Haigh’s Chocolate have been making chocolate in Adelaide since 1915. The company is family owned and is located in the South Australia. For years, this company has been committed to ensuring that they produce the premium chocolate from the cocoa bean. Besides, Haigh’s Chocolates sells and delivers chocolate only in Australia, but the company Board has decided to lay down a company expansion strategy by formulating a marketing plan from 2010. After the meeting with the company’s CEO, I was asked to develop the marketing objectives that could help them attain the expansion plan for the enterprise.
After meeting with the CEO Haigh’s chocolate company, I was assured that the boards had given me the way forward to develop to them marketing objectives that would help achieve their expansion plan. During the meeting, I realized that among the company’s plans are the awareness creation among the customers whereby they wanted to have their products present in every Australian capital city by 2015. Besides, the company has set aside a budget to facilitate their advertising goal of up to $1.1 million in every new market they explore. From the meeting, I also realized that the company has been complying with the government’s Act 2010 that guided them over competition and the consumer rights. On the other hand, the company had set aside 20% of the $1.1 million advertisement budget for brand awareness in the new markets. The sales analysis of the company indicated that they had four categories of products; handmade 45%, partly handmade 25, machine-made chocolate 15% and finally 15% for the combination of the other products with the hot beverages. Therefore, the company targeted to attain at least the 30% market sales for the machine-made chocolate. Mostly new customers purchase the Dark Decadence range of products and therefore the company plans to utilize this opportunity and sign these customers for a loyalty program. The company has only 18% of the Melbourne Gourmet chocolate market, and that is the reason that made them focus on making a long-term goal of being available in different cities. Therefore, part of the initial advertisement budget is set to feature the products from this category. In regards to the market share, the company has the vision to dominate the market by reaching different capital cities in Australia. Furthermore, the marketing plan for the company is to go by the competition rules placed by the ACCC and therefore, plans to achieve this target by ensuring their stores gain a break-even target of $3 million.
According to my assessment of the company, the first objective to be dealt with should be targeting new customers in every city in a period of three months in each town in Australia before moving for international clients. International customers should also be targeted as potential consumers for the chocolate products in a one-year period in every two countries. Even though targeting the potential customers may a challenging task for many companies, Haigh’s Chocolate should be able to use certain pathway to attain their target. First, the company should find the ideal users of their products, for instance, children under the age of 14 years, female teachers or even male celebrities (Bawden, 2014). The company also has the responsibility to discover the exact areas where these customers live to locate and access them. This company should also create messages and emails that should be sent promptly to the targeted clients to gain their audience on the chocolate products. Alternatively, the company should build partnerships with other companies that provide services like restaurants, schools, and public events to inform people about these products.
Consequently, the company has to ensure that they build awareness of their products on the local and international levels through internet brands. As mentioned in the company’s strategic plan, they opt to create awareness on local levels by making a display f their brands on vehicles, stores, in advertisements, through packaging, on staff uniforms, and on the PR articles. After the company’s management has made sure they have both the local and the international market, it time to make a step to register in the international trademarks and domains to preserve the patent trademark. The targeted customers can be made aware of the products through the internet and international television program. In this perspective, there is need to ensure that translation is made into the local languages to gain fame in the local markets (Wassermann, 2010). The company managements should also ensure that the correct packaging is done for the chocolate products able to display the name of the company and that of the products. At least 25% of the advertisement budget should be allocated for the international brand awareness as opposed to the company’s proposed percentage of 20%.
It therefore in orders to set a target of making an increase in the sales in Melbourne, other Australian Cities and in the Global context. The company should increase sales of the machine made to 35% and partly handmade chocolate to 50% the Increasing sales should, however, be taken on a long-term perspective whereby it has to come after the target customers have been identified and then the market reach is expanded (Koppel,2017). The company should maintain a long-term relationship with the existing customers and somehow use them to gain access to new customers thus the possibilities of selling more products than the previous sales. It is important for the organization to utilize the use of the website to reach a vast number of customers. An easy to use website should be created to provide services to the customers thus the possibilities of maintaining a long term relationship.
Haigh’s chocolate should establish a new range of chocolate products by developing each product in a range of 6 moths. For the company to reach a variety of customers and remain competent in the market, the company is required to establish a new range of chocolate products with a range of flavors that are not expensive (Becckett, 2017). This is a strategy to ensure that there is a variety of choice that gives the company greater profit retention even in very competitive environments. Chocolate products may range from creams, powder, and bar chocolates.
There is a need for the company to gain a growth in the market share in which the Cocoa delights operates by 25% in 4 years. The company should be making sure that Cocoa delight has acquired a 20% of the Melbourne gourmet chocolate market in every part of the Australian cities it will be operating. If the company achieves this percentage, it will be an indication that it has dominated the market thus can achieve its targeted sales.
