Im attempting to start up my own Java Bean company and want to research certain chocolate competitors. Ive chosen to actually target Godiva Chocolates. I feel this company has a great marketing plan and has been doing well and some how I want to attempt to market my product better.
I need some help identifying the opportunities and threats Godiva Chocolates have regarding their products. As most know marketing managers need to be aware of the marketing environment in which their products operate.
Describe three marketing environment forces that impact Godiva Chocolates and provide some reasons why this impacts their products.
Also what are some ways this company overcomes these threats and can capitalize on opportunites?
The marketing Environment in which Godiva Chocolate operates
Godiva's business description:
Godiva Chocolatier, a company founded in 1926 in Belgium by Joseph Drapes, produces and sells premium chocolates; ice cream, flavored coffees, cocoa, liquors, bonbons, truffles; dipped fruits and cookies arranged gift baskets. The company was acquired by Yildiz Holding A.S. in 2008 from Campbell Soup Company for a value of $850 million. Its annuals sales are estimated to be over $500 million with company having over 450 boutique stores country wide (Hoovers, 2011).
Some of Godiva's competitors include Leonidas, Lindt & Ghirardelli and Guylian. Other chocolate producers in the industry targeting lower end consumers are Russell Stover, Hershey among others. Godiva's which sells upscale premium chocolate, hand craft the products using high quality all natural ingredients and fresh dairy products that have a very short shelf life in the stores. These premium chocolates cost between $25 and $100 per pound at exclusive chocolate boutiques (Lindel, 2011).
Opportunities that Godiva products face:
Opportunities facing Godiva products. Among them include increased demand for upscale hand craft chocolates. Statistics show that 20% of Americans often seek out gourmet and premium products with more and more people craving for chocolates with superior taste and texture (Lindel, 2011). Another opportunity in the market involves taste pairing Godiva chocolates with other products such as vodka in order to enhance the dessert experience. These can be infused creating a drink that captures the essential flavor of Godiva's premium cocoa beans (Vreeland, 2011). Another opportunity is the changing diets and lifestyles where more and more people are appreciating the joy of chocolates. The recovering of the economy after 2008 recession presents another ...
The expert describes three marketing environment forces hat impact Godiva Chocolates