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Confectionary- Paper 3 - Coggle Diagram
Confectionary- Paper 3
It's a dynamic market
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Global market is worth $284, growing around 2.2% annually. (the highest)
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Brands and retailers sell through websites and apps (makes up 37% of all retail confectionary sales UK)
Confectionary used to be at the front till to pressure people to buy and grab and go, government banned it as its bad for you and now its on the aisle. The eye-level will depend on the chocolate, lower the chocolate the more it is for kids, the higher the more adult.
People now want healthier choices , new flavours and more sustainable products.
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Research
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NEGATIVES: small samples are unreliable, could be bias
ICT: online survey(emails)
social media analysis (trends)
EPOS data (buying patterns)
Website anaylysis (most popular time of days sales)
DEMAND:
price of substitutes: increase= higher demand for cheap alternatives. Decrease= demand decreases due to higher price competitiveness
Complementary goods: a rise in demand for one will rise the demand for another.
Consumer incomes: premium confectionary benefit from a rise in income
Trends: health consciousness, ethical and tastes etc will change demand
Advertising: Increasing advertising will lead to an increase in demand
Demographics: Younger demographics may increase demand for impulse confectionary, while the older generation may increase customer loyalty
External shocks: Income uncertainty, supply or behaviour can lead to demand changes
Seasonality: Peaks during halloween, valentines, Christmas
Design Mix
Function: pick n Mix
Aesthetic: bright packaging/ fancy for presents or adding value
Cost: bulk buying
Ways to build a brand
USPs, Product differentiation, Tv advertising, sponsorship events, social media marketing, interactive content , online competition
Emotional branding is important as sweet brands relate to happiness and nostalgia, which will therefore drive sales up
Viral marketing uses shareable videos, games, images and online competition to spread messages
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