market power analysis and blind test of the irish bread industry

Bachelor of Business Year 3

Applied Marketing

Market Power Analysis

And

Blind testing

Submission date: 26th

November 2008

2

Executive Summary

In this report we present an evaluation of the Irish bread market and its current position in

today‟s economy. We have evaluated some of the main competitors in the Irish bread market

and conducted market research on the industry by means of a survey and blind testing

analysis.

We defined the bread market within the Irish industry. We identified the main competitors in

the Bread Market, such as Gallagher‟s, Johnston Mooney& O Brien, Pat the Baker, O‟Hara‟s

and Irish Pride.

We carried out a survey on fourteen different stores across County Sligo. We collected data

to enable us comprise the information into statistics of the market share and the relative price

held by each of the brands across Ireland. By analysing the relative pricing and the market

share of each brand we have estimated their market power. Pat the Baker has the highest

market power in the market for white sliced pan.

We carried out blind testing on the various different brands i.e. Pats Pan, Milford, O‟Hara‟s

etc, to assess whether the price differentials are linked to measurable quality differences.

From our results; Taste Test 1: Participants tried to identify their chosen “favourite” brand.

Taste Test 2: Participants had to rate out of ten each of the seven brands. Pat the baker

ranked number one. Taste test 3: Participants had to re-taste each of the brands with

knowledge of brands identity. Pat the Baker came out on top again.

We kept an account of the timetable of work which included the minutes and the star rating.

From our marketing analysis study it became clear that “Pat the Baker” was the leading brand

name in terms of market share. In terms of relative price analysis, it varies between each shop

outlet however those leading brand names such as “Pats Pan” with a higher market share

were being sold at a much more expensive price than those with less of a market share and

„Own Brands‟ held a relatively large share of the market with 11%. The result of our blind

testing showed Tesco brand bread coming out as one of the most popular. However on a basis

of market share investigation Tesco was shown to have a low market power. This would lead

us to the conclusion that perceptions of people will inevitably undermine quality.

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Table of Contents

1.0 Introduction ..................................................................................................................... 4

2.0 Analysis........................................................................................................................... 5

2.1 Definition of Market.................................................................................................... 5

2.2 The main competitors in the Bread Market are as follows: ........................................ 6

2.3 Market Share Analysis ................................................................................................ 8

2.4 Relative Pricing Analysis ............................................................................................ 9

2.4.1 Own Brands ......................................................................................................... 9

2.4.2 Correlations .......................................................................................................... 9

2.5 Market Power Analysis ............................................................................................. 12

2.6 Blind Testing ............................................................................................................. 14

3.0 Conclusion .................................................................................................................... 17

4.0 Appendix ....................................................................................................................... 19

5.0 References ..................................................................................................................... 25

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1.0 Introduction

Despite the decline of the family owned bakery, the value of the Irish bread market continues

to grow. For those bread manufacturers producing a high Quality, consistent product at a

competitive price, a shareholding of the Irish market is a valuable asset.

Recent market research has shown that bread is no longer perceived as a single product, but a

range of products serving varying needs and demands in niche markets. The market is mature

and saturated. It has suffered from changing lifestyles, eating habits and other difficulties,

such as huge competition and rising costs, especially in terms of energy and raw materials.

Over the years, the market has faced up to impeding challenges and managed to retain

momentum, owing to investment in marketing studies and new product development by both

manufacturers and retailers alike.

Bread has been an important staple food product to many cultures over the centuries. It is

convenient, adaptable, nutritious and tasty and is arguably the ultimate convenience food.

As a group of third year Business Studies students we have evaluated the Irish bread market

and its current position in today‟s economy. For our study we have evaluated some of the

main competitors in the Irish bread market and conducted market research on the industry by

means of a survey and blind testing analysis, to name a few.

As a group we also carried out a survey on numerous different stores across our locality to

evaluate the market share and pricing analysis held by each competitor in the industry. All

relevant data was compiled into statistics of the market share and the relative price held by

each of the brands across Ireland. These statistics would then allow us to gain a better

understanding of the bread market while also enabling us to assess trends that may influence

the market power in the industry.

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2.0 Analysis

2.1 Definition of Market

In today‟s world consumers tastes and demands are forever changing. In Ireland the bread

industry is highly competitive, with bread also being a major competitor in the Irish Food

Industry. There is so much competition out there with huge household brands competing for

shelf space and sales in the Irish market. Such brands include Pat the Baker, Milford,

Brennan‟s, O‟Hara‟s, Gallaghers, Irish Pride Johnston Mooney & O‟Brien‟s and Hovis.

