Assignment 1:Company Introduction, Market Segmentation, and Product Positioning Assignment 1: Company Introduction, Market Segmentation, and Product Positioning
Put My Foot In It Cakes
Lynda R. Gaston
Dr. David A. Holness
MKT 500 – Marketing Management
April 25, 2012
Write a detailed company background.
Family functions are always a great way to introduce my creativity by designing new homemade cakes. Made and created by Lynda Gaston in 1992, my company, Put My Foot In It Cakes was born. Featuring homemade cakes, cupcakes and other delectable only the finest ingredients are used.
Bringing my cakes to family functions and getting rave revues, thumbs up and the famous quote “Lynda, you put your foot in this cake”, a vision was born….Put My Foot In It Cakes.
Create a strategic mission statement.
Put My Foot In It Cakes strives to be the “I remember my grandmother’s cakes tasted exactly like this” in the Southern and Northern regions. Committed to bringing a personal touch to the palate, Put My Foot In It Cakes will bring joy and comfort in every bite. Everything we do reflects this mission and brings the values that make it possible.
Determine and decide upon at least one foreign market for the product and service. Provide your rationale for this market.
One foreign market that I have decided upon would be Canada. The reason I chose Canada is because they speak dual languages. There would be no large shipping costs and freight charges. Ground transportation can be used because Canada is a country in close proximity to America, traveling to and fro would be easy and economical.
It is important for my company to first develop a market entry strategy in order to investigate all details associated with expanding my business service and products to another country such as Canada. Some factors of vital importance are the ability to understand and analyze Canada’s potential customers, fierce competitors, along with analysis of export strategies and laws associated with that country.
Discuss the potential audiences for a marketing plan and the needs of those potential audiences.
Potential stakeholders would be family members, future employees, customers, and banks. The need for my family members would be because of their knowledge of my product, they are aware that all my ingredients are fresh, healthy, and created and designed by me. Neighbors in the area of my company would also be included because they would want to know what kind of effect my company would have on the neighborhood.
Sponsors (individuals or businesses) that are interested in my company would also include banks. The banks would have a controlling interest mainly because their investments would be monies for supplies such as ovens, pans, utensils, ingredients (ex., flour, butter, sugar, etc.) and an investment in a building to work out of.
Identify the marketing segment for the product and provide a rationale for this segment.
The marketing segment for this product was selected because it is a growing trend, especially cupcakes, in today’s economy. It flatters and satisfies the sweet tooth. It also has become simplified as well as affordable.
According to Houston Chronicle/December 4, 2006, cupcakes move up on the menu.) cakes have been among the strongest performers in a slumping baking industry. U.S. flour production fell to a 13 year low in early 2005, partly because of low-carb dieting, the trade publication, Bake Trends noted.
More and more people are turning to homemade desserts such as cakes, cupcakes and other specialty trends of high couture desserts that are featured on shows like Cake Boss, Ace of Cakes, Cupcake Wars on the Cooking Channel and Food Network.
Discuss the target market and provide a rationale for this target market.
Put My Foot In It Cakes targets the progressive, generally, well-educated, affluent customers who have an interest in trying freshly made...
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