Marketing Major Essay Example | Topics and Well Written Essays - 2750 words

Marketing Major - Essay Example The market gap represents signs of potential success. The product is mainly targeted to three segments, namely the youth, professionals who have a tendency to eat convenient food and health-conscious people who survive on a healthy diet. The product is being positioned in the market as a healthy one which is supreme to its competitors on account of taste and quality. The target consumers lie in the age group of 16-24 and 26-45 mainly so a wide range of media support has been devised. For instance, radio and television has been mainly used to target all the age group on account of their popularity. On the other hand social media like facebook and LinkedIn has been used for promoting the product launch among the youth and young professionals. Magazines like The Economist have been used to communicate with the young professionals. Fast moving consumer goods (FMCG) include a variety of products which are sold at low prices and their sale occurs relatively faster. The target market for FMCG is quite vast but proper segmentation of the market and adding value to the customers are formidable challenges for any FMCG company. According to the traditional definition FMCG goods can be described as goods which are purchased very frequently. These goods are generally sold in large volume in order to generate profits for the companies which produce them. These goods are priced relatively lower compared to consumer durable goods and are perishable generally. These goods can include a wide range of items like soft drinks, toiletries, packed food items and chocolate bars to name a few. The shelf-life of the products is relatively lower for which they are manufactured in large quantities to compensate for the small price. The FMCG sector is a key component of the U.K. economy and accounts for 10% of the GDP of the country a nd 20% of the entire market (The Statistics Portal, 2014). The food and beverages sector is one of