The product that this assignment is based around is organic milk. Marketing research is an important component of the marketing strategy and constitutes a major part. The other things that you need are the 4P’s of the marketing mix, price, promotion, place and packaging. The market is divided into segments such as the people who are environmentally conscious and those who are health conscious. There are some further divisions among these categories.
Buyer behavior is another important aspect of the market and marketers need to be know about their buyers in detail. Market for Organic milk Introduction According to Justin Kander, (2008) market research is an important part of the marketing strategy for a product. Market research constitutes knowing all details about the target market such as demographics, geographical area in which they live in, their buying habits, the values that they hold and the psychological factors concerning them.
Market research does not need to be costly, although you need to have some finances to conduct a market research. For organic milk you need to know what type of organic milk is preferred by the target market, you will also need to know how diverse the target market is, where they are located and what things will attract the target market to your product. Components of Marketing Strategy A good marketing strategy according to E. M. Ashmore and Associates Inc. includes continuous review of the marketing plan.
The marketing mix that has been adopted for organic milk should be evaluated on a time period basis and changes should be made accordingly. A thorough market research should be carried out to ensure the market size for organic milk and also know your competitors. In a market strategy you also need to ensure that organic milk is visible to the people, the target market. It should be different from other organic milks available in the market. Once you have conducted the market research you need to ensure that the results that you accumulated were accurate or not.
In the end, you need to follow through and keep a check on the market, see if your customers are satisfied and what changes you need to make to keep them satisfied. The target market The target market for Organic Milk is people who are conscious of their health and want more nutritional value from the milk that they drink. Also those people who are concerned for the environment would prefer organic milk over normal milk. Organic milk is more environmental friendly and has more nutritional value.
Thus those people who are more health conscious or environment conscious constitute the target market for organic milk. Market segmentation is dividing the target market into categories; the basis for these categories is the diverse needs of the different people in the target market. The target market will be segmented into those who want organic milk in powder form and those who want in liquid form. Some people who do not like the taste of organic milk but want to have it for the nutritional value will want it in some flavor. They constitute a segment within the target market for organic milk.