Analysis Of Let s Just Talk - 1190 Words

Emoji Versus Tone: Let’s Just Talk George Shaw said it best with â€Å"The single biggest problem in communication is the illusion that it has taken place.† We use texting more often to communicate with others than we do placing a phone call and talking to someone. Talking employs a shared communication. You have two or more people interacting with each other, responding to statements or opinions. Texting is a message sent and does not necessarily require a response. You can text someone until your fingers bleed; however, if the other person does not respond, how will you truly know if you have communicated information to a person. Although texting is an easy process, there are many reasons why talking remains the preferred method of†¦show more content†¦You should silence your phone or perhaps not bring it with you to the meeting or while in the company of someone else. You should also avoid texting while sharing meals with other individuals. This can range fr om business luncheons to family dinners. Your attention should be on the other person and not your phone. On the contrary, it can be viewed as less offensive if the other person understands the reason behind your phone being in your presence. You could be a single working mother and waiting to receive a text message that your child is home from school. You could be waiting on an important message relating to a medical issue or even have a friend in the hospital. Explain this first and foremost so there is no reason for others to take your reading texts as offensive. Along the same lines, what about emoji’s or emoticons? Is this an acceptable form of communicating in text messages? Clearly it has become a standard for the U.S. â€Å"The French are the biggest users of heart emojis; Canadians use the most sports-oriented emojis; and Americans are the heaviest users of emojis related to bags of money, basketballs, birthday cakes, slices of pizza, and eggplants† (Goldsboro ugh, Reid). As silly as the emojis descriptions are explained, this has become an important part of pop culture in sharing your feelings through technology. There are still many whom believe this toShow MoreRelatedThe Firm Htc Presentation Script1475 Words   |  6 Pagesnow. Let s start to think about the implication from the case study on HTC as a pioneer in smart phone industry. At first we are going to talk the purpose and course of this case. The second we gonna talk is the firm introduction, the third one is the summary of network industry and then we gonna analyze the main issue on this case and strategy of HTC. At the last, we gonna show the present business status of HTC. 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A Study of Market Segmentation for Uk Frozen Food Industry free essay sample

A Study Of Market Segmentation For UK Frozen Food Industry Abstract The objectives of this study are to perform market segmentation for a SME in the frozen food sector. The study could form a basis of segmentation framework for a SME like Eden Farm, the framework once developed from academic literature would help to undertake a market segmentation in the frozen food industry with relevant segmentation criteria which would form a basis of targeting strategy for the company. In this Dissertation, the literature on Market Segmentation is reviewed and relevant criteria for segmentation in an industry are understood. The typology from the literature identifying the variables for segmentation and relevant strategic tools for analysis of the sector is used to develop a framework for segmentation in the industry. The framework is applied to carry out a detailed segmentation of the markets for frozen food, an analysis is carried out to understand the target markets and strategic tools used to identify the target markets. Along with the segmentation of the markets, an analysis of the results is carried out and recommendations are provided for strategic growth of the company. Contents Abstract 3 Acknowledgements 3 Introduction 3 Definition of the Companys Issue 3 Aims and Objectives of the Project: 3 Literature Review: 3 Review of Academic Literature for Segmentation: 3 Market Segmentation: 3 Definition of Market Segmentation: 3 Segmentation Logic: 3 The Segmenting-Targeting Framework: Segmentation Variables: 3 Segmentation Criteria: 3 Academic literature: 3 Literature Review on segmentation in the food industry: 3 Portfolio Analysis:3 Final Framework for addressing the Research Question: 3 Research Methodology 3 Research Objectives 3 Research Strategy: 3 Ethical Issues in Data collection 3 Data Collection Methods 3 Research Procedure 3 Validity of strategic tools 3 Project Report 3 Company Overview 3 Review of the issue in a business context 3 Methodology for Research 3 Data Analysis 3 Frozen Food Market Analysis 3 Analysis on Convenience Market 3 Analysis on Cash and Carry 3 Significance for Eden Farm3 Analysis on Symbol Groups 3 Symbol Groups to be targeted 3 Analysis on Forecourts 3 Contract Catering3 Exports 3 Target Customers for Eden Farm 3 Market Attractiveness Criteria for the company: 3 Business Competitiveness:3 