Mountaire Farms wishes to launch a new poultry product plant to supply to an existing market. The factory will enable the company to expand its market locations and increase its market share to achieve a competitive edge over its rivals. For the firm’s new product to perform well in the market, the company must have some strategies in place to ensure that the organization sells and meets the needs of the business.
Research Methods
Mountaire Farms wishes to determine its market for the new poultry products. The company wanted to reach the whole population, from the youngest to the oldest in society. The firm considered the value and importance of the food products on the lives of the targeted clients to arrive at the choice of reaching the entire market. The company conducted quantitative and qualitative research methods, which according to Dolnicar et al. (2018), helps understand the nature of the market. It did a study on the demographic and behavior of the expected customers as an approach to market segmentation.
Mountaire Farms designed a demographic segmentation based on the gender, a household earning, and age of the customers. Age and income levels are significant variables that indicate success in the poultry product market (Folitse et al., 2018). The research on a market’s demography requires the collection of numerical data, which is analyzed using quantitative methods to give trends and relations between various variables used in the research.
Mountaire Farms also conducted behavioral segmentation research to assess how different people respond to poultry products. Consumer behavior is critical since most people consider several factors before they decide to purchase a product or not (Kumar & Smith, 2018). The decision to buy a good or service mainly resulted from the users’ understanding of such products’ effect on their lives. The company conducted a qualitative study through face-to-face interviews to enable it to collect as much information as possible.
Importance of the Research Approach
Market segmentation was used in the research because it allowed Mountaire Farms to conduct the study from different perspectives and collect qualitative and quantitative data. In particular, demographic segmentation enabled the company to understand the most abundant age group and the poultry products fit for different people. On the other hand, behavioral segmentation was crucial as it depicted how users perceive various products manufactured by the business.
References
Dolnicar, S., GrĂĽn, B., & Leisch, F. (2018). Market segmentation analysis: Understanding it, doing it, and making it useful (p. 324). Springer Nature.
Folitse, B. Y., Sam, J., Dzandu, L. P., & Osei, S. K. (2018). Poultry farmers’ information needs and sources in selected rural communities in the greater Accra region, Ghana.International Information & Library Review, 50(1), 1-12. Web.
Kumar, A., & Smith, S. (2018). Understanding local food consumers: Theory of planned behavior and segmentation approach. Journal of Food Products Marketing, 24(2), 196-215. Web.