Promoting management project essay

Executive Synopsis

The culture to eating candy has undoubtedly evolved over time in Singapore. A beautiful package of perfectly wrapped delicious chocolate was no much longer appealing to Singaporeans, especially those which are delivered after the 1980s and later. Persons of this era go for sweets that not only taste good but as well look good. Consequently Godiva Gemstones would have to measure the markets and use specific strategies to provide their best to certain groups of customers. The strategy introduce was Segmentation, Targeting and Positioning.

Most important, I would present the 4 different types of segmentation of the card holder’s market; in the situation of Godiva gems the demographic segmentation seems to be your best option to segment the market.

Simply by segmenting the consumer’s industry into chocolate lovers and non-chocolate addicts, which will be further, break up the part of delicious chocolate lovers in to smaller sections through differentiation. Therefore Godiva Chocolate Company will only pay attention to 2 portions as my personal target. These are the teenagers especially the students and children from your age group of 4 to 7.

I would include the reasons as to why these portions are more penetrable in my point of view. To add on, Setting is about finding the best way to convince someone that their very own want could be a need. Up coming I would will leave your site and go to marketing mixture of Godiva Gems.

In product strategies, I might use useful method to focus on the different desire of my personal targeted followers, by generating two several sets of Godiva Gemstones to satisfy two different groups of people. Inside my place strategies, I chose to position Godiva Jewels nearer to my potential audience to give them the convenience of purchasing luxury candy in the neighborhood area. Inside the price strategy, I chose to use the market penetration pricing method to cut off competition and entice as many buyers as possible; adhere to by the several pricing pertaining to chocolates providing to different objectives. Lastly, during my promotion technique, I chose the rational strategy on Godiva Gems, stick to by the factors which I believe rational strategy is the best method to appeal to my own target customers.

Chocolate Culture in Singapore

The chocolate trend in Singapore is slowly changing over the years. In the past, a box of fine chocolate would still work excellent as a gift idea for events. Lately, it’s no longer necessary to buy a beautifully gift-wrapped box of various chocolates any more. With the advent of gourmet quality, chocolates in recent times have made buyers buying them not only for taste and also for their patterns. For instance, the Godiva sweets are among the many luxurious chocolates around, and it has always been the best choice because gifts intended for special occasions. The Godiva candy company noticed that people wish to share sweets in general. Therefore people choose the individual wrapped offerings like the Lindor Truffle, as they are more attracting. Marketing Strategies ” Segmentation

By industry segmentation, it implies that corporations divide significant heterogeneous markets into more compact segments to be able to reach out to people in certain sections more efficiently and effectively with products and services that match the requirements. Segmentation goes by four several categories; they can be Geographic Segmentation, Demographic Segmentation, Psychographic Segmentation and Behavioral Segmentation.

I would use Demographic Segmentation to divide the chocolate marketplace for Godiva Gems. Market Segmentation is always to divide the marketplace into groupings bases of variables, things such as race, sexuality, age, cash flow are some prevalent factors that are popular which people are normally group. The reason is , the needs and wants of people will be closely relevant to the demographic variables. In addition , the needs and wants of people can vary due to tendency influences and the situations they are really in. For the circumstance of Godiva Gems, We would divide the buyer market into 2 big segments; you will find the candy lovers plus the non-chocolate enthusiasts. Assuming generally there more delicious chocolate lovers compared to the non-chocolate fans, therefore further division of the segment is needed to bring the significant segment into smaller sections. Marketing Strategies ” Targeting and Positioning

Following division and evaluation from the market segments, the next step targeting is very important. This is due to a company simply has limited amount of resources consequently has to decide which and how many segments to venture into. Each more compact segment differs from the others and Godiva Chocolate Company needs to work on these variations to greatest position alone in the customer’s market. Placing simply means to get a stand in the heart and mind of each and every targeted buyer. It is also communicate as distinguishing the competitive advantages in the smaller sectors, by choosing the best advantage that could benefit the organization which to generate a position inside the consumer’s marketplace. For instance, the teenagers- learners segment as well as the Children segment each has their own one of a kind differences between them. Therefore the smaller sized segments that Godiva Gems would be aimed towards are the small working mature couples and the large family members with children. Teenagers ” Students Section

Godiva Gems chose to target on young adults especially the students between the age ranges of 13 to 18 holding an monthly allowance of three hundred to hundreds of dollars, because this selection of teenagers generally are out bound and fun, they collect with friends and get involve with many activities, even though they have lowest

getting power, they might consider obtaining luxury chocolates to eat due to peer effect and company conscious. As an example, when a second school student walks in the school consuming luxury delicious chocolate, other peers may get jealous or envious and might start to try to find one too. Therefore Godiva Gems could cater to the needs and wants with this group of teenagers because the sweets would be load up in specific wraps, which can be carried around easily and share around with friends. Children Segment

Following, Godiva Gems could also focus on on the kids at the age of 4 to 6 with parent or guardian holding a income of $24000 to $36000. Kids in general love candies; chocolates would be certainly one of their faves. Parent would buy chocolate for their children just to produce their children content. Furthermore, kids at the age of 4 to 6 share close bond for their parent. This is where the Godiva Gems can play a part in creating the friends and family bonding and bring happiness and pleasure to families by simply eating chocolates collectively. As Godiva Gems also comes in individual wraps, bringing it on relatives activities is the best choice. Next We would move on to one more strategy referred to as Marketing Mixture.