Finally, the company has to make sure that it increases its profit margins by making implementations on an innovative pricing strategy of making correct expansions to the target markets (Heberland, 2015). Consequently, the company may cut down the advertisement budget by 5% percent decreasing level in every financial year because it will have dominated in the market and the products already established to global consumers. The financial decisions made by the management have effects to the organization’s administration and market competitiveness (Toni, 2017). Proper pricing should be done after the company has assessed the need of the customers in regards to other internal factors of the enterprise. The costs should be established on the values basis, the competition basis and cost based pricing. These strategies will guide the management to make the low and the high prices of their products Report of the Long-term objectives.
The company should expand their business by making roll out to a hundred stores in 6 years. However, there is need to consider the risks involved in the growth of business. The move to expand the stores up to a hundred in a period of six years could seem like the long-term objects, but on the other side, it may be accompanied with lots of constraints to the company (Community Futures, 2014). The company may be flowed with ineffective management, instability and eventually get ditched into a loss. Due to the expansion of the business, the pressure may be extended in almost every sector. First, there may be staffs with little experience, or even the customers fail to observe the teeming of payment hence th3e possibility of undergoing financials strains (Community Futures, 2014). The other risk that may occur in the business is that of competition. While getting into a new market, stakeholders of the company should be ready to face stiff competition. This is because the markets are unknown to them and sometimes the competitors are very aggressive. Finally because of the unfamiliarity with the market terrain it is, therefore, useful to understand that the process of pushing new products into a new market or either pushing existing products into a new market may have unanticipated results (Community Futures, 2014). The bigger and existing competitors u in the global market is also difficult to handle because they may fight back in order o keep their products flowing. For the management to expand the company, the CEO should ensure that employee turnover is minimized by taking the employee turnover rate. Simply, there is need to examine the workplace culture, the work environment and the employment packages (Jackson, 2015). Also, it is necessary for the employer to take into account the percentage of product defects to avoid selling defective products to the customers. Finally, there is need to consider the customer satisfaction and retention. By doing this, it is a simple way to monitor the customer satisfaction by measuring the customer satisfaction scores. Expansion of the business also has to be evaluated with the financial metrics whereby you have to track whether it is gaining profit, get the alternative methods through which you can meet the sales by each region and then make proper comparisons of the overhead budget versus the actual budget. This will ensure that the corporate does not deviate from its initial financial plans.
Another long-term goal of the company is to achieve financial growth in the next 6years through cutting down the budget and increasing the customer reach. Many customers can be achieved by the company if the company diversifies on the range of chocolate products they produce (Zook, & Allen, 2013). The adoption of more machine made products may help in increasing the production in order o reach the increasing number of customers. The company can also achieve its growth through an increase in the gross profit margins. If a company remains dormant with its products in the market, there are possibilities that it is competent. The companies aspiring to gain a high market share have a headache to go through the existing market pressures. In this perspective, this company should ensure it gains the market share maximization along with current profit maximization in order to endure the competitions from other dominant companies. The CEO, therefore, has the responsibility to make estimation profitability by ensuring that profits increase with the sales volume given that the there is a fixed plant. When the company expands its plants, it is proper to use the more automated equipment in order o lower the unit costs. The company can also negotiate with the media as advertising companies to gain discounts. Discounts may also be negotiated regarding the purchase, freight, and warehousing. To counter the market risks, it is important for the company to make clear market research before expanding their plants. It is also best for the company to make recruitments of more experienced personnel and use it as a way to attack the competitors (Bloom & Kotler, 2015). This company is also able to thrive by establishing by experimenting some processes repeatedly, this will allow the company reaches a systematic growth as a means of learning new tactics in the market. Furthermore, the company has to ensure the high level of discipline in all of its branches. Discipline will ensure there is a reduction in the complexities. It is another requirement that the company adopts new formulas and move with them in a speed that will rapidly increase their services. Speed is a strategy that ensures the company maps it boundaries thus the success in the market it occupies (Zook, & Allen, 2013).
Agtaporto (2012). Target Market for Chocolate Brands. Agata Papaj. https://agataporto.wordpress.com/2012/12/04/target-market-for-chocolate-brands/
Bawden, J. D.(2014)7 Excellent Ways to Attract New Customers. OPEN FORUM. Retrieved from https://www.americanexpress.com/us/small-business/openforum/articles/7-excellent-ways-to-attract-new-customers/
Beckett, T.S. (2017) Beckett’s Industrial Chocolate Manufacturer and Use. West Sussex: John Wiley and Sons.
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Jackson T. (2015). 18Key performance indicator examples defined from mangers. Clear Point Strategy. https://www.clearpointstrategy.com/18-key-performance-indicators/
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Toni, D.D (2017).Pricing Strategies and Levels and Their Impact on Corporate profitability. FEAUP; 52:2, 120-133. https://www.sciencedirect.com/science/article/pii/S0080210716308299
Wassermann, E. (2010). How to Build an International Brand. Iconic https://www.inc.com/guides/build-an-international-brand.html
Zook, C & Allen J. (2013).Growth Outside the Core. Harvard Business Review. https://hbr.org/2003/12/growth-outside-the-core
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