Others include own brands such as Dunnes and Tesco sliced pans.

Despite the huge consumption of bread in Ireland, the industry has not always been viable.

This was due to a number of factors:

The sheer number of bakeries in operation led to negative competition and price wars.

There was a need for a different management focus – a lack of management and

market information hampered decision-making processes.

Most bakeries operated manual ordering and distribution systems – new technology would

reduce product wastage and allow bakeries to respond to market needs at a greater speed.

New and more efficient technology meant that the quantity of bread produced could be as

close to the quantity sold as possible.

Bread is among the largest of Ireland‟s grocery market – it is estimated to be worth €315m at

retail prices per annum, with an average of five loaves purchased per household per week.

Sliced pans account for nearly 70% of the total bread sales and are a “must by” on most

family‟s weekly shopping list.

However, Ireland‟s bread consumption is nowhere near that of her European neighbours.

Ireland‟s per capita consumption is estimated at 107g, whereas French eat 150g per day and

the German‟s consume 200g daily. With the increasing popularity of speciality breads (Naan,

Pitta, Bagels) morning goods (croissants, brioche etc) and bake-off (frozen breads which

allow the retailer to bake fresh bread on their premises) the Irish bread market is set to

experience steady growth over the next few decades.

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2.2 The main competitors in the Bread Market are as follows:

Gallagher’s

Gallagher‟s is located near Ardara in Co. Donegal. It is ideally placed to serve markets in

both the Republic of Ireland and Northern Ireland. The bakery has excellent road links to the

west and midlands of Ireland, along with Northern Ireland. Gallagher‟s understand the

importance of maintaining a first-rate delivery service. They thrive on the quality and

freshness of their products and they aim to satisfy their customer needs by delivering on time

every time. It is a family run business with the skills passed down from generation to

generation. Gallagher‟s is ranked among the most progressive and most successful bakeries

in the country

Johnston, Mooney & O’Brien

Johnston Mooney & O‟Brien has been in operation for more than 171 years in Ireland. Their

aim is to provide their customer with a range of traditional bread to suit every need. The

company operates from 2 bakeries in Ireland, one is a dedicated bun and morning goods

bakery and the other is a dedicated bread bakery, both plants are based in the north-side of

Dublin. Johnston, Mooney & O‟Brien is currently one of the leading manufacturers of

hamburger buns in Europe. Their promise is to offer an excellent overall service to all their

customers by continuing to achieve high quality products

O’Hara’s

Running since 1951, established in Foxford, Co. Mayo. The kneading of quality ingredients

and technological know-how has resulted in a well-balanced product range of over 100

confectioneries and some 40 breads both wrapped and speciality breads. O‟Hara‟s is known

not only for their variety of breads but is the number one cake manufacturer in Ireland. It has

won numerous awards including “The Supreme Award” which is the overall winner of all

http://www.jmob.ie/index.htm

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manufacturing companies in Ireland. O‟Hara‟s delivers nationally and has developed in both

the UK and USA.

Irish Pride

Irish Pride is one of the largest bakery companies in Ireland. It has grown significantly over

the past number of years. Irish Pride bakeries are located in counties Mayo and Wexford.

They manufacture a range of wrapped bread, speciality breads and soft rolls. Its main

bakeries include Irish Pride, Lydon House, Kiely‟s and Keatings.

Pat the Baker

Pat the Baker is Ireland‟s champion baker for bread. Over 50 years in business, with over 400

employees and offices throughout Ireland, Pat the Baker brand name is known in every

household across the country. Pat the Baker was founded in 1953 in Granard, Co. Longford.

Since then the bakery has been continuously expanded to meet growing demand. The

freshness is reflected in their slogan “So fresh, it‟s famous” which is now part of the

corporate logo and is readily identifiable with the company.

All of the above are huge competitors constantly fighting and competing with each other for

sales and shelf space in the supermarkets. All bread companies are continuously innovating

and trying to come up with the “next best thing” in the bread market. As consumers tastes are

constantly changing it is necessary to keep up with change and people‟s preferences and

tastes.

