Week 1 Marketing assignment Cereal

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School

Franklin University *

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Course

300

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Marketing

Date

Feb 20, 2024

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docx

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Uploaded by AngelskyH7777

MKTG 300 – Project Part 1: Industry & Market – Data Collection Form *Note: Keep track of the references you use as you go. You are to provide in-text citations and reference list for the sources you use to complete this assignment. The Citations & Bibliography feature of MSWord or RefWorks make this easier. SECTION I: General National Consumer & Social Trends A. Instructions: Search online for current national consumer and social trends. These do not need to be specific to breakfast cereal (that’s later), they should provide some insights into things that could be influencing consumer decisions. Make sure they are current (within the past year). Prioritize those resources that are based on some research findings. Do not use promotional or paid advertising resources. Now list and briefly describe three trends. Include an intext citation for each . 1. Gaming Adoption - during the Covid 19 pandemic the users of video games will increase 79%. According to video game analyst Mat Piscatella in 2020 Video games were one of the most consistent growths categories in terms of overall participation and investment relative to 2019. 2. Secondhand Goods - secondhand apparel 92% of consumer shops buy, sell or trade secondhand items. In 2022 secondhand apparel reached $182.4 billion. (Retail dive and WD Partners). 3. Craving Convenience - The consumers during pandemic will prefer to eat at home, the consumer will choose brands who offer multiple convenient service options. SECTION II: The Breakfast Cereal Industry B. Instructions: Go to: www.franklin.edu/library . Navigate to the IBISWorld database. Search for a report on breakfast cereal production in the United States. Using that report, fill in these data points: 1. Industry total annual Revenue $ 12.5 billion 2. Industry total annual Profit $859.5 million 3. Industry annual growth rate over most recent five years +0.1% (be sure to indicate + or -) 4. Projected industry growth rate over next five years +0.2% (be sure to indicate + or -) 5. Top product categories & share: a. Ready-to-eat corn breakfast cereals - 29.2% b. Ready-to-eat oat breakfast cereals - 20.1% c. Other ready-to-eat grain breakfast cereals - 17.9% d. Ready-to-eat wheat breakfast cereals - 16.8%

6. List three breakfast cereal industry trends from the report and provide a brief description of each. a. Customers will keep switching to better-quality, healthier cereals. b. The demand for fast food and breakfast bars will be threatened as more people return to their jobs. c. Customers are gravitating toward more expensive and nutritious cereals.

Section III: The Competitors C. Instructions: From the same report on Cereal Production in the United States you located using Ibisworld, list the current top four (ranked by market share ) breakfast cereal producers, their annual revenue, their revenue trend (rising, flat, or falling), their market share, their market share trend (increasing, flat, or decreasing), and their signature products. #1: Company: Kellogg Company Revenue $3,133.4m Revenue trend ____ Market Share 25.2% Share trend ___ Signature products: #2: Company: General Mills, Inc. Revenue $2,458.9m Revenue trend __ __ Market Share _19.7% Share trend ___ Signature products: #3: Company: Post Holdings, Inc. Revenue $2,248.3m Revenue trend ____ Market Share 18 % Share trend ___ Signature products: #4: Company: Pepsico, Inc. Revenue $1,882.0m Revenue trend ____ Market Share 15.1 % Share trend ___ Signature products: D. Instructions: Go to the website of one of these cereal producers: Kellogg’s, Post, General Mills, or Quaker. Select two distinctly different cereals. Based on what the website presents, try to infer the characteristics of the target consumers. For example, what is it about the person who consumes Cap’n Crunch vs. Special K? Hint: It is not only age. 1. Product: Kellogg Frosted flakes cereal Consumer characteristics:  Ready to eat  Vitamins and minerals  Childhood memories  Delicious flavors  Have a different flavor to buy like banana  Sweet  Affordable  Healthy

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2. Product: General Mills Trix Cereal Consumer characteristics:  Sweet  Fruity flavors  Delicious  Attractive fun shapes to children  Flamingo mascot  Have a variety of flavors to buy  Breakfast cereal the entire family  Affordable  Healthy

