Gourmet truffles with fruit, herb, and flower extract infusions PDF

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Gourmet truffles with fruit, herb, and flower extract infusions...

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MKT 205 Project Heidi VanVoorhis Guy Sammartano August 14, 2021

PRODUCT Gourmet truffles with fruit, herb, and flower extract infusions

PERSONA Sherry, 53

DEMOGRAPHICS Location: Sherry, age 53, lives in a coastal home in Connecticut. Marital Status: Sherry is married to her high school sweetheart of 39 years and together they have three grown children ages 32, 30, and 28 and eight beautiful grandchildren ages ranging from newborn to 10. Occupation and Income: Sherry is a clinical psychologist with a gross income of $150,000. Education Level: Sherry holds a Masters in Psychology.

PSYCHOGRAPHICS Hobbies and Interests: Sherry enjoys spending her time reading, shopping, traveling, vacations, spas, opera, salons, and her vacation home. Wants and Preferences: Sherry desires a luxury chocolate that tastes high quality, offering a variety of tastes and textures to share with her friends and family. Personal and Professional Goals: Sherry is goal oriented having accomplished her corporate career goals she is now accumulating net worth and has investment portfolios. Shopping Habits and Preferences: Sherry enjoys shopping at high-end retail stores, readily paying full price at these stores, as well as shopping at Target, Kohl's, Macy's Bed, Bath and Beyond and Amazon.com. Lifestyle: Sherry spares no expense for vacations often jetting off on shopping sprees to places like Paris, Las Vegas, and Rodeo Boulevard. Her second home in Maui is enjoyed by many friends and family members.

PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: The first marketing communication channel chosen is email. Sherry checks her email multiple times a day; in the morning, at the office, after work and before bed. She enjoys email links connecting her to online shopping, travel adventures, spas days and the arts. According to Campaign Monitor, email drives $38 in revenue for every dollar spent, having a high ROI. (Soomo Learning, 2020) In addition to being

an easily accessible form of advertising for Sherry, this method of digital marketing can be properly tracked and analyzed by market analyst allowing for better market performance. Why this channel is appropriate for this persona: Email marketing is appropriate for Sherry as she checks her email multiple times through the day for both business and pleasure. Sherry enjoys emails that link her to online shopping, travel adventures, spa days, her favorite indulgent's such as high-quality chocolate and the arts. Learning about the next charity event, concerts, opera shows and art gallery events, Sherry grows in excitement to push the call-to-action button. This is one of her favorite ways of shopping.

SECOND MARKETING CHANNEL Description of second marketing channel: The second communication channel chosen is the traditional in-person events. Sherry enjoys many in-person events like opera shows, concerts, shopping, and visits to local art galleries. Engaging events like these spark sherry's excitement and sense of adventure. Enjoying time with her family and friends she is able to fulfill her desire for a deeper human interaction. Why this channel is appropriate for this persona: The traditional in-person marketing communication channel is appropriate as Sherry is amongst the nation’s wealthiest consumers. ESRI research shows that consumers in the Affluent Estates tier, frequently spend money on themselves. An in-person event allows the consumer to enjoy a sampling of the product while purchasing additional to take home to friends, family and co-workers. In-person Sherry can see an interactive demonstration of how the chocolate is made and the organic ingredients that are chosen.

PRICE PRICING FACTOR: TARGET-MARKET PRICE SENSITIVITY Target-market price sensitivity: Pricing sensitivity is a factor when considering if a consumer can afford the product. Taking into account a target market's available budget will help in structuring pricing. My target market and persona, Sherry values luxury and prestige over pricing. Therefore, a higher initial price can be established on our gourmet truffles with fruit, herb, and flower extract infusions. Keeping in mind the consumer must feel they are getting value for the price paid. How pricing factor is used to determine pricing: The target market price sensitivity approach is the pricing strategy for my target market. This factor was chosen after a market analysis and research was completed supporting the target personas net worth and income. This target market enjoys prestigious products and our gourmet truffles with fruit, herb, and flower extract infusions will be a unique treat to indulge in. Sophisticated pallets will enjoy the gourmet delight and status of this fine-quality dessert.

