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Elite Chocolate

Extracts from this document...

Introduction

BY: ALI ZAHEER BUSINESS STUDIES COURSEWORK CONTENTS PAGE TASK 1 4 INTRODUCTION 4 TASK 2 5 MARKETING RESEARCH 5 Market Research: 5 Desk Research: 5 Field Research: 5 Primary Research 6 Sampling: 6 Observation: 6 Primary Data: 6 Secondary Data: 6 TASK 3 7 LAUNCH OF A NEW PRODUCT 7 TASK 4 10 MARKET SEGMENT 10 ? Age 10 ? Gender 10 ? Socio - economic Grouping 10 ? Geography 10 TASK 5 11 LOW FAT PRODUCTS ON THE MARKET 11 TASK 6 12 IDENTIFYING THE TARGET MARKET 12 AGE: 12 GENDER: 12 LOCATION: 12 SOCIO-ECONOMIC GROUPING: 12 TASK 7 13 NEEDS TO BE CONSIDERED WHEN WRITING A QUESTIONNAIRE 13 TASK 8 14 QUESTIONNAIRE 14 TASK 9 17 ANALYSING OF QUESTIONNAIRE 17 TASK 10 28 DIFFERENT TYPES OF RETAIL OUTLETS 28 TASK 11 30 MARKETING MIX 30 PRODUCT 30 PRICE 30 PLACE 30 PROMOTION 31 TASK 12 32 ANALYSIS OF EXISTING PRODUCT 32 Taste 32 Texture 32 Flavour 33 Packaging 33 Overall 33 Will You Buy? 33 TASK 13 35 STRENGTHS AND WEAKNESS OF MY RESEARCH 35 Research into existing products on the Market 35 Research into three supermarkets and the low fat products they sell 35 Questionnaire 35 Tasting Survey 36 Research into the launch of a new product 36 TASK 14 37 PRODUCT LIFE CYCLE 37 TASK 15 40 CONCLUSIONS ON MY PRODUCT, PRICE, PROMOTION AND PLACE 40 Product 40 Price 40 Promotion 41 Place 42 TASK 16 43 WHAT TO DO IF THE PRODUCT IS SUCCESSFUL OR FAILURE 43 TASK 17 45 INTERNAL & EXTERNAL CONSTRAINTS ON ELITE CHOCOLATES 45 Internal Constraints 46 External Constraints 47 TASK 18 48 LAWS EFFECTING BUSINESS 48 TASK 19 50 DIFFERENT METHODS OF PRICING PRODUCTS 50 Cost-Plus Pricing 51 Competition-Based Pricing 51 Destroying Price 52 TASK 20 53 DIFFERENT METHODS OF PROMOTING A PRODUCT 53 Task 21 54 REPORT TO THE MANAGING DIRECTOR 54 Resource Table 58 Task 1 Introduction I have been set up on the role of a member of the marketing ...read more.

Middle

Therefore, I will not consider this for me product. In 'Go Ahead Apple Bakes', 23 of the people stated that they might buy this one and only 7 people said that they would not buy this. Therefore, I might consider this for my product. In 'Chocolate and orange flavour crispy rice snack', 17 people states that they will not buy this product and 8 said that they might consider buying it which gives me the result that I will not consider this for my product. The 'Chocolate Caramel Bars' got vote of 16 person while 12 said that they will not buy this which also indicates me that it was one of the least favourable product therefore I would not consider it for my product. Task 13 Strengths and weakness of my research I carried out several researches in relation to my products target sale. These researches helped me in identifying key areas and to take appropriate steps in order to discover the appropriate market for my product, which will help me in maximizing my profit. The researches I concluded included research into existing products on the Market, research into three supermarkets and the low fat products they sell, questionnaire, tasting survey and research into the launch of a new product. I would explain the advantages as well as the disadvantages of the different researches in a table so that it will be easier in reviewing. Research into existing products on the Market Strengths Weaknesses The strength of this particular research was that it gave me adequate data to make the comparison easier into the various products already in Market. It also helped me in knowing the factors that can affect a particular product e.g. chocolate and which particular market is best for its sale where Elite Chocolates can attain maximum available profit. The weaknesses of this research were that it was time-consuming and accurate detail was needed before I could do my analysis on this research. ...read more.

Conclusion

Alternatively they could use the pricing from 31p to 41p as most people are able to pay the price. The company could also use penetrating pricing where Elite chocolate can break through other competitors and get share in the market. The low fat chocolate bar needs to be low fat, taste good, the flavour should be similar to mint as most people preferred it and filling should be caramel or nut as this was the most popular and people liked it. There should be an extensive promotion campaign; the best way would be offering free samples with women or men magazines this will inform more people about the product and give people the taste of the product. Soon it should be introduced in bigger supermarkets as it will attract more customers and new customers will be informed about the customers. The low fat chocolate market is very competitive; with one mistake a company can lose a lot of money. In the market there are other successful products and other company's has a big share of the market. Elite chocolate needs to be careful when making decisions. Unless Elite Chocolates new product can not match these criteria it does not stand a chance of succeeding. I believe it is in the company's best interest to launch a new product as our research and planning shows that we can succeed. The research shows that there is a place for a better product and competitive price. Following the above recommendations will enable the product to be like and preferred by people and the company will succeed. Resource Table Resources Used Description BBC Bitesize Used for coursework. Also for revision for exams. Also used for definitions of terms for coursework. Past Exam Paper from CCEA website Papers were used for exam revision and preparation for exam. Business Studies by Wallace This book was used for revision and definition of terms for coursework. ?? ?? ?? ?? 1 Name: Ali Zaheer Subject: Business Studies Marketing Coursework Centre no: 12414 ...read more.

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