Description
Business Analytics
You are a consultant who works for the Diligent Consulting Group. In this Case, you are engaged on a consulting basis by Loving Organic Foods. In order to get a better idea of what might have motivated customers’ buying habits you are asked to analyze the ages of the customers who have purchased organic foods over the past 3 months. Past research done by the Diligent Consulting Group has shown that different age groups buy certain products for different reasons. Loving Organic Foods has sent a survey to 200 customers who have previously purchased organic foods, and 124 customers have responded. The survey includes age data of past customers who purchased organic foods in the previous quarter.
Length requirements: 4–5 pages minimum (not including Cover and Reference pages). NOTE: You must submit 4–5 pages of written discussion and analysis. This means that you should avoid use of tables and charts as “space fillers.”
Provide a brief introduction to/background of the problem.
Provide a brief description of organic food industry and target market characteristics such as their demographics, lifestyles and shopping behaviors.
Provide a written analysis that supports your Histogram age groups (bins).
Based on your analysis of the histogram data, provide complete and meaningful recommendations as the data relates to Loving Organic Foods’s marketing strategy.
Here are some guidelines on how to conduct information search and build critical thinking skills.
Emerald Group Publishing. (n.d.). Searching for Information. Retrieved from http://www.emeraldinsight.com/learning/study_skill...
Emerald Group Publishing. (n.d.). Developing Critical Thinking. Retrieved from http://www.emeraldinsight.com/learning/study_skill...
| Age Data from Survey Response | |||||
| 42 | 65 | 70 | 57 | ||
| 38 | 34 | 41 | 34 | ||
| 51 | 38 | 44 | 25 | ||
| 37 | 47 | 75 | 70 | ||
| 52 | 68 | 29 | 58 | ||
| 73 | 66 | 61 | 62 | ||
| 38 | 65 | 23 | 32 | ||
| 42 | 57 | 75 | 71 | ||
| 30 | 47 | 23 | 25 | ||
| 48 | 78 | 41 | 38 | ||
| 28 | 47 | 34 | 54 | ||
| 75 | 23 | 40 | 70 | ||
| 44 | 36 | 56 | 36 | ||
| 21 | 21 | 68 | 35 | ||
| 62 | 39 | 59 | 64 | ||
| 65 | 38 | 74 | 74 | ||
| 72 | 70 | 24 | 58 | ||
| 45 | 42 | 33 | 41 | ||
| 43 | 35 | 63 | 26 | ||
| 34 | 48 | 66 | 73 | ||
| 68 | 60 | 24 | 34 | ||
| 67 | 46 | 40 | 52 | ||
| 32 | 64 | 53 | 57 | ||
| 49 | 46 | 43 | 28 | ||
| 48 | 78 | 77 | 58 | ||
| 43 | 48 | 44 | 24 | ||
| 56 | 27 | 27 | 23 | ||
| 54 | 66 | 38 | 55 | ||
| 78 | 30 | 28 | 45 | ||
Explanation & Answer
Attached.
Running Head: TARGET MARKET ANALYSIS
Target Market Analysis
Name
Instructor
Institutional Affiliation
Date
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TARGET MARKET ANALYSIS
Introduction
Customers play a vital role in ensuring that a company achieves its set goals and
objectives. Typically, the main goal of for-profit organizations is to gain a significant profit. In
order to achieve this objective, companies tend to engage in customer analysis to identify and
analyze the buying behavior of customers. Analyzing consumer buying behavior entails
assessing the attitudes, intentions, preferences, and decisions of customers as far as their
purchasing and spending habits are concerned. Loving Organic Foods Company provides a range
of organic foods to consumers. For the company to understand and respond to the changing
needs and preferences of consumers, it has to perform a thorough market analysis. This paper
will analyze the organic food industry and the characteristics of the company’s target market.
Organic food industry
Typically, organic food entails the food that is produced by means that are in line with
the policies of organic farming. These policies differ worldwide; however, organic farming
generally involves practices that attempt to cycle resources, enhance ecological balance, and
preserve biodiversity, entities managing organic products may limit the use of specified
fertilizers and pesticides in farming (Belasco, 2014).
According to recent researches, the demand for organic foods has increased significantly
in the recent past. In fact, the demand depicts a double-digit growth and hence provides market
incentives to organic farmers across the United States and the world in general. Organic products
are available in over 18,000 natural food retails and about 4 out of 5 conventional grocery stores.
Typically, organic sales represent approximately 5% of the total food sales in the United States.
TARGET MARKET ANALYSIS
3
According to a 2017 organic industry survey, organic sales account to approximately $46 billion
in 2016.
The organic industry is the fastest growing industry...
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