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News in Review
Market Reports
Food Quiz
Industry Discussion
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Eye on the Prize
By: Denise Lee Yohn
In today’s economic environment, targeting a specific consumer can help a brand streamline its product offerings, marketing efforts, and operations.
When you’re desparate for traffic, anyone with $1 in his wallet seems like a prime potential customer. Getting “butts in seats” is job No. 1, so it makes sense to want to appeal to as many people as possible.
But it is not financially or operationally feasible for a scaled enterprise to satisfy all desires of all fast food customers. Today’s customers are too diverse and too demanding, making it necessary to target a specific customer.
Why Target? Trying to service all the different requirements of fast food customers leads a chain to operate with a form of organizational attention deficit disorder, chasing new promotions and products the way dogs chase squirrels—that is, a lot of action, but little success. Costs skyrocket, employees’ efforts become unfocused, and customer confusion abounds. In an attempt to be all things to all people, the quick serve ends up being nothing to no one.
By targeting discrete segments of customers, companies achieve efficiency and focus in marketing and operations. Smart targeting streamlines the number of products to sell, messages to communicate, promotions to run, and so on. And targeting is critical now more than ever, as organizations seek to grow their top lines while maintaining lowered costs.
It’s also a means by which brands differentiate themselves. Brands in apparel, automotive, and other image-oriented categories use personas of their target customers to define and distinguish their brands. Fast food brands can employ a similar approach, using target customers in communications to promote a distinct brand position.
What Is Targeting? Targeting doesn’t mean you turn away customers because they don’t fit your target-audience profile. It is simply a matter of prioritization.
It’s about identifying which customers are the most valuable to your organization and choosing to best fulfill their needs first. Of course, you want to provide a positive experience for each and every customer, but companies must exercise the discipline to put the needs of their target group ahead of others.
Typically, target segments have been defined by demographics—males aged 18–24, or adults aged 18–49, for example. But this approach is somewhat superficial. Brand experts Scott M. Davis and Michael Dunn, in their book Building the Brand-Driven Business, recommend determining groups by how consumers “act within a category, make purchase decisions, use products or services, and see your brands fitting into their lives.” Not only is such a market view more proprietary, but also the more you know...
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Perhaps the very best question that you can memorize and repeat, over and over, is, "what is the most valuable use of my time right now?"
- Brian Tracy
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View updated pricing and information each week on the website for the following food-commodity markets:
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Beef, Veal & Lamb |
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The May 1st cattle on feed inventory was 3.4% less than last year. Cattle placements into feedlots during April were 1.8% more than 2009 but mostly at lighter weights. Beef production is projected to remain below year ago levels through the summer. April retail beef prices were the highest for any month since December of 2008. Additional retail beef price increases may be forthcoming which could slow overall beef demand especially for more expensive beef middle meat cuts. The beef end cut, ground beef and trimming markets may continue to trade above 2009 levels this summer. Price USDA, FOB per pound.
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Dairy |
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April milk production was 1.5% larger than a year ago due to a 2% smaller milk cow herd and a 3.5% increase in milk per cow yields. Dairy farmers added a net three thousand head to the herd during the month matching the largest total since September. Milk output gains could slow this summer but the May total is likely to be a record large. The cheese markets may be nearing a top. Buyers may want to visit cheese contracting after any pending market break plays out. The butter market is weakening as well but downside risk for butter may be less than cheese. Prices per pound, except Class I Cream (hundred weight), from USDA.
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Poultry |
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Broiler egg sets during April were 1% larger than a year ago which suggests that, with heavier bird weights, chicken production should trend 2 to 3% above 2009 levels in the coming weeks. The broiler hatchery flock is projected to remain below year ago levels through the summer which should mitigate any pending chicken production growth during the time period. The chicken breast market as of late has seasonally weakened. History suggests that boneless skinless chicken breast prices could decline about 5% during the next few weeks before turning higher again. April 30th chicken breast stocks were 11% less than last year. April chicken wing (15%) and leg quarter (27%) holdings were both larger than 2009. Prices USDA, FOB per pound except eggs (dozen).
