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Showing posts with the label market research

Why is Kraft Changing its Cheese? Changing with the Market

Millions of kids eat Kraft cheese every year in the form of American and White Kraft Singles. The company will be moving from the preservative sorbic acid to the more natural mold inhibitor natamycin. The change is in response to growing consumer trends that are pushing for more natural foods. Kraft is meeting the trend in their own crafty way.  Even though the preservatives are FDA approved the decision makers of the organization are responding to customer preferences and needs. It took nearly five years for them to test the shelf-life and taste to ensure that they do not lose market position or damage the product in anyway. It is hoped with new commercials that the company will be able to gain more market share by the improved product.  The change helps us understand how the market and market preferences can impact strategic decisions within an organization. It takes time to adjust and change successful products to enhance their market position. Seeing these trends in ad

Market Research and Market Forecast

Understanding the needs of the customer is a fundamental activity that coincides with the development of the business. As customers and their patronage are the lifeblood of an organizations existence it is extremely important for organizations understand their needs and wants. One way to do this is to determine the market trends and attempt to find products and solutions that will appeal to customers. To do this well would require a level of market research and market forecasting. The American Marketing Association defines market research as, “ the systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area ” (2011).   Market research collects specific information to study market characteristics while a marketing analysis puts the information into a framework that is understood for prediction purposes. Some assessment tools, such as Ansoff’s Matrix Analysis, provid