Company Introduction, Market Segmentation, and Product Positioning
Extravagant Chocolate Incorporated will offer a variety of homemade luxurious, gourmet chocolates. Chocolate is a treat that most everyone loves some depending on the type, brand, and decadents. Extravagant Chocolate will have a variety of choices to answer any chocolate lover’s desires they range from dark chocolate, milk chocolate, and even white chocolate. The company will span the globe for the best ingredients to use to make the tastiest treats. They will include nuts, fruits, truffle, creams, and even spaces. The company will also offer chocolates with various flavors such as alcohols and ...view middle of the document...
Our goal for each and every chocolate order is that it results in a happy patron who will tell their friends, family, co-worker, and others looking for a little piece of chocolate heaven to look no further. No request will be too small even an individual chocolate bar will be handled with the same care as premier event. Every bite represents our company and we want you to love it as much as we do.
During the next five years, Extravagant Chocolate Incorporated strives to attain the subsequent financial and nonfinancial goals:
1. Obtain financing backing to expand capabilities beyond American soil, increase sales, distribution, and clientele internationally
2. Donate 50,000 dollars to Feed the Feds.
3. Increase revenue by 25% or more.
1. Become a household name.
2. Enter new foreign markets for example China.
3. Provide ship anywhere service.
Foreign Market/ Marketing Plan
The foreign market that Extravagant Chocolate Incorporated has chosen to expand into is China. Over the past 30 years China has developed into a formidable global economy that all countries operating in the international market should consider when deciding to expand. With 1.3 billion consumers China has the potential to support any business from taste treats to cars. In doing the research of this foreign market Extravagant Chocolate Incorporated found that a large number of Chinese consumers had never eaten a piece of chocolate. Now some may see this as a shortfall but we see this as a location that has the potential to grow leaps and bounds. All we have to do is find how to create value to the Chinese consumer. Chocolate sold in China today is less than two per cent of total global consumption, and most Chinese are unable to find chocolate in close proximity even if they were willing to buy it. In order for entry into this market to be successful the organization will need to employ or establish a partnership or collaboration with someone that is knowledgeable about the global environment; which includes the political and legal environment. The top five competitors that are able to market and sell their product with ease in and around China are: Cadbury, Hershey, Nestlé, Mars and Ferrero Rochero. For the competitors the retail prices was relatively high and manufacturing costs relatively low, so none found pricing and cost to be barriers to entry.
Potential Audiences for a Marketing Plan and the Needs of Those Potential Audiences
The distribution figures show the potential of China’s chocolate market, since the vast majority of Chinese consumers with access to chocolate were not likely consumers, either because of their age, their resistance to foreign foods, or their level of disposable income initially made this a very unlikely market. However on the other hand this makes it a very level playing field for all the major competitors listed in the paragraph above. Chinese consumers view chocolate as an exotic foreign...