Strategic Analysis for segment targeting: 3 DPM Matrix: 3 Recommendations: 3 Implementation Issues: 3 Critical Reflection and Conclusion: 3 Review of Work Process: 3 Reflection and critical analysis of the process: 3 Limitations of the process: 3 Conclusion and discussion of results in an Academic context: 3 Bibliography 3 List of Tables Page Table 1 Detailed Breakdown of Frozen Food Products Table 2 Recommended Customers for EF49 Table 3. a Market Attractiveness for Segments49 Table 3. b Market Attractiveness for Segments 50 Table 4 37 Business Competitiveness Scores for Various Segments 50 List of Figures Figure 2 Figure3 Figure4 Figure5 Figure6 Figure7 Figure8 Figure9 Frozen food market share by manufacturers 36 Frozen food market share by products 36 Comparison of market shares of products37 Market trends for desserts38 Convenience store sales 40 Convenience store market share 40 Sales of Eden Farm by Market Segment Sales Trends in catering 47 41 FigurelODPM MatriX49 Introduction The project report considers customer segmentation for the frozen food industry and evaluates the opportunities for targeted growth in the sector for Eden Farm, a I-JK based distributor of frozen food. The retail food industry is dynamic in nature and is very competitive for the distributors. However, growth opportunities exist in the sector when a thorough analysis is carried out and the targeted segments are evaluated. Hence, the study identifies growth strategies in the sector by using segmentation framework and relevant analysis. Definition of the Companys Issue Eden Farm is a distributor of frozen food and ice cream across I-JK with a strong base in the North East and Yorkshire. The companys prospect market is wholesale, cash and carry, symbol groups, CTNs, forecourts, independent supermarkets. At the moment, the company is trying to increase its market presence in various sub sectors of the market. The frozen food retail is represented by many sub sectors and is composed of many market players. The business on the whole is variable across ectors and the levels of risk and opportunities for each sub sector and product is variable in nature. The retail food industry is highly dynamic in nature and over the years, competition has increased and customer turnover has increased thereby reducing profit margins. The key to success in the sector is to understand the market structure well and selectively target the growth opportunities for profit by understanding the key criteria for growth and developing a framework for segmentation based on the companys strengths. The company has to evaluate the market segmentation process and understand the customer needs to form a strategy riven approach for profitable growth. There exist barriers for segmentation as firms lack an understanding of relevant literature for segmentation, the understanding of segmentation criteria, insufficient data and lack of understanding of criteria guided segmentation as a strategic tool. The same issues exists with the organisation, hence the project aims at bridging the gap between the real industry and academic framework for execution of segmentation. Knowledge of competitors and market is not sufficient to form basis of strategy. The company needs precise criteria and parameters for segmentation to arrive at a trategy. Apparently, the company has an issue about creating a framework that helps selective targeting customers and which incorporates key parameters like risk firms overall issues, the report aims to conduct in depth analysis and research into the frozen food market in the UK and perform criteria guided segmentation for the market which could be used as a basis of recommendation for the company. The centre of the research would be a focus on markets, growth opportunities, and financial criteria for the segmentation implementation, new market opportunities and thorough review of relevant literature. Aims and Objectives of the Project: Based on the discussions about the companys issues, the overall aim of the project is to analyse the I-JK Frozen food market by undertaking customer segmentation of the market covering Wholesale, Cash Carry, Symbol groups, Forecourts, CTN, Independent supermarkets to understand the structure of the market and to explore growth strategies within the frozen food market. The objectives of the business project can be subdivided as follows: . Understand market segmentation approach and relevant academic literature to adequately select criteria for segmentation, the elevant framework adopted by academia and its relevance in the industry, analyse the barriers for implementation of the framework and possible ways to overcome the barriers. . Get an overall understanding of the I-JK frozen food market, its growth, market structure.. To understand the various products within the frozen food segment and analyse the growth trends in various products.. Undertake customer segmentation for wholesale, Cash Carry, Symbol Groups, CTN, Independent supermarkets.. Select criteria for segmentation of the companies and the market to filter the target for growth opportunities.. Create a list of targets