealed from various empirical studies, favorable consumer behavior effectively enhances the growth of the product, whereas, consumer behavior opposing the product marketed shall lead to the abolition of the product within a short span of time. Thus, consumer behavior is termed to be quite significant in the modern day marketing (Sjoberg & Engelberg, “Lifestyles, and Risk Perception Consumer Behavior”). In relation to the Kellogg’s Special K and Special K Chocolatey Crunch Bar brands, it can be stated that the factors of consumer behavior such as the income level and spending power are less effective than the attitude and lifestyle choices of the targeted customers. It is due to the fact that the company offers its products at a competitive price with due consideration to the aspect of affordability of the targeted customers. In this regard, most of the marketing strategies adopted by the company in Canada are observed to be focused on the healthy living choices of the customers. In this regard, it intends to generate awareness among the targeted customers through various promotional activities. The company also focuses on its pricing and other promotional strategies, such as discounts, coupons and special services for the ...Download file to see next pagesRead More
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