Food marketing management :
The three approaches to food marketing are functional, institutional, and behavioral systems approaches are really important for understanding food marketing management. It helps us to understand the major forces that shaped the organizations of the food marketing system.
Besides it also helps to understand how it is changing overnight. However, one may feel that it is not important to learn. But it is not just for theoretical knowledge. Moreover, there is one approach to food marketing that is more important to understand the overall food marketing functions.
The more important one is food marketing management. Through these approaches firms and organizations develop and implement programs which very helpful for satisfying the consumer’s behavior and way of making a profit. This approach views other firms on how they are competing with each other.
Besides, how the competing firms respond t the market opportunities, how manager analyzes the market, plan for the future, develop successful marketing strategies and focus entire firms’ effort toward meeting the market demand.
STP-(Segmentation, Targeting, Positioning)
Finding wants and filling them is one of the important principles of food marketing management.
The marketing concepts also stated that all the efforts of the firms are only for satisfying the target customers in a profitable way. That’s why marketing-oriented firms start their production with a question. This question is what do consumers want?
The second principle of marketing is that not all consumers want the same product. They want various types of products with different quality, features, designs, sizes, tastes, prices, packaging, brand, or after-sales services. In a word. It is known as product differentiation.
The third principle of food marketing is that consumer differs in their tastes and preferences. As a result, markets are divided into many segments. It is true that one single firm cannot serve all customers equally. So they go for the target market. Where they can serve the target customer profitability. That’s why marketing firms develop different marketing strategies to satisfy customers’ market segments.
Marketing mix- product:
The firm’s marketing mix is always termed as the 4p strategy. This strategy is the combination of product, Price, Place, and Promotion. So, every firm develops a unique marketing mix so that it can take advantage of its resources. Besides, it is also useful for attracting the target market customers and competing with its rivals. This is also called the Marketing strategy.
This is also important for understanding why some firms are more successful and profitable than others. That happens because they apply these principles effectively and efficiently. As a result, some firms achieve these advantages and others fail. This approach also gives why insight into information on the market.
Why the market produces so much product variety and substitutes? We can see that some fellow’s low price strategy on the other hand others may follow high price with high quality. Some sell many different foods and others sell one specialized good. Some may promote their products on TV ads and others may do free sampling or purchase points as a winner.
Moreover, we can also see firms are very in choosing their selling place. It may be the superstore, discount store, departmental store, supermarket, or online sales. This is part of the competitive marketing strategy.
So, if we go to examine our market economy, we will not find marketing management. Our markets are variously charged with the high price, duplication of one another’s a product, deceiving practices like (promotional deceiving, packaging receiving, and price deceiving), resource exploitation, monopoly market, excessive variety, fostering, and many other unethical issues.
Analyzing the market performance in the food industry:
Before go to analyzing the market performance in the food industry, we have learned some basic questions. These are-
- Is the food marketing system competitive?
- Are prices fairly determined or not?
- How does well it serve the customers and farm producers?
- Could it be possible to improve or not?
The performance of the food industry depends on how well they serve the market and its participants. After evaluating the market performance we want to know what we expect from the food marketing system. Here, we will see many conflicting and multiple goals for this system. Besides, we can see compromises and trade-offs are important for this system to satisfy the customer and producers, and society.
Food marketing efficiency:
The word efficiency means achieving more output with the least input. Efficiency is very important in the food industry measuring the performance of the food industry. Efficiency gives two benefits-
- Reducing the costs of output
- Enhancing the output