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Seafood |
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April US Gulf of Mexico shrimp landings were .6% less than last year. Gulf shrimp landings around Louisiana could be short in the coming months due to the oil spill. However, Louisiana area shrimp represent just a modest portion of the shrimp consumed in the US given that 90% of the shrimp are imported. Thus, any oil spill market impact on shrimp may only be modest. The shrimp markets remain fairy firm. Prices for fresh product, unless noted, per pound from Fisheries Market News.
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Pork |
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Pork production last week rose 3.4% but was 1.8% smaller than the previous year. Pork output this week and next will be curtailed by packers due to the ongoing elevated hog prices. Pork belly demand during April was historically large helping support belly prices. That being said, pork belly feature activity is anticipated to wane in the coming months which could influence belly prices modestly downward. April 30th pork belly (37%), ham (4%), rib (6%) and trimming (33%) stocks were all less than 2009. Prices USDA, FOB per pound.
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Produce |
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The tomato harvest in Florida continues to improve. Florida tomato shipments rose 20% last week and are now at similar levels to the previous year. Florida tomato supplies should continue to expand in the coming weeks. Additionally, west coast tomato shipments are anticipated to build next month. These factors could lead to fairly engaging tomato prices in June. Onion supplies are slowly improving which could lead to further onion price declines as the summer nears. Cool and wet weather could inhibit the lettuce harvest this week which may be supportive of lettuce prices. Prices USDA FOB shipping point unless noted (terminal).
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Oil and Grains |
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Soybean planting has slowed as of late but crop conditions still point toward large grain harvests this fall. Additional soybean oil price declines may be impending. Prices USDA, FOB.
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Canned and Frozen Food |
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Tomato Products, Canned - Canned tomato supplies remain relatively adequate. The canned tomato markets are steady with the harvest just six weeks away. Prices per case (6/10) FOB, unless noted from ARA.
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Processed Fruits and Vegetables - The markets are steady. April 30th frozen green bean stocks were 26% less than last year while cut corn (38%) and green pea (17%) supplies were larger than 2009. Prices FOB per case from ARA.
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Working Holidays
Community member BigTip writes...
Here I am at work on Memorial Day. Nothing new there. We close on Christmas day, and that's it. Sometimes we'll close early on Christmas Eve.
What days do you close? ...
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Happy Hour Pricing
Community member McDermott's Pub writes...
What is the rule of thumb for happy hour pricing? For instance, if bottle domestic beer is $3.00, our happy hour price is $2.00. Is that too cheap? House liquor that is normally 4.50 is 2.25. In my mind, that is way too cheap. My former partner priced it that way but he is no longer in the picture. Someone help! ...
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Which POS Report to Use?
Community member Greg writes...
We use the Squirrel POS system and there are a various amount of reports i can pull. My question is: when we report total sales such as food & beverage, do we use the gross menu entry report or the detailed net sales report? For example our gross menu entry reports show pop sales at $4546.34 while the detailed net report shows $4504.24. Which is the right report to use on a P & L statement? Thank you in advance. ...
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Unfermented Grape Juice and Burning Wine
I am a brassica. I am a salad green. I am a seed. I am a condiment. I am a powder. I am an oil. Medically I have been known to be a cure for the common cold. My name comes from a mixture of Roman words meaning unfermented grape juice and burning wine. I was eaten by prehistoric man and spread throughout the world by the Romans. As a spice I am second in global usage only to pepper. Some people think I am a standard part of a Rolls Royce but that’s just Hollywood capitalizing on me. I am hottest and most pungent when black. In one form or another I can be used in anything, and everything savory. I am a “take me out to the game” favorite, not Mister Mean.
What am I?
The Food Quiz has is brought to you by Culinary Specialty Produce, a specialty produce broker that scours the world for the very best in specialty produce. Contact them at 908-789-4700 or by sending an email to info@culinaryproduce.com.
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