Godiva Gems



Godiva Gems

Introduction

Singapore is popularly known as the food city of the world. The food streets of the country are fabulous and are a major attraction for both the visitors as well as the countrymen. Like diamonds are a woman's best friends, chocolate appeals equally to both men and women. Chocolate is not just a food item. It is an experience. There is no other food item which is loved as much as chocolate for its flavor and taste. Apart from the detrimental effects of eating too much chocolate, many do not hesitate to claim themselves chocolate freaks. Chocolate is their guilty pleasure which they dig into guiltlessly (John, 2012).

The paper discusses the marketing strategies adopted by Godiva Gems and the overall market for chocolates and confectionaries in Singapore.

About Godiva Gems

Godiva Gems is based on the philosophy of savoring fine chocolate. The experience of chocolate in the eyes of Godiva Gems consists of three major elements. These are look, smell and taste.

Look - The color of the chocolate should be natural looking and its texture must be fine. If there are blemishes on the chocolate or if it contains air bubbles, then it does not look as good as it should. Hence, shape and design of chocolate are of high importance.

Smell - The smell of the chocolate refers to the aroma. This smell should neither be too sweet nor too bitter, something that happens often as a consequence of overly perfuming the chocolate.

Whatever's best will not be bought again if it is not as much a delight for the taste buds as it is for the eyes (Godiva, 2012).

Taste - Different people have different preferences when it comes to taste. However, one thing that appeals all is the freshness of the chocolate. The flavors must be refined and the texture of the chocolate must be suitable to match the type of chocolate. Godiva Gems is all about the insides of the chocolate. This is what the chocolate its essence, flavor and texture and is very crucial.

The chocolates offered by Godiva Gems are fine and melt with the roof of the mouth showing their velvety texture. Having conducted marketing research in the United States of America, the company wants to make important changes in the segmentation targeting and positioning strategies designed for and followed in the Singapore market (Godiva, 2012). Hence, the marketing mix strategies will also have to change.

External Market Analysis

The chocolate confectionary industry in Singapore is one of the biggest of its kind and includes various premium establishments such as Godiva Gems and others who sell through grocery stores and drug stores in neighborhoods and those who are selling through mall boutiques. The growth for the coming year is expected at 7% while the sales for the year 2011 were $125 million. After the recovery of the Singapore economy, the market for premium chocolates seems to be on its road to recovery. The highest sales has been noted in the premium ...