For our project we have decided to focus our study on white sliced pans as they account for

nearly 70% of the total bread sales. The competitors listed above are part of a brand market in

the market for bread. Brand markets exist where there are many competitors but the company

has built market power by product differentiation and controlling the customer relationship

through developing the brand loyalty. A Brand is a product name and logo owned by a firm

and used to identify the firm‟s products in the marketplace. Each bakery brand carry a range

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of the traditional white sliced pan and supply it to the market in every outlet the brand is

available in.

2.3 Market Share Analysis

In our study we carried out a survey on fourteen different stores across County Sligo. We

collected data to enable us comprise the information into statistics of the market share and the

relative price held by each of the brands across Ireland.

(Please see (fig 1.1) to (fig 1.09) for all statistical data)

By bringing all the results from the initial research together it was possible to analyse the data

as follows…

By viewing (fig 1.1) you can see the results of market share among the fourteen researched

stores. Here it is visible that “Pats Pan”, or “Pat the Baker” is the leading brand in terms of

market share, with a 16% share of shelf space through the fourteen stores. After that comes

“Gallaghers” bread with 13%.

It is worth noting that the brands that scored 0%, did so as a result of having a percentage of

market share lower than 1%. These brands as well all those who scored under 4% are all

brands who were only available in one of the fourteen stores visited. In comparison, “Pats

Pan” was available in ten stores, as was “Gallaghers”. Thus the two brands with the highest

market share were available in the most stores, and the brands with the lowest market share

were available in only one.

The approach to calculate market share was based on the amount of stores in which the bread

was available. This approach gave each store “one fourteenth” of the overall market share of

bread available. This approach was taken as although Tesco, for example, may have a larger

allocation of space available for bread than a small corner shop, the percentage of shelf space

allocated to bread in both shops will be similar. So although Tesco may have more bread, and

more customers than a smaller shop, this may be in part due to the fact that Tesco is a much

larger shop.

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2.4 Relative Pricing Analysis

Looking at (fig 1.2) illustrates the prices among the different brands throughout the fourteen

stores. It is notable that some stores have quite a mark up on the bread. For example,

Costcutters charged €1.29 for Milford‟s bread, whereas Centra and Londis charged €2.07.

Through all the fourteen different stores, the average price of bread in general, taking into

account all nineteen brands observed, is €1.66. This is much lower than what some of the

brands with a higher market share are being sold at, with Pats Pan selling at an average of

€1.90. This is an indication that the more sought after brands, with a higher market share are

the more expensive ones, whereas some of the cheaper ones have less market share; See

“Correlations” for further information.

2.4.1 Own Brands

By looking at the results for the Own Brand breads, it is clear that they hold a relatively large

market share of 11%, making them fourth out of those studied. As well as this, the price of

the Own Brand is substantially lower than the other brands with similar market shares, being

over 18% cheaper than any of the other top ten brands with the most market share, and being

over 25% cheaper than any of the top seven brands.

Although the Own Brands are not the cheapest brand seen on the market in the study, they

have the lowest average price of any brand available in more than one store. With eight of the

fourteen stores selling their own brand of bread, this makes store brand bread more widely

available than for example McCann‟s which is cheaper, but is only available at Lidl.

2.4.2 Correlations

By comparing each brands price to their relative market share a correlation was calculated

on…

1. All brands

2. All brands with over 4% market share


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This was done as it may not be fully accurate to try to get a correlation on the market using

information from all brands. This is because several brands are were only observed in only

one store and do not although they may have had a shelf space percentage in the store they

were in, up to 50% in some cases, their overall market share may be low as a whole because

of being in less stores.

By calculating the correlation between price and market share on all brands with over 4%

share, this eliminates most one store brands, and the correlation on those with market share

over 10% gives us the results for the market leaders.

1. All Brands

The result when calculating the correlation of all nineteen brands was

0.16381496 (fig 1.3).

This means that there exists a weak positive correlation between the price of

the brand and its market power. This means the relationship between price and

market share is relatively low, thus in this situation the price has only a small

influence on the market share of a product.

A scatter diagram of this relationship can be seen in (fig 1.7)

2. All Brands with over 4% market share

The result when calculating the correlation of all brands with a market share of

over 4% (eleven brands) was 0.3253851 (fig 1.5)

Here there exists a stronger correlation than in point 1. By removing the

weaker brands from market and leaving the competitive ones a slightly more

defined answer can be achieved. A correlation of over 3 would be considered

modest, showing a positive relationship between price and market power. This

means that the as price goes up, so does market share.

