Discuss about the Marketing Plan of Haigh’s Company.
This report will focus on marketing plan of Haigh’s company to enhance entire turnover by emphasizing on sale of chocolates on occasion of christmas. The marketing plan will focus on the effective strategies that will assist the organization to attain the overall goals and objectives. It has been analyzed that business focuses on the confectionary products and there is a high competition in competitive market. The company deals quality products to the customers. It is important for company to emphasize on making the core competency in two particular sectors to enhance its sales. The two areas are offering quality chocolates and the next is concerned with keeping a low cost so that cost leadership in all the products of chocolate can take place.
Haigh’s was established by Alfred Haigh who offers all the details and direction to the workers related to the operations of the company. All the operations of the company were started with the small store of ice cream and desserts. It has been evaluated that company has the biggest chocolate outlet in Australia. By overall evaluation potential of the market can be analyzed by considering the information of the opportunities and threats exist in competitive market.
The company is considered as the fourth generation chocolatier that gives chocolates for the special occasion. It has been evaluated that the chocolates of the company are famous in South Australia also (Chocolates, 2018). The organization offers premium handmade chocolates and focus on creating good positioning in market just because of the good image. The company also focuses on maintaining effective connection between the organization and its customers.
Strength
Company has goodwill in entire market and also company offers good quality products with good brand equity. The organization is recently conducting its operations in various countries like South Australia. The company products include milk, chocolates and also dark chocolates (De Meulenaer, Dens & De Pelsmacker, 2015).
Weakness
Each and every company possesses some weakness but it is the duty of organization to reduce weakness present in the organization. The organization requires latest technologies and there is a restriction in context to the budget. In addition, organization has to face many policies related to governance penalties that are just because of the governance program which enhanced the entire production cost (Wolf & Floyd, 2017).
Opportunity
Various opportunities are there in the market, but it requires the correct focus to consider the correct opportunities. Opportunity is concerned with growth and development of business that can be grabbed. For increasing the market share of organization it is essential to emphasize on giving gifts and discounts to attract more customers towards the product of company. Haigh’s also has opportunity for selling products online and delivering products in context to e-commerce. For this, it has been evaluated that company can install cyber computing system in entire value chain operations so that opportunities that are prevailing can be achieved and also the business units can be sold easily (Ramli, 2017).
Threats
It is important to consider the effective strategies so that threats can be minimized in a proper manner. The threat faced by the company is concerned with high competition level and also just because of the new entrants of the business in the market. It has been evaluated that just because of the growth of this company; there are new entrants that are conducting their activities with their proper strategies to rule chocolate market industry. To increase quality and to maintain the product value it is essential to focus on the effective strategies. The threat is also concerned with managing the perishable products for a long time in company warehouse (Salinas, 2016).
Product Strategy
The company emphasizes on customization of goods and facilities in market. The plans will not only induce high percentage of customers in market but also focus on entire requirement of customers in determined approach. The strategy related to product will change products which exist according to values, belief, and demand for existing chocolate. Also, in addition, it has been seen that branding and packaging of products should be made as per occasion of Christmas. For example, if products provided on Christmas, the packaging should focus on considering the proper packaging and also induce clients so that they can purchase the product of the company easily. To customization of products should be done according to target market so that sales can be enhanced easily (Hoek & Gendall, 2010).
Figure 1(Planned customized designs to induce customers towards products)
Pricing strategy
To conduct the operations of the company it has been analyzed that marketing has an important role. The leaders should focus on considering the strategies so that the demand of the company can be met easily. The strategy related to pricing should be based on the target customers like premium products that are of high prices for the wealthy customers (Xu & Huang, 2014). The organization should emphasize on considering the pricing strategy that influences the supply and demand of the company products. The objective of pricing should be taken into consideration by the organization so that the sales can be enhanced by the products. The price of the products should be related to the cost price of the product. The cost price is an essential factor on which focus should be given by the company so that nominal prices can be set (Lusk, 2014).
The prices are set for consumers should be reasonable as it can help to avail the products that are given by organization. Focus should be given on the level of competition so that operations can take place properly. If the organization does not focus on the competition level then the company can face difficulty in surviving in the competitive market. If the product demand is low then it has been analyzed that pricing strategy is one of the important factors that should be considered to enhance the entire sales. When there is low demand the product price should be less so that the sales can be enhanced (Herstein, Drori, Berger & Barnes, 2017).
