AbstractsBusiness Management & Administration

Consumer segmentation: Reduction of Market Risk in the Development of Functional Food Products

by Friðrik Björnsson 1990

Institution: University of Iceland
Year: 2015
Keywords: Viðskiptafræði; Markaðsmál; Markhópar; Neytendur
Record ID: 1220455
Full text PDF: http://hdl.handle.net/1946/20298


The study’s purpose was to segment Icelandic consumers in order to find a suitable target market for new functional ready-to-eat seafood products. The study was performed for practical purposes of an Icelandic manufacturer and seller of convenience seafood products. The results were intended to evaluate market potential and provide the company information that would aid the efficiency of its activities in the marketing of the to-be-developed products. A questionnaire consisting of parts of various validated scales addressing food related attitudes, beliefs and behaviors was submitted to a random sample of 3,700 individuals, but 500 valid responses were gathered. A K-means cluster analysis revealed five consumer segments, one of which was identified as a target segment. The identified target segment was labeled as Health oriented believers. The segment’s beliefs and positive attitudes toward functional foods, and its substantial size of around one fifth of the market suggest a good market potential for new functional ready-to-eat seafood products. Viðskiptafræðideild hefur samþykkt lokaðan aðgang að þessari ritgerð í tvö ár.