Use of effective communication techniques
Introduction Market analysis is a very essential part in any business set up. This is because the information gained from this analysis helps a Company in many ways. This is in line with its promotional activities, expansion of facilities, among other factors. Data from market analysis enables managers in organizations to make viable decisions. This information helps in making sales forecasts. Marketing can be defined as a process of management where there is identifying, anticipation and satisfaction of customers’ needs at a profit.
This is an essential venture when an organization is launching a new product in the market. It is normally important for organizations to incorporate a marketing mix in this business process. (Kotler, 2006) Looking at the scenario in IPT Company, there is need for expansion due to the current demand of its products. The growth in this Company is very rapid and there is dire need for expansion of IPT’s markets as it seeks new opportunities. It is quite evident that there is a strong local recognition of the Company’s product. This is because the lines having going out of the door at stores all day each and every day.
It is clear that no one else has been
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IPT Company is known to produce a variety of products. These include flavored popcorn s and also other gourmet treats. Flavored popcorns come in different flavors like caramel, cheese and butter. IPT Company has managed to have finer coatings stick onto the popcorn without damaging the popcorn itself. This is carried out using confectioner sugar. There are also snack sized pretzels that the Company produces that are coated with savory and sweet flavors. Cookies are also part of the products that are produced by IPT. In this case, the Company has sub-contracts with local bakeries to help in production of these cookies.
(Kotler, 2006) Looking at the products that are produced by this Company, it is very clear that the target market for IPT is more of young generation though it is generally mixed up and diverse in nature. In this case these are children from one year to the adolescent age. The target group consists of children of all sexes. That is, both male and female children. Considering that it is mostly parents that do buy for their children these sweet products, they automatically become part of the target market. Young adults are also known to take cookies and popcorns.
Therefore they also consist of the target market that IPT Company will seek to appeal in its marketing strategies. The target market will focus on people of middle and high economic status. This is because the Company is able to produce products that fit with the lifestyles of these two groups. In this case the major target market is children from one year to adolescent age because they generally like sweet things. Apart from taking meals, children always want something sweet to munch in between the meals. They are known to consume great quantities of these delicacies.
This is the reason why they are the major targeted market for IPT Company. There are high chances that the target market for IPT market will expand in future because of the changing lifestyles. Many adults are opting not to take meals because they are weight conscious and prefer to take snacks instead of the meals. This means that as many people embrace this culture, then this Company’s target market is bound to expand. People no longer have the time to sit and eat a whole meal and this means they easily take snacks as they travel or as they go about their other businesses.