PRODUCT INNOVATION

Pierre Marcolini Product Innovation in the Chocolate Industry (IRS Proposal)



Table of Contents

CHAPTER 1: INTRODUCTION1

Background of the study1

Chocolate Industry1

Marketing Strategy2

The Marketing Mix2

About the Organization2

Flavors and Ingredients3

Pierre Innovative Products3

Aims and objectives4

Significance4

Research Questions4

H 15

H 25

Limitation of Research5

Ethical Considerations5

CHAPTER 2: LITERATURE REVIEW7

Importance of Product Innovation7

Four P's of Marketing8

Pierre Marcolini10

Innovative Flavours10

CHAPTER 3: METHODOLOGY12

Research design12

Secondary and Qualitative Methodology12

Case Study Methodology13

Deductive method13

Literature Search13

Data Analysis14

Project Time Management Tool14

Gant Chart15

REFERENCES16

CHAPTER 1: INTRODUCTION

Background of the study

Product innovation can be defined as the development of a new product. The need for product innovation is the change of demand preferences and forthcoming technology trends. In order to assure Pierre Marcolini survival; product innovation has a significant impact on the success and survival of the brand in the market place. In addition, Marcolini is using product innovation on the chocolate itself but also on its packaging and boutiques. (Stewart 2004)Thus, customer's loyalty and confidence towards a company is also an extremely significant factor and one of the major keys of the company's success, this is what Marcolini is making. In this research paper, the marketing strategies of the products of Marcolini will be discussed along with it this research proposal will find out the innovative products of the Pierre Marcolini and its strategies that helps in making the products innovative in the chocolate industry. (Rouffignac 2000)

Chocolate Industry

Chocolate is extremely famous for the different purposes like giving gifts, cooking, and for individual consumption. Because of its demand small businesses are focusing on rendering the items that are made up of chocolates. In 2010, there are many trends that drive the chocolate industry to grow. (Off, 2008)One of the trends is product innovation, according to research this year the product innovation in the chocolate industry has increased by 16%.

The latest study has shown that females eat more chocolate than males. Around 91% of the females consume the products that are made up of chocolates, and 81% males consume chocolate products. The rise in the disposable incomes and changing of the tastes leads to the growth in the chocolate industry. (Off, 2006)

In the recession period, the sweets and confectionery items remain in growth and high demands. Although, it is a luxury item but it is considered as an affordable luxury. (McQuarrie, 1996)

Marketing Strategy

Marketing strategy describes the objectives and defines ways to satisfy the customers with the products of the organization. It is defined as the set of strategies that help the organization's products to grow. It sets the goals of marketing, gives direction towards the target markets and defines the positioning of the products or business. This helps in getting a competitive edge on the over competitors. (Kerin, 2008)

The Marketing Mix

The most vital part of marketing strategies is market mix. It consists of the marketing tools that can be use for the enhancement and development of products. By implementing the marketing mix, the organization gets the unique selling proposition and renders benefits to customers. (Carl, 2005)

About the Organization

This organization started its chocolate making business in ...