segments and products for the company based on analysis.. Identify companys current position, its strengths and weakness within different segments and provide guidance for business growth.. Give recommendations with a prioritized list of targets and strategies for growth. The business project is organized into three main sections. In the first section, we undertake literature review on market segmentation and the relevant criteria for segmentation, understanding this, we try to propose a framework for implementation of segmentation for the frozen food industry. In viewing the literature, we generate a esearch question and recommend a suitable methodology for the research. This is followed by a section wherein we understand the market, carry out segmentation based on various criteria, undertake analysis on the prospective growth opportunities, analyse the companys strategic objectives, market gaps, and current market position to arrive at a set of recommendations for the company. The final section draws conclusion for the dissertation and critically reflects the analysis and findings. A critical discussion covering the entire research, the possible barriers to research and future developments is done in the section. The Academic literature for the research could be segregated into four main categories, the literature is divided into four main parts for purpose of relevance and clarity on the literature review and have a greater understanding on the segmentation process and its relevance to the industry. The literature could be categorised as follows: 1 . Articles defining segmentation and explaining the logic of segmentation and the importance to the industry. 2. Articles that review the segmentation- targeting framework, understand various segmentation variables and help in understanding the segmentation parameters to understand any industry. Articles that review the segmentation criteria to help and understand the targeting criteria for the industry and understand various segmentation attractiveness criteria for the industry. 4. Articles that review strategic tools for portfolio analysis to have a basis for effective targeting strategy. Market Segmentation: The first set of literature review c onsists of articles covering the definition of market segmentation, the benefits of market segmentation to the industry and the logic or rationale behind conducting market segmentation. Main research and literature review related to this section is conducted by Green et. l (1988); Jobber (1998); Dibb (1998); Ferrell et. al, (2002); Brassington and Pettitt (2000);McDonald and Dunbar (2004); Lancaster and Reynolds (2005); Kotler and Keller (2006). Definition of Market Segmentation: The identification of individuals or organisations with similar characteristics that have significant implications for the determination of marketing strategy Cobber, 1998,p. 171). Segmentation involves consideration of consumer preferences and buying behaviour which needs to be analysed strategically and cannot be served by mass selling and branding approach Segmentation is an important and strategic tool or an organisation in identifying potential market gaps and helps to direct strategies at selected market segments (Dibb,1998). McDonalds defines market segmentation as Market segmentation is the process of splitting customers, or potential customers, in a market into different groups or segments (McDonald and Dunbar, 2004, pp. 34). A similar definition is given by Green et. l (1988) which says that Market segmentation is the act of dividing a market into distinct group of buyers who might require separate products and/or marketing programs directed towards them (Green et. al, 1988, pp. 672). Another definition by Lancaster and Reynolds (2005) defines market segmentation as The process of breaking down the total market for a product or service into distinct s ub-groups or segments, where each segment may conceivably represent a distinct target market to be targeted with a distinctive marketing mix (Lancaster and Reynolds, 2005, pp. 4). Most of the definitions of segmentation converge into similar concept of breaking down a market as per various parameters and segments to achieve a target strategy for the market. However, looking into the definition of segmentation, we now look into the rationale ehind conducting market segmentation as given by academics and practitioners, literature and sources. Segmentation Logic: Given the complexities of the current businesses, targeting the entire market at once without segmentation would involve loads of risks and higher costs. Markets are not uniform across the businesses; effective segmentation would mean lower operation costs and higher market coverage (Ferrell et. al, 2002). A similar view is echoed by Brassington and Pettitt (2000) wherein the authors use the concept of an orange to explain the logic of segmentation. The orange as an analogy to explain segmentation xplains that an orange when peeled is very convenient to eat rather than having a whole orange without peeling. In a strategic sense, the authors essentially mean that segmentation of market would enhance