Marketing management assignment Essay

Exe rapive SummaryThe culture to take in drinking hot umber has genuinely evolved all over the eld in Singapore. A beautiful cuff of nicely enwrapped java was no longer good luck charming to Singaporeans, curiously those whom argon born after the 1980s and later. state of this generation go for chocolates that non scarce sense of taste good but as well look good. thus Godiva Gems would devote to adjudicate the grocery stores and utilize certain strategies to cater their lift push through to certain groups of customers. The strategy introduce was Segmentation, Tar swallowing and Positioning. Fore or so, I would introduce the 4 different types of class of the consumers grocery in the event of Godiva gems the demographic portionation seems to be the scoop out choice to segment the market place.By segmenting the consumers market into chocolate hunch forwardrs and non-chocolate lovers, which would be nevertheless, pause d suffer the segment of chocolate lovers into little segments through differentiation. wherefore Godiva coffee familiarity volition only concentrate on 2 segments as my pit. They atomic number 18 the teen eonrs e extraly the students and children from the fester group of 4 to 7. I would too include the reasons as to wherefore these segments ar more(prenominal) penetrable in my point of view. To add on, Positioning is intimately finding the best way to incline a consumer that their want could be a need. Next I would scarper on to marketing mix of Godiva Gems.In harvest strategies, I would use value added method acting to cater to the different preference of my tar purported hearings, by producing devil different sets of Godiva Gems to satisfy two different groups of mass. In my place strategies, I chose to place Godiva Gems ne arr to my target audience to give them the convenience of purchasing prodigality chocolate in the neighbourhood area. In the price strategy, I chose to use the market pe netration set method to cut off competition and eviscerate as legion(predicate) demoraliseers as possible find by the different pricing for chocolates provide to different targets. Lastly, in my forwarding strategy, I chose the intellectual approach on Godiva Gems, fall unwrap by the reasons which I think rational approach is the best way to appeal to my target consumers.Chocolate Culture in SingaporeThe chocolate trend in Singapore is slowly changing over the long time. In the past, a box of picturesque chocolates would still work fine as a gift for occasions. Lately, its no longer necessary to buy a beautifully gift-wrapped box of assorted chocolates anymore. With the climax of gourmet quality, chocolates in recent years keep back make consumers buying them not only for their taste and also for their images. For instance, the Godiva chocolates are one and only(a) of the many luxurious chocolates around, and it has of all time been the best choice as gifts for special occasions. The Godiva chocolate company realized that state love to persona chocolates in general. Therefore state go for the individualist wrapped offerings like(p) the Lindor Truffle, as they are more invokeing. market Strategies SegmentationBy market segmentation, it means that companies set out large obscure markets into littler segments so as to mountain chain out to commonwealth in certain segments more efficiently and effectively with crossroads and serve that match their postulate. Segmentation goes by intravenous feeding different categories they are Geographic Segmentation, demographic Segmentation, Psychographic Segmentation and Behavioral Segmentation.I would use Demographic Segmentation to prick the chocolate market for Godiva Gems. Demographic Segmentation is to divide the market into groups bases of variables, things like race, gender, get on, in catch are several(prenominal) common factors which are popular which raft are normally group. This i s because the needs and wants of people are closely related to the demographic variables. In addition, the needs and wants of people whitethorn vary due to trend influences and the situations they are in. In the situation of Godiva Gems, I would divide the consumer market into 2 big segments on that point are the chocolate lovers and the non-chocolate lovers. Assuming at that place more chocolate lovers than the non-chocolate lovers, therefore further division of the segment is needed to do work the large segment into smaller segments. selling Strategies Targeting and PositioningAfter division and military rank of the market segments, the next step targeting is in truth important. This is because a company only has trammel amount of resources therefore has to decide which and how many segments to venture into. Each smaller segment is different and Godiva Chocolate Company needs to work on these differences to best mystify itself in the consumers market. Positioning only me ans to find a hold out in the heart and mind of any targeted consumer. It is also express as differentiating the competitory advantages in the smaller segments, by choosing the function advantage that would benefit the company which to score a position in the consumers market. For instance, the teenagers- students segment and the Children segment each has their own unique differences between them. Therefore the smaller segments that Godiva Gems would be targeting are the young working(a) adult 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 belongings an monthly grant of $300 to $800, because this group of teenagers generally are outgoing and fun, they gather with friends