"CASE STUDY OF GODIVA GEMS INSINGAPORE MARKET Table of ContentsINTRODUCTION .............................................................................................................................. 2Segmentation-Targeting-Positioning .................................................................................................. 2Marketing Mix Strategies ................................................................................................................... 3CONCLUSION ................................................................................................................................... 5INTRODUCTIONGodiva was first founded in Belgium 90 years back and is now one of the most popular chocolateconfectioners in the world. It has more than 600 chocolate shops and boutiques globally (Chocolatebeyond Taste, May 2015). The Uniqueness of Godiva lies in its strategy to sell luxurious chocolatesaffordable prices. Chocolate consumption is not only about the taste of the chocolate itself, itconstitutes the whole experience starting from the image of the brand in buyer's mind, product'spackaging and the feel it provides after consumption. Godiva Gems has managed to create a distinctimage in the higher segment of chocolate market and is widely used for gifting purposes on specialoccasions. In context of US chocolate market, the company has tried to change its perception frombeing a premium gifting option to a product for casual personal consumption (Case Study: Grewal &Levy, 2011)Segmentation-Targeting-PositioningSegmentation is dividing the market (buyers) in categories based on geographical locations,demography as in age groups, gender etc, income groups and targeting particular buyer groups as percompany strategies.Chocolates market in Asian countries has seen quite a rapid development due to increasing disposableincomes, better lifestyles and change in consumption patterns. Singapore being one of the mostdeveloped nations in Southeast Asia, is a lucrative market for Godiva Gems. Although, Godiva ispresent in Singapore and sells its products through dedicated boutiques and from high end shopping malls, yet it has the potential to reach general masses and tap the USD 210 million confectionarymarkets (The Food-Beverage Market Sector in Singapore, 2015). As the company has developed newinnovative range of chocolates for personal consumption for US market, on similar lines, it shouldstrive to change its position as a premium gifting chocolate brand to a casual and approachablechocolate. Buyers should be able to purchase these chocolates on an impulse, for fun and joyfulmoments with friends and family.Through boutiques, Godiva has targeted the high income group of Singapore who can find all varitiesof Godiva chocolates under one roof. The company should decide on where to place such boutiquesso as to gain maximum market share in this segment.Positioning is a strategy where the company creates an image of the product in minds of differentbuyer groups. Pricing, promotional strategies, correct placement are used for this purpose. Until now,Godiva has positioned itself as a luxury chocolate brand used mainly for gifting purpose or consumedon special occasions. The company should try to increase its market share by rebranding itself as abrand which they can buy for personal indulgence and not just for gifting (Mastering PremiumChocolate Beyond Taste, 2015), as it did in US by introducing individual packs called Godiva Gems,at affordable prices, which are available in local grocery shops for impulse purchase.The success of Godiva Gems is not just because of its fine taste like other high end brands or due tomass production as done by competitors, Nestle, Hershey's or Mars. The company has created aunique chocolate eating experience in the minds of the consumers (Mastering Premium ChocolateBeyond Taste, 2015).Marketing Mix StrategiesThe set of decisions required to be taken before launch of a new product is called a Marketing Mix. Itconstitutes mainly of four variables known as four Ps of marketing, given here under:1) Product- It means what the company intends to sell. Here, Godiva Gems is a chocolate intendedfor personal consumption and joyful sharing with friends. This product has been developed to tap theunexplored category of buyers who purchase chocolate not just on special occasions but also for impulse treat and joy. As a growing number of people today is becoming health conscious, chocolateswith less sugar or artificial sweeteners can be launched. Also, the benefits of dark chocolates can bemade known to people and chocolates variants on similar lines can be developed.2) Price- It constitutes the pricing strategy of the company. The price of the product depends onfactors like whether the company wants to establish its product as a high end range or wants topenetrate market and gain maximum market share. In the given case, Godiva Gems is a product rangedeveloped mainly for general masses for routine consumption. Pricing should be penetrative so as tokeep the product in affordable category, which can be bought and relished as and when desired andnot just on special occasions like festivals or weddings. However, pricing should also not be so lowthat it does not cover the cost of product innovation, good quality and attractive packaging for whichGodiva is known for.3) Place- It means where the company is selling or wants to sell. Place of selling determines the reachof the product. It is determined after adequate segmentation and position of the product. Godiva isselling its luxurious chocolate range from dedicated shops and boutiques but Godiva. Gems whichhave been introduced as a mass product should be readily available for purchase and hence should besold from super markets, local grocery stores, drug stores etc. so as to reach the right set andmaximum number of buyers.4) Promotion- It is imperative for a company to promote its product so as to present an accurateimpression in the mind of right set of consumers. It affects the segmentation and targeting strategiesof the company. In US, Godiva used highly technology-enabled source to reach out a particular set ofcustomers. In case of Godiva Gems, which is for regular consumption, advertising through TV, Radio,posters, shacks in malls, parks etc. can be used. Purpose is to reach out to maximum number ofpotential buyers and to attract them to make the final purchase. Godiva Gems should not only bepromoted for its taste or quality but also for the complete joyful experience it provides. "