Recipe to Riches - Lecture notes 1 PDF

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Detailed analysis of recipe to riches...

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Recipe to Riches Notes

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Many Australians have embraced the reality TV concept o Masterchef is almost a direct competitor o Some broad examples are The Block, The Biggest Loser, and The Voice

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Recipe to Riches is a cooking game show: each episode has three contestants aiming to win their food category

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Mentored and judged by a team of experts in advertising, branding and food development o Mentors include notable people such as Carolyn Creswell, the creator of Carman’s Fine Foods

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Contestants have to devise a brand for their product and create the product launch strategy

SWOT When doing this analysis, I decided it was to analyse the entirety of the product as a whole. That being, the show itself, as well as the products that they create as a product of this show – as these products do end up on Woolworths shelves.

Strengths: 

The show is backed by notable mentors who frame the show, such as Caroyln Creswell (the creator of Carman’s)

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Unique idea

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Woolworths sponsoring

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Established show in Canada

Weaknesses: 

Could be viewed as simply a marketing ploy  heavy reliance on Woolies

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Cooking can be seen as a bit niche

Opportunities: 

Products gain much more popularity due to being broadcast on TV

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Great platform of interactivity with viewers

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Broad segmentation o Will look into this a bit further in a second

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Halo effect

Threats: 

Already quite popular cooking shows (will examine further when discussing competitors)

PESTLE 

Social o Nationwide increase in interest of food shows

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Technology o Has allowed for an integrated marketing campaign and new way to advertise and present the show o Show can now be viewed online on the TEN website  consistent advertising for Woolworths

COMPETITORS Direct Competitors: 

My Kitchen Rules, Masterchef Australia and Food Safari

Indirect Competitors 

Indirect competitors would be classified as any show competing in its time slot. While some may argue it’s a direct competitor as they are fighting for viewers to watch that show at the same time, I argue that it’s offering a completely different product in the same area however is competing

Some statistics: 

First episode has 616,000 viewers - making it the fourth most popular show during its time slot and the 18th for the evening

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In contrast, looking at Masterchef Australia: o Their season 1 stats where higher, with auditions generating over a million viewers per episode, and some episodes in the later end of the season reaching upto 3,745,000 viewers

A note on this: 

Research revealed that plenty of cooking shows seem to be short-lived due to the competitive nature of the market

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Some examples of shows that lasted no longer than three years include: Shane Delia’s Spice Journey, My Restaurant Rules, Kitchen Whiz and The Cook and the Chef

http://blogs.sunherald.com.au/whoweare/archives/2009/05/

CUSTOMERS

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TV shows in general have quite a broad target market, as they’re simply displayed on the network

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Upon some further research, we found it aired at 7:30PM on Tuesdays  quite a broad time that probably has a sole focus of attracting a wide crowd

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Further backed by the broad selection of categories that the competitors chose: o For example, the target market identified by a competitor was ‘chocolate lovers’  captures a large audience

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Each week had a different category which might further allow for segmentation via behavioural qualities

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Engagement with viewers  mention that fb thingy

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Segment them? 

Demographic

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Geographic

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Psychographic

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Behavioural

EXTRA 

Looking at what was popular at the time, statistics clearly demonstrate why such a show was created o Masterchef’s peak years seemed to be the years just preceding the creation of Recipe to Riches (i.e. 2011 and 2012) 

However, the shows short life is potentially illustrated not by the shows failure to effectively participate, but also by the fact that cooking shows may have potentially been on a decline, because Masterchef’s average viewer count drastically dropped around the time the show finished, with 2014 and 2015 seasons being significantly lower than the 2011 and 2012 seasons

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Integrated marketing campaign o Through engagement with the viewers, there was an integrated marketing campaign  blended social media, tv ads, sponsors by judges, engagement with viewers, timed product releases...