Final Project: Target Market Stragety

A target market “involves evaluating each market segment’s attractiveness and selecting one or more segments to enter. A company should target segments in which it can profitably generate the greatest customer value and sustain it over time.”(Marketing: An Introduction, Kotler, p. 50) 24k’s target market will be the middle class, upper middle class, lower uppers, and the upper class in total it will appeal to 47 percent of the American social class. It will appeal to the mover and shakers of America. Our ads will be of pure opulence, and appeal to all of the luxury brand buyers. As a brand 24k is going after the people that are used to nothing but the best and are more than willing to pay for it.

Final Project: SWOT Analysis

A SWOT analysis is “An overall evaluation of the company’s strengths (S), weaknesses (W), opportunities (O), and threats (T)” (Marketing: An Introduction, Kotler, pp. 54 - 55) A strength for 24k is that the luxury brand market is expanding in this bad economic down turn. The weakness for the brand is that just fewer than 50 percent of America will be targeted for the brand, because of the price point. Since the price will be higher than most chocolates the market will not be as big as a normal candy bar. An opportunity for 24k will be to introduce other products within the 24k brand that may not have such a high price point to help to pick up other market shares. Lastly a threat to the brand will be other high-end chocolate brands that are more established than 24k.

Final Project: Objectives

The “overall objective is to build profitable customer relationships by developing efficient yet beautiful products that embrace the “essence of gracious living.” (Marketing: An Introduction, Kotler, p. 42). This product will help the consumer to have a luxury experience wherever they may be. It will help them to escape from everyday life, and will take them away to a better place every time they indulge on it. It is not a product for everyone since it is a luxury brand. “Social scientists have identified the seven American social classes” (Marketing: An Introduction, Kotler, p. 140) 24k will appeal to middle class, upper middle class, lower uppers, and the upper class in total it will appeal to 47 percent of the American social class. These classes are keeping up trends are expect nothing, but the best which is the type of consumer we at 24k want. They are always for something better and are in search of products that will help them to do that. We will also focus on “Many small groups influence a person’s behavior. Groups that have a direct influence and to which a person belongs are called membership groups.” (Marketing: An Introduction, Kotler p. 141) these groups will be things like bloggers, foodies, and lastly celebrities. These people influence a lot of decisions that we make. Just like how the local business the Sugar Factory features a lot of celebrities at events. Something as simple as a lollipop has now gotten to be a high end must have purchase for some. This is what we will do at 24k to establish a costumer base, and following.

Final Project:Business Mission Statement

When making a business statement it is important to make sure that it is not dry and unassuming. "Some companies define their missions myopically in product or technology terms. But mission statements should be market oriented and defined in terms of satisfying basic customer needs." (Marketing: An Introduction, Kotler, 40) This is one of the moments in which a company can stand out from their completion. It is just not talking about what the company will sell or what type of customer service that they will provide. This is the point at which you describe what kind of experience the customer will have when using your product. My chocolate will provide my consumer with an over all high-end uplifting experience. They will step foot in to a luxurious soft and rich lifestyle. It will take them away from every day life and take them to one in which they have always dreamed of. Made with the best quality products it will leave them wanting more. It is not a simple chocolate bar, and is not for the simple person it is one in which it takes you away to the life of the stars. Every time you eat it you are reminded on why you made the purchase in the first place. 24k will first start off as a chocolate bar, but will evolve in to a whole line of 24k sweet treats. The whole line is pure luxury and will all feature eatable gold on top and or inside the sweats. It will become a new status symbol picture that you're doing so well that you are able to eat gold not just wear it.

