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Tip Top Bakery Product Analysis Report
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Added on 2019-09-20
Tip Top Bakery Product Analysis Report
Added on 2019-09-20
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Running head: TIP TOP BAKERY PRODUCT OVERVIEW1MKT 113: Final Project Part I Final SubmissionTip Top Bakery Product OverviewAnastasia BoSouthern New Hampshire University
TIP TOP BAKERY OVERVIEW2Tip Top Bakery has been in business for over 20 years and has five locations in New Hampshire. It has a successful breakfast and lunch business making custom orders. To accommodate its growing lunch business and respond to increased competition, the owner has decided to start selling pre-packaged “to go” sandwiches. One of the primary target markets of the bakery is businesspeople, so Tip Top hopes that the new offering will appeal to individuals without time to have a sit-down lunch but who are still looking for a high-quality lunch product.To help the Tip Top Bakery decide how to best market its new offering, a SWOT analysis on the product is recommended. The bakery can use this to identify how it can leverage its strengths to best take advantage of the opportunities in the market.Figure 1: SWOT analysis for Tip Top BakeryThe Tip Top Bakery has several strengths to highlight in its marketing activities. The bakery has a good reputation for serving healthy and delicious sandwiches, its lunch items are priced in line with competing bakeries, and it is known for using fresh, local ingredients. These strengths
TIP TOP BAKERY OVERVIEW3correlate well with the opportunities identified in the SWOT. The first opportunity is the trend to eat healthy, local foods. Tip Top already has a reputation for serving this type of food and shouldbe able to transfer that to the new product. The second opportunity is the trend for shorter lunch breaks. Tip Top has already noticed an increase in the number of people who ask for custom-made sandwiches “to go.” It can take advantage of this with its new product.The primary target market for the new “to go” sandwiches is business professionals. This makes sense given that the bakery already has locations in the business districts of Manchester, Portsmouth, and Concord. For the new product, it is recommended that Tip Top begin by rolling it out only in its locations in Manchester. If successful, it can expand to its other locations. Manchester has over 11,000 businesses located within the city (Manta, 2015), and the bakery’s two locations are easily accessible by many of these businesses. Additionally, research shows that more than two thirds of Americans buy their lunch every day (Wolters Kluwer Law & Business, 2015), which also demonstrates a need for this new product. Further demographic research reveals that according to the PRIZM segmentation, three of the five primary segments in the Manchester area have professional jobs, a high level of homeownership, and high household incomes (The Nielsen Company, 2015). Thus they can spend a little extra on lunch. This data indicates that working professionals will be a great market segment target for Tip Top.The working professionals market is an important one for Tip Top. This group primarily own their own home and have a professional white-collar job and an above-average household income. In addition, two of the top segments in this area are over 55 years of age (The Nielsen Company, 2015). This age group seeks convenience, as they tend to feel very rushed during the business day. Those in the over-55 set also feel a need to be healthy in their food choices, so theymay be more discerning in their choices. In addition, this target market demonstrates two key
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