profitability, growth thereby reducing risks and efforts (Brassington and Pettitt, 2000). Jobber (1998) further strengthens the logical argument by saying that The objective is to identify groups of customers with similar requirements so that they can be served effectively while being of a sufficient size for the product or service to be supplied effectively Cobber, 1998, pp. 71). Market segmentation is a business sensible method of serving customers as per the group and the set criteria laid for segmentation. Kotler and Keller further strengthen the segmentation logic by describing segmentation approach as a Rifle approach wherein efforts are focussed and aimed at a particular segment of customers for higher efficient and success. (Kotler and Keller, 2006). Lancaster and Reynolds (2005) give similar views on segmentation logic, the authors correlate segmentation with improved competitiveness in the complex markets and point that segmentation pproach comes out from increased competition in the markets, varied demand patterns, and complex operations of organisations. Detailed Segmentation of target markets would strengthen the targeting strategies (Lancaster and Reynolds, 2005). A step further, McDonald and Dunbar (2005) in their extensive work on market segmentation link segmentation process to corporate function. The success of an organisation is strongly linked to proper market definition, market segmentation and selective targeting of customers. Segmentation of markets would lead to definite identification of customers which are central to an organisations success. McDonalds ork and ideas on segmentation strongly identify with the ideas of other prominent marketers and academics, all the definition and ideas point to perhaps common understanding of the logic of segmentation, the summary of the benefits of segmentation to an organisation is as follows: 1 . Segmentation enables targeted marketing, thereby the gaps in the market are analysed and opportunities for growth are understood. Hence, the market with the highest potential is identified which would help the company to focus on marketing efforts (Lancaster and Reynolds, 2005). 2. Segmentation aids Niche marketing strategy wherein the organization can chieve segment domination and market control over a definite market. Segmentation enables an organization to gain competitive advantage by enabling it to understand the market in a better way and focus on segments wherein the strength of the organization is greater (McDonald and Dunbar, 2005). . Segmentation of market makes the organization more cost effective, focused, and The process of market segmentation and targeting involves a thorough understanding of consumer characteristics with respect to consumption pattern, demographics, geography, socio economic variables and other variables. Once, the haracteristics are understood, customers are clustered into segments based on similar characteristics. The target market is then Judged based on various segment attrac tiveness criteria Cobber, 1998). The segmentation process has been described by various academics and practioners as a three step process, wherein the steps are essentially segmenting-targeting-positioning (STP) (Dibb, 1999; Lancaster and Reynolds, 2005; Kotler and Keller ,2006; Patrick De Pelsmacker et al, 2007;). In reviewing the literature on segmentation and targeting, we arrive at the following logical sequence of segmentation: 1 . Segmenting: The stage of identification of relevant segments using segmentation variables and clustering the variables into relevant segments. . Targeting: The stage involves appraising market segments based on factors like growth rate, future growth, extent of competition, overall market size, customer preferences, etc. The targeting should be based on segmentation criteria available in the literature. Segmentation Variables: Segmentation variables are able to split the market into smaller sub sections wherein common characteristics of the sub groups are taken into account (Dibb et al, 1997). There are a number of segmentation variables suggested by various academics and practitioners; a detailed review of the variables is given in this section. The section consists of articles contributed by Lancaster and Reynolds, (2005), Dibb et al, (1997), Randall, (1993), Kotler and Keller, (2006), Jobber, (1998), Richard Wilson et al, (1996), Mitchell S (1995), Patrick De Pelsmacker et al, (2007). Demographic Segmentation: The segmentation includes a variety of bases like age, sex, family life cycle, occupation, education (Lancaster and Reynolds, 2005). An interesting aspect of family life cycle egmentation is the idea of consumer life cycle and phases wherein purchase patterns are considered before segmentation, thereby giving varied details of product consumption and buyer habits (Dibb et al, 1994). The demographic segmentation can be much more complicated by the addition of variables like family size, social class, education and thereby linking all the variables together to identify market patterns (Randell, 1993). Demographic segmentation is efficient and gives insights into the