Week 7 EOC: The Pitch

My product is a 24k chocolate bar. The bar is shaped a mini gold bar and wrapped in a gold foil wrapper. When you open up the chocolate bar it will have flakes of gold on top of the bar that is in the chocolate. This will be a chocolate bar like no other and will be an opulent purchase. It is a chocolate bar that is eaten on special occasions or when you need to feel like the high class people that make it a regular purchase. It will be made with the finest Belgium chocolates and topped with of course GOLD. The bar is called 24k, because 24 carat is the finest quality of gold, and the chocolate bar will be one of the finest quality chocolate bars. It is what people think that the wealthy munch on when they have a sweet tooth. We all want to be like the rich and famous, and this product will make you feel as rich the people in the ad. It will be the little indulgence to make the average man feel on top of the world. It is that pick me up when someone is down and out, and wants to feel like the carefree wealthy ideals that we have. Chocolate already takes people away and makes them feel better so making it even more indulgent will make them feel even better about the product. Since the product is so indulgent there will be few places where you could purchase it. One of the places that you could buy 24k chocolate bars at would be a high-end department store. Just like you can buy Godiva chocolate at Macy’s. It could also be severed at high-end lounges and or restaurants. This will be a product that you cannot find at every street corner. It will be limited, which will add to the luxury of the brand.

Week 6 EOC: Me x 3

One of the first products that describes me well is Louis Vuitton. It a bag that is a staple piece to my handbags. I have always been a fan of the brand it stands for luxury and quality. Also another thing that I like about it is the exclusivity of the brand not a lot of people are able to buy the product. The poshnees of the brand is something that draws me in to the brand so many try to copy them, but there is only one Louis Vuitton.

The second brand that speaks to me a lot is Cadillac. The brand is now trying to reach a younger demographic. Their newest slogan is “We don’t make luxury cars we make Cadillac’s.” I feel that it is a brand where I pay more and in return get more in return. They have even came out recently saying that they as accompany are going after German made high end luxury cars. I like the brand I get the luxury with out paying so much money in repairs as an import and it’s American made. I love the car that I drive and will buy another Cadillac the next time that I need or want a new car. Another thing that I liked is the dealership I went to unlike other ones I have been to Cadillac treated my family and I a whole different way.

The last item that describe me a lot is Apple. I love the products that they make. Everything is sleek and runs better. Every time I go to use my IPhone, MacBook, or IPod I am happy as can be. Their products are very user friendly and make you feel with the times when using them. I look at people that have a laptop that is not an Apple and think what are you dong? They are heavier do not run as quick and do not look as sleek at all. Apple give you that feel that you are apart of the hip crowd when using them, this is so much of their appeal to their customers.

Week 5 EOC: Social Networks and Job Hunting

Using social networks for finding brand ambassadors and employees is not surprising. People are on the computer more than ever. The company can see how much a person is in to their company by looking at their Facebook page. When reading about brand ambassadors it made me think about YouTube. There are a lot of women that show how to do make-up. A lot of them are given products for review by companies. You can see once they use their products how they get things shipped to them. They even mention if things where sent to them or if they bought them on their own. Facebook is also a great way to see how a person acts as well. A lot of companies look at a person’s Facebook page before hiring them so it is not a huge jump to then hire them off of Facebook they are already here. Also LinkedIn is a growing company and that many people know of them as they do of Facebook. "Consumers hear about products and brand experiences from others just like themselves—people they trust—rather than from commercial marketing sources." (Marketing An Introduction, GARY ARMSTRONG page 143). Today’s consumers want to hear what others like them prefer and not what the company wants them to hear. They feel more of an insider and have the scoop of what others are using. While Facebook’s market on using its services for finding jobs is still growing it is having steady progress. “Still, Facebook is making a dent. VMware Inc., a Palo Alto, Calif., cloud-computing company, hired its first full-time recruiter dedicated to working on social networks in November and is building a team of recruiters who will focus on social platforms.” (http://online.wsj.com/article/SB10001424053111903885604576490763256558794.html)The company is making great stride in finding new markets in which to expand on to. I mean did you ever think when you were updating your status that a company could be looking at your page to maybe hire you? I would say that this is some great food for thought so get out there and look on Facebook for jobs, think about what your posting it could even effect you getting that dream job of yours.