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Segmentation of Food Market inside Singapore

 Segmentation of Cereal Market within Singapore Essay

IntroductionHot lunch break cereals label cereal cause that had to be soaked or perhaps boiled to become softened and edible. Pre-prepared cereal that is edible itself or in milk is usually known as Ready-to-eat cereal. Within Singapore itself, breakfast cereal are generally seen as an nutritious contact form breakfast that appeals more to the younger generation and children who also are relatively more open to these western breakfast. (Breakfast Cereal- Singapore, 1)Datamonitor says that by definition the breakfast food market contains hot breakfast time and ready-to-eat (RTE) cereals.

In Singapore alone, the breakfast cereal market in 2008 can be generated a retail value of $38 million a 4% enhance from 2007. Unlike various other countries, in which Kellogg has got the majority of industry share, in Singapore, Nestle comes in first with 29%, followed by Kraft foods then simply Quaker Rolled oats co. in 18. 8%. (Breakfast Cereal- Singapore, 1)As seen through the table listed below.

Table two: Breakfast Cereal Company Stocks and shares in Singapore 2003-2007The figures board of Singapore shows that the average household expenses in the year 2003 is believed at S$4867, in which twenty one. 3% happen to be spent on food. In june 2006, estimated that we now have 1, 047, 216 homeowners in Singapore of which 151, 390 people belong to singles or all those not managing family nucleus. While 840, 911 homes within are within a single family nuclei. (Statistics Singapore 2006)Breakfast Food Market Segmentation and its variablesMarket segmentation can be broken down into several factors; Geographical which consists of regional, city size, density and climate malfunction. The demographical variables contain age and life-cycle stage, gender and income. Psychographic segmentation is going to divide consumers into different groups depending on socioeconomic status, lifestyle or personality attributes. Lastly behavioral segmentation, which usually groups consumers on their foundation knowledge of the merchandise, their frame of mind towards this, usage habits and replies. (Kotler ain al. 2006, 217-223).

SegmentsKey CharacteristicsFiner FoodsTime conscious, delight in luxury products and are willing to experimentHealthyInterested in organic, environmental rewards, low fat, substantial fiber and calorie conscious / Well being ConsciousConvenienceRegard meals as fuel, busy people whom rely heavily upon convenience productsPrice SensitivePrimary influence by value of item and count on staple foodsMainstreamBroad tastes, manufacturer conscious, inspired by needs of childrenTraditionalHave a fixed grocery list, non-impulse buyers, strong sense of brand loyaltyTable 3: Market Segmentation 3 - Way of life Segment of Breakfast Cereal in Singapore (Gaba 2007, 10)Geographical segmentation is omitted in Singapore context, while firstly, you will discover no geographical differences within Singapore as it is considered a town instead of a nation with unique geographical distinctions. In addition , if the industry chose to use geographic variables that one segment may not be enough to support various segmentation objectives and there is no apparent disparity amongst Singaporeans living in various areas.

Finer Foodstuff SegmentDemographics VariablesConsumers above 25 whom are quite educated (Diploma, Degree and Masters/Doctorate Holders) individuals that comes with an income of $3000 and above each month (3rd to 5th income quintile) and are also either Sole or married with no children or wedded with kids over 16. Family size of 1-2, three to four and 5+.

Psychographic VariablesConsumers who looks for achievement, would like better companies seeks kinds. They also have got Type W personality, which focus on top quality over quantity.

Behavioral VariablesPurchase Occasion: RegularBenefits Sought: Top quality, Variety, ConvenientUsage Rate: Lumination to Hefty UserUser Position: nonuser, potential user, first-time user, frequent userLoyalty: None - MediumReadiness: Aware, educated, interested, planning to buyAttitude: Unsociable, positive, enthusiastic(Kotler et al. 2006, 219) (Statistics Singapore...

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