SECTION IV: Retailing of Breakfast Cereal E. Instructions: From the same report on Cereal Production in the United States you located using Ibisworld, list the top five Major Market Segments and their corresponding shares. 1. Supermarkets and grocery stores Share 44.8 % 2. Warehouse clubs and supercenters Share 35.2 % 3. Grocery wholesalers Share 17.5 % 4. Convenience Stores Share 2.5 % 5. Exports Share 0.8 % F. Instructions: Visit the cereal aisle of a local grocery store (preferred) or search online for several images of the cereal aisle in a full-sized grocery store. Carefully examine the number, types, layout, and packaging of the cereals for sale there. Keep in mind each of the four Ps – Product, Price, Promotion, and Place. Based on your observations, fill in these data points. Include an intext citation for each . 1. Approximately how many different types and varieties did you see? - through searching the internet, they have 50 different varieties of cereal aisle. Based on the picture the grouped of the cereal on ready-to-eat, ready-to-eat wheat, hot cereal and ready to eat corn. The categories that I identified were the various brands and their variants. I see that the image makes it simple to choose what you want through the product segments. 2. How are the products arranged? Describe any groupings. Be specific based on your observations of location, type of cereal, size, generic vs. brand, etc. - According to the image, the aisle appears to have been dedicated to cereal, with the more well-known brands of boxed or even bagged cereal cereals' low cost to the consumer and flavor. Furthermore, you noticed the generic names next to the branded cereal product. Based on size and brand, the products were arranged. They were arranged according to brand as well. the brand's size and variety of flavors. The sizes of the Brands that were located on the lower shelves were the Family sizes. In the brand name was combined with generic brands based on the brand's taste. G. Instructions: Visit the e-tailer of your choice (e.g., Amazon, Walmart, Target) and search for “breakfast cereal,” and respond to the prompt below. Include an intext citation . 1. Briefly describe any differences you notice between how the e-tailer markets cereal versus how traditional bricks and mortar retailers market cereal. The differences between the e-trailer market cereal versus how traditional bricks and mortar retailers market cereal are the following.  You can buy faster process  You can show the variety of cereal and see the ratings/reviews of the product.  Instead of having to wait for your product to be shipped, you can get it immediately.

 Customer service is the opportunity to talk to someone and get more details about a product you're interested in purchasing.  Before you purchase the product, you have the chance to handle it and determine its quality as well as whether it is fresh.

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SECTION V: Consumer Behavior - cereal H. Instructions: Ask three people about their cereal consumption and preferences. Fill in the information below for each consumer you interviewed: 1. Subject name or other identifier and demographic description (gender, age, ethnicity, etc.) 2. Their own preferred cereal(s) 3. Their frequency of cereal consumption 4. Any other cereal brands in household 5. How many boxes of cereal would they estimate they currently have at home? 6. What do they base their purchase decision(s) on? 1.ID & Desc. 2.Prefer 3.Freq 4.Others 5.Number 6.Decision

I. Instructions: Go to the website www.answerthepublic.com . (This site catalogues the questions users ask of google). Search for “breakfast cereals.” Scroll down (several pictograms will load) and look for themes or other insights into the kinds of questions people are asking about breakfast cereal. List three questions that surprised you. Include an intext citation. 1. How is breakfast cereal made? 2. What breakfast cereal is gluten free? 3. Is breakfast cereal healthy?

SECTION VII: Bibliography J. Instructions: Include your complete bibliography here. Hint: Using the Citations & Bibliography feature of MSWord or RefWorks – found under the References tab to manage your references, makes this simpler.\ Section I 1. Chojnacki, R. (2023, January 26). 10 consumer trends we’re watching in 2021 . The NPD Group. From https://www.npd.com/news/thought-leadership/2021/10-consumer-trends-we-re-watching-in-2021/ 2. Gravital Agency. (2023, June 28). American Trends 2023: Key US consumer trends shaping the global market from https://gravitalagency.com/blog/digital-marketing/top-u-s-and-global-consumer-trends-of-2023-you- should-know- 3. Reno, G. (2023, September 14). 7 Consumer behavior trends marketers are watching . Marketing Insider Group. https://marketinginsidergroup.com/content-marketing/consumer-behavior-trends-marketers-are- watching/ Section III 1. York, B. (2023a, May 7). Frosted Flakes Cereal (History, FAQ & Commercials) - Snack History . Snack History. https://www.snackhistory.com/frosted-flakes/ 2. York, B. (2023, May 7). Trix Cereal (History, Pictures & Commercials) - Snack History . Snack History. From: https://www.snackhistory.com/trix-cereal/ Section IV 1. Limited, A. (n.d.). Cereal aisle hi-res stock photography and images - Page 2 - Alamy . Alamy. https://www.alamy.com/stock-photo/cereal-aisle.html?page=2&sortBy=relevantv Section V 1. Search listening tool for market, customer & content research - AnswerThePublic. (n.d.-b). From https://answerthepublic.com/

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