Background and Objectives
Write a report on Marketing Plan of the Haigh’s company.
The marketing plan is prepared to increase the overall turnover of the Haigh’s company by focusing on the sale of chocolates on Christmas. The report emphasizes upon the attractive strategies that will help company to accomplish goals and objectives in an effective manner. The company deals with the confectionary items and has a high level of competition in the market. Haighs offers high quality and premium chocolates to the customers. Company should focus on creating core competency in two specific areas to increase its sales. First is to offer best quality chocolates and the second is related to keeping low cost of the products so that it could create core competency in cost leadership style in market in all of its chocolate products.
The founder of the company is Alfred haigh who gives all the instructions and directions to employees regarding all the activities of business. All the activities of Haigh’s company were started with small ice cream and dessert store in the 20th century. The company has the largest chocolate store in Australia. This analysis offers a platform to analyze the potential of the market by having proper knowledge of the opportunities and threats prevailing in the market.
Haigh’s chocolate is known as the fourth generation chocolatier that offers chocolates for a special occasion. Haigh’s chocolates are a popular brand in South Australia. The company gives premium handmade chocolates and emphasis to create effective positioning in market through its increased brand image. Haigh’s also maintains the proper relationship between the company and its consumers.
Strength
The organization has a good image in the market Haigh’s offers good quality products with strong brand equity. he company runs its business presently in following countries like South Australia, New South Wales, and Victoria. he products offered by Haigh’s company are wide in range and high in quality. The products of the Haigh’s company consist of milk, chocolates, and dark chocolates (Sondhi and Chawla, 2017).
Weakness
Every business has some weakness but it is the responsibility of the company to minimize the weakness prevailing in the company. Company is lacking with the advanced technologies and restricted with its budget. In addition to this, Haigh’s company has been facing various governance penalties due to low level of governance program which eventually increases its overall cost of production.
Opportunity
There are various opportunities that are prevailing in the market, but it requires the right time to grab the right opportunities. There is a high level of opportunity related to growth and development for Haigh’s company which company could grab. For enhancing the market share the company, it should focus on offering gifts and discounts to grab more clients in market. The company also has an opportunity for online selling and delivering in terms of e-commerce. For this, it could install cyber computing system in its value chain activities; to grasp opportunities related to market growth and increasing it overall sell of its business units (Struys et al., 2016).
Market Analysis
Threats
It is essential to take correct strategies into consideration so that threats can be reduced. The main threat for Haigh’s company is related to the strong level of competition and new rivals entrants. It is considered that due to high market growth of this business, many new entrants are coming up with their strategies to dominate this chocolate market industry. To enhance the quality level and also to manage the quality of the products it is important to consider appropriate strategies. The main threat is related to manage perishable goods for the longer time in the warehouse of the company (Harwood et al., 2013).
Strong competitors of the company are Cadbury’s, Nestle and also Mayfield chocolates. Haigh’s chocolate is one of the manufactures that offers high quality and less costly product in market. The main motive is to manage and control the quality of chocolate successfully. The competitor in the market focuses on adopting the corporate behavior so that the company can survive for long term (Grein and Herrmann, 2016). Company has focused on creating core competency in two specific areas to increase its sells such as best quality chocolates and the second is related to keeping low cost of the products so that it could create core competency in cost leadership style in market.
Haigh’s should focus on keeping best quality of packaging and offering best quality of chocolates to increase the brand image and establish effective positioning on international level. The best way to compete in the competitive market is to create core competency in two specific areas to increase its sells such as keeping best quality of chocolates and lower down the cost of its products in market. The company can easily accomplish goals and objectives by offering good quality products to its customer (Stringer, 2015).
The motive of the company is to create awareness for the Haigh’s chocolates and also to enhance the brand recognition of the company. The marketing activities that are conducted by the organization are related to the enhancement in the overall performance level. Product innovation is also considered that help to grow in the market and also it remains the high level of differentiation form of the external competitors. The purpose of the marketing activity is to increase the overall image of the product in the market and also to enhance the brand awareness in the market (Ramli, 2017).
The target market is related to the market that the company will acquire so that the sales can be enhanced in an effective manner. It is essential to target the market so that the activities can be conducted. It is evaluated that if the company promote the product without taking into consideration the target market then, it is difficult to survive for long-term in the competitive environment (Douglas and Craig, 2011).
It is related to the age, race, gender and income group of the individual. Demographics can be segmented into various markets so that the organization can target its customers more accurately. Haigh’s should target the individuals of all the age group. The main focus of the company should be on middle and high-level income group people so that the organization can enhance the sale of the products. The target market of the company should be both male and female (Bhattacharya, 2016).