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This revelation can be taken to mean either…

As the price of a brand of bread increases customers link this to an

increase in quality and therefore choose the more expensive brand

pushing that brands market share up

As a brand gains power in a market, it achieves a higher level of

customer loyalty and can therefore charge slightly higher prices

without losing customers. Less powerful brands however have to sell

bread for cheaper in an attempt to increase sales and achieve a higher

market share.

(fig 1.8) portrays this relationship in a diagram.


This test was carried out to see the relationship between price and market

share among the top performers in the market.

A correlation of 0.43184896 was calculated (fig 1.6)

Again as the market becomes more defined, the relationship between price and

market share becomes stronger.

Each of the top three brands have an average selling price of over €1.90,

making them relatively more expensive than the other three brands in this

example.

The same conclusion as that in the previous point can be made, that those brands with the

highest market share can charge more and still have a higher market share.

In all the results, a positive correlation was found between price and market share. That as

price increases, so does market share. The reason for this may be brand loyalty; people are

willing to pay more for, say, Pat the Baker, because they feel it is better quality. Therefore if

that brand was to increase price slightly it would probably not affect their market share. This

is based on the fact that it is already more expensive than other brands yet is still more

popular.

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2.5 Market Power Analysis

By analysing the relative pricing and the market share of each brand we have estimated their

market power.

Pat the Baker has the highest market power in the market for white sliced pan. Their Market

power is very high because they have built it up through product differentiation and by

controlling the customer relationship through developing the brand loyalty. This means that

that the product is different or at least perceived as different from competing products. This is

often a result of successful branding which is supported by advertising. Pat the Bakers song is

a key success factor to their advertising campaigns. The line from the song „so fresh its

famous‟ is their slogan which is known by everyone across Ireland and the recent campaign

they are currently running called „sing it your way‟ increases their brand recognition.

Other brands with high market power in the selected market are Gallagher‟s, Milford, O

Haras and Brennans bread. Like Pats Pan they too have been building on customer loyalty

and product differentiation. The variation from the highest to the lowest price of these brands

is within the range of €0.20 of each other. Their profit margin will therefore be quite similar

as the slight discrepancy in relative price to market share will generate comparable turn over.

Building market power results in the company generating higher profit margins. The market

power is important in dealing with retailers, especially chains. The strong brand with high

market power will rarely be “de-listed” by retailers because loyal customers will demand the

product to be stocked. This explains why Pat the Baker is available in ten of the fourteen

stores compared with the weaker brands, with low or no market power, only being stocked in

one or two retail outlets.

The companies with a strong brand have a significant degree of control over its selling price

and can set prices at a level to generate adequate profits. This can be demonstrated by

comparing the price of a leading brand, such as pat the baker at an average price of

€1.90,with that of the comparable own brand, such as the Tesco‟s, which retails at €0.84.

Strong Brands, by establishing customer loyalty, gives companies a degree of power over the

selling price of their product.

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Brands with a relatively high market power have an inelastic demand curve. The more

inelastic the demand curve the greater the customer loyalty and the greater the ability of the

business to charge a price above the range of competitor prices. By looking at and comparing

market share and relative price (fig. 1.3 ) we can see that the market for bread is relatively

inelastic (in terms of different brands), meaning that a change in price of one brand is

unlikely to greatly affect the demand for that brand or affect its market share. This is based on

the fact that competing brands are offering bread for cheaper yet it is still the more expensive

brands that have the highest market share.

Some of the brands that we have establish to have low market power in the market for white

sliced pan are the own brands, Devine Big 8, Johnston, Mooney and O‟Brian, Riding Lodge,

Mc Canns, Mr Toasty, Good Morning and O' Donnells. Most of these brands were found to

have relatively low market share but on average their price was on the higher scale of the

market. Firms with weak brands, or no customer loyalty, can have their product “de-listed”

and removed from the shelves of the supermarket. This is why they were found to be supplied

in fewer stores than the high market power brand and the relatively high power brands of

Irish Pride and Hovis. The threat of being removed from shelves hangs over all weak brands.

The price in a weak brand, low market power market will be in line with costs of production

with a low profit margin. Most firms selling with this low market power will make low profit

margins generally below 5%

The Own brands however were ranked in 4th

for market share but this is a combination of

each shops own brands. Their prices are very competitive compared with the other brands

available on the market. Own brands, which have no customer loyalty, compete on a price

basis and their price must be below the range of competitor prices or else they will suffer a

major reduction in sales.

