Marketing Management Free Essay Example, 1250 words

The bread and bakery industry of the region has a highly diversified consumer portfolio. Talking in regards to the future market trends for this particular sector in the Singapore region, it can be said that the manufacturers and retailers will try to attain a growth in the business by leveraging on the highly diversified consumers base. In order to develop a competitive edge in the business as well as for better positioning of their products, the manufacturers and retailers of the bread industry will try to introduce innovative products which will be segmented and targeted specifically to consumers on the basis of their age group. Market Growth While discussing the factors of market growth, it has to be brought in to focus that the bakery market of Singapore grew at a rate of 7.9 % on a compound annual basis between the 5 year period of 2004 to 2009 (Datamonitor. com, 2012). During this period the bread and rolls division in the bakery sector in Singapore, accounted for over 29% market share. In regards to the recent times, it has been projected that the bakery sector of the Asia Pacific region, which includes the Singapore bakery market is valuated at over 68.5 billion USD along with a compounded annual growth rate of over 6% between the five year period of 2008 to 2013 (Byrne, 2010). We will write a custom essay sample on Marketing Management or any topic specifically for you Only $17.96 $11.86/pageorder now It is of considerable importance to state that the bakery industry of Singapore is also undergoing significant changes as consumers are getting increasingly health conscious. As a result, in the recent times, a new variant like the breakfast cereals are increasingly making a place in the diet of the consumers based in Singapore. Forecasts highlight while attaining a growth rate of over 6 percent in the five years period till the year 2013, the breakfast cereals market is valued at around 3.3 billion USD for the entire Asia Pacific region (Weston, 2010). Competition Talking about the competition existing in the Singapore bakery market, it has to be said that the market is highly open to both domestic as well as international level competition (TMCNews, 2006). It is of high importance to say that Singapore being both a transit zone as well as a global financial hub has a highly diversified incoming and outgoing population with varying food tastes. This makes the market highly attractive in nature. Talking about the foreign competition that has an influencing role in the Singapore bakery sector, the global and internationally popular fast food brands like McDonalds, KFC, Krispy Kreme, Dunkin Donuts as well as a series of other brands has to be taken into consideration.