An Individual Essay on Vegemite Table of Contents
Introduction 3
1. Importance of Marketing Mix Especially in Foreign Market 3
2. Issues of Vegemite’s Marketing Mix in Foreign Market 6
3. Result of not adjusting Marketing Mix in International Market 7
Conclusion 8
References List 9
Introduction
This is an individual essay where the researcher is assigned to discuss about the importance of marketing mix especially in the foreign market. The theme of the given topic refers to use the example of Vegemite. It is actually a food paste that is prepared from the leftover yeast extracts of brewers. It mixes lots of other spices and vegetables in this food pastes. The main subject of this essay is the marketing mix. Before understanding it, a discussion about the market research is important here. In an international business market research becomes more important, because the loss factor appears more crucially here.
1. Importance of Marketing Mix Especially in Foreign Market
Vegemite is known as a tasty spread for toast, sandwiches, cracker biscuits, crumpets and so on. Vegemite is also used as the filler for the pastries. It is a product of the company Fred Walker & Co. Vegemite was first launched in the year of 1923. Cyril P. Callister was the inventor of this product. The present supplier of Vegemite is Mondelez International (Vegemite.com.au, 2015). Figure 1: Logo of Vegemite
(Source: Vegemite.com.au, 2015)
Actually, marketing mix mostly depends on market
The product was made and in first two months following launch, Kraft’s New Vegemite sold 2 million jars and achieved 12% house hold penetration. Consumers enjoyed the new taste of it and results were remarkable.
The vegemite commercial is affective towards families, particularly children as it impacts individuals’ physiology including their nutritional requirements and age. The commercial incorporates other children expressing that “their mummy said they’re growing from it every single week because they love their vegemite”. Kids who watch this commercial may think they won’t develop if they do not eat vegemite, which could encourage children to eat vegemite and consume the vitamin D1 it contains which will meet the need of their daily nutritional requirement. The commercial recommends vegemite for breakfast, lunch and tea and impacts the amount of bread people eat as it says “the delicious spread”, meaning it is best served on bread or freshly, cooked toast. The commercial is mostly dominated towards children between the age of 5-10 years as there are other children in that video between that age meaning they would be more affected and trust the information significantly more unmistakeably.
One of the most important concepts of marketing is the marketing mix. The marketing mix must be delivered in the right way to the right people at the right time, it is important that all elements are given equal and balanced importance and managed. The marketing mix is considered as the blend and batter of the ingredients which determines the appreciation by the consumers.
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This essay will explain the target market and the 4P’s analysis for one of the Kraft product, Vegemite. Kraft Inc Company, which is the owner of Vegemite product in Australia, is the largest food and beverage company in The United States. Kraft has been a major player in the food and beverage industry for a long time ago. Kraft has broad range products of food and beverage that are available around the world. One of the Kraft products that are marketed in Australia is Vegemite. Vegemite is considered as much a part of Australia's heritage as kangaroos and the Holden cars. It is actually an Australian obsession that has become a unique and loved symbol of the Australian nation (Vegemite Australia, 2010). It is made from leftover brewers'
Michael Pollen’s book brought everything together and cleared all my confusion about American food system based on how he tracked the food we eat from the farm to when we swallow it. The environment and economy have been the main shapers of foodways and in many cases people will have crops that are cheap to grow, animal that will grow mostly cheap and which will sell at the best price, and that is what people will eat, they have no choice (Anderson, 2013). This is what exactly happening in America where most of the food we buy in supermarket or restaurant like Macdonald lack of quality. Pollan tracked the corn as the staple crop in America and showed how in most of the food at the supermarket consist of corn, but we buy those food without knowing,
Kudler Fine Foods is an epicurean grocery store for the connoisseur in which noteworthy growth with a focal point on increasing revenue, advancement concerning the effectiveness of operations, and shortening the consumer acquisition cycle is Kudler’s main objectives. Enclosed in this term paper is the significance of marketing research pertaining to the expansion of Kudler Fine Food's marketing line of attack and identification of the regions in which Kudler calls for additional market research is necessary. In addition, a comprehensive analysis concerning the value of competitive intelligence and breakdown with relation to the improvement of Kudler Fine Foods marketing strategy and tactics is scrutinized.
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In this paper about the Marketing Mix, it will explain the elements of the marketing (product, place, price, and promotion). I have enclosed a chart about the Pricing Strategies Mix. I will also be selecting an organization by the name of Target in which I am familiar with and will describe the four elements of the marketing mix and how it impacts the organizations developmental marketing strategies and tactics.
If we were to have to conform to the USDA’s dietary guidelines of a healthy vegetarian eating pattern, a lot of issues would arise. Beyond the social repercussions for trying to impose a diet that the majority does not follow, there is are economic situations that will arise that are far more imperative than any social complaints that may come up in the short term. In our current economy, where we are barely able to keep with other developing nations, we cannot risk damaging any industry that are essential to our gross domestic product (GDP). Along with the effects of decreases to the meat industry, the availability of foods that meet the vegetarian guidelines are skewed to favoring higher income areas. So, if you would take a step back and look beyond the social lens, you will see something potentially far more dangerous.
Food, one of the most essential items since the dawn of time, it influences the very way we think. An abundance of eating is considered one of the seven sins or know as gluttony. In Duong Thu Huong's Paradise of the Blind which is set in a 1980s time period of Vietnam and controlled by the communist group. Throughout the novel, Duong conveys the story in the perspective of Hang using many different motifs. Unquestionably one of the most significant and recurring motifs, is that of food.
Foodworks Beaumaris (Vic), located in the shopping strip on Balcombe Road, Beaumaris is a typical medium sized grocer/liquer retailer as determined by the Australian Bureau of Statistics - greater than 20 but less than 200 employees.
The food business is a broad range of businesses. Food is a basic need of consumers like clothing, and shelter. For a company to enter into the food business it has to assess the various segments of this business. These ranges from production of food, processing, and marketing. The company prior to entering a market in this line of business should assess its capabilities and compare these to the kind of needs of the consumers – would the customer be a processor, or a consumer?Is the product that the company can offer a raw material, processed food, or to serve a group of consumers who would like to eat and yet also need some little pleasure and not merely to satisfy their hunger?
Vegemite is a uniquely Australian food product commonly spread on bread or toast. The reason I chose Vegemite is because it is a very distinguishable product in a market saturated in with normality. I find its most interesting feature is how most Australians love this savory spread, and it is one of, if not the strongest product of its type in the Australian market, where it has little to no success overseas.
The 'marketing mix' is a set of controllable, tactical marketing tools that work together to achieve company's objectives. The marketing mix analysis is also called 4P analysis. This analysis contains a set of controllable strategic tools of marketing which work in simultaneously to attain the objectives of an organization. In this paper we will analysis two organizations with respect to their marketing mix. The companies that I have chosen for this task are Pepsi Co and Coca Cola.