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2.6 Blind Testing

As stated previously as part of our Market power analysis project, we were asked to examine

the market power held by all the competing brands in a chosen branded consumer goods

market. The good that we chose for the basis of our analysis as we now know was bread and

more specifically sliced white bread. As part of our analysis we were required to carry out

blind testing on the various different brands i.e. Pats Pan, Milford, O‟Hara‟s etc to assess

whether the price differentials are linked to measurable quality differences

Below is an account of the methods we used when carrying out our blind testing and a

detailed evaluation of our findings.

First of all we made a decision as to what seven brands we were going to include in our blind

testing The seven brands we decided upon were the following;

1. Brennan‟s

2. Milford

3. Gallagher‟s

4. Pat the Baker

5. O‟ Hara‟s

6. Tesco

7. Johnson, Mooney and O‟ Brien

Next we randomly selected six willing volunteers to aid us with our research .As a group we

felt that it would be appropriate to have three males and three females to participate in our

test as this would facilitate us in reaching more accurate and fair results.

Our main objective in carrying out our blind test was to find out if our participants were able

to differentiate between our seven brands of white sliced bread and more importantly whether

or not they were able to identify their preferred brand of white bread.

We established certain safety measures before we began our blind testing.

Firstly it was decided that only one participant at a time would be allowed in to the testing

room. Secondly as each participant completed each of the tests they were sent to a separate

room to the remaining participants waiting to be tested. Each participant also was provided

with a glass of water to drink from between each bread sample testing in order to remove any

lingering aftertastes. We felt that this would give a fair chance to each of the breads being

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tested. We took these measures ensure that nothing and know one (i.e. that our participants

could not influence each other) could distort our findings.

Taste test one involved each of the participants being individually brought into the testing

room and sat down at a table. They were subsequently presented with our seven different

brands of bread. All of the participants were asked to taste each of the bread samples and try

to identify their stated “favourite” brand (before we began our testing we took a record of

each participants perceived favourite brand).Below is a list of the participants preferred

brands.

Participant’s Favourite Brand

Participant 1 Pat the Baker

Participant 2 O‟ Hara‟s


Participant 4 Johnston, Mooney &O‟Brien


Participant 6 Brennan‟s

In Taste test two the same process was repeated but this time the participants were asked to

taste each of the bread samples and rate them out of ten, with ten being the highest.

Taste test three then involved a slightly different approach. We decided it would be

interesting to ask our participant‟s to sample and rate each of the breads again with the

exception that this time around we would inform each participant of which brand of white

sliced bread they were tasting. We as a group wanted to see if our participant‟s perceptions of

the breads i.e. there previous ratings would change when they knew which brand they each

were.

The results of our blind testing were as follows:

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Taste Test 1- This test as stated previously involved the participants trying to identify their

chosen “favourite” brand. Only participant two, three and five were able to successfully

identify their stated preferred brand.

Taste Test 2- In this taste as we know the participants were asked to rate out of ten each of

the seven brands when they were unaware of which brand they were tasting. Pat the baker

ranked number one, With O‟ Hara‟s coming in at second place. In joint third we had

Gallagher‟s and Johnston, Mooney & O‟Brien. In fourth place then came Tesco‟s, with

Brennan‟s and Milford coming in joint last.

Taste test 3- This test required the participants to re-taste each of the brands with the

exception that they now had knowledge of the identity of the brands they were testing. The

results of the test were as follows. There was no change to the number one spot with Pat the

Baker once again coming out on top as was the case with O‟Hara‟s which stayed firmly in

second place. Tesco‟s moved up to third place, pushing Gallagher‟s down to fourth. Milford

moved up a spot to fifth place. Leaving Johnston, Mooney &O‟Brien ranking sixth, with

Brennan‟s finishing last once again.

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3.0 Conclusion

As a result of our study and market research we, as a group, have evaluated the Irish bread

market and therefore gained a better insight into the trends that influence the market power,

market share and price analysis of the industry.

The results of our findings are as follows:

Market Share Analysis

From our marketing analysis study it became clear that “Pats Pan” or “Pat the

Baker” was the leading brand name in terms of market share with a 16% share

of shelf space throughout fourteen different stores, followed closely by

“Gallaghers” with a share of 13%.

These figures had led us to the belief that these two brands were obviously the

most popular.