Place strategy (distribution strategy)
The organization focuses on considering the retail stores so that product distribution can be done easily. The product distribution can take place by making the product available on the retail outlet if the comparison is made with the wholesalers. This can be considered as one of the effective methods that can serve the customers easily and also the availability of the products can be made easily. The retail outlet is considered as the selling point for the products and also through this proper control can be made over the products. In this way the production process can also be managed and products can be made available to the large customers. The distribution strategy also gives a chance to enhance the engagement which the customers as this reflect on the efficiency of the company. The chocolates should be made available at each retail store so that distribution of the products can take place in the right manner. The accessibility of the products should be made easily to the target market by offering products in the retail stores. It has been evaluated that distribution is considered as the effective strategies for product distribution to the customers (Jewell & Saenger, 2014).
Promotional Strategy
This strategy can assist the company to increase the level of performance in a proper way. The company focuses on the promotional techniques so that products can be distributed in the market. The company focuses on engagement with the customers in various manners like online presence focuses on the primary level marketing and also selling off the tools. It has been evaluated that the company has a good presence on the online platform that assists the consumers to purchase the items online. This technique not only increases the sale but assist to enhance the customer number (Shankar et al., 2016).
The efficiency of the company can be enhanced through the distribution channel and also the focus of the company is on the social media so that the customers can be induced easily. The customer engagement can be enhanced as it is related to bringing improvisation in the development and the packaging criteria. The cost of the marketing can be reduced if the company considers social media and also through this large market share can be attained in less time framework (Fine, 2017). This is one of the effective techniques in the target market. The company can consider advertisements so that new ideas can be gathered. There are various promotional methods consider by the organization. It includes the options related to packaging and also the method of distribution through retail stores in comparison with the supermarkets.
Competitive advantage and Positioning
There are many competitors of the company in the market like Nestle, Cadbury, and Mayfield chocolates. The company is considered one of the manufactures that provide good quality chocolates. The competitors prevailing in the market emphasize on considering the corporate behavior so that organization can operate the activities in the long run. The company also emphasizes on the core competency in various areas to enhance the sales as good product quality and the next is concerned with making the product cost low so that the core competency can be created in the market in context of the cost leadership style in the market (Fosfuri, Giarratana, & Roca, 2016).
The company should also emphasize on the maintaining the best packaging quality and provide good quality of the chocolates to enhance the brand image and also to make a good position in the international market. The best method to compete in the competitive market is related to emphasizing the core competencies related to two areas that are selling good product quality and also to reduce the cost of the products. Haigh’s should focus on accomplishing the goals and objectives by providing the best quality products to the customers (Douglas & Craig, 2011).
Marketing objectives
The company motive is to enhance the awareness of the company’s products and also to increase the brand recognition in the market. The operations of the company should be conducted by focusing on the overall level of performance. The innovation of the products should also be taken into consideration so that growth can be achieved and also differentiation can take place. The aim of marketing the operations is to enhance the product image in the market and also to create awareness among the customers.
Target market
The target market is concerned to the market that the company should focus on so that overall product sale can take place. It is important to the focus on targeting the market so that operations can take place. It is analyzed that if organization promote the product without focusing on the target market then to remain the in the market is difficult (Grünig & Morschett, 2017).
Demographic market
It is concerned with the age, race and income level of the people. Demographics can be related with the different markets so that company can easily target the customers in the proper manner. The company should emphasize on the targeting the people of all age groups. The emphasis of the organization should mainly on the middle and high-income people as it can assist the company to enhance the sale of the items. The target market on which the company emphasizes should be on male and also on the female (Sondhi & Chawla, 2017).
Geographic Market
It is the important factor on which the company should emphasize so that growth can be achieved by the company. This will give assistance to the company to break the section of the market by emphasizing the states and climate. The organization should focus on achieving the large share market so that there can be an increase in the sale of the products. The share of the market has an essential role to enhance the profits of the company. Haigh’s should focus on the considering the target market so that operations can take place in an effective manner (Suyatna & Suwardikun, 2014).
Psychographics Market
In this, the market considers the personality traits, interests and attitude of the customers. This is one of the essential factors as it assists in proper designing of the products. Haigh’s should emphasize on introducing the chocolates in the market according to the interest and lifestyle of the customers so that success can be achieved. The company can only attain the success if the emphasis is given to the introducing the products according to the lifestyle of the customers in the market.
