Peter’s the frozen desserts giant, with its expertise in Ice Cream is in the limelight for introducing new range of products. Peter’s to roll out a new range of frozen desserts have joined forces with Arnott’s to provide Australia’s favorite and most recognized flavor that taste like old school biscuits. Arnott’s reputation of being the best baker of inquisitive biscuit, have worked hard to replicate the mouthwatering taste of Ice Vovo, Wagon Wheel Original, Caramel Clown and Mint Slice biscuits as frozen treat (Clarke 2015). Peter’s and Arnott’s both have posted their new launch of the product on Facebook, both have received an appalling response of praise from the crowed, supporting the new innovation. Peter’s head of the marketing stated that, the new product would bring the taste of nostalgia among customers (Kilara and Chandan 2013). The new range of product and the flavor will compete with other flavors; thus, will bring a healthy competition among different flavors of the world. Every Australian will enjoy the new product, as the traditional flavor of Arnott’s biscuit in new form and in new style will raise the curiosity of many (Powell, Harris and Fox 2013). However the company is segmenting the market for the age group of 18-30 thus, targeting the market that is already familiar with the taste of Arnott’s biscuits. The innovation will be much appreciated by the people who are already fan of Arnott biscuits, as it will bring out the nostalgia of childhood. The widely anticipated glories of Arnott’s biscuit in form of Ice cream will create a huge market for the brand (Goff and Hartel 2013). Both the companies aimed to bring the on demand flavor in a new form to surprise it customer base. The success of the product will be immense in the current market, as Arontt’s biscuits are legendary which holds the legacy to appease the Australian taste buds (Kilara and Chandan 2013). Moreover, every segment of the population loves a scoop of Ice Cream and bringing new flavor in the market will bring the glory days back for both the companies (Powell, Harris and Fox 2013). It will also give the Australians something to cherish upon. The four unique flavors resurrected to please the taste bud, will definitely attract new crowd. On popular demand this flavors are brought in the form of ice cream and thus, will create necessary buzz for marketing of the product. The new product will be available in the frozen aisle section of every store (Clarke 2015). The prices of the new launches are at a reasonable rate to encourage the buyers form the target market. Frozen desserts competitors will now have to be quite innovative to stay in the race; it can be done either by reducing the existing price or introduction of new flavors. Flavors like Wagon wheels, Iced vovo, Mint slice and Caramal Crown definitely have the edge to do well in the market. In addition, being available in all major retail store will make sure that every Australian gets a piece of this delightful treat (Goff and Hartel 2013).
Demographic of a target group has a significant influence over the buying behavior of the target market. Organizations use demographic segmentation of the target group to identify the customer base of the organisation. Ones the organization identifies its customer base, and then they use audience specific advertisement and promotion to allure the customers. In the recent years, there had been a significant amount of change in the International market, due to numerous factors such as population growth rate and size, size and nature of the family, age composition and income level. The size and nature of the population determine the demand and need for many products (Bricker and Foley 2013). In a recent research, it was found that 58 countries have a population lower than a million; these countries may not be of any interest for large countries, however, small firms may find the desirable market in these countries. The potential is high in these market, thus competition in the market is much severe than the largely populated nation (Hilt and Lipschultz 2016). A decline in birth rate and drop in the size of the baby population in many high-income nations, poses a threat to many businesses, Baby products in these market have shrunk (Czinkota and Ronkainen 2013). Many of the companies have repositioned their products to pay attention to international business. Although, this scenario has seen a boom in other industries such as hotels, restaurants, and airlines, as childless couples have money and time to dine and travel outside. The number of old people has increased recently than the younger; as a result, by 2040 the number of old will be even greater. Thus, medicine and health industry will see a boom, creating a huge number of job opportunities in the scientific research and healthcare sector (Parment 2013). Central banks are overwhelmed due to reduced birth rate and longer lifespan as it unable to escalate long-term interest rates. Thus, the situation will also redundant for Insurance and Finance sector, as the baby boomers saved all through their lives, the benefit will be consumed more than it yielded. Ageing of baby boomer is the reason of inequality as lack of bargain power that kept the wages down for rest of the population (Bricker and Foley 2013). Old age will also benefit sectors like travel and tourism as after retirement, baby boomers may feel the urge to explore or travel or may go out on a devotional journey this it will also benefit hotel and restaurants. Population growth rate has an adverse effect on countries economy but holds a huge market for business (Czinkota and Ronkainen 2013). For example, a country with high population can supply enormous numbers of labor, low percentage of the population of these countries if have the luxury to purchase more, then collectively the number of people will be greater than the total population of many countries (Hilt and Lipschultz 2016). In this era, people are migrating from rural to an urban area in search of better lifestyle and opportunity. Similarly, the crowd from developing countries is migrating to developed countries for a better prospect and future. Thus, it will affect the GDP of all countries with respect to demographic change. Small families compared to large families also have added benefit in the economy driven country (Parment 2013).
Bricker, N.Q. and Foley, M.C., 2013. The effect of youth demographics on violence: the importance of the labor market. International Journal of Conflict and Violence (IJCV), 7(1), pp.179-194.
Clarke, C., 2015. The science of ice cream. Royal Society of Chemistry.
Czinkota, M.R. and Ronkainen, I.A., 2013. International marketing. Cengage Learning.
Goff, H.D. and Hartel, R.W., 2013. Analyzing frozen desserts. In Ice Cream(pp. 403-436). Springer US.
Hilt, M.L. and Lipschultz, J.H., 2016. Mass media, an aging population, and the baby boomers. Routledge.
Kilara, A. and Chandan, R.C., 2013. Frozen Dairy Foods. Milk and Dairy Products in Human Nutrition: Production, Composition and Health, pp.435-457.
Parment, A., 2013. Generation Y vs. Baby Boomers: Shopping behavior, buyer involvement and implications for retailing. Journal of retailing and consumer services, 20(2), pp.189-199.
Powell, L.M., Harris, J.L. and Fox, T., 2013. Food marketing expenditures aimed at youth: putting the numbers in context. American journal of preventive medicine, 45(4), pp.453-461.