MKT205_Project

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Southern New Hampshire University *

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Marketing

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Apr 3, 2024

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1 MKT 205 Project Jonna Walker Southern New Hampshire University MKT 205: Applied Marketing Strategies Anitra Lemond Evans October 16, 2022

2 PRODUCT gourmet truffles with fruit, herb, and flower extract infusions PERSONA for the love of chocolate, 60 & up DEMOGRAPHICS Location: Thriving upscale cities, townhouses, owned houses Beverly Hills, CA 90210 Marital Status: Married, any number of children who are 18 years and up Occupation and Income: professional occupation or retired, $100k and up annually Education Level: I think these gourment truffles would work best for those who are collage graduates and master graduates PSYCHOGRAPHICS Hobbies and Interests: country clubs, book clubs, loves traveling and trying new things, enjoys cocktails and fine wines, puts together charcuterie boards Wants and Preferences: wants a simple yet complex kind of chocolate to indulge in, new kinds of chocolates, chocolates infused with different or odd ingedients Personal and Professional Goals: personal goals are to travel more, enjoying the little things in life and indulge in somwthing sweet every once in a while. professional goals are to retire and enjoy life Shopping Habits and Preferences: Shops in high-end boutiques, upscale department stores, online shopping, social media product browsing Lifestyle: Prefers to travel around the world on off-times and visits wineries also loves relaxing at home in the company of old friends and family. Indugles in chocolate as a guilty pleassure. PROMOTION FIRST MARKETING CHANNEL

3 Description of first marketing channel: My first marketing communication channel would be more traditional prints to fit the older generation. Magazines specifically Women's Health Magazines would be perfect to advertise the product in because it already features things such as foods and nutrients. Being that is is a gourmet chocolate truffle, I think this would be the best place given my target market. Why this channel is appropriate for this persona: My communication channel of choice is appropriate for my target market becaue Women's Health and other magazines like it are intentionally bought or subscribed by older women for their food, nutrient, health, and beauty tips. It is also frequently bought by older women for these reasons. It also has a website that is updated frequently where the ad will also be on display for women who chose to browse the magazine online, instead. SECOND MARKETING CHANNEL Description of second marketing channel: My second marketing communication channel choice is social media. Social media is widely used by a lot of people, but is growing in popularity amounst older generations now, too. Older women have the time to browse on social media for products without having to leave the comforts of home making this the next best place to advertise the product. Why this channel is appropriate for this persona: With social media growing in popularity amounst the older generation, I feel it would be appropriate to choose this as a secondary source on communication. With having the product on social media, you can link your website, reach out to customers, get real time reviews, and connect with your customers on a more personal level. You are also able to ask customers what they would like to see next within the business via social media. Older women are more likely to put more time into responding to these posts and share your posts to let others know about your products too. PRICE PRICING FACTOR: TARGET-MARKET PRICE SENSITIVITY Target-market price sensitivity: The target-market price sensitivity factor means that the target market can vary in two ways. One way being their available budget to buy the product you offer and the other way being their desire to get a good deal or buy a more luxurious product. Being that the product is a "luxury" (gourmet) chocolate truffle, they should expect to pay more for the product than they would a regular chocolate product. The price would reflect on the quality of the product so offering it at a higher price is reasonable.

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4 How pricing factor is used to determine pricing: Older women typically love discounted prices, especially for gourmet products. With target-market price sensitivity, we can set a higher price with a bounce back with their first purchase. This can be in the form of a discount to use on next purchase. The customer will also be offered a loyalty card that can be punched per purchase or a point system that collects points based on the dollar amount spent on the product in order to earn coupons to use in future purchases. The product will be priced higher than regular chocolate truffles so the consumers will have to have the available budget and desire to indulge in gourmet truffles in order to want to purchase the product. PRICING STRATEGY: PREMIUM General advantages and drawbacks of premium pricing strategy: The advantages of the premium pricing strategy is only people seeking to buy higher quality products will be willing to pay for the higher price. The drawbacks in this strategy is that not everybody can afford these higher priced products. It is only able to be purchased when they have it in their budget to purchase. Higher quality items will cost more than lower quality items Specific advantages and drawbacks of premium pricing strategy: The advantages of the premium pricing strategy based off of my chosen product and persona is when the customer wants a higher quality gourmet chocolate truffle, they are more likely to purchase the product. The drawback is when they can't afford to purchase it, they will buy the cheaper lower quality truffles instead. The customers in my persona typically can afford to pay the higher prices which is an advantage, but it is also whenever they want to buy the product. PLACE CHANGES IN THE MARKETPLACE Change in the marketplace: During the pandemic, online marketing amoungst everybody has increased. This is due to a lot of the population fearing leaving their homes to go shopping during this time and making online shopping one of the only ways to get groceries or essentials. How the change addresses the distribution of products to my persona: While publication sales have fallen during the pandemic, elderly women are increasingly shopping online and using companies such as Instacart to deliver shooping items to their homes instead of going out to shop. This makes the online distribution channel a better fit for my target market over the magazine distribution channel. The combination of social media sales and an online websites while offering local delivery and collaberations with Instacart would work best for my target market.