Benefit segmentation
It is concerned with dividing the market by focusing on the value and benefit of the customers from the products and services given by the company. The targeting of the market can be considered by focusing on the quality, performance and also the customer service. The company focuses on maintaining the quality so that customers can be attracted more towards the products. The emphasis is also given on the customer service and also on the packaging of the products. It is essential for the company to focus on maintaining the quality so that large customer base can be attracted towards the products (Khan, Lockshin, Lee & Corsi, 2017).
Usage rate segmentation
It focuses on dividing the important or use of the products. The organization should focus on the good customers so that it can be easier to achieve success in the market. If the rate of usage of the customer increases then it can be easy to achieve growth and profits in the competitive environment. The company should target the areas so that the overall sale can be maximized and also due to this profits can be achieved. In this aspect, it has been evaluated that demand for the products has a great role in the level of performance of the company (Vidal et al., 2016).
Conclusion
By analyzing the report, it can be evaluated that the issues that can be faced by the organization at the time of product marketing are competition level prevailing in the market. Just because of the high competition level the company will not be able to distribute its product. It is essential to consider proper promotional strategies so that success can be achieved in a proper way. Strategies like proper and effective taglines and also proper advertising of the products should be considered so that large customer base can be grabbed. Through innovative techniques, the organization can easily minimize the problem and can achieve growth in the market.
On the occasion of the Christmas, the products can be promoted by the company by considering the Christmas pictures for advertising and also by designing the chocolates in flower share or in rose shape. It has been evaluated that there is high competition level in the global marketing environment. Therefore, it is important to have effective control of all the factors so that operations can be completed properly. By focusing on the recent scenario, it is important to focus on quality so that the customers can be satisfied.
References
Chocolates. H. (2018). Haigh Chocolates. Retrieved from https://www.haighschocolates.com.au/.
De Meulenaer, S., Dens, N., & De Pelsmacker, P. (2015). Which cues cause consumers to perceive brands as more global? A conjoint analysis. International Marketing Review, 32(6), 606-626.
Douglas, S. P., & Craig, C. S. (2011). Convergence and divergence: Developing a semiglobal marketing strategy. Journal of International Marketing, 19(1), 82-101.
Fine, S. H. (2017). Introduction to social marketing. In Marketing the Public Sector (pp. 1-12). Routledge.
Fosfuri, A., Giarratana, M. S., & Roca, E. (2016). Social business hybrids: Demand externalities, competitive advantage, and growth through diversification. Organization Science, 27(5), 1275-1289.
Grünig, R., & Morschett, D. (2017). Determining the Target Markets. In Developing International Strategies (pp. 85-104). Springer, Berlin, Heidelberg.
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Hoek, J., & Gendall, P. (2010). Colors, brands, and trademarks: the marketing (and legal) problems of establishing distinctiveness. Journal of Advertising Research, 50(3), 316-322.
Jewell, R. D., & Saenger, C. (2014). Associative and dissociative comparative advertising strategies in broadening brand positioning. Journal of Business Research, 67(7), 1559-1566.
Khan, H., Lockshin, L., Lee, R., & Corsi, A. (2017). When is it necessary to localise product packaging?. Journal of Consumer Marketing, 34(5), 373-383.
Lusk, J. L. (2014). Are you smart enough to know what to eat? A critique of behavioural economics as justification for regulation. European Review of Agricultural Economics, 41(3), 355-373.
Ramli, N. S. (2017). A review of marketing strategies from the European chocolate industry. Journal of Global Entrepreneurship Research, 7(1), 10.
Salinas, G. (2016). Brand valuation: principles, applications and latest developments. In The Routledge Companion to Contemporary Brand Management (pp. 80-99). Routledge.
Shankar, V., Kleijnen, M., Ramanathan, S., Rizley, R., Holland, S., & Morrissey, S. (2016). Mobile shopper marketing: Key issues, current insights, and future research avenues. Journal of Interactive Marketing, 34, 37-48.
Sondhi, N., & Chawla, D. (2017). Segmenting and Profiling the Chocolate Consumer: An Emerging Market Perspective. Journal of Food Products Marketing, 23(2), 123-143.
Suyatna, O. H., & Suwardikun, D. W. (2014). Generating Spontaneous Purchase Through Packaging And Displays. Bandung Creative Movement (BCM) Journal, 1(1).
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