Marketing Management Essay Example | Topics and Well Written Essays - 1250 words - 2

Marketing Management - Essay ExampleA wide range of food programs and food festivals are nonionic in Singapore which witnesses a strong level of participation from a wide array of expert level international chefs from various corners of the world. This automatically makes the merchandise of Singapore a birth place of various kinds of innovative food based delicacies as wholesome as bakery products. Discussing on the lines of the bakery products, it goat be said that the market of Singapore can be divided on the lines of bread based offerings, cakes, biscuits as well as breakfast cereals (Euromonitor.com, 2011). However, it withal has to be said that the Singapore has a large number of Moslem population, which forms the proper market in the part. It is highly interesting to state that the South eastward Asia, which includes the region of Singapore, is homes to around 250 million proper oriented consumers. Talking about the valuation of the south east Asia market formed by th e 250 million Halal consumers, it can be highlighted that the market stands at an astounding 93,000 million USD (Daganhalal.com, n.d.). It is also very important to highlight the fact that the region of Singapore, which falls under the fellowship of South atomic number 99 Asia has a tremendous and growing potential for becoming one of the leading Halal based food markets, mainly because of the fact of the region being a major transhipping centre. Also, it has to be said that the Muslim presence in the Singapore region comprises to over 60% of the entire population of Muslim located all over the world (Min, Global Halal Food Industry, p. 7). Source Global Halal Food Industry. Hence, it can be said that on that point exists a unique opportunity in the bakery market to cater to the inward as well as outward growth that is emerging from the Halal market of Singapore. Market Trends Discussing the trends that are currently evolving in the market of Singapore, it can be said that the tr ends are similar to that of the bakery market of south East Asia. 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.com, 2013). 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 diversify 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 or der 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 segment 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