Marketing management assignment Essay
Simply by segmenting the consumer’s market into candy lovers and non-chocolate enthusiasts, which can be further, breakdown the segment of chocolate lovers in to smaller segments through difference. Therefore Godiva Chocolate Organization will only give full attention to 2 portions as my personal target. They are the teenagers particularly the students and children from your age group of 4 to 7. I might also include the reason why as to why these kinds of segments will be more penetrable in my point of view. To add upon, Positioning is all about finding the best way to encourage a consumer that their wish could be a require. Next We would move on to advertising mix of Godiva Gems. In product approaches, I would make use of value added solution to cater to the several preference of my targeted audiences, by simply producing two different models of Godiva Gems to satisfy two distinct groups of people. In my place strategies, I chose to place Godiva Gems closer to my own target audience to provide them the ease of buying luxury chocolate inside the neighbourhood region. In the selling price strategy, I selected to use industry penetration prices method to shut down competition and attract as many buyers as is possible; follow by the different pricing for chocolates catering to different targets. Lastly, in my campaign strategy, I selected the realistic approach on Godiva Jewels, follow by the reasons that we think logical approach is the foremost way to appeal to my target consumers. By simply market segmentation, it means that companies break down large heterogeneous markets in smaller segments so as to get in touch with people in some segments more efficiently and effectively with product or service that match their needs. Segmentation goes by 4 different classes; they are Geographic Segmentation, Demographic Segmentation, Psychographic Segmentation and Behavioral Segmentation. I would use Demographic Segmentation to divide the delicious chocolate market intended for Godiva Gems. Demographic Segmentation is to split the market into groups basics of factors, things like race, gender, era, income a few common factors which are well-known which individuals are normally group. This is because the needs and wants of men and women are tightly related to the demographic factors. In addition , the needs and wants of individuals may vary due to trend impact on and the conditions they are in. In the situation of Godiva Gems, I would divide the consumer market into a couple of big sectors; there are the chocolate lovers and the non-chocolate lovers. Presuming there more chocolate enthusiasts than the non-chocolate lovers, for that reason further division of the section is needed to accept the large segment into more compact segments. Sales strategies – Focusing on and Placing After department and analysis of the marketplace segments, the next thing targeting is vital. This is because a company only provides limited amount of methods therefore needs to decide which and exactly how many segments to opportunity into. Every single smaller portion is different and Godiva Chocolates Company has to work on these types of differences to best position itself in the consumer’s marketplace. Positioning simply means to find a stand in the cardiovascular system and head of every targeted consumer. Also, it is express since differentiating the competitive advantages in the small segments, by choosing the right benefit that would benefit the company which to build a posture in the consumer’s market. For example, the teenagers- students section and the Children segment each has their personal unique dissimilarities between them. Hence the smaller sections that Godiva Gems can be targeting will be the young doing work adult lovers and the significant families with children. Teenagers – Students Segment Up coming, Godiva Gemstones could also focus on on the children at the age of 4 to 6 with parent or guardian holding an annual income of $24000 to $36000. Children in general take pleasure in candies; delicious chocolate would be one of their favorites. Parent might buy chocolates for their children just to help to make their children content. Furthermore, kids at the age of 4 to 6 share very close bond with their parent. This is when the Godiva Gems can play a part in creating the friends and family bonding and bring delight and joy to households by simply consuming chocolates collectively. As Godiva Gems will come in individual wraps, bringing it out on family members activities may be the finest choice. Next We would move on to another strategy referred to as Marketing Mixture. In the market, people in general favor items that are extremely available and affordable. In order to achieve the results that Godiva Jewels wanted, the comparison built through observation of additional chocolate item purchase simply by consumers could tell the business where Godiva Chocolate stands; in addition additionally, it reveals the competitive benefits of Godiva Gemstones. Product tactics work in many ways. For instance, online surveys could be provided to the targeted audiences to be able to capture all their preferences towards chocolate. That way, the firm could analysis the exterior environment and know what the consumers like best. For instance , Children in the age group of 4 to 6 want their candy in different patterns and colors even though the students inside the age of 13 to of sixteen might focus more around the taste and brand of the chocolate. For that reason Godiva Gems could work towards the choices of the targeted market. The preferences of the targeted audience generate the value add to Godiva Jewels. Godiva Gems would created many patterns and colors covered chocolates to accommodate the children industry and different types of chocolates tastes to cater to the students. In addition , a crew of dedicated revenue personnel would be value added feature to marketing a product. The reason is , people in general buy the goods along with the services therefore people do concern within the manner that they can were being cured and provide. The same should apply to Godiva Gems. In short, Godiva Jewels have to attain the demands of the targeted market, simultaneously the support standards, that the chocolate comes, must also always be excellent. Godiva Gems should portray the image of extravagance chocolate cheaply. My concentrate on audiences happen to be students and Children, College student at the age of 13 to of sixteen would probably spend all their time in the tuition centers and having school curriculum activities, they may not have you a chance to go out shopping. Furthermore, Children with the age of 4 to 6 are mostly likely to spend their week-ends with the grandparents, playing at the playground as the parents go out to do their particular shopping. To talk to these sets of people, Godiva Gems has come out with all the strategy simply by walking in the neighbourhood. Godiva Gems seek to set up sophisticated chocolate outlets in the properties to sell cost-effective luxury chocolate because the targeted audience can now get them around the corner. Godiva Gems could open the first high-end chocolate shop at one of the old estates, like Bedok. These locations have the the majority of housing houses and neighborhood schools. Price Strategies Considering that the targeted viewers are in the neighbourhood, the pricing in the chocolate must be affordable but not pricey. First of all, I would make use of the Market penetration pricing strategy on Godiva Gems. First of all, Godiva Jewels is utilizing a new product to enter into a new market; it needs to attract many buyers as soon as possible. Secondly, Godiva Gems advertising at low prices could keep your competition, of others of delicious chocolate, out of the industry. Therefore , the corporation could price Godiva Gemstones that suits children when justin was 4 to 6 in two diverse style; they might be sold at $30 per pack with 20 pieces of random individual wraps or children can choose among the list of chocolates from the lower shelving, on these kinds of lower shelving are every individual wrap chocolates with different design and style and color at the expense at $1. 50. This way Godiva Gems are made cost-effective to father and mother, of small children, in the neighbourhood. In comparison, Godiva Gems that cater to college students would be packs differently in the children packs and could be seen at the higher shelving at the mechanic. The sweets for the students come in boxes with twenty sticks of individual cover chocolate by $40. This way, Godiva Gems is made inexpensive to the learners. Promotion Approaches Promotion Strategies are device in helping the firm to have the message content material across to draw the target audience to purchase the product. As my own target audiences are the students and the father and mother of small children, I think the best option would be the realistic approach. This is because, the logical approach relates to the audiences’ self-interest. The best way to attract the students and Children to get to know Godiva Gems is by giving out Examples. On this hand, the beginning of a high end chocolate shop located in the neighbourhood would attract curiosity from the community. At this moment, the sales workers would pleasant the people outside of the shop to test Godiva Gems. Godiva Gems would be successful when people purchase after they sample because it means the buyers like the taste of the chocolates. On the other hand, promotion strategy as well works yet another way. For instance Godiva Gems may do beginning ceremony sales promotion to attract consumers to get the products. These products can be bundle in package deal and sell by different selling price. Philip Kotler. and Gary Armstrong (2009) Principles of promoting 13 impotence. New Jersey: Prentice Hall. a
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