The Staff of Life? - 9 April 2007
This Problem Based Learning (PBL) activity looks at the market for bread. Bread is considered a staple product - one that is bought regularly and which might be viewed as being largely immune from changing market conditions. In recent years, however, the market appears to be changing driven by the growth of a previously local based bakery, Warburtons. Their marketing and pricing tactics have forced other bakers to re-assess the bread market.
Learning Objectives
At the end of this PBL activity, students might have covered some of the following areas:
- The nature and characteristics of competitive advantage
- The distinction between normal and inferior goods
- The characteristics of demand
- The workings of the market mechanism
- Factors affecting the demand for a product, including substitutes
- Different types of marketing strategies
- The main elements of the marketing mix
- The response of businesses to changed competitive conditions
- Consumer reaction to new products and pricing strategies