Description
Here is the question. I am also including the outline of what I have done so far.
- Choose one of the opportunities from your list so that the marketing plan becomes focused. Factors to consider when making the choice include how quickly you can get to market, how big the potential market could be (Ch. 3) and how interested consumers will be in the new product, service or event (Ch. 4). Submit one paragraph describing this opportunity to me for my approval prior to continuing with your marketing plan.
- Segment the market using the concepts you learned last week (Ch. 9) and select one or more segments to target. Make sure you can articulate the needs of this market segment.
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Running head: BJ Restaurant’s opportunity and market targeting
BJ Restaurant’s Opportunity and Market Targeting
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BJ Restaurant’s opportunity and market targeting
BJ Restaurant’s opportunity and market targeting
There are a number of opportunities in the market that BJ Restaurant can utilize to
expand its market share, profitability, and capture the present interest of consumers. However,
one opportunity that best meets these targets is venturing in organic foods. According to
Doward (2017), the number of people going for organic foods has drastically risen in the
recent past as more people turn from being price conscious to quality and health conscious.
By venturing in such products, BJ Restaurants will thus be in a position to take advantage of
the many potential customers and thus raise its market share. Despite being costlier than other
foods, organic foods have attracted a large number of people including those under
medication as well as the new ones. This is an opportunity for BJ Restaurant to not only raise
its market share but the profitability as well. The market has the potential to raise the
restaurant chain’s financial performance. In 2016 alone, the sales of organic foods rose by a
whopping 8.4% to hit US$ 43.3 billion in annual sales (Meyer, 2017). At the same time,
Kennedy (2010) projects a continuous rise in future on the consumption of organic foods as a
result of shifting lifestyles created by rising health awareness. As a result, this is the perfect
opportunity that BJ Restaurant should consider and capitalize on.
Market segmenting
The organic foods market comprises of multiple consumer segments. This is based on
their interests, needs, and potential in the business. These consumer segments include the
weight-conscious, active people, people under special diet, and health-conscious people.
Health-conscio...