and get lead with many activities, even though they lose minimumpurchasing power, they would consider buying lavishness chocolate to eat because of couple influence and brand conscious. For instance, when a thirdhand trail student walks into the school take extravagance chocolate, other peers may get envious or jealous and would start to look for one as well. Therefore Godiva Gems could cater to the needs and wants of this group of teenagers because the chocolates would be clique in individual wraps, which tush be carried around easily and tract 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 annual in watch over of $24000 to $36000. Children in general love candies chocolate would be one of their favorites. evoke 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 good turn a part in creating the family bond and bring joy and happiness to families by simply eating chocolates together. As Godiva Gems comes in individual wraps, bringing it out on family activities is the best choice. Next I would move on to another strategy k immediately as the Marketing ruffle up.Marketing MixMarketing Mix are sets of controllable, tactical marketing creatures that a firm uses to get to the kind of response which they want from their targeted market and it consists of four different strategies and they are the product strategies, the price strategies, the procession strategies and lastly the promotion strategies Product StrategiesIn the market, people in general favor products that are highly available and low-priced. In order to acquire the results that Godiva Gems wanted, the comparison made through notification of other chocolate product secure by consumers would tell the company where Godiva Chocolate stands in addition it also reveals the agonistic advantages of Godiva Gems. Product strategies work in many ways. For instance, surveys could be given out to the targeted audiences in order to capture their pre ferences towards chocolate. This way, the firm could outline the external environment and spang what the consumers like best. For example, Children in the age group of 4 to 6 would like their chocolate in different patterns and colors while the students in the age of 13 to 16 competency focus 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 coat chocolates to suit the children market and different types of chocolate tastes to cater to the students. In addition, a clump of dedicated gross revenue personnel 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 bearing which they were being treated and serve. The same should admit to Godiva Gems. In a nut shell, Godi va Gems have to achieve the needs of the targeted market, at the same time the service standards, which the chocolate is sold, essential(prenominal) also be excellent. Godiva Gems should portray the number of luxury chocolate at an low-priced price.Place StrategiesPlace strategies are about finding the right place to break your product. Hence, Singapore is a very small market compared to almost all countries in the world and almost all luxury chocolates could only be found in the places like cropping centers, museums and the National drome of Singapore. No doubt, many people go to places like the orchard road on weekends but the shopping centers are broadly filled with young adults.My target audiences are students and Children, Student at the age of 13 to 16 would most likely pass along their time in the tuition centers and having school curriculum activities, they may not have the time to go out shopping. 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 locomote into the neighbourhood. Godiva Gems aim to set up high-end chocolate shops in the estates to deal out affordable luxury chocolate because the targeted audience can now get them around the corner. Godiva Gems could open the outgrowth high-end chocolate shop at one of the old estates, like Bedok. These estates have the most housing 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 new product to enter into a new market it needs to attract a large number of buyers as quickly as possible. Secondly, Godiva Gems selling at low prices could keep the compet ition, 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 pack with 20 pieces of random individual wraps or children can choose among the chocolates from the lower 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 other than from the children pack and could be found at the higher 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. Promotion StrategiesPromotion Strategies are tool in helping the firm to get the message 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 opening of a high-end chocolate shop located in the neighbourhood would definitely attract curiosity from the public.At this moment, the sales personnel would welcome the people outdoor(a) of the shop to sample Godiva Gems. Godiva Gems would succeed when people purchase after they sample because it will mean the consumers like the taste of the chocolate. On the other hand, promotion strategy also works another way. For instance Godiva Gems could do opening ceremony sale promotion to attract consumers to buy the products. The products can be package in bundle and sell at different price.ReferencesKaplan Study draw in for Marketing ManagementExtra Readi ngs wear Sexton. and Donald Trump (2006) Trump University Marketing one hundred one how to use the most powerful ideas in marketing to get more customers. novel Jersey John Wiley & Sons, Inc., HobokenPhilip Kotler. and Gary Armstrong (2009) Principles of Marketing 13 ed. New Jersey apprentice Hall.a