A Business Plan For starting Yummy Chocolate Company

Assignment Task

Your task is to prepare a 15 minute company and market situation analysis presentation for a company of your choice operating in the Chocolate (confectionery) industry, addressing the brief outlined.

Please Note

That due to implications of Covid-19, you are expected to submit individual presentations only (i.e., each student prepares/ submits their own presentation). You will be required to upload an individual audio or video recording and any supporting materials (e.g. presentation slides) for the oral presentation you are due to give. You may work remotely together but must record and submit individually.

Element 010 brief:

94% of adults in the UK eat chocolate, with 3 in 5 (61%) eating chocolate more than once a week. The emotional links of chocolate play a key role, with craving being a main reason for eating chocolate throughout the day and relaxing/de-stressing being a main reason for eating chocolate in the evening (Winthur, 2018).

Premiumization remains to be a key market trend in the chocolate confectionary industry (ibid). The incorporation of additional flavourings, use of natural sweeteners or focus on cocoa content and origin can help achieve the premium perception (Hopping, 2018; Winthur, 2018). These trends are also useful tools for working towards the PHE's 20% sugar reduction target to be reached by 2020, in order to avoid measures such as promotion bans or an extension of the sugar tax currently restricted to carbonated drinks (Winthur, 2018). 

Some of the sub-markets in the chocolate industry are as follows:

• Chocolate confectionary
• Chocolate assortments
• Seasonal chocolate
• Chocolate biscuits
• (Store cupboard) Chocolate cakes and cake bars
• Cocoa powder
• Chocolate drinks
• Chocolate chilled desserts
• Chocolate ice-cream
• Chocolate spread
• Cereal bars

Some chocolate manufacturers also provide services in the form of factory tours/ attractions, or have their stores/ e-commerce sites.

Element 010 requirements

Internal Evaluation. Internal analysis of the company, to include the analysis of: The company's current situation and the key challenges it needs to overcome (if any) - any existing purpose statements the company has e.g. vision and mission statements, core values and strategic objectives - Internal environment capability analysis, including resources, core competencies, sustainable competitive advantage, etc. This analysis should point to the company’s strengths and weaknesses - the consumer perceived value of the chosen chocolate brand- A product or service marketing mix evaluation of the company (whichever is more appropriate to the company).

Assessment Task Detail and Instructions:

Focusing on the same chocolate confectionery brand of your choice, your task is prepare a 3,000 word report to analyse the external environment of the company, identifying opportunities in the UK market that they can act upon - as well as the threats that they need to avoid - finally proposing a new (or modified or extended) product or service for the brands portfolio. Submission deadline:

Element 011 requirements:

External Evaluation. External analysis of one sub-market within the chocolate industry (use the brief to help you identify these sub-markets). Using appropriate marketing models, such as PESTLE, Porters Five Forces- Benchmarking, competitor analysis, to include the analysis of:

MACRO environment analysis:

• (PESTLE) analysis to identify key drivers of change (based on possible level of impact)

MICRO environment analysis:

• Industry (Five Forces) analysis to understand intensity of competition and relative attractiveness of market.
• Customer (Segmentation) analysis to share a summary of current customers/users utilising segmentation variables.

Summarise the macro and micro analyses by clearly articulating what they represent in terms of opportunities and threats for the company.

Recommendation

Taking into account the internal and external analyses conducted, recommend a new product or service (or modification/improvement or expansion of an existing product/service) for the company. Using appropriate marketing models such as SWOT, product portfolio analysis. Discuss the following:

• SWOT analysis which summarises the main findings from your internal and external analyses. The SWOT analysis will facilitate identification of key marketing opportunities.
• New marketing idea, which includes the details of the new proposed product/service, the opportunity this is responding to, the target market, the marketing activities best suited to reaching the intended target audience/s.

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