Marketing Strategies OZ Assignments

Marketing Strategies OZ Assignments

Marketing Strategies OZ Assignments

Introduction

Making a marketing plan for any company is one of the most important for the other operations of the business. For the chocolate business, the marketing is the major aspect to attract the people and aware them about the new varieties and packs. Here in this assignment the business of the Haigh’s Chocolate that is the oldest family-owned business in Australia. The company is running its business from 1915 and started selling the chocolate covered fruit centred products (Haigh’s Chocolate, 2017). For this business, a consulting firm is contacted for making the marketing plan of the assignment from the which the company is seeking to get the attention of the people for the coming festivals and the precious occasions like valentine’s day. From this marketing plan, the company is also looking for the creative, practical and fun marketing strategy for their business.

Marketing Strategies OZ Assignments

Swot Analysis For Understanding The Brand

This is the best tool that helps in determining the major strengths and weakness of the business with the threats in the market and the opportunities that a company can grab. The company is running the business for almost 100 years and the products are quite famous among the people of Australia. The description of SWOT on Haigh’s Chocolate is shown below:

Strengths – the company is the oldest firm in Australia for producing the chocolates and employ around 500 people and has 16 stores spread in Australia and also works online. With time the business structure has major changes, but the process of cooking is very unique that includes the modern technology with the human skills. Every year their people work to create some new recipes (Marjanova, 2011). The company is well focused on serving the people with the best quality, gift packs with personal attention. These are some of the major strengths of the company that helped it to stay in the competitive markets and the run the business successfully.

Weaknesses – out of the major strengths there are some weaknesses that company has to work on to create more opportunities. It lacks in expanding the business even after the experience of around 100 years in the business. In the local markets the company has a significant share but still, then the company is unable to influence the people more. Also, one of the major challenge or the shortcoming is that doesn’t have any certification from the Fair-Trade Foundation (Helms and Nixon, 2010).

Threats – today the people are more conscious about their health. Another major threat to the business of the Haigh's chocolate is the unavailability of the better storage facilities that lead to the whitening of the chocolates which damages the brand image. Also maintaining the best quality of the products with consistency is one of the difficult fields of their business. In terms of the business competitors, the company is facing major challenges from the Nestle, Cadbury and Mayfield chocolates.

Opportunities – according to the capabilities and the capacity of the business the company can expand the business more effectively than any other in Australia in future. In addition to this, the company can present new gift packs for several occasions through which the overall sales can be increased, online sales are one of the biggest platforms to operate the business, which is also beneficial for the Haigh’s. moreover, the company can use better storage places, marketing strategies and take attractive decisions so that the success and popularity of the company can be maintained.

After the completion of the SWOT analysis of the company it can be said that the company has lots of experience to run the business in all kind of market situations and hence it can expand the business to more locations and earn more popularity among the people with the best chocolates, gift packs, etc. talking about the opportunities of the business the company can choose the online platforms, different marketing approaches and the techniques to influence the people and attract towards it (Kizil, et al. 2013).

Marketing Strategies OZ AssignmentsFigure 1: SWOT Analysis

Objectives Of This Marketing Plan

1.To build awareness for Haigh’s Chocolate

2.To increase brand recognition for Haigh’s Chocolate

These objectives of the business can be achieved through the effective marketing and development strategies that can attract more people so that the brand will be recognised in the global markets (Papadelos and Williams, 2011).

Vision –  to deliver a world-class experience through the best quality and tasty chocolates

Passion and Pride – the pride in the products and passion and heritage for operating the business in the future

Values – to care and considerate employees, suppliers, customers, shareholders, community and the environment (Haigh’s Chocolate, 2017)

4P’S Marketing Mix

The marketing mix is the tool that shows the tactics and the strategies that help the company to find better opportunities for the proper branding of the business and the products. Here the four major aspects of the business are highlighted for the Haigh’s Chocolates; Price, Place, Promotion and Product.

Product – Haigh’s chocolate has the single flavour that attracts the people and the company is regularly making changes in the quality to make the world class products. The company has bet swiss techniques since 1950's, that gave basic advantage among the others. There is a tourist centre that is used by the company to show the chocolates to the entire world. Haigh’s chocolate is focused on the delivery of the high-quality chocolates, that are fresh, health and best in taste (Kazemi and Esmaeili, 2010).

Place – the products of the company are presented in the major cities of Australia like Sydney, Adelaide, Melbourne, Canberra etc. the place is the platform where the presence of the company can be observed in the markets and for Haigh's it is complete Australia. The company majorly performs the operations of the business in these cities, but the products are distributed to all over Australia with a high-end supply chain that makes it more popular in the small and big regions of the country.

