Godiva Gems In Singapore



Table of Contents

Company information1

Godiva Operations in Singapore1

Singapore's Chocolate and Candies Market2

Godiva Gems - The Product and Brand3

Godiva's Marketing Strategy for Godiva Gem in Singapore4

Market Segmentation4

Market Targeting5

Product Differentiation and Positioning5

Marketing Mix6

Product Strategy6

Pricing Strategy6

Channel Distribution Strategy6

Promotion Strategy7

Conclusion7

References9

Godiva Gems In Singapore

Company information

One of the most elegant chocolate manufacturers, Godiva Chocolatier originated in Brussels Belgium. The name Godiva has its own legacy from which the company derives its logo. The story in short is that, many hundreds years ago a non-sympathetic King challenged his wife to roam the town with bare body in order to make him lift new taxes impose on the public. According to legend, lady Godiva roam the town without even single eye gazed on her. This act of her is shown in the logo of a lady on the horse riding.

It was the year 1926 when Joseph Draps introduced the world with Godiva chocolate (Godiva.com). Known for unparalleled smoothness and unique formula along with beautiful packaging soon became eye stopper for all. Throughout the years the recipe of Draps has been guarded and has maintained its reputation over the years (Hoovers, 2012). The company started its international journey starting form first boutique outside Belgium in the year 1958 in Paris. Godiva entered North America in the year 1966 and Japan in 1972 (Godiva (a), 2012). Today the company enjoys coverage of 80 countries which includes Singapore.

Godiva Operations in Singapore

The Godiva in its expansion program entered into Asia with growth motives. The Singapore is a potential market for confectionaries and chocolates. Due to this very reason, large corporations like Kraft foods have taken a decision to make Singapore its candy hub (Lim, 2011). . The economy is further recovering from the ill state and consumers are likely to shift to premium class and luxury products. The diverse culture and business practices of Singapore make one of the ideal places in the world to establish commercial concerns there. Godiva with its down market strategy which aims to take the premium product to mass markets and making it every time chocolate instead of special event item is a strategy is unique. Usually companies involved in luxury and premium class products avoid mass market segments on purpose to keep their image as an expensive and worthy brand. However, since the fall of 2009, the company has introduced Godiva Gems and Singapore is seen as a potential market of these chocolates. The company sells these chocolates in Singapore through newsstands, selected grocery stores, duty free shops, and drug stores.

Singapore's Chocolate and Candies Market

The world is recovering from the global recession and so as the Singapore. The recovery of economy is anticipated to bring an increase in sales of premium class chocolate of companies like Godiva. The chocolate confectionary is categorized under the broader heading, Confectionary. In Singapore the Chocolate confectionary contributes 59.1% of the total market value (Datamonitor, 2010). The expected growth in the chocolate confectionary is 7% with the value of S$125 million in the year 2011 (Euromonitor, ...