Baking Business Management and Market Strategies

Vocabulary flashcards covering key business concepts for bakeries, including business threats, wholesale baking operations, market research, industry trends, and pricing strategies.

Threats

Challenges or risks that can affect a business, such as new competitors opening nearby, rising ingredient costs, or having fewer customers.

Wholesale Bakery

A business model that involves baking in large quantities for other businesses rather than direct individual consumers.

Wholesale Bakery Customers

Business clients that purchase baked goods in bulk, including cafés and restaurants, grocery stores, and hotels and institutions.

Wholesale Bakery Sales Methods

Commercial distribution methods involving bulk orders, contracts, and scheduled deliveries to business clients.

Market Research

The process of gathering, analyzing, and interpreting data about a target market, consumers, competitors, and current trends to reduce risk and refine marketing and pricing strategies.

Market Trend

A change in what customers prefer to buy, allowing a business to identify shifts and adapt within the baking industry.

Viral Flavors Trend

A baking market trend featuring highly popular or trending flavor profiles such as Pistachio, Ube, and Matcha.

Health-Conscious Baking Trend

A market trend focused on meeting consumer demand for healthier options, such as low sugar and high protein baked goods.

Pricing Strategies

The processes and methods businesses use to set prices for their products and services.

Cost-Plus Pricing

A pricing strategy where a markup is added to the total cost of production; best used to ensure a profit on every product.

Competitive Pricing

A pricing strategy where prices are set based on what competitors charge; best used in markets with many similar products.

Value-Based Pricing

A pricing strategy where prices are set based on the value customers perceive; best used for unique or high-value products.

Penetration Pricing

A pricing strategy where lower prices are set initially to attract more customers; best used for new products entering a competitive market.

Premium Pricing

A pricing strategy where higher prices are set to reflect high quality and exclusivity or to attract customers initially; best used for luxury or specialty products.