Background
Chocolate farm is a London based family run chocolate that was established in 2010. The small firm was established to tap into a growing market for chocolate consumption. Although the family has a good and promising product, they seem to be not entirely focused in developing their market share (Armstrong, et al 2015). This paper will discuss the details that are necessary in improving the market share of the firm. It will do this by first giving an insight on the purpose of marketing departments which are crucial to the growth and development of every business. It is also important for a firm to know their consumers through market segmentation and exploiting them fully through marketing mix which has also been discussed. A firm is required to understand its market, the paper will discuss the various ways Chocolate Firm is should conduct and understand it market in order to gain a competitive and dominating advantage. Having an online presence is very important especially in a world where technology has been adopted exponentially credits to the internet. The paper will also discuss the various way used in e-marketing while stressing how to keep and maintain a strong and reputable inline presence
Marketing departments are crucial to the growth and development of every business. They focus on developing marketing strategies and activities that improve brand awareness and acquiring and maintaining a good relationship with the customers (Feng, et al 2016). Firms that have already established their market share such as Starbucks and McDonalds had to perform crucial marketing activities that resulted to their current success in market domination. These firms would set up events where consumers would attend and sample out the different products they have and give opinions on it. These events are known to increase consumer awareness of their brand with a perspective of acquiring new consumers while creating and maintaining a good relationship. Through advertisement on social media platforms and TV commercials these businesses created a strong footing in their target market promoting their business in the long run. Therefore, chocolate firm could achieve similar results as the other two business through performing the activities above that will first improve the awareness of the brand and the products where they could gain some insights and opinion that will lead in improving the product. This will inturn promote the family run business and increase their market share (Wirtz ,et al 2014).
Market Analysis and Marketing Strategies
Market segmentation is the process of dividing the common market into individual groups of consumers on the basis of criteria selected for that purpose. This is in fact a specific method of market analysis, based on the single quantification of consumer behavior, separate groups of users or members. Based on several of them, the company forms its target market. But to achieve a successful segmentation, the market must determine whether the market is indeed heterogeneous, that individual segments are measurable and that a particular segment has a potential for return and profit (Lancaster and Massingham, 2017). Segments must be grouped so that the difference in needs is minimal and the individual segments are maximal. For example: we want to sell our products to children, adults and elderly. So, we can attract different market segments. We will go to the malls, where is full with kids and mums: we will go to all neighborhoods with average economic status and we can carry on a market research method (Hox, et al 2017).
Marketing mix
This is an essential tool a firm has to conduct, it mainly entails that activities or actions Chocolate farm has to preform in order to influence and promote its brand and products.it is comprised by the 4ps which Product, Price, Place (distribution) and Promotion.
Product- chocolate farms is relatively new in the market which has a growing demand for chocolate products. therefore, its essential from the firm to produce products of high quality and change according to the various insights and opinions from initial consumers
Pricing-Chocolate Farm is a family run business which entails a low-cost production giving it the ability and flexibility for regulating their product prices depending on the target consumers. Currently the firm targets a young demographic segmentation where children, teens and youth are the primally focus which will be attracted by affordable pricing of products of high quality( Alberts, and Cidell, 2015).
Place-This refers to the point of sale where the products will be available to the consumers. The company has a poor online presence which would be efficient in selling the products and delivering them online to consumers. However, it is in collaboration with a few retails stores which could be improved through use of bigger chain stores strategically placed for their target consumers
Promotion- this refers to all the activities undertaken to make the product or service known to the user and trade. The company could advertise it products through social media platforms and billboards to increase awareness. Through products offers by rewarding consumers with bonuses when they purchase the products would be essential in promoting the business. As initially discussed holding Chocolate farm events will be essential in promoting brand awareness and the business in general(Resnick et al 2016).