Competitive Analysis
It is one of the essential variables that the company should consider so that the activities and operations can be conducted according to that. This will help the organization to break the market into sections by climate, market size or states. The company should consider the large market size so that the sale of the products can be increased. Market share plays a great role to increase the overall profitability of the organization. Haigh’s should try to cover large target market so that the activities can be conducted smoothly (Heuzenroeder, 2016).
The psychographic market consists of personality traits, attitudes, interests, and lifestyle of the consumers. This is considered as an important factor as it helps to engage in product design and marketing. The company should give focus on introducing the chocolates according to thee interests and lifestyle of the consumers so that the activities can be conducted in an effective manner. If the company introduces the product according to the lifestyle of the consumers, then it can be evaluated that goals and objectives can be accomplished (Grünig and Morschett, 2017).
It is related to dividing the market based on the value and the benefit consumer can get from the products and services offered by the company. The market can be targeted by taking into consideration quality, performance, features and customer service (Vidal et al., 2016). Haigh’s should give emphasis to maintain the quality and offering best quality products to the customers, so that the activities can be conducted efficiently. The focus should also be given to the customer service and on the packaging and uniqueness of the product. It is important for the organization to maintain the quality so that large market share can be attained (Logacheva and Specia, 2015).
It divides customers according to the usage of the product. The company should target on heavy users as compared to various light users so that the activities that are conducted can attain profitability. If the usage rate of heavy users enhances, then it can result in growth and profitability of the organization. Haigh’s should target more on those areas where the sale increases, and then only the profitability can be attained. In this factor demand of the product plays a great role to increase the overall performance of the organization (Chee et al., 2014).
The main focus of Haigh’s company is to customize its products and services in market. This level of strategy plans will not only attract high number of client in market but also covers all the wants and need of clients in determined approach. This product strategy will completely change the existing product as per the values, belief and demand of the existing chocolate. In addition to this, the branding and packaging of the products should be according to as per the Christmas. For instance, in case of products offered on Christmas, the packaging should be different and attractive to customers so that they could be motivated to buy these offered products. These products should be customized as per the target market to increase its overall sales (Costa et al., 2015).
Key Strategies
The company will use these planned customized designs to attract clients in market. (Nagle et al., 2016).
Marketing has an important role in conducting the activities of the organization. The leaders should have the capability to consider the strategies that can meet the demand of the organization. The pricing strategy considered by the company is based on the target customers like premium products that attract higher prices for the wealthy clients. The company should also take pricing strategy that influences the supply and demand of the products. The pricing objective should be considered by the company so that the company can enhance the sales of the products. The charges of the product should be according to cost price of the product. The cost price is an important that should be considered by the organization so that nominal prices can be fixed (De Pelsmaeker et al., 2015).
The prices that are fixed for the customers should be nominal so that every segment can purchase the products offered by the company. The company should also consider the competition level so that the activities can be conducted smoothly. If the company does not take into consideration the competition level then it can be difficult to survive in the competitive environment. If the demand for the product is low then pricing strategy is one of the essential steps to enhance the sale. At the time of low demand, the price of the product should be low so that the sale can be increased (Grünig and Morschett, 2017).
The company prefers to consider the retail stores so that the distribution of the products takes place in effective manner. The distribution of the product can be done by making the product available in the retail outlet as compared to taking into consideration the wholesalers. This is one of the best methods that serve the consumers directly and also the products can be easily available to the customers in an effective manner. The retail outlet serves as the best selling point for the products and also it takes into consideration proper control over the products (Marjanova Jovanov et al., 2016). By this the process of production is also controlled and also the products are available to a large number of audiences. The strategy of distribution also offers a chance to engage with the consumers as also the direct impact is given on increasing the efficiency of the organization. The chocolates should be made available on the retail outlets for proper distribution of the products. The product should be accessible to the target market easily by distributing it on the retail outlets. The distribution is one of the best strategies for distributing the products to the consumers (den Uijl et al., 2014).
Promotional strategy helps the organization to enhance overall performance level in an effective manner. Haigh’s chocolates take into consideration different promotional methods to that the product can be market easily. The organization considers proper engagement with the consumers in many ways like online presence that serves as the primary marketing and selling tool. The company also has a strong presence online that helps the customers to shop online. This method not only gives enhancement in the sales but also helps to increase the number of customers (Fearne and Duffy, 2014). The distribution method also increases the efficiency of the organization. The organization also considers the social media to enhance its products as well as engage the consumers regarding the development of product and packaging options. Social media assist the organization to minimize the cost of marketing and also to reach a large number of audiences in a less time. The method is useful in the target market. The organization also uses advertisements in the print media to create new ideas. There are many promotional methods taken into consideration by the company. It consist the packaging options and also distribution method by retail stores rather than super markets (Xu and Huang, 2014).
