Mkt/571 Week 2 Assignment Understanding Target Markets

MKT/571 Week 2 Assignment Understanding Target Markets Name MKT/571 Date Instructor Understanding Target Markets Current Opportunities in the Dairy Industry Firms in the dairy production industry such as Dannon Company face as many challenges as opportunities. For instance, emerging technologies and datafication of agriculture creates opportunities to acquire quantifiable data, which helps not only to measure but also monitor operations and react accordingly. This means clear opportunities for significant increase in profitability to complement emerging technologies with commercial and operational practices. Secondly, trends like a growing healthy snacking culture, higher food consumption, and growing online and mobile shopping creates new ways of buying and consuming company products by consumers. As a rich source of protein, dairy products firms must adapt to these trends and supplement them with better technology and data usage to make sure customers receive tailored offers as well as ensure the firm matches supply and demand through better inventory management. To capitalize on these opportunities, the firm should supplement value drivers such as price, taste, and convenience (Kainth Verma, 2011) by evolving and current drivers such as safety, social impact, health and wellness, and experience. Environmental Scanning Dairy Products Industry The dairy products sector is largely affected