Online Presence and E-Marketing
Explain the aim of research and market analysis
The main aim of market research is to determine if our design concept have a chance to be successful economically. The firm is able find this out, through potential customers opinion, once they see or try the product. By undergoing market research, the firm will have many ideas of how the product can taste, it appearance and it packaging. Also, we will know, how much our customers are ready to pay for the product and how many individual units is likely to be sold during the first run of our production line (Poelmans, and Rousseau, 2016). All of this will help us also, to study existing pricing, channels of distribution and market competition for suitable changes. Moreover, the firm is able find out other methods for making the products of the company popular, also to define the probable market for specialized product and to report on general market conditions, tendencies, buying habits which will be complementary in improving and promoting the chocolate business.
Describe market research methods.
They are two general types- Primary market research and secondary market research. The primary market research is divided into a number of different options, which are: Surveys, Interviews, Observations or experiments/field trials. Secondary research method is including internet research, but if we want something new and special (Bryman and Bell ,2015). However, in contrast with the frim primary market research will be essential in a fast hand insight and opinion
Interviews-These are face to face interactions where the firm has the opportunity of question the participants who are testing the products and gain the opinions fast hand. It could also be conducted through telephones.
Questionnaires and Surveys-These is where the firms set some strategic questions and surveys that are to be answered or written by the respondents in order to gain a perspective of their product and identify any weakness to be improved on. This will be held to the firm as they are also able to identify emerging markets through trend analysis (Taylor, et al,2016)
Observations-The firms uses this method through conducting observation on the reactions made when participant consumer the chocolate product. If the reactions are good and exceptional the firm knows its on the right track, however if that’s not the case then something need to be done to change that
Focus group-individuals are led by the firm’s moderator in discussions of the firms product as much as possible so a to gain qualitative data. The method is also unique as the firm can also build on other participants Ideas and profits on them
Outline market analysis tools and techniques that could be used
PESTLE analysis- the firm uses this technique in studying the current business environment and identify barriers that could hinder it from performing its business functions
SWOT analysis-this tools is used in identifying the current situations on the market the firm is placing it products through identifying strength, weakness opportunities and threats that could hinder its success
Competitor analysis-Identifying the extent of rivalry present in the market by grouping competitors according to the scale they affect their success (Ramli, 2017)
I decided to use a Mind Maps, which are popularized byTony Buzan in the mid 70s . In the middle of a white board I will wrote the main question/problem, which we can have during our operation. Then I will have branched out the additional ideas or concepts of this main question/problem. It will look like this, in the middle I will write Competitive rivalry market. From which we have a four additional concepts- threads of new entrants (there can be always someone new on the market, who can bring a better taste or better look of the product); threads of substitute products ( there is plenty of companies, which can provide a substitute products, which can have a similar taste of our product and lower price, for example); bargaining power of the customers (all customers have a different needs, wants and payment capabilities and they have the power to choose, from who they will buy); bargaining power of the supplier (the supplier of the ingredients of our product, can negotiate with another companies , to sell them the same products for more money). Once I have this “mind map” I can use another technique of market analysis, called “balanced scorecard” popularized by (Robert s. Kaplan and David P. Norton, “The balanced Scorecard”,). I will track the progress on my strategic planning goals across various categories that are balanced against each other, so I can make sure there is an appropriate focus across all areas.
Describe the methods used to e-market products and services
E-mail marketing- Advertising through email is one of the primary techniques for e-promoting. Email showcasing incorporates promoting an item or administration to a database through focusing on a specific section of clients by means of messages. Email showcasing is viewed as a standout amongst other e-advertising strategies as a result of its minimal effort, focusing on the right class, effortlessness of utilization and expanding the arrival of speculation from utilizing it (Chaffeyand Ellis-Chadwick, 2016)
Search engine optimization- is viewed as the craft of expanding the presence of your site in the main aftereffects of web search tools, for example, Google internet searcher. This is finished by focusing on watchwords in your site to show up in web search tools in the best outcomes.