market and is highly preferred means of segmentation (Kotler and Keller, 2006). Similar views are given by Lancaster and Reynolds (2005). Geographic Segmentation: This form of segmentation acknowledges geographic location variations in consumption patterns Cobber, 1998). Geographic segmentation could be achieved by regional breakdown of patterns which could incorporate factors like urban locations, climatic conditions, country wide distribution. Mintel has done several segmentation based on geographic variables like location, in the frozen food segment, Mintel has performed geographic segmentation of various distributors, consumption patterns. Socio Economic Segmentation: Segmentation has also been (Richard Wilson et al, 1996). Geo demographic Segmentation: This approach has been idely used by academics as well as industries. Various geographical and demographic variables are combined to reach at the segmentation stage. Geo demographic segmentation has been acknowledged and proposed by academics in their literature. Some of the references to geo demographic segmentation is in the literature proposed by Jobber (1998), Kotler and Keller (2006), Dibb et al (1994). Mitchell S (1995) describes the process of segmentation as a clustering approach wherein clusters of people and markets are segmented together as to incorporate common variables like product preferences, background, location, etc. Behavioural Segmentation: The behavioural segmentation approach incorporates variables like usage rate, user status, benefits expected, occasional buying, customer loyalty. The segmentation approach takes into account the consumer behaviour and preferences, perception towards a brand. Hence analysis of the buying behaviour would be able to segment the market as per consumer choices and preferences (Patrick De Pelsmacker et al, 2007). Similar views are expressed by Kotler and Keller (2006), Cannon (1992) wherein the authors propose the segmentation approach for a varied range of markets and segments. Segmentation Criteria: In the academic context, there has to be definite criteria for segment to be attractive. The overall attractiveness criteria for a segment to be attractive are Measurability, substantiable, accessibility, differentiable, actionable (Kotler and Keller, 2006). The size and characteristics of a segment form the basis of measurement criteria for the segment. In addition, for segments to be useful, the segments should be substantial enough to be profitable and logical to serve. The criteria should be a basis of action for the segmentation to be attractive (Patrick De Pelsmacker, 2007). Reasonably imilar views are expressed by Richard Wilson et al (1996) wherein the authors state that measurability and substantiable are key criteria for segmentation to be useful. In addition, the authors also state that the condition of stability should be met in order to forecast future growth in advance with sufficient accuracy (Richard Wilson et al, 1996). The conditions for targeting strategies mentioned in the review above are very broad to reach any logical criteria for attractiveness to appraise market segments. A further review of academic literature is essential to arrive at the attractiveness of segmentation criteria. To arrive at definite criteria for the frozen food industry, we would review literature based on the following sources of information: 1. Academic Literature 2. Industry Literature Academic literature: Academic literature lays emphasis on market attractiveness and company competitiveness as a basis for targeting criteria Oobber,1998; Richard Wilson et al, 1996; Patrick De Pelsmacker et al 2007; Lancaster and Reynolds, 2005; Bonomo and Shapiro, 1984; McDonald and Dunbar, 2004; Doyle, 2000). Various academics put a close review of the criteria. Jobber (1998) emphasis on market factors to assess arket attractiveness. Some of the market factors are Segment Size, Segment growth rates, Price sensitivity, bargaining power of suppliers, bargaining power of buyers, barriers for market entry, barriers for exit, threat of new entrants, nature of competition, social trends, political issues competitive differentiation00bber, 1998, pp. 188-189). These factors play a strong role in assessing overall market attractiveness of any segment. An analysis of the above factors would put the research in a strong position to understand the nature of market attractiveness criteria for various segments and the organisation. Further to this, Jobber (1998) also stresses the importance of a firms capability, wherein the author mentions Against the market attractiveness factors must be placed on the firms capability to serve the market segment Cobber, 1998, pp. 189). Firms capability could be assessed using our own analysis of a firms cost advantages, capabilities, other tangible factors. Richard Wilson et. al (1996) review market attractiveness criteria based on factors like the size of the segment, growth potential, profitability to be viewed against the backdrop of a firms individual capabilities. Patrick De Pelsmacker et al (2007) lays strong importance to attractiveness criteria in his work. The