Target Market and Demographics
(Promotional poster)
Conclusion
By evaluating the report, it is concluded that the problems that can be faced by the company at the time of marketing of the product are the level of competition. Due to the high level of competition the company will not be able to market the product in an effective manner. It is important to adopt effective promotional techniques so that the goals and objectives can be accomplished. Strategies like attractive taglines and also good advertisements would be most effective to attract of customers in the market. By innovative ideas also the company can easily overcome the issue and can attain success in the market.
To promote the product on the occasion of Christmas the company should print the advertisements by using the Christmas images and also the designs of chocolates should be related to Christmas. It is seen that the global marketing environment has a high level of competition that can give negative impact on the overall image of the organization. So, it is very essential to have proper control over all the aspects of the organization, so that activities can be operated in a proper manner. By evaluating the current scenario, it is essential to give emphasis on quality so that the satisfaction level of the customer can be enhanced
References
Bhattacharya, C.B., 2016. Responsible Marketing: Doing Well by Doing Good. GfK Marketing Intelligence Review, 8(1), pp.8-17.
Chee, Y.M., Murali, P., Sheopuri, A. and Sun, W., International Business Machines Corporation, 2014. Behavior pricing analytics. U.S. Patent Application 14/256,396.
Costa, J., Ansari, P., Mafra, I., Oliveira, M.B.P. and Baumgartner, S., 2015. Development of a sandwich ELISA-type system for the detection and quantification of hazelnut in model chocolates. Food chemistry, 173, pp.257-265.
De Pelsmaeker, S., Gellynck, X., Delbaere, C., Declercq, N. and Dewettinck, K., 2015. Consumer-driven product development and improvement combined with sensory analysis: A case-study for European filled chocolates. Food quality and preference, 41, pp.20-29.
den Uijl, L.C., Jager, G., de Graaf, C., Waddell, J. and Kremer, S., 2014. It is not just a meal, it is an emotional experience–A segmentation of older persons based on the emotions that they associate with mealtimes. Appetite, 83, pp.287-296.
Douglas, S.P. and Craig, C.S., 2011. Convergence and divergence: Developing a semiglobal marketing strategy. Journal of International Marketing, 19(1), pp.82-101.
Fearne, A. and Duffy, R., 2014. Exploring supermarket loyalty card analysis to identify who buys fairtrade.
Grein, T. and Herrmann, R., 2016, May. Price Setting in Online Grocery Markets: The Case of Chocolate. In 2016 International European Forum, February 15-19, 2016, Innsbruck-Igls, Austria (No. 244457). International European Forum on System Dynamics and Innovation in Food Networks.
Grünig, R. and Morschett, D., 2017. Determining the Target Markets. In Developing International Strategies (pp. 85-104). Springer Berlin Heidelberg.
Harwood, M.L., Ziegler, G.R. and Hayes, J.E., 2013. Tolerance for high flavanol cocoa powder in semisweet chocolate. Nutrients, 5(6), pp.2258-2267.
Heuzenroeder, A., 2016. Enjoyed for generations: Established 1915 [Book Review]. Journal of the Historical Society of South Australia, (44), p.135.
Logacheva, V. and Specia, L., 2015, December. Phraselevel Quality Estimation for Machine Translation. In Proceedings of the 12th International Workshop on Spoken Language Translation, Da Nang, Vietnam.
Marjanova Jovanov, T., Davcev, L. and Boeva, B., 2016. Marketing Strategy and Financial Performance: The Case of Chocolate Industry in Macedonia. Journal of Economics, 1(1).
Nagle, T.T., Hogan, J. and Zale, J., 2016. The Strategy and Tactics of Pricing: New International Edition. Routledge.
Ramli, N.S., 2017. A review of marketing strategies from the European chocolate industry. Journal of Global Entrepreneurship Research, 7(1), p.10.
Sondhi, N. and Chawla, D., 2017. Segmenting and Profiling the Chocolate Consumer: An Emerging Market Perspective. Journal of Food Products Marketing, 23(2), pp.123-143.
Stringer, R., 2015. Vanuatu: Bean to bar: Vanuatu chocolate. Partners in Research for Development, (1), p.10.
Struys, M.M., De Smet, T., Glen, J.I.B., Vereecke, H.E., Absalom, A.R. and Schnider, T.W., 2016. The history of target-controlled infusion. Anesthesia & Analgesia, 122(1), pp.56-69.
Vidal, L., Antúnez, L., Giménez, A., Varela, P., Deliza, R. and Ares, G., 2016. Can consumer segmentation in projective mapping contribute to a better understanding of consumer perception?. Food Quality and Preference, 47, pp.64-72.
Xu, Y. and Huang, J.S., 2014. Effects of price discounts and bonus packs on online impulse buying. Social Behavior and Personality: an international journal, 42(8), pp.1293-1302.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
