Chocolates are one the most abundant products found in the market. These are found in every nook and cranny of the world. Everyone thinks that setting up a chocolate industry is an easy task but it is not so. Setting up such an industry means starting a race and competing with a large number of existing chocolate industries. Existing industries in the market generally become a picture in the minds of people when they think about chocolate. So setting up such an industry isn’t a piece of cake (Brennan et al., 2014). It may be tough but it is possible. This report is based on the development of a new chocolate bar called “Chocxy” which will have various kinds of chocolate bars but will be specialized in developing unique flavours of chocolates by using the various kinds of fruits and nuts thus targeting the people who are looking for their fruit or nut in a chocolate bar. Further, this report also explains the STP as well as market mix elements and different segments of customers that this product will be appealing to along with the consideration of the stock-keeping unit and the development of a relationship with these elements (Fagerstrøm, Aksnes & Arntzen, 2015).
The USP of Chocxy is the “Crème Brulee bar”. Chocxy is targeting British Consumers. Though there is huge competition Crème Brulee Bar is a wonderful creation with a unique blend of Coca, white chocolate with a touch of hazelnut.
The main aim is to grasp people of every age group. Chocxy is trying to reduce the gap in the quality white chocolate market, so it will be better to identify the different groups of consumers of British because chocolate is loved by different age groups. It can be done by demographic segmentation and Behavioral segmentation. (Khodakarami & Chan, 2014).
Chocxy is an idea of creating a chocolate bar which will be covering up the market in a broader way and within a little amount of time. It goes for Mass targeting like targeting everyone. For an initial phase the idea is limited to covering up the most common and largely consumed fruits and nuts by the people for example; Raisins, Orange, Tutti-Fruity, Cashew, Almond, Chestnut and Hazelnut (Hollensen,2015). Developing chocolate bars by taking the above-mentioned items individually will help in capturing larger people in the market as chocolates are highly consumed products and the presence of these nuts and fruits will attract people who are inclined to these dry fruits. This inclination will in turn create more demand and help in providing tough competition in the market.
The tagline : “making the People Feel Good about Eating Chocolate”
Based on the income of people this product will be developed in three different categories namely little ones, mid ones and large ones (Martelo, Cepeda & Barroso, 2013). In all these categories the quality will always be the same whereas the weight or amount of the product will vary. The variation in sizes will frame the price of the product and which in turn will be affordable by every people in the market and create a huge demand.
Due to the variety of lines up in the production and distribution process, it is required to have SKU as the barcodes will help in organizing the array of products and keeping a track of the item in the inventory of a storage facility, store or supermarket.
Brennan, J.J., Siebert, W.H., Cerrone, M.C. and Williams, J.R., Buzztable, Inc., 2014. System for customer relationship management using wireless communication. U.S. Patent 8,897,810.
Fagerstrøm, A., Aksnes, D. and Arntzen, E., 2015. An Experimental Study of Intertemporal Choices: The Case of Customer Relationship Management. Managerial and Decision Economics.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Khodakarami, F. and Chan, Y.E., 2014. Exploring the role of customer relationship management (CRM) systems in customer knowledge creation. Information & Management, 51(1), pp.27-42.
Martelo, S., Cepeda, G.A. and Barroso, C., 2013, January. Recombining organizational capabilities to increase customer value: Tests of a three-way interaction. In Academy of Management Proceedings (Vol. 2013, No. 1, p. 13589). Academy of Management.
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