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The food industry is a complex, global network of diverse businesses that supplies most of the food consumed by the world's population.The food industry today has become highly diversified, with manufacturing ranging from small, traditional, family-run activities that are highly labour-intensive, to large, capital-intensive and highly mechanized industrial processes.
A target market, also known as serviceable obtainable market ( SOM ), is a group of customers within a business 's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service. The target market typically consists of consumers who exhibit ...
For Schaffner & Schroder, 1998, food marketing is the act of communicating to the consumer through a range of marketing techniques in order to add value to a food product and persuade the consumer to purchase. This includes all activities that occur in between the completion of a product through to the purchasing process of consumers. [6]
For example, the total UK consumer expenditure on food in 2014, which is the total addressable market of food, was £198 billion (including catering, alcoholic drinks, non-alcoholic drinks and other foods). The serviceable available market for alcoholic drinks, which producers of alcoholic beverages target and serve, is £49 billion.
The company is one of the largest American-owned private employers in the United States. The corporation was founded in Minneapolis by businessman George Dayton in 1902, and developed through the years via expansion and acquisitions. Target, the company's first discount store and eventual namesake, was opened in 1962.
Market segmentation is the process of dividing up mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
The Australian fast food market is valued at more than 2.7 billion GPB and is composed of 1.4 billion fast food meals. This includes meals serviced at 17,000 fast food outlets. The fast food market has experienced an average annual growth rate of 6.5 percent, which is the most rapidly growing sector of the retail food market. [42]
Target is a convenient place to shop for a variety of everyday goods, as well as groceries. The store's own food brands -- like Market Pantry and Good & Gather -- cover a wide range of different...