Business Study Assignment Example | Topics and Well Written Essays - 2000 words

Business Study - Assignment Example Swiss Classic draws inspiration from the ancient Swiss culinary which is known as the maker of the best chocolate in the world. The product will come in different shapes and sizes according to the preference of the customer. The Chocolate House will also offer customized packaging which allows the buyers to choose from brown and gold packages. Swiss Classic's price will range from 10 for three small chocolates to 30 for three large ones. Aside from being sold in company-owned retail outlets, Swiss Classic can also be delivered for an additional charge and can be bundled with wine, bouquets and cards when used as gifts. This promotional objective allows the firm to provide value to its customers thereby ensuring the steady inflow of sales. Because the chocolate is popular and widely consumed by the UK market, The Chocolate House's main task is to capture the appropriate niche for its products. Demand creation enables the company and the product Swiss Classic to succeed and even merely survive in the industry. Inadequate demand in the long run will force the company to withdraw and close down. Thus, this objective is pivotal in the survival of the business organization. Creating Image This promotional objective allows the firm to differentiate itself among the numerous competitors in the industry. By occupying a definite position in the customers' minds, The Chocolate House be assured of strong brand equity and recall from its market. The firm will do this by emphasizing on product quality, ensuring freshness through the use of cocoa butter instead of vegetable fat, pricing higher than its competitors, delivering excellent customer service, and designing its outlets as a place for indulgence. Since The Chocolate House is competing through a differentiation strategy, image creation is important in order to stress its uniqueness. The company should always stress what separates it from competitors that customers should patronize its products. If this is not pursued, it might end up being one of the others or worse, it might not be able to win any customer at all. Increasing Sales This promotional objective allows the firm to ensure growth within its market. The Chocolate House will use intensive marketing effort like advertisement and promotions in order to penetrate the UK market and capture higher shares. Through the years, it is the general goal of a firm to grow its market share and consequently its sales. Growth in sales signals the company's efficiency and success in its promotional efforts and overall strategic management. Increasing Profits This promotional objective allows the firm to achieve its goal of maximizing shareholder value. Increasing profits will be ensured through the efficient allocation of promotional budget. The company will also regularly review its pricing strategy in order to ensure maximum profitability. Increasing profits even though not a