author proposes a methodology for selection of attractive target group, the methodology could be summarised in his own words as To evaluate segments companies have to look at four elements: size and growth of segments, structural attractiveness of a segment, objectives and budget of a company, and stability of market segments (Patrick De Pelsmacker et al, 2007, pp. 133). The author lays stress on financial turnover, profit potential and growth prospects of segments as important conditions for appraisal of market attractiveness. Further to it, the academic lays stress on the fact that structural attractiveness could be evaluated using Porters five forces framework. Lancaster and Reynolds (2005) propose a framework to appraise each segment based on factors like sales growth and profit potential, segment size, nature of competition. The decision to target any segment should be matched against in house company resources and company objectives. The framework is similar to the one described by Jobber (1998), Richard Wilson et al (1996) and Patrick De Pelsmacker et al (2007). A slight variation exists in a ramework proposed by Bonomo and Shapiro (1984), the researchers view market attractiveness as a function of segment profits wherein the profit generated by segments forms a key criteria for Judging overall segment attractiveness, but the profits generated on each segment are analysed in depth by the framework which aims to calculate returns on total investments, overall segment margin and contribution by each segment. The profitability analysis is then linked to organisational objectives and capabilities. However, most of the parameters specified by researchers are incorporated into frameworks developed in the 1990s by other cademics. An extension of the earlier frameworks, the market attractiveness criteria developed by Abratt (1993) includes factors like overall market size, growth potential, and nature of competition which are to be mapped against organisational capabilities like resource strengths and strategic intent of the organisation. Further to the segmentation criteria, A framework put forth by Doyle (2000) gives segmentation criteria to assess market attractiveness wherein overall market size, organisational capabilities. The framework proposed by Hooley and Saunders (1993) ivides the factors for market attractiveness criteria into Market factors, Competitive factors, Economical factors and Environmental factors. The market factors and economic factors are similar to those proposed by Jobbers (1998), MacDonald and Dunbar (2004) which are viewed in the next part of the literature review. However, the research puts socio-economic factors as environmental factors, but the factors are similar to other research. A concrete piece of segmentation attractiveness criteria is proposed by McDonald and Dunbar (2004), wherein the academics put forward a definite number of factors o be used to assess market attractiveness. The factors are distributed into segment factors, financial factors, technological factors, socio-political factors and competition factors. The list of factors could be summarised as follows: . Segment factors: Size, growth rate, price sensitivity, cyclicality, season ability, bargaining power of suppliers.. Financial factors: Contribution margin, barriers to entry and exit, economics of scale, capacity utilization.. Technological factors: Complexities, patents, technological usage.. Socio-political factors: Social trends, human behavioural factors, legal frameworks.. Competition Factors: Nature of competition, threat to entry and exits, threat of substitution. Source: McDonald and Dunbar (2004) Analyzing the literature for segmentation criteria, it could be observed that very similar frameworks are proposed by Hooley and Saunders (1993), Jobber (1998) followed by MacDonald and Dunbar (2004). The market segmentation criteria proposed by most of the academics are similar in nature, in essence the academics try to evaluate the market attractiveness of the segments and Judge it against organisational capabilities. The literature review carried out so far suggests that most f the academics tend to converge on similar views and factors for segmentation. The next section tries to review the segmentation process carried out in the food industry. Literature Review on segmentation in the food industry: Market segmentation in the frozen food industry has not been carried out by any researcher so far, however, a few literature points to segmentation in the food industry. Consumer demographics and behaviour formed as a basis for segmentation to help marketing and promoting eggs (Funk and Phillips, 1990). A review of literature on food segmentation carried out by Asp (1992) highlights emographic segmentation approach for segmentation of food products developed by Pillsbury company. However, very limited research into food segmentation has been done so far, specially for the frozen food industry. The limited literature available for the food industry nevertheless points to the fact that geo demographic segmentation is considerably used for segmentation in the food industry.