Relative Pricing Analysis

Throughout all fourteen stores we, as a group noticed a great variation of price

in a small number of Breads. For example: Costcutters charged €1.29 for

Milford‟s bread, whereas Centra and Londis charged €2.07.

It became apparent that those leading brand names such as “Pats Pan” with a

higher market share were being sold at a much more expensive price than

those with less of a market share

Own Brands

It became evident that Own Brands held a relatively large share of the market

with 11%. Also the price of the Own Brand was substantially lower than other

brands with a similar market share.

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Blind Testing

The blind testing evaluation provided the most interesting result of our research. Taking the

above into consideration the results of our blind testing analysis proved that market power

shows relevance to popularity even in a situation where the person is unaware of the brand.

Also with relevance to Own Brands, the blind testing analysis provided evidence that a study

of just market shares and market power is not sufficient.

The result of our blind testing showed Tesco brand bread coming out as one of the most

popular. However on a basis of market share investigation Tesco was shown to have a low

market power. This would lead us to the conclusion that perceptions of people will inevitably

undermine quality.

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4.0 Appendix

(fig 1.3) Market Share and Price Analysis

Sorted By Share

Pats Pan 16% €1.90

Gallaghers 13% €1.93

Milford 12% €1.91

Own Brand 11% €1.29

O Haras 10% €1.78

Brennans 10% €1.73

Irish Pride 6% €1.74

Hovis 6% €1.59

Devine Big 8 4% €1.95

JM+OB 4% €1.99

Riding Lodge 4% €0.60

Mc Canns 2% €0.95

Mr Toasty 1% €2.00

G. Morning 1% €1.39

O' Donnells 1% €2.15

Mulhalls 0% €2.00

Vogels 0% €1.49

Big Toast 0% €1.47 Correlation

Irwins 0% €1.66 0.16381496

______________________ ______ ______ _____________

Total Percentage 100%

Average Price €1.66

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(fig 1.4) Market Share and Price Analysis

Sorted By Price

Riding Lodge 4% €0.60

Mc Canns 2% €0.95


G. Morning 1% €1.39

Big Toast 0% €1.47

Vogels 0% €1.49

Hovis 6% €1.59

Irwins 0% €1.66



O Haras 10% €1.78

Pats Pan 16% €1.90

Milford 12% €1.91



JM+OB 4% €1.99

Mulhalls 0% €2.00

Mr Toasty 1% €2.00 Correlation

O' Donnells 1% €2.15 0.16381496

______________________ ______ ______ _____________

Total Percentage 100%

Average Price €1.66

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(fig 1.5) Brands With Market Share Above 4%

Pats Pan 16% €1.90


Milford 12% €1.91


O Haras 10% €1.78



Hovis 6% €1.59


JM+OB 4% €1.99 Correlation

Riding Lodge 4% €0.60 0.3253851

(fig 1.6) Brands With Market Share Above 10%

Pats Pan 16% €1.90


Milford 12% €1.91


O Haras 10% €1.78 Correlation

Brennans 10% €1.73 0.43184896

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(fig 1.7)

Scatter Graph For (fig 1.3)

(fig 1.8)


€0.00

€0.50

€1.00

€1.50

€2.00

€2.50

0% 5% 10% 15% 20%

Axi

s Ti

tle

Axis Title

Y-Values

Linear (Y-Values)

€0.00

€0.50

€1.00

€1.50

€2.00

€2.50

0% 5% 10% 15% 20%

Axi

s Ti

tle

Axis Title

Y-Values

Linear (Y-Values)

23

(fig 1.9)


€0.00

€0.50

€1.00

€1.50

€2.00

€2.50

0% 5% 10% 15% 20%

Axi

s Ti

tle

Axis Title

Y-Values

Linear (Y-Values)

24

Original Survey Data

Name of Researcher: Name of Shop:

Date: Time:

Brand Name Number Of Loaves Price (€‟s)

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

Total Number of

Loaves in Shop (

25

5.0 References

Websites

www.oharasoffoxford.com

www.patthebaker.com

www.irishpride.com

www.gallaghersbakery.ie

www.jmob.com

www.marketresearch.ie

Books

Donal Rogan (2007), Marketing, An Introduction for students in Ireland, 3rd

Edition, Gill &

MacMillan

market power analysis and blind test of the irish bread industry

Documents

irish market

irish bread market

market share analysis

definition of market

terms of market share

higher market share

highest market power

low market power