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MKT101: Principles Of Marketing Plan

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Question:

Haigh’s Chocolate is a family owned Australia chocolatier based in Adelaide SA. They specialize in handmade and single origin chocolates from Australia and around the world. The business is the oldest family owned chocolate maker in Australia and looking to increase awareness interstate and also around the world. Therefore, you are being called in as a consultant to develop new marketing opportunities to expand the brand. You are now employed as a team of 2-3 (max.) marketing consultants to help design a Marketing Plan for them. However you will need to firstly understand the brand by performing a SWOT analysis and then designing the Marketing Mix (4P’s). Lastly, it is very important that you are able to foresee or predict potential problems you might have with making or launching the product. As a team, you are required to pitch your marketing plan to your class. Haigh’s Chocolate is looking for a creative, practical and fun marketing strategy!
 
Objectives of the Marketing Plan:
 
1) To build awareness for Haigh’s Chocolate
 
2) To increase brand recognition for Haigh’s Chocolate
 
 

Answer:

Introduction 

Haigh’s chocolate is an Australian family owned bear to bar chocolate making company which is incorporated in 1915 by Alfred E.Haigh. The company has six stores in South Australia and three stores in Melbourne. In today’s era, the firm is run by fourth generation Haighs, Simon and Alister, who started in the 1970s. The firm is proud to be the oldest family owned chocolate maker in Australia. The company wants to expand their business and for this, the company is introducing new product range sweet sauces and syrups. With introduction of product, the company want to build awareness and increase brand recognition worldwide. To introduce and to build brand image of the company this report contains a details marketing plan.  

Marketing objectives 

The objective behind introduction of sweet sauces and syrups is to build awareness among the people for Haigh’s chocolate. The motive of company is to build its image as a big brand in the world market. The Haigh’s chocolate is a well know chocolate brand of Australia now they want to bring the new range of product ‘sweet sauces and syrups’ to build its brand image in Australia as well in the world. With the launch of new product, the company want to create brand recognition.   

Marketing research and Situational analysis 

The market for sweet sauces and syrups was estimated to be valued at USD 42.27 billion in 2016 across the world. It is been projected that the market of sweet sauces and syrups will increase by 4% that is USD 51.31 billion by 2021. The market of sweet sauces and syrups is divided on the bases flavour, type, application and region. The one risk the company may face will be the market share of fruit flavoured syrups and sauces are more than the chocolate flavour syrups and sauces. The market trends also shows that the demand of sweet sauces and syrups is expected to grow among consumers. There is one more factor, which is raising the demand of sweet sauces, and syrups are consumer preference toward convenience food and ready to eat products.

The company can place can spread awareness about the new launch of product in the market, while introducing product at some special occasion or events like birthdays, weddings or during holidays or at time of valentine day. The consumption of sweet sauces and syrups is more in regions of Europe, Asia pacific and North America it is beneficial for company to target these regions at first stage.

SWOT analysis 

Strengths

· The main strength of company is there strong brand legacy they are operating since 1912

· The company produces high quality products.

· The product of company is available in attractive package.

· The company provide a facility of factory tour to public.

· Use of sweet sauces and syrups is growing at numbers of cafes for topping and flavour enhancer in desserts such as ice creams, pancakes and pastries

· The company is going to produce a home made sweet sauces and syrups in the market.

· The market trends shows that the consumers are really found of sweet sauces and syrups

· Sweet sauces and syrups can be used in beverages- like milk for children, coffee.

·  

Weakness

· The company is has not obtained fair trade foundation certificate.  

· The company need to set up a new plant for introduction of new product

· Company has to hire more employees they might be having less skills

· The cost of production will increase

Opportunities

· The company offers E-commerce channel for selling and delivering products.

· The company will enter into new market, which will increase the profits.

· The market brand will get recognition in world market.

· The product will render the employment opportunities.

 

Threats

· The sweet sauces and syrups may face challenges like growing health concerns about obesity and diabetes.

· One big challenge for company is managing the quality of perishable category.

· The sweet sauces and syrups is the new product of the company there might be a chance that product will not do well in the market.

· The company want to spread brand awareness across world it will involve huge cost.

· The competition for sweet sauces and syrups is very high in world market (Kolbina, 2015).

 

Competitive Analysis 

Identify top competitors

  1. Cadbury
  2. Nestle
  3. Mayfield Chocolates
  4. Hershey
  5. Godiva
  6. Kraft Foods
  7. Tootsie Roll
  8. Mars
  9. Nutella
  10. Ferrero

Above stated brands are the main competitors of Haigh’s chocolate and all are market leaders. The all competitor’s deals in similar products and all are a well know brand of the world.  If Haigh’s chocolate want to establish their brand name it is must that their product will meet the standards and quality of its competitors product. The all above stated competitors of company are ruling world market from several years, it is a big challenge for the company while entering into world market to give them strong competition. The company need to follow the various technic that are been use by its competitors to attract buyers (Fan, Lau, and Zhao, 2015).

 

STP strategies 

Segmentation

The segmentation of sweet sauces and syrups of Haigh’s chocolate will be done on the bases of flavour, application, flavour type and region.

Flavour: the sweet sauces and syrups are available in market in various flavours like chocolate, vanilla, coffee, herbs and seasoning nuts and many more, but the Haigh’s chocolate is launching a chocolate and coffee flavoured sauces and syrups. The company will target those audiences who prefer these two flavours.

Application: the company can segment the market into on the bases of application or uses of sweet sauces and syrups. The Syrups and sauces can use as a topping or as a flavour enhancer in ice creams, beverages, shakes, dairy and frozen desserts, confectionery and bakery products.     

Flavour type: In the market, the sauces and syrups are available in various types of flavours like, Sweet, salty, savoury, mint, and sour. The Haigh’s chocolate is producing sweet sauces and syrups, that why the company is going to segment their market on the bases of Sweet flavour.