PRICING STRATEGY: PREMIUM General advantages and drawbacks of premium pricing strategy: Premium pricing strategy falls in the top right quadrant of the pricing diagram. Image-conscious buyers are most often drawn to these products. These are unique products brought to the market where no substitutes can be found. Products helping to establish a premium brand identity. Drawbacks are that it can often cost more to produce and higher marketing costs.

Specific advantages and drawbacks of premium pricing strategy: The premium pricing strategy for my target persona, Sherry has some great advantages. Sherry enjoys products of luxury and notable prestige. Products that can be found in high-end stores. Our gourmet truffles with fruit, herb, and flower extract infusions are unique to the market and can be found in these high-end luxury stores. A downfall is that we will incur higher than average marketing costs to bring this product to the target market. However we are confident this will yield fruitful earnings.

PLACE CHANGES IN THE MARKETPLACE Change in the marketplace: I would like to explore the impact COVID-19 has had on the luxury consumer. How the change addresses the distribution of products to my persona: Luxury travel consumers are now willing to pay increased prices for travel as they seek more meaningful travel experiences after COVID-19. They are staying longer at their destinations and interacting more with the locals. Seeking personalized boutique experiences, private jets, and posh hotels. The average cost of a luxury travelers trip is between $50,000 - $250,000.

DISTRIBUTION CHANNEL Potential distribution channel and why it is appropriate for my product and persona: The distribution channel I would recommend for this product is the in-person channel. Luxury travel clients are now seeking more personalized boutique experiences and meaningful travel. Allowing for in-person distribution personalizes the buying experience and builds upon meaningful travel as desired by the consumer. In-person Sherry and her family are able to experience the incredible richness and uniqueness of the gourmet chocolate first-hand through extravagant samplings.

PRODUCT How product should be marketed in relation to meeting the needs and wants of my persona: The gourmet truffles with fruit, herb, and flower extract should be marketed in person in high-end stores, upscale spas, and salons, on luxury airliners, and in specialty shops. These are locations that my persona, Sherry, frequents often and is comfortable and familiar with in her travels. Sherry spares no expense on indulging herself in richness, quality, and absolute luxury. Our gourmet truffles will satisfy Sherry's desire for indulging herself in a little piece of Chocolate Bliss heaven. How bringing this product to the marketplace helps support and build the Chocolate Bliss brand: Introducing gourmet truffles with fruit, herb, and flower extract infusions to consumers allows Chocolate Bliss to create a niche market expanding offerings. Online consumers will fulfill their needs and wants with a quick click of a button. This new product aligns with the brand as the target persona, Sherry is an online shopper, seeking luxury and quality. Chocolate Bliss has provided this quality and luxury in their "secret family recipe" chocolates for many years.

EVALUATION How to evaluate the effectiveness of the marketing plan: To evaluate the effectiveness of the marketing plan I would use the SWOT analysis and quantitative and qualitive data collected.

Two quantitative data collection tools I could use to evaluate the marketing plan: The first quantitative data to be used would be Quantitative Observation. This is a naturalistic approach using senses and observation. As this is a new chocolate on the market with Chocolate Bliss, observing consumer's reactions would provide a low-cost and natural way of collecting quantitative data. A fairly easy and natural approach to data collection. The second quantitative data approach Chocolate Bliss could use is interviews. One-on-one interviews would allow us to conduct research on a more personal level. Receiving feedback directly from consumers on their preferences, likes, and dislikes. Interviews could be conducted face-to-face, telephone, or online as consumers grow more comfortable with online participation. Two qualitative data collection tools I could use to evaluate the marketing plan: The face-to-face interview approach to collect qualitative data would be ideal as we will also be using this method to collect quantitative data. This is a cost-effective and conversational approach. Highly personalized collection of data, helping us to understand the consumers ‘why’. Why do they like this product and why would they want to buy it? Open-ended questions should be asked allowing the interviewer to probe further. The second qualitative approach to data collection we would use would be Qualitative Surveys. Short structured open-ended questionnaires authorizing respondents to openly share in their own words. Surveys could be given online then collected and organized easily. This approach is a quick and uncomplicated approach to data collection for Chocolate Bliss.

