NU FS100 Chapter Notes - Chapter 1: Peanut Butter
4 Feb 2017
School
Department
Course
Professor
Document Summary
People are all food consumers no matter where they are. Consumers make choices daily about the foods they want to purchase and thereby vote everyday using their dollars. A supply and demand system is developed as the market responds to changing customer demands. These 4 parts often overlap each other, since the food industry needs a lot of planning and synchronization to be successful. The amount of income spent for food has declined. Consumption trends change over time and this influences how the market produces and advertises. There are companies that do not sell food directly but are involved in the food industry. They produce non-food items that are necessary for marketing food. e. g. packaging industry, food machinery. Type of food consumed are constantly changing which drives competition within the food industry. Reasons like cost, supply of ingredients, availability, influences that foods people choose to consume.
