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Segmentation Of Cereal Market Within Singapore

2049 words - 8 pages

IntroductionHot breakfast cereals refer to cereal grains that had to be soaked or boiled to be softened and edible. Pre-prepared cereal that is edible on its own or in milk is also known as Ready-to-eat cereal. Within Singapore itself, breakfast cereal are generally seen as a nutritious form breakfast that appeals more to the younger generation and children who are seemingly more receptive to these western breakfast.(Breakfast Cereal- Singapore,1)Datamonitor states that by definition the breakfast cereal market consists of hot breakfast and ready-to-eat (RTE) cereals.In Singapore alone, the breakfast cereal market in 2008 is generated a retail value of $38 million a 4% increase from 2007. Unlike other countries, where Kellogg has the majority of the market share, in Singapore, Nestle comes in first with 29%, followed by Kraft foods then Quaker Oats co. at 18.8%.(Breakfast Cereal- Singapore,1)As seen from the table below.Table 2: Breakfast Cereal Company Shares in Singapore 2003-2007The statistics board of Singapore reveals that the average household expenditure in 2003 is estimated at S$4867, in which 21.3% are spent on food. In 2005, estimated that there are 1,047,216 households in Singapore of which 151,390 households belong to singles or those not living with family nucleus. While 840,911 households within are within one family nuclei. (Statistics Singapore 2006)Breakfast Cereal Market Segmentation and its variablesMarket segmentation can be broken down into several variables; Geographical which consists of regional, city size, density and climate breakdown. The demographical variables include age and life-cycle stage, gender and income. Psychographic segmentation will divide consumers into different groups based on socioeconomic status, lifestyle or personality characteristics. Lastly behavioral segmentation, which groups consumers on their basis of knowledge of the product, their attitude towards it, usage patterns and responses. (Kotler et al.2006, 217-223).SegmentsKey CharacteristicsFiner FoodsTime conscious, enjoy luxury products and are willing to experimentHealthyInterested in organic, environmental benefits, low fat, high fiber and calorie conscious / Health ConsciousConvenienceRegard food as fuel, busy individuals whom rely heavily on convenience productsPrice SensitivePrimary influence by value of product and rely on staple foodsMainstreamBroad tastes, brand conscious ,influenced by needs of childrenTraditionalHave a fixed shopping list, non-impulse buyers , strong sense of brand loyaltyTable 3: Market Segmentation III - Lifestyle Segment of Breakfast Cereal in Singapore (Gaba 2007, 10)Geographical segmentation is excluded in Singapore context, as firstly, there are no geographical differences within Singapore as it is considered a city instead of a country with distinct geographical differences. In addition, if the industry chose to use geographic variables that particular segment would not be enough to support various segmentation...

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