REFERENCES

Tanner, J., & Raymond, M. A. (2020). Applied marketing strategies. Soomo Learning. https://www.webtexts.com ESRI. (2021). Life mode Group: Affluent Estates. ESRI. https://downloads.esri.com/.../dbl/us/tapestry/segment1.pdf. Boesel, K. (2021, March). Marketing to Affluent and HNW Consumers - US - March 2021. Https://Reports-MintelCom.Ezproxy.Snhu.Edu/Display/1044731/?FromSearch=%3Ffilters.Consumer-Segment %3D11%252C12%26last_filter%3Dconsumer-Segment%26sortBy%3Drecent#. https://reports-mintelcom.ezproxy.snhu.edu/display/1044731/?fromSearch=%3Ffilters.consumer-segment %3D11%252C12%26last_filter%3Dconsumer-segment%26sortBy%3Drecent#

The original sin returns to the city of sin. (2008, March 3). Https://Reports-MintelCom.Ezproxy.Snhu.Edu/Display/326212/?FromSearch=%3Ffilters.Consumer-Segment%3D11%26freetext %3Dtruffles%26last_filter%3Dconsumer-Segment. https://reports-mintelcom.ezproxy.snhu.edu/display/326212/?fromSearch=%3Ffilters.consumer-segment%3D11%26freetext %3Dtruffles%26last_filter%3Dconsumer-segment Post-pandemic luxury travel will be more solitary. (2020, May 29). Https://Reports-MintelCom.Ezproxy.Snhu.Edu/Display/1019413/?FromSearch=%3Ffilters.Consumer-Segment %3D11%26last_filter%3Dconsumer-Segment%26sortBy%3Drecent. https://reports-mintelcom.ezproxy.snhu.edu/display/1019413/?fromSearch=%3Ffilters.consumer-segment%3D11%26last_filter %3Dconsumer-segment%26sortBy%3Drecent Tanner, J., & Raymond, M. A. (2020). Applied marketing strategies. Soomo Learning. https://www.webtexts.comBoesel, K. (2021, March). Marketing to Affluent and HNW Consumers - US March 2021. Https://Reports-Mintel-Com.Ezproxy.Snhu.Edu/Display/1044731/?FromSearch= %3Ffilters.Consumer-Segment%3D11%252C12%26last_filter%3Dconsumer-Segment%26sortBy

%3Drecent#. https://reports-mintel-com.ezproxy.snhu.edu/display/1044731/?fromSearch= %3Ffilters.consumer-segment%3D11%252C12%26last_filter%3Dconsumer-segment%26sortBy%3Drecent# ESRI. (2021). Life mode Group: Affluent Estates. ESRI. https://downloads.esri.com/.../dbl/us/tapestry/segment1.pdf.

Chestnut, M. (2021, June 7). SNHU Shapiro Library. https://login.microsoftonline.com/2baef15b-b8de-423f-9d8a46f3686d8848/wsfed?wa=wsignin1.0&wtrealm=https%3a%2f%2fsnhuweb.snhu.edu%2fRedirect %2f&wctx=rm%3d0%26id%3dpassive%26ru%3d%252fRedirect%252fEZPRedirect%252fIndex%253furl %253dezp.2aHR0cHM6Ly9lZHMuYi5lYnNjb2hvc3QuY29tL2Vkcy9kZXRhaWwvZGV0YWlsP3ZpZD00JnNpZD0 4YmRkY2E1Yy0xYzZjLTQ2YmMtOGRlMC04YWIwNzY5ZmU1NmElNDBwZGMtdi1zZXNzbWdyMDMmYmRhd GE9Sm5OcGRHVTlaV1J6TFd4cGRtVW1jMk52Y0dVOWMybDBaUSUzZCUzZA--&wct=2021-0730T19%3a57%3a13Z&wreply=https%3a%2f%2fsnhuweb.snhu.edu%2fRedirect %2f#AN=150730757&db=f5h...