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Marketing Management Essay Example

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Marketing Management

It is to be mentioned that the bakery industry existing in these markets is highly dependent on the series of factors. The factors are a mixture of macroeconomic as well as lifestyle trends like strong growth of the regional economy, growing living standards of the masses, influence of western oriented lifestyle as well as busy lives of the masses (PRWeb. The factor of shortage of time in the hands of the masses in regards to preparation of traditional meals is playing a tremendous catalytic role in spreading the growth of the bakery industry in the market of Singapore.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.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. 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). 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

Reference

Euromonitor.com, 2011. Bakery in Singapore. [Online] Available at:. http://www.euromonitor.com/bakery-in-singapore/report [Accessed 7 Mar 2013]

Daganhalal.com, n.d. Global Halal Market. [Online] Available at: http://www.daganghalal.com/HalalInfo/WorldOfHalal.aspx [Accessed 7 Mar 2013]

BreadTalk.com, 2013. Busines Review. [Online] Available at: http://www.breadtalk.com/business-review.html [Accessed 7 Mar 2013]

TMCNews, 2006. Foreign competitors introduce new concepts to bakery industry [Online] Available at: http://www.tmcnet.com/usubmit/2006/04/04/1535852.htm [Accessed 7 Mar 2013]

Weston, S., 2010. Bakery & cereals market expected to grow at 6.4% by 2013. [Online] Available at: http://www.foodbev.com/news/bakery-cereals-market-expected-to-grow-at-64-by-2013#.UTgjLNb-F2F [Accessed 7 Mar 2013]

Byrne, J., 2010. Healthy cereals fuelling Asia Pacific baked goods sector growth. [Online] Available at: http://www.bakeryandsnacks.com/Markets/Healthy-cereals-fuelling-Asia-Pacific-baked-goods-sector-growth [Accessed 7 Mar 2013]

Datamonitor.com, 2012. Bakery and Cereal Market in Singapore to 2014. [Online] Available at: http://www.datamonitor.com/store/Product/bakery_and_cereals_market_in_singapore_to_2014?productid=DBCM8278 [Accessed 7 Mar 2013]

PRWeb.com, 2013. Global Bakery Products Market to Reach US$447 Billion by 2017, According to New Report by Global Industry Analysts, Inc. [Online]. Available at: http://www.prweb.com/releases/bakery_products/bread_rolls_cakes_biscuit/prweb9260417.htm [Accessed 7 Mar 2013]

BreadTalk Group, 2010. 10 years of Innovation. Singapore

Min., L.S., 2011. Global Halal Food Industry. Singapore: SPRING Singapore.

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preview essay on Marketing Management
  • Pages: 5 (1250 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Ph.D.
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