Report on consumer behavior
Bread Talk Group Limited is a leading food service business and recognized all over the world but based in Singapore. It operates in the food and beverage industry (Mark, 2005). The limited company took off with the help of stakeholders, as a small, fast-food joint in the year 1948. A sales representative named Raymond saw significant opportunities in the market and advised the two brothers to spread out their operations and open more restaurants. Close to nineteen years later, Bread Talk Group Limited had opened more branches outside Singapore. Mission defines the primary purpose of an organization describing its existence as well as what it does to achieve its vision (Mark, 2005).
It means to set out the picture of the organization's future. Bread Talk Group Limited’s mission statement gives details of what s done and tends to answer the question: “what do we do?” For example, Bread Talk Group Limited’s mission is to be the best quick service experience. For them, to be the best, they will have to offer to their customers’ superior services making every customer leave the restaurant smiling (Mark, 2005).
The vision statement of the limited company simply outlines what the company intends to be. It maneuvers in what it wants the world to be like. It concentrates more in the future than the past. Vision is a source of inspiration, and it provides a clear criterion on decision-making. Bread Talk Group Limited’s vision is to be the best quick- service eating place experience. The best could be cleanliness outstanding quality and value to make every customer in the entire restaurants smile (Mark, 2005).
A brief SWOT/Environmental analysis
Describe the marketed Products/Services provided: Its Benefits, USP and Competitive Position in the market
All products from Bread Talk Group Limited are fast-moving consumer goods, durables and wheat products, which have short shelf lives. The product life cycles at Bread Talk Group Limited vary from two months to 24 months. That is the reason behind it being an FMCG sector and its USP too is good. Even before the introduction of products and designs it has its own fashion and obsolete already and this is what attracts many customers. Such a products life cycle is very short and these products will not be able to bring in that advantage of competition to Bread Talk Group Limited (Mark, 2005).
Problem Recognition,Most of the products that Wal-Mart deals with have short product life cycles. Before the beginning of a growth rate, there is a set in decline on the other end and this call for continuous product improvement and great innovations in the management of product life cycle. Every product here has a tangible attribute and consumers want that attribute in every new product line. This is a challenge that Bread Talk Group Limited has continually been striving to have (Dasgupta, 2004).
Information Search,Bread Talk Group Limited are the leading competitors within the quick food industry are continually coming up with strategies that tend to put them top by getting more customers and market share. Many firms in the industry are jockeying for greener pastures and better position in the market using strategies that are offensive. As a result, other firms including Bread Talk Evaluation of Alternatives (Decision-making rule),Group Limited have to take defensive measures to guard against the offensive strategies. Bread Talk Group Limited gets pressure from other firms because they come up with more substitute products aimed for competition. Substitute products in the quick food industry are a big plus and customers always prefer them. Since fast foods are not always the best when it comes to health, selling substitute products becomes a big advantage (Dasgupta, 2004).
Store selection & Purchase DecisionCustomers are people who change money for organization’s goods or services. Bread Talk Group Limited has targeted both old and young people as the main customers since the baby boomers are getting older. This has changed more in this current decade than before since it has turned to a more wide-ranging market. The Bread Talk Group Limited now concentrates on overall family, targeting different groups ranging from children to the elderly. Services such as the happy meal for children and Egg Mc Muffin for the elderly make it satisfy all its consumers across the board (Dasgupta, 2004). Post-purchase behavior: Cognitive dissonance
Bread Talk Group Limited also realized the fast-changing world and the need of having more services than the government to retain more customers. This is because there are groups that demand better services translating to higher prices than the government who have fewer services. Such groups mostly influence the members, which is social, influence as well as psychographic and demographic This is an opportunity that Bread Talk Group Limited responded to without hesitation and introduced better goods and services for the old. The new Bread Talk Group Limited introduced by Bread Talk Group Limited was more or less the same like the real thing; it tasted served the same community and under the same government but offered more for its target group. The senior apartment however mostly targets the working and middle class groups respectively (Dasgupta, 2004).
Target market profile
Target market DMP
What triggers problem recognition is the program that the company has? We believe that Bread Talk Group Limited program for improving on profits is consistent. Consumers are willing and seeking to satisfy the customers well through the compensation received by Bread Talk Group Limited executives is based both on the individual and company performance. Bread Talk Group Limited is keen to giving quality services to both young and the old who in this case are the target market. The programs at Bread Talk Group Limited intend to trigger off and retain high sales and grades of executive teams, which is the key factor to their future success (Wendy, 2006).
Bread Talk Group Limited should continue to monitor their programs due to the high competition in the market nationally especially from the government. Dominance and more profits is what the Bread Talk Group Limited is seeking to have. Bread Talk Group Limited is confident in its programs for motivating the executive that in turn help them maintain continuing the company’s sustainable growth.
Personal, social & psychological influences
A survey conducted revealed that most ads discriminate the black people. Initially, black people could only appear in ads as house helps or tea boys and gardeners. It has however changed since one can now see a black person in a fashion ad or even bank or pharmaceutical products commercial. This to some extent is collectivism. The reason behind that is that the black people started to migrate to the middle group. This made them an important consumer market and even the whites wanted to be like them. They had a class of their own that every one liked. Many of the advertisements are multi-racial.
Bread Talk Group Limited has a commercial responsibility and not a social responsibility. People living in Singapore show their communitarian’s culture in full. Communitarian is the culture that considers a group as the end and improves individual capacities as the means to that end. The culture helps in development and growth (Rudest, 1993).
Market strategy recommendations
Implementing the managerial decisions has many issues but culture and structure affect it more. Firms have had a difficult time dealing with different structures and cultures in the big marketing industry or pure competition. For a strategy to get elevation to being an action implementation must be there and if issues arise, the management should get relevant measures in trying to overcome the problems because at the end of the day, implementation must take place.
Firms in pure monopoly on the other hand having been where it is in the competitive market and having penetrated in almost all the countries of the world, it must have well-structured management that ensures proper management of implementation problems.
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