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Market analysis
- 1. Market Analysis Team #1.8 Wes Drees, Taylor Morrison, Wes Pruitt, Peter Ikeda, Raven Williams
- 2. Current Perception ◦ Cheap ◦ Low Quality Potential Improved Perception ◦ Equivalent to national brands ◦ Better tasting ◦ Cheap How? ◦ Establish HEB College Day ◦ Establish HEB campus representative ◦ Establish heavy social media presence Benefits ◦ Save customers money ◦ Voted better quality in taste tests Product Concept
- 3. Price matches with quality. Competitor Strengths ◦ Strength is associated with more recognizable brands ◦ Can be cheaper than HEB Competitor Weaknesses ◦ Lower quality than HEB brand ◦ Smaller selection of store brand products Competitive Analysis
- 4. High Price Archer Farms HEB Brand Low Quality High Quality Kroger Randall’s Safeway Wal-Mart Select Great Value Low Price Competitive Analysis
- 5. College students ◦ Estimated 1.7 million in Texas Price conscious ◦ Better quality for less Market Size ◦ 55% of market= 935,000 Target Market
- 6. Favorable vs. Unfavorable Opinion of HEB Brand 9 8 7 6 5 Favorable 4 Unfavorable 3 2 1 0 Male Female Market Research
- 7. Students who would attend HEB College Day 25 20 15 Yes 10 No 5 0 Attendance at HEB Day Market Research
- 8. What would make HEB Day better? ◦ Free Food ◦ Attractions ◦ Coupons ◦ Prizes/Giveaways Market Research
Notes de l'éditeur
- ContributionWes Drees- Interviews, Perceptual Map SlideTaylor Morrison- Interviews, Observational Research, GraphsWes Pruitt- Interviews, Target Market, Market SizeRaven Williams- Interviews, Store Manager Interview, Product ConceptPeter Ikeda- Interviews, Competitive ResearchAll worked on slides together
- Current Perception – In our research, we found that students main perception of HEB products is that they are cheap and of low quality. Students do not think they taste better, therefore we want to improve that perception. Through HEB College Day, we will establish a campus representative who will manage HEB’s College Day event and HEB’s social media on campus. HEB’s College Day:Once a semester, we plan on conducting an HEB sponsored College Day to promote HEB products. We plan to have HEB provide grilling meats, hot dogs, buns, condiments, water and soda for a cook out to provide free sampling of food to students. Creamy Creation, a sub-brand of HEB ice cream, will be provided to create floats to hand out as well.Blind taste testing of HEB brand and the leading national product will be conducted also, to prove that HEB does taste better and is of equal quality to the leading brand. Attractions, such as a band, inflatables, etc would be available to promote event Coupons or a raffle would be handed out to students to use at their local HEB.HEB campus representative:HEB campus representative would be established to help promote HEB on campus, help organize HEB college day and establish a social media presence of HEB on campus.Social Media: To help promote HEB on campus, social media competition will be conducted via facebook and twitter. Benefits:Save customers money by proving HEB products are of greater quality to leading brand and of lower price.Voted better quality in taste tests will establish reassurance in college students to buy HEB brand products.
- We value our brand at a national brand level but we offer competitive prices for store brands.Competitor strengths Example. Archer Farms is highly recognizable and you know where the brand comes from whereas HEB brand may not be as recognizable. Kroger brand and Great Value are cheaper brands than what HEB typically offers.Competitor Weaknesses Great Value is not up the same standard that HEB brand holds Example. Archer Farms offers less variety in its own brand. They offer mostly boxed goods.Sources walmart.com, target.com, HEB.com, randalls.com
- We chose price and quality for the axes because they are the most important aspects of customer perception of store brand products. In our research we found that customers wanted high quality products at a cheaper price.The arrow next to HEB is to show that we are not actually improving the quality of HEB brand products, we are only improving the perception of the quality.
- Our basis for segmentation was demographics because we picked college students in towns with HEB’s.Our target customer is any college student, male or female, who attends a university near an HEB. This person doesn’t already have to shop at HEB. This person can be an HEB shopper but not know the great value that HEB brand offers. Being a college student, this person is most likely conscious of all their expenditures. This person values quality products and is on a budget, but they prefer not to sacrifice quality for price.Our customer is your typical, everyday shopper who keeps their refrigerator stocked with whatever they want, regardless of healthy qualities. This customer typically likes to get in and out of the store thinking that they have saved money on a regular basis. As a college student, this person appreciates the value of a free meal anytime they can get it. Our market size is based off of HEB’s market share in the Texas grocery store market. Because HEB is located in all major college towns, we can correlate the overall state market share to the market share in the college population.
- While conducting our interviews, we found that more people have an unfavorable view of HEB brand products than favorable. This proves that there is room for improvement in the perception of the HEB brand products with the target market of college students.
- During our interviews, we found that the majority of students would attend an HEB College Day, ,especially if it was located on campus. This proves that students are willing to experience HEB brand products. We also have room to expand our customer base.
- During our interviews, the majority of students were most attracted to the promise of free food at an HEB Day. They would also like to see some sort of attraction along with the free food to make it more fun and exciting. Another incentive to help promote an HEB College day would be to have coupons, raffle prizes or giveaways to students who attended the HEB Day.