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Cocoa delights Marketing objectives

Objective 1: Brand awareness

Compatibility

Cocoa Delights Marketing Plan for 2010 focus on building brand awareness amongst customers. The CEO explains that this is a benchmark that Cocoa Delights would like to achieve in all markets in which it operates. This is in keeping with the Chair of the Board’s statement, ‘By 2015, I see Cocoa Delights with a significant presence in retail chocolate in every Australian capital city’. The goal is to become a leading chocolate retailer.

Consistency

The Chair of the Board’s statement is consistent with the reports and the goals and objectives of the case study.

Equipped

Brand awareness will be achieved by the joint venture TV advertising campaign, costing the company $1.1 million in each new market. This money has been set aside in the budget, as has provisions for an increase in staff for the marketing department to help manage the campaign. Priorities for the plan are to ensure that the branding exercise complies with the Competition and Consumer Act 20101, and that it is not associated with activities that are not in the community’s best interests. Established markets will allocate 20% of the advertising budget for brand awareness rather than product promotion.

Legal

The roles of ACCC is protect the consumer to get the harm from the service or products , help the consumer to get the benefit from the market and safe the consumer at the same time , support the market to be fair and adjust the effective of the economics .

This is the legislation are controlled under ACCC :

  • The Competition and Consumer Act 2010
  • Main sections of the CCA
  • Exceptions under Commonwealth, state and territory legislation

Objective 2: Category target

Compatibility

Often a new customer’s first purchase is from the Dark Decadence range, and this provides an opportunity to sign them up for a loyalty program. Therefore, the initial advertising budget will feature items from this category, and also be the focus of the front entrance prominent display during the initial period.

Consistency

The CEO explains that, initially, the hand made chocolate gains early traction with the market, followed by uptake in other categories. For this reason, the CEO suggests that a target of 30% for machine made chocolate would indicate that the new markets were on track to achieve the overall sales target.

Equipped

A full marketing plan will be developed, with resources including access to Holt & Burrows and 5% of turnover allocated to finance the budget to achieve this target. The company will need to ensure that it complies with the competition rules set by the ACCC for the market dominant player. To achieve this share, it is very important that stores achieve their break-even target of $3 million. It is estimated that new markets will need to achieve about 15% market share before break-even sales levels are secured.

Legals

Legal agreements with Haigh’s Chocolates, covering a Cocoa Delights veto right, will ensure that all marketing is conducted in a clearly defined ethical and legislative compliant way.

Objective 3: Market share

Compatibility

In terms of market share, the vision of the company is to dominate the markets in which Cocoa Delights operates. The CEO explains that Cocoa Delights has approximately 18 % of the Melbourne gourmet chocolate market, and they expect to replicate and increase this rate in the long-term for every capital city in which they operate. From a position of dominance, the company is able to achieve its sales targets, as well as the gross margins required to succeed.

Consistency

A full marketing plan will be developed, with resources including access to Holt & Burrows and 5% of turnover allocated to finance the budget to achieve this target. The company will need to ensure that it complies with the competition rules set by the ACCC for the market dominant player. To achieve this share, it is very important that stores achieve their break-even target of $3 million. It is estimated that new markets will need to achieve about 15% market share before break-even sales levels are secured.

Equipped

Working closely in this area with the joint venture partner should open doors to established marketing channels that will ensure the achievement of this target.

Legals

Legal agreements with Haigh’s Chocolates, covering a Cocoa Delights veto right, will ensure that all marketing is conducted in a clearly defined ethical and legislative compliant way.

Long-term objective 1: Brand awareness

KPIs

  • 2 out of 3, or 66% target customers recognising the brand once established
  • establish brand awareness in each new market
  • established markets allocate 20% of the advertising budget.

Risk management

Brand risk management can (and should) be identified, measured and managed within the enterprise risk management framework of an organisation. Given that brand risk is multifaceted—strategic, operational, financial, regulatory—and that, currently, these risks are often, managed by organisations in individual silos (departmental planning based), being able to get a true picture of the potential brand risk is poor.