Paid ads- are promotions show up in web search tools, and they are extraordinary compared to other kinds of e-showcasing. They show up close to or over the query items. Paid advertisements are rely upon the catchphrases that used to help your promotion shows up in the web indexes.
Social media-The firms uses platforms such as Facebook and Instagram to show case some their products online for the purpose of highlighting the value of their products online. (Strauss, and Frost, 2014).
Explain how companies manage their online image
Own the first page of search results- These outcomes make up the greater part of a business or individual notoriety on the web. For ideal outcomes, it is exhorted that you possess the initial 10 recognizes (the whole first page of the query items), and inside this number, there ought to likewise be an assortment of related substance, for example, positive audits, media scope and additionally client tributes that add to the foundation of trust and believability (Strauss, and Frost, 2016).
Paint the picture before the exhibition- Particularly for business visionaries setting out on another organization, it is best to take a shot at their online notoriety before propelling. This incorporates making a brand, organization name and message, all of which should enable your business to arrive the best 10 list items on the web. You ought to put some time in completely looking into potential brand names to guarantee your conditional organization name has no negative affiliations (Strauss, and Frost, 2014).
Ask for help when need-At the point when challenges gain out of power, look for the mastery of authorities that assistance keep up and enhance online pictures professionally. It is relatively difficult to change a client’s initial introduction of officials and the organization, so putting resources into master guidance can end up being the most critical advance in making and keeping up your virtual picture.
Conclusion
Chocolate farm is a London based family run chocolate that was established in 2010. The small firm was established to tap into a growing market for chocolate consumption. Although the family has a good and promising product, they seem to be not entirely focused in developing their market share. This paper has v provide the details that are necessary in improving the market share of the firm. It has done this by first giving an insight on the purpose of marketing departments which are crucial to the growth and development of every business. It is also important for a firm to know their consumers through market segmentation and exploiting them fully through marketing mix which has also been discussed. A firm is required to understand its market, the paper has discussed the various ways Chocolate Firm is should conduct and understand it market in order to gain a competitive and dominating advantage. Having an online presence is very important especially in a world where technology has been adopted exponentially credits to the internet. The paper has discussed the various way used in e-marketing while stressing how to keep and maintain a strong and reputable inline presence
References
Alberts, H.C. and Cidell, J., 2015. Chocolate consumption, manufacturing, and quality in Europe and North America. Econ Chocolate, 119.
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.
Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
Chaffey, D. and Ellis-Chadwick, F., 2016. Digital marketing. Prentice Hall.
Feng, H., Morgan, N.A. and Rego, L.L., 2015. Marketing department power and firm performance. Journal of Marketing, 79(5), pp.1-20.
Hox, J.J., Moerbeek, M. and van de Schoot, R., 2017. Multilevel analysis: Techniques and applications. Routledge.
Lancaster, G. and Massingham, L., 2017. Markets and customers: market boundaries; target marketing. In Essentials of Marketing Management (pp. 70-101). Routledge.
Poelmans, E. and Rousseau, S., 2016. How do chocolate lovers balance taste and ethical considerations?. British Food Journal, 118(2), pp.343-361.
Ramli, N.S., 2017. A review of marketing strategies from the European chocolate industry. Journal of Global Entrepreneurship Research, 7(1), p.10.
Resnick, Sheilagh Mary, Ranis Cheng, Mike Simpson, and Fernando Lourenço. “Marketing in SMEs: a “4Ps” self-branding model.” International Journal of Entrepreneurial Behavior & Research 22, no. 1 (2016): 155-174.
Strauss, J. and Frost, R., 2014. E-marketing (internat. ed.): Boston.
Strauss, J. and Frost, R.D., 2016. E-marketing: Instructor’s Review Copy. Routledge.
Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A guidebook and resource. John Wiley & Sons.
Wirtz, J., Tuzovic, S. and G. Kuppelwieser, V., 2014. The role of marketing in today’s enterprises. Journal of Service Management, 25(2), pp.171-194.
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