Regions: the sweet sauces and syrups are more consumed in the Asia-pacific, Europe and North America. While entering into the world market the company can target these regions to establish their brand.  

Targeting

The target audience for the Haigh’s Chocolate will be admires of homemade Chocolate and coffee flavoured products. In addition, the company can also target, event mangers, cafes and restaurant owners, wholesalers and retailers to increase sale of the newly launched product.  

Positioning

Positioning involve the process with the help of which the company can place the product in the target market. The process of positioning involves the creative and unique features of product, which will create a set picture of product its target audience. The unique feature which Haigh’s Chocolate involve is they produce homemade chocolates and while introducing sweet sauces and syrups they are going to use same unique feature to create a brand image (Wang, et.al. 2018).

Marketing mix 

Product

The product, which the company is going to launch, is sweet sauces and syrups. The sweet sauces and syrups will be available in two flavours Chocolate and Coffee. The flavoured sweet sauces and syrups may use as a flavouring agents or as topping at cafes, restaurants, at various events and parties.

  1. Chocolate Flavour Syrup: The demand of Chocolate flavour syrup is high in market that is why the company has decided to introduce chocolate flavour syrup in squeeze bottle and small pocket friendly packet.  The squeeze bottle will be available in 680g pack and small pack will be available in 100g pack.
  2. Coffee Flavour Syrup: According to market survey the coffee flavour are less consumed by the consumers, so the company has decided that the coffee flavour will be available in squeeze bottle of 500g pack.  
Pricing

The price of sweet sauces and syrups are purely depends on the market conditions and as per the market of desired country where the company want to sell their products. Initially the company will keep their prices low to attract more customers and to build brand image. One more reason behind keeping price low is getting advantage over its competitors. After analysing the market and market conditions for Australian market price decided by company is

  • Chocolate flavour syrup 650g- $6 inclusive all taxes
  • Chocolate flavour syrup 100g- $2 inclusive all taxes
  • Coffee flavour syrup 500g- $ 4.50 inclusive all taxes
Placement/Distribution

The product is new in Australian as well as in other countries market, to place the product is a big challenge for the company. The company should prefer placing their product at cafes, restaurants, parties, events for bulk sell, and to reach to the final consumers the company will to place product at retail stores, and departmental stores. Placing product in other country is a big challenge, the need to think creative and have to create a venture with other companies who can place the product of company in their respective company.  

Promotion 

Placing product into desired market is not enough the company has to plan a promotion strategies with the help of which they can attract customers toward product.  For promotion of product company has choose various mode. The company want to introduce the product at wide level so the best mode of promotion is Digital marketing. To reach to the mass audience the company select the television advertisement, free sample distribution, New paper advertisement, and magazine advertisement (Mintz and Currim, 2013).

Growth Strategies 

Market Penetration

The aim of this strategy is to increase sale of the product in existing and in new market and to increase market share of the company. For Market penetration the company has develop their strategy, they decided to put the price of product low. The motive behind this strategy is to attract the loyal customers of their competitors.

Market development 

Previously the company deals in Australian market only, now after the serving Australia the company is planning to serve the world. The market development strategy will help the company in entering new market. While entering new market the company is planning to provide attractive offers to the customers.

Product Development 

The product development will help the company in launching a new product. Here Haigh’s Chocolate is launching a new product line containing sweet sauces and syrups. The product is available in two flavours Chocolate and Coffee. The aim behind the introduction of new product is to increase the turnover of the company (Vickers and Lyon, 2014).

Monitoring and control

At monitoring and controlling the company will evaluate it is the performance in Australian as well as other parts. While monitoring the experts are going to track the Actual performance of project with the planned project management activities. The process of control will take place at every stage of the project from starting to end. The Haigh’s Chocolate has appointed an expert who will control all the activities related to the project and at the end, the expert is going to monitor/evaluate the actual performance and send final report to their seniors.

Budget

Budget for product launch worldwide(initial stage)

Particulars

(Figures in million)

Business set-up

$12

Fixed Assets

$6

Marketing/promotion

$10

Government licence and approval

$7

Various Entry mode

$10

R&D

$5

Total

$50

Conclusion 

To conclude, the Haigh’s Chocolate is will to introduce a new product line worldwide to increase the turnover of the company. The company has planned to introduce Chocolate flavour and Coffee flavour sweet sauces and syrups. The objective behind the introduction of new product is to build awareness and to increase brand recognition for Haigh’s Chocolate. To fulfil the objective of company here in this report a complete marketing plan has been discussed. The effective market plan includes market research, SWOT analysis, Competitive analysis and Growth strategy to understand the market condition and Marketing mix to introduce product in the market.  The strategies and plans are developed by company to get advantage over their competitor.

 

References

Fan, S., Lau, R.Y. and Zhao, J.L., (2015). Demystifying big data analytics for business intelligence through the lens of marketing mix. Journal of Big Data Research, 2(1), pp.28-32.

Kolbina, O., (2015). SWOT analysis as a strategic planning tool for companies in the food industry. Journal of Problems of Economic Transition, 57(9), pp.74-83.

Mintz, O. and Currim, I.S., (2013). What drives managerial use of marketing and financial metrics and does metric use affect performance of marketing-mix activities?. Journal of Marketing, 77(2), pp.17-40.

Vickers, I. and Lyon, F., (2014). Beyond green niches? Growth strategies of environmentally-motivated social enterprises. International Small Business Journal, 32(4), pp.449-470.

Wang, L., Liu, Y., Wu, Z. and Alsaadi, F.E., (2018). Strategy optimization for static games based on STP method. Journal of Applied Mathematics and Computation, 316, pp.390-399.

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