Marketing Combine

Marketing Mix are sets of controllable, technical marketing tools that a organization uses to produce the kind of response which they desire from their targeted market and it involves four different strategies and they are generally the product strategies, the price approaches, the promotion strategies and lastly the advertising strategies Product Strategies

Available in the market, people in general favor products which might be highly obtainable and affordable. In order to attain the benefits that Godiva Gems wanted, the assessment made through observation of other chocolate product buy by buyers would inform the company in which Godiva Chocolate stands; in addition it also uncovers the competitive advantages of Godiva Gems. Merchandise strategies work in many ways. For instance, surveys could be given out to the targeted viewers in order to record their personal preferences towards chocolate. This way, the firm may analysis the external environment and know what the customers like ideal. For example , Children in the age bracket of four to six would like all their chocolate in several patterns and colours while the pupils in the associated with 13 to 16 may well focus more on the preference and model of the chocolate. Therefore Godiva Gems could work towards the preferences of the targeted industry.

The tastes of the targeted audience create the worth add to Godiva Gems. Godiva Gems might come out with a large number of patterns and colors coated sweets to suit the kids market and different types of chocolate preferences to appeal to the students. Additionally , a crew of devoted sales staff would be useful aspect to marketing a product. This is because people in general buy the merchandise along with the companies therefore people do concern over the method which they were being treated and serve. The same should apply to Godiva Gemstones. In a nut shell, Godiva Gems need to achieve the needs in the targeted industry, at the same time the service standards, which the chocolates is sold, must also be excellent. Godiva Jewels should portray the image of luxury candy at an affordable price.

Place Strategies

Place approaches are about finding the right destination to distribute your product. Hence, Singapore is a very small marketplace compared to nearly all countries on the globe and almost all luxury sweets could just be found in the places just like shopping centers, museums and the Nationwide airport of Singapore. Without a doubt, many persons go to locations like the orchard road about weekends nevertheless the shopping centers are generally filled with adults.

My target audiences happen to be students and Children, College student at the age of 13 to sixteen would most likely spend their time in the tuition centers and having school programs activities, they may not have the time to go out searching. Furthermore, Children with the associated with 4 to 6 are mainly likely to spend their week-ends with the grandpa and grandma, playing at the playground as the parents go out to do their particular shopping. To reach out to these sets of people, Godiva Gems comes out while using strategy by walking in to the neighbourhood. Godiva Gems try to set up high end chocolate retailers in the locations to sell inexpensive luxury chocolate because the targeted audience can now get them around the corner. Godiva Gems could open the first expensive chocolate shop at among the old properties, like Bedok. These properties have the many housing flats and area schools. Cost Strategies

Because the targeted people are in the neighbourhood, the pricing with the chocolate must be affordable but not pricey. Firstly, I would utilize Market penetration pricing technique on Godiva Gems. First of all, Godiva Gems is by using a new product to enter into a new market; it requires to attract numerous buyers as quickly as possible. Secondly, Godiva Gems offering at low prices could keep your competitors, of other brands of chocolates, out of the market.

Therefore , the company could value Godiva Gems that caters to children when justin was 4 to 6 in two diverse style; they might be sold at $30 per bunch with 20 pieces of arbitrary individual gloves or children can choose among the chocolates through the lower shelving, on these lower shelves are each individual wrap delicious chocolate with different design and style and color at the expense at $1. 50. In this way Godiva Gems are made cost-effective to parents, of young children, in the neighborhood. In comparison, Godiva Gems that cater to college students would be load up differently through the children pack and could be found at the higher shelving in the shop. The chocolate for the students come in bins with 20 sticks of individual encapsulate chocolate for $40. In this manner, Godiva Gems is made inexpensive to the learners. Promotion Strategies

Promotion Tactics are tool in helping the firm to find the message content across to attract the target viewers to purchase the item. As my personal target audiences are the pupils and the father and mother of children, I think the most suitable would be the rational approach. It is because, the rational approach pertains to the audiences’ self-interest. The best way to attract the students and Kids to get to know Godiva Gems is by giving out Examples. On this hand, the opening of a sophisticated chocolate shop located in the neighbourhood would attract attention from the general public.

At this moment, the sales personnel would pleasant the people outside the shop to sample Godiva Gemstones. Godiva Jewels would be successful when people buy after they test because it will mean the customers like the style of the chocolate. On the other hand, campaign strategy as well works yet another way. For instance Godiva Gems could do starting ceremony sales promotion to draw consumers to get the products. The products can be package in package deal and sell for different price.

References

Kaplan Research Guide pertaining to Marketing Supervision

Extra Readings

Don Sexton. and Donald Trump (2006) Trump College or university Marketing tips: how to use the most powerful ideas in marketing to get more consumers. New Jersey: David Wiley & Sons, Inc., Hoboken

Philip Kotler. and Gary Armstrong (2009) Principles of Marketing 13 ed. New Jersey: Prentice Lounge. a

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