Competitor Analysis in Food Market: Business & Marketing Essay

Competitor Analysis in Food Market
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Competitor Analysis in Food Market
Competitor analysis is one of the key topics in marketing and even more important for the food industry. This topic is key as it acknowledges the robust changes currently taking place in the food industry. As it stands today, more and more consumers are demanding the best out of food manufacturers in terms of the quality of the food products they are being served. The quality here incorporates things like the safety of the food and the healthiness of such food products, especially when obesity has become a big problem in the world. On the other hand, with the technological advancements currently being experienced globally, consumerism techniques have also evolved, calling for producers to adapt to the changes to meet consumer preferences.
To meet the ever-changing needs and preferences of consumers, players in the food industry have been forced to conduct competitor analysis. With broad competitor analysis, manufacturers in the food industries can understand the new thing about consumer preferences. Some of the things that manufacturers can learn from competitor analysis include the changing trends food industry. For instance, manufacturers in the food industry can realize the increasing demand for takeaway foods that is the case in today's world, as opposed to the traditional methods where consumers preferred to sit in restaurants and have their food served there. In addition, the cost of production is also likely to rise and as a result, companies in food industries need to adjust their prices to incorporate the extra cost. The best way...