Price – the price range of the products of the Haigh’s chocolates are fixed and are decided after the development of the products according to the costing that is implemented in the making, marketing, distributing etc. the company majorly sells the normal costs products but it also has some premium products with high costs.

Promotion – the activities that are needed to aware the people about the new products and the make them attracted towards, these all are included in the marketing and promotion of the Haigh's Chocolates. The company uses various platforms for promoting the products and new gift packs it developed for the special occasions.

The motive to make more awareness of the brand in the markets and also increase the recognition of the brand is achieved through these marketing mix elements. The products of the company are the main potential of the company to attract the people and company are well focused on making their products best in the world. In addition to this, the company can use in trend platforms to marketize and promote the products and attract people. Social media, print media, mobile communication and much more are used nowadays for the marketing processes of the companies and so the Haigh’s should (Singh, 2012).

Marketing Strategies OZ AssignmentsFigure 2: Marketing Mix

Porter’s Five Forces To Acknowledge The Problems In Business

This is the best way to determine the forces of the market that majorly affect the business and impose major pressure to change the business operations. For the business of Haigh’s chocolate, the potential problems of the business are described here:

Threat From New Business The business needs lots of capital for the various operations that are necessary for the growth. The Haigh’s chocolate is running the business for years and still lacks in the proper marketing and production of the chocolates. This gives a wide area for the new business to enter easily and create tough competition for the company. The company has a wide range of products from cheap to the premium range and also several gift packings that are made for the special occasions help in reducing the threats from the new entrants.

Bargaining Power Of Suppliers this is one of the major problems of any business, but the Haigh’s are capable to make their raw materials by themselves which neglects the situations of problems from the bargaining of the suppliers. Sometimes there is a need for new ingredients that company cannot grow or develop which takes it into the area of suppliers. But this is not a big force because of the lots of supplier’s presence in the markets and hence they do not pose any major threat for forwarding integration of the business in future (Khan, 2013).

Bargaining Power Of Customers satisfying the customers need is the major task of the business of Haigh’s. For reducing this force of the market, the company has a wide range of products that come in all kinds of ranges so that everyone can enjoy the best chocolates. Today customers have many ways and choices to change their chocolate brand because of the lots of products and lots of companies working in this field. This is a moderate force for the business of Haigh's but still, it can be neglected because the company is customer centred a satisfying them is the most important part of the business.

Threat Of Substitute this is one of the most powerful threats for the Haigh's chocolates because of the existence of the many other firms that are capable to attract the customers of the company with the better production, marketing and low costings. Whenever a new business enters the market their first strategy is to attract the people that are loyal to others. Here for the Haigh’s the inability to expand the business globally even when they have the experience of 100 years make these forces stronger.

Rivalrybeing in the chocolate industry itself creates major rivalries in the markets. Haigh’s chocolate has many rivalries from the Cadbury, Hershey’s, Nestle etc. in the marketing, pricing, special packaging etc. Haigh's is one of the known brands in the Australian markets and there are many businesses that want to dominate it.

The market situation of the chocolate industry is not firm because of the regular changes in the need of the customers and the competition in the markets. The Haigh’s business will need to use the power of their experience to reduce these above threats and emerge as the most popular brand in the country. With this the company also have to try some new strategies like more focused sales on the online platforms, reaching the people effectively with more explored ways to communicate with them. At the same time company can also use these forces as their power to handle the major challenges of the business and pose threat to others (Dobbs, 2014).

Marketing Strategies OZ Assignments

Figure 3: Five Forces of Market

Ansoff’s Matrix To Achieve The Objectives

Ansoff matrix is the marketing planning tool that helps in deceiving the growth and position of the products in the market. It shows the marketing position through four quadrants based on the market type and product type (Fejza and Asllani, 2013). The objectives of the Haigh’s chocolate can be easily understood through this tool and it also helps in supporting the marketing strategies.

Marketing Strategies OZ AssignmentsFigure 4: Ansoff Matrix

Diversificationthis is not the major objective of the business of the Haigh’s. diversification in the markets and finding the major potential customers in the new markets with the new products are included in this. Haigh’s is not completely ignoring this opportunity but also not emphasized much.

Product Development coming out with the new products in the existing markets is shown here. The Haigh’s only made new products as gift packs at special occasions and that too for the existing markets. For this strategy, the company has methods to attract people through the better packaging and the new tastes. At the same time, the company can also try to present some extra discounts so that the people who are always looking for the products at low costs get attracted.

