Question #1 (6 Marks) The first objective in marketing is discovering and satisfying consumer needs. Explain the consumer insight that led to the re-launch of Hershey’s new chocolate bar.
The consumer’s of the Take 5 chocolate bar were in their late teens and young adulthood who still enjoyed their brakes with tasteful treats. The target users were asked to give a comparison between the other treats that were available along with the Take 5. The results were positive for Take 5 and the consumers were likely to purchase Take 5 as compared to other treats from different brands. The reason for the consumers to like this product was its delicious taste and texture which made the Hershey’s Canada to re launch the product with an aggressive market strategy. Question #2 (6 Marks) Hershey’s Marketing manager thought it important not only to profile the target audience demographics, but also other segmentation variables. Explain why it is a good idea to consider consumer behaviour and lifestyle segmentation variables.
To identify the behaviour of the consumer towards the product, its helps to recognise what the consumer needs, and the understanding of how to reach out to the consumer by helping them make the decision to purchase that particular product. It gives an insight to evaluate the kind of influence required to sell the product by giving them a reason (why would they need that product, what makes it so special). Every particular consumer’s needs cannot be met individually
6. What are the different ways to segment a consumer market? Does it make sense to use more than one segmentation variable? Why or why not?
The first P that the paper will address is Product. Professionals, researchers, and students of marketing must understand the importance of crafting the right product to satisfy the needs of the intended consumer. This P has a lot to do with the product, from design to production to distribution. This P also has a great deal to do with the consumer. Professionals and organizations of marketing must know the target consumer very well. When the marketing professional or marketing firms has an extremely clear concept of the intended consumer, they will be in a strategically stronger position to introduce a new product or service. (Ehmke et al, 2005)
The shift from transactional to relationship based customer marketing lead to change in the 4P’s of marketing strategy namely the product, price, promotion and place. Hershey has to reinvent itself and cater to health conscious customer segment by producing and marketing a low-calorie dark chocolate which could be positioned as a healthy snack and improve brand consciousness. Health benefits and nutritional value proposition will drive product sales.
1. As a marketing consultant for a chain of hair salons, you have been asked to evaluate the kids’ market as a potential segment for the chain to target. Evaluate the kids’ segment against the four criteria for successful market segmentation.
Understanding consumer behaviour is essential to succeed in business. As Solomon et al. (2013) stresses, businesses exist to satisfy consumer’s needs. By identifying and understanding the factors that influences their customers, firms have the opportunity to develop a more efficient strategy, marketing message and advertising campaigns that is more in line with the needs and ways of thinking of their target consumers (Perreau, 2015).
A. Marketing merely reflects the needs and wants of customers. B. Marketing shapes consumer needs and wants.
Explain the process of market segmentation and targeting, and the benefits of segmentation and targeting to Clare’s Chocolates. (150 words) Market segmentation is gathering of potential buyers into groups, that have common needs and it will help you to market your products and services effectively. So that you have more understanding how to market your products and
In today’s world of various products and services, businesses aim to excel and lead the competition by marketing the most number of consumers, which is a full time endeavor of business. To survive in the market, a firm or an organization has to be constantly innovating and understand the latest consumer trends and tastes. Marketers need to understand consumer behavior because the decision-making process for consumers is anything but straight forward. Consumers’ behaviors and their purchasing patterns is a huge advantage to understanding the way customers think and the reason for their purchases. Therefore, the study of consumer behavior is important because it allows the
needs of the consumers in the market. Although they have a clear understanding of the
When the company began more than one hundred years ago, it was granted immediate success with its low-cost, high quality milk chocolate. Though one of Milton Hershey’s founding principles that has persisted over the years is to “make and sell a high-quality product at a fair price” (CSR Report 7), another threat Hershey contends with is changing consumer preference. “The company is experiencing changing consumer trends toward premium and trade-up product segments (SWOT 4).” In order to adapt to the changing marketplace, Hershey will have to continue to constantly develop, produce and market new products.
* Understanding consumer behaviour allows us to engage more effectively with our target market and increase sales
Consumer behavior is the most important factor which we need to concentrate. The more we understand this factor the more success for our business. In our case, we focus on the following elements:
By October 2012, it had been over 15 months since Apollo Foods, a global consumer packaged-goods firm, had obtained the rights to distribute the well-known European chocolate company, Montreaux, in the United States. Andrea Torres, the director of new product development at Montreaux Chocolate USA, is presented with the
In the marketing world, before releasing a product onto the market a company would carry out research in all spectrums to investigate the targeted audience. Once market research is completed, marketing or advertising is carried out so that the targeted consumers can purchase and the company receives an earned profit from sales. Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably (Chartered Institute of Marketing, 2009). Marketing strategies need to tick off consumer needs and demand. Companies follow a set of marketing strategies to be able to achieve their set mission goals. Strategies like segmentation, targeting and positioning of the market is used to analyse the
Place – Place is also very important in the terms of business because before opening the business they should consider the location properly that are they targeting the proper market according to their business. Place must be easy accessible for customers, suppliers etc.