The key, internal areas, where brand risk is (usually) generated are:
1. Poor manufacturing quality
2. Poor customer service (brought about by dissatisfied or not-in-sync with the brand philosophy employees)

Externally areas are:

  1. Behaviour by consumers—boycotting the products or services of the company due to change in perception brought about either by a change in the brand differentiator communication or experience OR due to changing social values
  2. Retail space capturing, buying out of stocks, removing stocks on display etc tactics by competition
  3. Political or community opposition to the brand to do business within a geographical region which limits its ability to develop.

Long-term Objective 2: Market share

KPIs

10% increased market share;

30% market share before breakeven sales levels are secured.

Externally areas are:

  • Behaviour by consumers—boycotting the products or services of the company due to change in perception brought about either by a change in the brand differentiator communication or experience OR due to changing social values
  • Retail space capturing, buying out of stocks, removing stocks on display etc tactics by competition
  • Political or community opposition to the brand to do business within a geographical region which limits its ability to develop.

Risk management

All businesses take risks based on two factors: the probability an adverse circumstance will come about and the cost of such adverse circumstance. Risk management is the study of how to control risks and balance the possibility of gains.

Notes from meeting with the CEO

  • any points of clarification about the identified strategies
  • feedback provided by the CEO
  • note of identified long-term objectives to be further developed.

Contingency Plan

Risk Identified: Loss of sales

Strategies/Activities to Minimize the Risk

By Whom

Increase Marketing

Owner

Lower price

Owner

Increase quality and rewards

Massage team and management

Increase diversity of products range

Production and Management

Risk Identified: Lack of stock

Keep stock check every week to make sure there is always enough stock available

Owner

Risk Identified: Loss of Profits due to increase in wage Expenses

 

Budget carefully

Owner

Make sure that there is a plan for the future

Owner

Allocate and renegotiate wages according to performance and productivity

Owner

Risk Identified: Financial Security Breach

 

Increase the security of the company in-store

Owner

Make sure all bank details are kept safe.

Owner

Type

Issue/risk

Contingency

Financial

The cost may over the budget.

Prepared extra money for the budget

Operational

Poor communication during the processes and cause the misunderstanding

Find the alternative solution by held the meeting and brainstorming

You must be prepared for all operational risks

Operational

The supplier may not be able to come.

Asking another supplier to send the resources.

Health and Safety

The person who’s cooking BBQ might get burn by fire.

Hire another chef for helping each other.

Environmental

It might have bad weather in that day.

Changing the venue or cancellation the party.

Legal Compliance

Some under aged people were caught drinking alcohol

Announce event rules and policies

Employee

3 employees did not attend the event causing a lot of problems

Absence on this day will result in significant consequence

Strategic

The food selection was not as popular as expected

Choose different food or get emergency supplies

A marketing contingency plan can help a small business protect revenue, profitability and customer relationships by preparing for unexpected events. The sudden arrival of a powerful new competitor, a problem in your supply chain, the resignation of an important sales representative, a virus attack on your website or the discovery of a major product defect can have serious consequences. If you have a contingency plan in place, you can respond quickly to changes and protect your company against the risk of business and financial damage.

Monitor

When you have identified the vulnerabilities, you must monitor conditions to try to get an early warning of any increase in risk. Ask your sales team to meet regularly with key clients and look for signs of competitive activity. Check industry publications for competitive advertising and look for details of new products or special offers on their websites. Monitor the performance of your suppliers to ensure that they can maintain continuity of supply and meet your quality standards.

Response

Your contingency plan should set out the actions you will take in the event of a threat or problem. If a competitor cuts prices, set out the prices your team can offer to maintain the volume of sales. If an important customer moves business to a competitor, identify customers or prospects where you could increase business to cover the loss. Set out your procedures for dealing with a product defect and a possible recall campaign. If an important member of your sales team leaves, identify a replacement and prepare a training program to bring that representative up to speed. Identify alternative sources of important components in case one of your suppliers has delivery or quality problems.

Cocoa delights viability report

Cocoa delights Marketing objectives

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