Market Development this is the major field for an opportunity in the business of Haigh’s chocolate. With respect top, the motives of the business of the company and the vision they follow, need to develop some new products in the new markets and expand the popularity of the business there (Squicciarini, and Swinnen, 2016). The business needs more exploration in the new markets and that is only possible if the company uses its existing product range which is already popular among the people in the new locations. This will also help in reducing the costs of the company to promote absolutely new products in the new markets that need huge costs and latest strategies.

Marketing Penetration creating more awareness for the Haigh’s chocolate and increase the reputation and value of the brand has high chances to be achieved through penetrating more in the existing markets. Here the company have major objectives to be accomplished that are:

1.Increase the market share with the quality and more better delivery of the products so that the people are able to buy the chocolates at low costs with feasibility

2.Dominate in the existing markets of Australia and serve the people with the best products that are not available in the other companies

3.By applying blue ocean strategy, the company can reduce the pressure from the competitors and also avoid extra competition.

4.Increase the use of products by the customers through direct communication with the people and make them loyal towards the brand, here the company can also use various type of simple discounts or other offers to regular customers.

The company's objectives to attain more popularity and create more value in the markets need lots of efforts in the form of better strategies for the production, sales, marketing and other operations. The Haigh’s chocolates are running the business since 1915 and are capable to dominate the markets with their experience, also the company is regularly working on the development of the new products and better strategies to get more success in the markets. The company has many opportunities in the local festivals and other special occasions that come in a year. The marketing strategies to reach more people and create awareness about the brand can go for the chocolate bouquet, or go for creating a chocolate theme in the outlets and attract the people (Arkolakis, 2010). The strategies for the marketing of the business should also include the latest platforms like Facebook, Twitter, Instagram to marketize their products and establish a presence in the global markets.

Conclusion

Haigh’s Chocolate is running the chocolate industry of Australia for many years and gained lots of knowledge. The company is known for the best quality and tasty chocolates in Australia but the motive to expand the business reputation and recognition in the potential markets so that company can make more profits is quite easy with better efforts and strategies in the marketing.

Here in this assignment, the strategies that should be analysed first before implementing the marketing plan to achieve the objectives are shown. After the analysis of the strengths and weaknesses of the company, it can be predicted that the increment in the recognition can be easily achieved through the effective strategies for the marketing like using the best and intend platforms so that reaching more people can be done. Moreover, in this assignment, major problems for the business of the Haigh’s and the marketing mix is performed to analyse the position of the products and company.

References

1.Arkolakis, C., 2010. Market penetration costs and the new consumers margin in international trade. Journal of political economy, 118(6), pp.1151-1199.

2.E. Dobbs, M., 2014. Guidelines for applying Porter's five forces framework: a set of industry analysis templates. Competitiveness Review, 24(1), pp.32-45.

3.Fejza, E. and Asllani, A., 2013. The importance of marketing in helping companies with their growth strategies: The case of food industry in Kosovo. European Scientific Journal, ESJ, 9(16).

4.Haigh’s Chocolate, 2017, Haigh’s Today. Online available at http://www.haighschocolates.com.au/about-us/haighs-today/ last accessed on 18th December 2017.

5.Haigh’s Chocolate, 2017. Online available at http://www.haighschocolates.com.au/ last accessed on 18th December 2017.

6.Helms, M.M. and Nixon, J., 2010. Exploring SWOT analysis–where are we now? A review of academic research from the last decade. Journal of strategy and management, 3(3), pp.215-251.

7.Kazemi, F. and Esmaeili, M., 2010. The role of media on consumer brand choice a case study of chocolate industry. International Journal of Business and Management, 5(9), p.147.

8.Khan, T., 2013. STP strategy for New Product Launch-a Work in Progress. International Journal of Business and Management Invention, 2(3), pp.56-65.

9.Kizil, C., Eddy, V., Clary, L. and Crowell, K., 2013. Hershey's Entry to the Australian Market with a New Brand: An Accounting and Marketing Perspective. Emerging Markets Journal, 3(2), p.97.

10.Marjanova, T.J., 2011. CREATING A COMPETITIVE MARKETING STRATEGY FOR B2C BUSINESSES THROUGH MARKET RESEARCH: ANALYSIS OF THE CHOCOLATE MARKET IN MACEDONIA, FYR.

11.Papadelos, P. and Williams, S., 2011. Emerging spaces: new possibilities in critical times. Outskirts, 24, p.N_A.

12.Singh, M., 2012. Marketing mix of 4P’s for competitive advantage. Journal of Business and Management, 3(6), pp.40-45.

13.Squicciarini, M.P. and Swinnen, J. eds., 2016. The economics of chocolate. Oxford University Press.