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Running Head: MARKETING PLAN - GODIVA GEMS SINGAPORE MARKET

Marketing Plan - Godiva Gems Singapore Market Case Study


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MARKETING PLAN - GODIVA GEMS SINGAPORE MARKET

Marketing Plan - Godiva Gems Singapore Market Case Study


The success of a business rests in the effectiveness of its marketing. Marketing involves
the process through which a service or product is launched and promoted to prospective
customers. Thus, it is crucial to have an effective marketing plan. An effective marketing plan
helps focus on establishing systems that support organizational growth, thus assuring companys
success. The aim of this paper is to provide Godiva Gems Company with recommendations
regarding its Singapore marketing plan strategy.
Segmentation, Targeting, and Positioning
Market segmentation denotes a strategy of marketing that entails dividing the extensive
target marketplace into consumer subsets, which have or are observed to possess common
interests, priorities, and needs, and then planning and executing tactics to target potential clients.
Targeting involves identifying a set of customers to aim a companys marketing efforts. Lastly,
marketing positioning denotes the place a service or product that occupies the minds of
consumers in relation to competing services or products (Dibb & Simkin, 2001).
Segmentation
The available information regarding Godiva Gems suggests that its customers prefer to
buy chocolate from groceries. The information also posits that its clients dislike eating chocolate
alone. Thus, this report recommends that the company embrace a demographic and geographic
segmentation to target different clients at diverse age brackets as different geographic regions
have differing interests and desires with regard to chocolate. Therefore, the company should
introduce products to a target market through establishing accessible stand-ups at different places
across key cities and towns (Dibb & Simkin, 2001).

MARKETING PLAN - GODIVA GEMS SINGAPORE MARKET

Targeting
According to Dibb and Simkin (2001), an organization should establish its target
customers preferences and needs to find ways of catering for those needs. Godiva target market
should encompass teenagers, young adults, and young couples. This group of clients is an
appropriate target market for Godiva because their chances of buying chocolate are high as they
equate chocolates to love.
Positioning
To position itself strategically, Godiva needs to pay attention to its product distribution
and promotion. Product promotion will aid the company create awareness while distribution will
allow the availability of its products to consumers (Gabbot, 2004). Godiva should focus its
efforts of product distribution and promotion to holidays, as people tend to brace holidays with
fun and eating, and nothing expresses fun than a bar of chocolate (Dibb & Simkin, 2001).
Marketing Mix
Todays competitive business world calls for companies to have a competitive edge over
their rivals in the market. It expects companies to be in a position to launch a service or product
to clients at the right price, time, and place. This calls for a comprehensive market research to
establish which strategies of marketing mix will work for the company. Marketing mix
comprises of seven components, namely, price, promotion, place, product, people, process, and
physical environment (Kitchen & Pelsmacker, 2004). This section will provide Godiva with
recommendations for the strategies of marketing mix that will permit effective marketing of its
products in Singapore.

MARKETING PLAN - GODIVA GEMS SINGAPORE MARKET

Product
A product denotes an item produced or built to meet customers needs. Products can be
tangible or intangible. A company must ensure it has the right product type. Hence, it is crucial to
do a widespread research on a products lifecycle and create the appropriate product mix. Thus,
Godiva should develop products that cater for the needs of its customers (Kitchen & Pelsmacker,
2004). With regard to a products lifecycle, Godiva should ensure that a widespread market
research is conducted to establish customers needs so that it can modify its products to meet
customers needs.
Price
Price refers to the amount, which a client pays for a product, and it is important because it
establishes the profit and survival of a firm (Gabbot, 2004). Godiva needs to set prices that are
reasonable to customers while at the same time can earn the company some profits.
Promotion
Promotion is an important element of marketing because it can boost sales and brand
recognition. Promotion comprises of sales organization, public relations, advertising, and sales
promotion. An organization should always strive to adopt promotion strategies, which meets the
needs of the company (Kitchen & Pelsmacker, 2004). With regard to Godivas products, the firm
should integrate special offers, advertisement, and sales promotion into its overall promotional
strategy (Ogden & Ogden, 2014).
Place
Placement is a crucial part of the definition of a product mix. A business that positions
and distributes its products in a place, which is accessible to customers, acquires a great

MARKETING PLAN - GODIVA GEMS SINGAPORE MARKET

competitive edge over its rivals (Gabbot, 2004). Godiva needs to avail its product via accessible
distribution hubs, for example, stalls.
Physical Evidence
Service industries are required to offer some tangible evidence for service delivery.
Moreover, physical evidence relates also to the perception that customers have of a company and
its services and products. Thus, companies must strive to provide quality products and services
(Gabbot, 2004). In the case of Godiva, it should train its personnel and launch a super website to
enhance companys reputation.
People
People are crucial in a marketing mix and they encompass customers and other
stakeholders including employees (Pulendran, Speed & Widing II, 2003). Godiva should identify
its target market and skilled employees to promote the firms product within and outside the
company.
Process
Processes and systems that run the organization are crucial because they affect a
product/service implementation (Rodriguez & MacLellan, 2013). Godiva should ensure that it
has a well-customized process to reduce costs. Its sales funnel, distribution system, pay system,
including other systematic processes should be high-tech.
Conclusion
Conclusively, this report has provided recommendations for Godivas marketing plan in
Singapore. The adoption of the suggested recommendations can yield good results for the target
market and lead to increased revenue and overall organizational success. Thus, this paper has
established the importance of having an effective marketing plan in market entry.

MARKETING PLAN - GODIVA GEMS SINGAPORE MARKET

References
Dibb, S., & Simkin, L. (2001). Targeting, segments, and positioning. International Journal of
Retail And Distribution Management, 19(3), 4-10.
Gabbot, M. (2004). Introduction to marketing: A value exchange approach. Pearson Education
Australia: Frenchs Forest.
Kitchen, P. J., & Pelsmacker, P. D. (2004). Integrated brand marketing and measuring returns.
Basingstoke/ Hampshire: Palgrave Macmillan.
Pulendran, S., Speed, R., & Widing II, R. E. (2003). Marketing planning, market orientation and
business performance. European Journal of Marketing, 37(4), 476-497.
Rodriguez, M., & MacLellan, D. (2013). The importance of marketing plans and strategic
promotions. Skin, Inc, 25(9), 18.
Ogden, J. R., & Ogden, D. T. (2014). Integrated marketing communications: Advertising, public
relations, and more. San Diego, CA: Bridgepoint Education, Inc.