Marketing management assignment Essay

executive SummaryThe culture to eating hot cocoa has truely evolved over the years in capital of capital of capital of Singapore. A beautiful box of nicely close inped hot java was no eternal appealing to Singaporeans, especially those whom argon born(p) after the 1980s and later. People of this whiles go for coffees that not solitary(prenominal)(prenominal) sagacity good barely as well as savor good. Therefore Godiva Gems would bind to evaluate the grocery stores and utilize certain strategies to run their step upperform to certain groups of customers. The outline face was class, Tar brooking and office. Foremost, I would introduce the 4 diverse types of fragmentation of the consumers commercialise in the situation of Godiva gems the demographic segmentation seems to be the knocked come out of the closet(p)perform option to segment the grocery store placeplace.By segmenting the consumers commercialize into coffee tree tell apartrs and non-cho colate lovers, which would be further, break foldepression up the segment of chocolate lovers into small segments finished dissimilariation. Therefore Godiva Chocolate Company allow only concentrate on 2 segments as my repoint. They be the teen seasonrs especially the students and children from the ripen group of 4 to 7. I would excessively include the reasons as to why these segments ar much penetrable in my full stop of view. To add on, Positioning is about decision the best delegacy to convince a consumer that their want could be a need. future(a) I would move on to merchandise mix of Godiva Gems.In product strategies, I would delectation value added method to remove home the bacon to the opposite preference of my takeed audiences, by producing dickens polar sets of Godiva Gems to satisfy two una a care(p) groups of populate. In my correct strategies, I chose to place Godiva Gems nearer to my scar audience to wear them the convenience of vitiateing luxuriousness chocolate in the neighbourhood area. In the damage strategy, I chose to hold the market penetration pricing method to cut stumble competition and deplumate as numerous buyers as possible follow by the several(predicate) pricing for chocolates plying to different organizes. Lastly, in my promotion strategy, I chose the logical rise on Godiva Gems, follow by the reasons which I mobilize thinking(prenominal) approach is the best way to appeal to my target consumers.Chocolate Culture in SingaporeThe chocolate trend in Singapore is slowly changing over the years. In the past, a box of fine chocolates would unagitated bailiwick fine as a gift for occasions. Lately, its no monthlong necessary to buy a beautifully gift-wrapped box of assorted chocolates anyto a greater extent. With the advent of foodie quality, chocolates in recent years have made consumers buying them not only for their taste and also for their designs. For instance, the Godiva chocolates are virtuoso of the many luxurious chocolates approximately, and it has always been the best choice as gifts for special occasions. The Godiva chocolate confederation realized that batch love to share chocolates in familiar. Therefore people go for the mortal wrapped offerings ilk the Lindor Truffle, as they are more extracting. merchandising Strategies SegmentationBy market segmentation, it core that companies divide abundant heterogeneous markets into smaller segments so as to reach out to people in certain segments more efficiently and effectively with products and services that insure their needs. Segmentation goes by 4 different categories they are Geographic Segmentation, demographic Segmentation, Psychographic Segmentation and Behavioral Segmentation.I would use Demographic Segmentation to divide the chocolate market for Godiva Gems. Demographic Segmentation is to divide the market into groups bases of variables, things like race, gender, age, income are some crude factors which are popular which people are normally group. This is because the needs and wants of people are closely related to the demographic variables. In addition, the needs and wants of people may digress due to trend casts and the situations they are in. In the situation of Godiva Gems, I would divide the consumer market into 2 big segments there are the chocolate lovers and the non-chocolate lovers. Assuming there more chocolate lovers than the non-chocolate lovers, therefore further voice of the segment is needed to bring the large segment into smaller segments. merchandise Strategies Targeting and PositioningAfter division and evaluation of the market segments, the next step targeting is very(prenominal) important. This is because a company only has limited keep down of resources therefore has to decide which and how many segments to gage into. Each smaller segment is different and Godiva Chocolate Company needs to work on these differences to best position itself i n the consumers market. Positioning only when authority to find a stand in the heart and mind of every targeted consumer. It is also express as differentiating the competitive utilitys in the smaller segments, by choosing the right advantage that would benefit the company which to build a position in the consumers market. For instance, the teenagers- students segment and the Children segment each has their own bizarre differences between them. Therefore the smaller segments that Godiva Gems would be targeting are the young working boastful couples and the large families with children. Teenagers students SegmentGodiva Gems chose to target on teenagers especially the students between the ages of 13 to 16 h dodderinging an monthly allowance of $ccc to $800, because this group of teenagers generally are extravertive and fun, they gather with friends and get involve with many activities, even though they have minimumpurchasing power, they would consider buying luxuriousness cho colate to eat because of peer influence and tarnish conscious. For instance, when a secondary inform student walks into the school eating prodigality chocolate, early(a) peers may get desirous or jealous and would start to bet for one as well. Therefore Godiva Gems could offer to the needs and wants of this group of teenagers because the chocolates would be people in individual wraps, which fire be carried around easily and share around with friends. Young Children SegmentNext, Godiva Gems could also target on the children at the age of 4 to 6 with parent holding an one-year income of $24000 to $36000. Children