Swot Analysis Of Ice Cream Market
CHAPTER 5
MARKET AND TARGET MARKET OVERVIEW Table: Ice Cream Market Size from Euromonitor The figure above shows the 6 year performance of the whole ice cream industry in the Philippines including the different types of ice cream. As you can see in the figure above, for the past 5 years, the market size for ice cream is getting bigger meaning the buyers of ice cream are increasing which is a good sign to penetrate the market. However, it is seems that the market size had decreased gradually in 2014. Studies show that there are economic and political issues regarding the change, like the increase of demand of Milk Tea which can be a substitute for ice cream and an issue regarding the content of milk. The percentage increase or decrease
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The leading type of ice cream is still the take-home ice cream. We consider our self as a retail artisanal ice cream. It is a new kind of ice cream and still making its name to the ice cream industry until now. As you can see there are no data entered above for the kind of ice cream we are offering maybe because it is still too small and doesn’t make a million sales yet. There are a lot of famous artisanal ice cream nowadays that makes a brand in Manila like Carmen’s best ice cream, Sebastian’s ice cream, Merry Moo and many more.
TARGET MARKET OVERVIEW Our target market are students ages 13-24 years old who studies at University of Santo Tomas and/or live within the 300 meter radius from our location and who are ice cream lovers, health conscious people and who has a food budget of at least 200 pesos daily. We also target the adventurous people who want to try something new and exciting food. Below is the total population of UST students that is more detailed.
COLLEGE POPULATION COLLEGE POPULATION
Commerce 3,974 Music 708
AB 4,871 CRS 1,458
Engineering 4,952 IICS 2,471
CFAD 2,632 Law
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54,830 is the projected population for the year 2016. After knowing the total population for the year 2016, we listed down all the qualifications of our primary target market which are UST students, 13-24 years old, having a daily food budget of at least 200 pesos and who eats ice cream. First, we filtered the UST students to the total number of our respondents which is 385. 370 out of 385 of our respondents are UST students that will result to 96% to be multiplied to the total population which is 54, 830 to get the 52,637. Next is we filtered the qualification of the age 13-24 years old. Out of 370 respondents, all of them are on the age bracket giving us 100%. Next is the daily food budget of at least 200 pesos, out of 370 respondents, 137 has a daily food budget of at least 200 pesos giving us 37% multiplied by 52,637 which will give us 19,476. Lastly, we identified the people who eats ice cream in our respondents. 134 out of 137 eats ice cream which will give us 98% multiplied by 19,476 that will give us our total population of our primary target market which is
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