Running head: Market Segmentation and Product Positioning Market Segmentation and Product Positioning Marketing Management – MKT 500 [ ]Abstract This is a research plan to support introducing Farmer Dan’s Vegetarian restaurant to the U. S. market. Identifying the marketing segment for this business and explaining why this segment was selected; Discussion of the target market and why these customers will be targeted; A SWOT (strengths, weakness, opportunities and treats) analysis for the company; A market position Statement for Farmer Dan’s.
Market Segmentation and Product Positioning The Product and service I propose introducing is “Farmer Dan’s” a fast food vegetarian restaurant with vegan entrees. It will be modeled after many other fast food restaurant offering fast service, low prices, consistent products, and a convenient location. We will serve a limited menu made up of the most popular vegetarian dishes as well as offer four or five vegan selections. We will offer a wide selection of beverages including 100% fruit and vegetable drinks. We will offer a drive through window as well as indoor setting.
All selections will have the ingredients listed so customers can make informed decisions and be confident in what they are consuming. There will never be any animal products used on cooking surfaces and we will us only 100% vegetable oil. We will locate in a high population suburban area with colleges with-in a short drive. Identify the marketing segment for the product and explain why this segment was selected; The market segment would be vegetarians of all ages. It would be a small but growing niche market made up of people with varies motivations for eating vegetarian.
Some reasons people chose to be vegetarian is that they are seeking to improve their overall health or seeking more natural approaches to wellness. They might have environmental or food-safety concerns or issues with the treatment of animals for food. Weight loss or weight maintenance is another factor motivating people to eat vegetarian. Other potential customers would be non-vegetarians looking to widen their fast food selection or seeking a healthier alternative. [ (Ostrowski, 2010) ] Discuss the target market and why these customers will be targeted;
The reason this market would be targeted is because they are the primary consumer of the product we are going to sell. It is a growing segment of the population and the major market of this product. A 2008 Vegetarian Times Study showed 7. 3 million Americans are Vegetarians and 5. 2 percent of non-vegetarians surveyed or 11. 9 million people, are “definitely interested” in following a vegetarian-based diet in the future. [ (Staff, 2008) ] The study also collected data on age, gender and other demographic factors.
Of the vegetarians surveyed: 59 percent are female; 41 percent are male. 42. 0 percent are age 18 to 34 years old; 40. 7 percent are 35 to 54; and 17. 4 percent are over 55. This would indicate that over 80 percent are of an age that might have children at home and would want to have a place to bring their children where they could get vegetarian food in a fast food environment. Providing the customer what they want and keep parents and kids happy. [ (Ostrowski, 2010) ] Conduct a SWOT (strengths, weakness, opportunities and treats) analysis for the company; Strengths| Weaknesses|
New concept in the market placeWould be the first in the areaGood price, value, qualityLocationCultural attitude positiveBusiness and Management experience| Small MarketNo ReputationPeople don’t know what to expectLimited FinancialsLack of experience in fieldUnknown support for the business| Opportunities| Threats| Develop a growing marketInnovative and Unique type businessProvide a product and services that people want | Competition entering a small marketLow market demandCompetitor in the market targeting our nicheEconomic environment| * Strengths need to be maintained, built upon or leveraged. Weaknesses need to be remedied, changed or stopped. * Opportunities need to be prioritized, captured, built on and optimized. * Threats need to be countered or minimized and managed. Describe the market position for your product and service. Farmer Dan’s is a fast food vegetarian restaurant, the target segment are vegetarians and individuals looking for a healthier fast food option. They provide a clean, fun, friendly experience where everyone will feel comfortable.
The service is fast and customers can select from a menu that meets all their vegetarian requirements but is presented so children will be happy and excited even though it is good for them. Moms and dads never have to worry about any animal products being used in the preparation of the food at Farmer Dan’s. Because they want by eliminating their customers worries about what is in the food they are eating and feeding to their children and doing away with having to ask uninformed servers how things were prepared.
We are the best chose when it comes to providing fun great tasting, health food for the entire family at a reasonable price References Ostrowski, C. G. (2010, 6). Vegetarian Business. Retrieved 10 23, 2010, from The vegetarian Resource Group: http://www. vrg. org/nutshell/market. htm Staff. (2008, 8 8). Vegetarianism In America. Retrieved 10 22, 2010, from Vegetarian Times: http://www. vegetariantimes. com/features/archive_of_editorial/667 lacobucci, D. (2010). Marketing Management . Mason : Cengage Learning.