5 DISTRIBUTION CHANNEL Potential distribution channel and why it is appropriate for my product and persona: A retail market with an online page would work best for my target market because even though people are starting to get out more again to shop, older women would still prefer to shop online for products. Combining this along with offering local deliveries and collaberations with Instacart or similar delivery partners would be approprite for this persona. This gives the customer the options to be able to shop from the comforts of their homes or visit in-store at their convenience. PRODUCT How product should be marketed in relation to meeting the needs and wants of my persona: The product should be marketed simply and vintage style. The box should just have the name of the company. On the bottom of the box should be the nutritional facts since a lot of people read those for ingredients and nutritional information and because food items are suppose to have that on the packaging. For advertisment pictures, the chocolate truffles could be arranged in an astetically pleasing way such as with ingredients that it's made with (herbs, flowers, fruit, etc) and on charcuterie boards with wines, cocktails, fruits, cheeses, etc. Anything to make it look like an upscale chocolate truffle. This way it shows the customers of my target market of choice that its a more luxurious truffle that is a guilty pleasure. How bringing this product to the marketplace helps support and build the Chocolate Bliss brand: Bringing this market to the table can help support and build Chocolate Bliss by intruducting a more specificated chocolate truffle to the market and attracting a target market that chposes to indulge in luxury truffles. It will help bring awareness to the customers by offering a different more expensive product to the market compared to its competitor. I would keep the original way of marketing the product which is via chocolatier boutique and online storefront to help keep it the same for previous customers. The only difference would be a more upscale look as opposed to just a regular chololatier boutique. This helps customers know the product is morw of a luxury type and would give them the sense of it costing more. EVALUATION How to evaluate the effectiveness of the marketing plan: I can collect data through surveys on how the customers like the product and marketing Two quantitative data collection tools I could use to evaluate the marketing plan:

6 One form of quantitative data collection I can use is surveys. I can use surveys to see what the consumer would prefer or see if the marketing plan is successful. This method allows me to use closed-questions to get manipulated yes-no or multiple choice answers. Another form of quantitative data collection I can use is experiments. Using either laboratory experiments or field experiments would be another good way to collect numeric data. Using this method allows researchers to control over variables and manipulating the independent variable. This can be in the form of promoting the product of choice while still selling the rest of in store or online products. Two qualitative data collection tools I could use to evaluate the marketing plan: One form of qualitative data collecting I could use is face-to-face interviews. Using this method one can see what customers would prefer or what you they like next. This can be in the form of casual conversation and through open-ended questions that do not involve multiple choice or yes/no responses. Another form of qualitative data collection I can use is web-based questionnaire, since the store will also have an online presence. This kind of data collection would work great for the marketing plan. This form of data collection is quick and can use short, to the point questions.

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7 REFERENCES Kurth, Eric. “Premium Chocolate Confectionery.” Mintel , Mintel International Group Ltd , Mar. 2007, https://reports-mintel-com.ezproxy.snhu.edu/display/268408/? fromSearch=%3Ffreetext%3DGhirardelli. Mogelonsky, Ph.D, Marcia. “Chocolate and Seasonal Chocolate Confectionery.” Mintel , Mintel International Group Ltd, July 2007, https://reports-mintel-com.ezproxy.snhu.edu/display/289805/?fromSearch= %3Ffreetext%3Dvosges&resultPosition=17. Vosges Haut-Chocolat. “Exotic Truffle Collection, 16 Pieces - Vosges Haut-Chocolat.” Facebook , Vosges Haut Chocolat, 26 Jan. 2021, https://www.facebook.com/VosgesHautChocolat/photos/10158891149589265. Morrison, Stella. “How to Market to Senior Citizens on Social Media - Businessnewsdaily.Com.” Business News Daily, businessnewsdaily.com, 8 Aug. 2017, http://businessnewsdaily.com/10146-target-older-demographics-social-media.html. Manning, Margaret. “6 Amazing Magazines for Women Over 60 | Sixty and Me.” Sixty and Me, https://www.facebook.com/sixtyandme, 12 Aug. 2022, http://sixtyandme.com/our-six- favorite-magazines-for-women-over-60/. FATbit Technologies. “What Changed in the Marketplace During the Pandemic.” ManyPixels - Unlimited Graphic Design, ManyPixels, 19 July 2021, https://www.manypixels.co/blog/post/online-marketplace-momentum.

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