in general love candies chocolate would be one of their favorites. Parent would buy chocolates for their children just to make their children happy. Furthermore, children at the age of 4 to 6 share very close bond to their parent. This is where the Godiva Gems could play a part in creating the family bonding and bring joy and happiness to families by simply eating c hocolates together. As Godiva Gems comes in individual wraps, bringing it out on family activities is the best choice. Next I would move on to an new(prenominal) strategy known as the market Mix.Marketing MixMarketing Mix are sets of controllable, tactical market tools that a firm uses to pull in the pleasant of response which they want from their targeted market and it consists of four different strategies and they are the product strategies, the set strategies, the promotion strategies and lastly the promotion strategies harvest-festival StrategiesIn the market, people in general favor products that are highly operational and cheap. In enounce to achieve the results that Godiva Gems wanted, the equality made through observation of other chocolate product obtain by consumers would tell the company where Godiva Chocolate stands in addition it also reveals the competitive advantages of Godiva Gems. fruit strategies work in many ways. For instance, surveys could be given out to the targeted audiences in order to capture their preferences towards chocolate. This way, the firm could analysis the external environment and know what the consumers like best. For example, Children in the age group of 4 to 6 would like their chocolate in different patterns and masks while the students in the age of 13 to 16 might condense more on the taste and brand of the chocolate. Therefore Godiva Gems could work towards the preferences of the targeted market.The preferences of the targeted audience create the value add to Godiva Gems. Godiva Gems would come out with many patterns and colors coated chocolates to turn the children market and different types of chocolate tastes to cater to the students. In addition, a crew of apply sales violence would be value added aspect to marketing a product. This is because people in general buy the goods along with the services therefore people do concern over the manner which they were organism treated and serve. The same sh ould apply to Godiva Gems. In a nut shell, Godiva Gems have to achieve the needs of the targeted market, at the same clock the service standards, which the chocolate is exchange, must also be excellent. Godiva Gems should portray the image of luxury chocolate at an affordable price. federal agency StrategiesPlace strategies are about purpose the right place to distribute your product. Hence, Singapore is a very small market compared to almost all countries in the realism and almost all luxury chocolates could only be found in the places like computer memoryping centers, museums and the National airport of Singapore. No doubt, many people go to places like the orchard road on weekends but the shopping centers are mostly fill up with young adults.My target audiences are students and Children, Student at the age of 13 to 16 would most believably spend their time in the tuition centers and having school course of instruction activities, they may not have the time to go out shopp ing. Furthermore, Children with the age of 4 to 6 are mostly likely to spend their weekends with the grandparents, playing at the playground while the parents go out to do their shopping. To reach out to these groups of people, Godiva Gems has come out with the strategy by walking into the neighbourhood. Godiva Gems orient to set up high-end chocolate shops in the estates to sell affordable 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 estates have the most caparison flats and neighbourhood schools. Price StrategiesSince the targeted audiences are in the neighbourhood, the pricing of the chocolate must be affordable and not pricey. Firstly, I would use the Market penetration pricing strategy on Godiva Gems. Firstly, Godiva Gems is using a freshly product to enter into a unused market it needs to attract a large number of buyers as readily a s possible. Secondly, Godiva Gems selling at low prices could keep the competition, of other brands of chocolate, out of the market.Therefore, the company could price Godiva Gems that caters to children at the age of 4 to 6 in two different style they can be sold at $30 per gang with 20 pieces of random individual wraps or children can choose among the chocolates from the disgrace shelving, on these lower shelving are each individual wrap chocolate with different design and color at the cost at $1.50. In this manner Godiva Gems are made affordable to parents, of young children, in the neighbourhood. In comparison, Godiva Gems that cater to students would be pack differently from the children pack and could be found at the higher(prenominal) shelving in the shop. The chocolates for the students come in boxes with 20 sticks of individual wrap chocolate at $40. In this way, Godiva Gems is made affordable to the students. promotional material StrategiesPromotion Strategies are tool i n helping the firm to get the heart and soul content across to attract the target audience to purchase the product. As my target audiences are the students and the parents of young children, I think the most suitable would be the rational approach. This is because, the rational 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 Samples. On this hand, the possibility of a high-end chocolate shop hardened in the neighbourhood would definitely attract curiosity from the public.At this moment, the sales personnel would welcome the people outside of the shop to sample Godiva Gems. Godiva Gems would succeed when people purchase after they sample because it will spurious the consumers like the taste of the chocolate. On the other hand, promotion strategy also whole caboodle another way. For instance Godiva Gems could do source ceremony sale promotion to attract consumers to buy the products. Th e products can be tract in bundle and sell at different price.ReferencesKaplan Study Guide for Marketing ManagementExtra ReadingsDon Sexton. and Donald cornet (2006) Trump University Marketing 101 how to use the most powerful ideas in marketing to get more customers. new(a) island of Jersey John Wiley & Sons, Inc., HobokenPhilip Kotler. and Gary Armstrong (2009) Principles of Marketing 13 ed. New Jersey Prentice Hall.a