Haigh's Chocolate Marketing Strategy: Consumer Behaviour & Advertising Psychology
Question:
How does Haigh's Chocolate leverage consumer behavior insights in its marketing strategy?
Answer
Executive summary
The study's main objectives are to present a thorough analysis of Haigh's chocolate marketing strategy and a comprehension of the marketing problems brought on by shifting consumer behaviour. The study will demonstrate how it can successfully overcome hurdles posed by shifting demand patterns as well as persistent marketing concerns with its marketing performance and communication mix tactics. Assistance from Haigh Chocolates, Australia, has been taken into consideration in order to concisely provide all the data. The assignment shows how interacting with customers in a positive way and taking into account how consumer attitudes have changed in the modern business climate assist businesses in creating an effective marketing communication mix for their goods. Evidently, the use of social media and digital media platforms is a key channel for communication between businesses and their clients; therefore, effective upkeep of these channels is crucial. The company would be able to successfully enter the market by penetrating current markets, overcoming competitive competition, adapting a customer-centric culture, and using an effective Haigh's chocolate marketing plan.
Introduction
The idea of the suggested study is to analyse the marketing approach for Haigh's chocolate. Consumer behaviour is an action taken by buyers to satiate their desires for goods and services in the marketplace. It is crucial for the business to comprehend the driving forces behind consumer behaviour in the marketplace since doing so will enable them to determine how frequently consumer demand patterns will change. Since marketing psychology includes psychological principles in the context of sales strategy and marketing that may be implemented for the survival of the company even in declining stages, it is used in this study of Haigh's chocolate marketing strategy to analyse those consumer behaviours.
A succinct summary of the good or service and how it has performed on the market
It has been determined from the previous assignment that Haigh Chocolates is a worldwide corporation that runs retail stores in 18 sites throughout South Australia. Haigh Chocolates provides huge, expensive packs of premium-tasting chocolates. Haigh Chocolates offers more than 250 products to satisfy the various needs of its wide range of clients. For different events including weddings, Christmas, New Year's, birthdays, and anniversaries, distinctive chocolate packaging is used. Customers of various ages were the company's target market. Young people and couples are the focus of Haigh Chocolates' niche market segment because research has shown that they prefer chocolate more than other age groups for both gifting and consumption.
The marketing approach for Haigh chocolates, according to Jovanov-Marjanova et al. (2016), is to provide high-quality chocolates made with just the best ingredients, such as delicate cocoa beans. The company's ability to represent its marketing performance is determined by the strong brand legacy it has built up since 1912. Almost 80% of potential customers are aware of the brand and the calibre of its products, according to Ramli's (2017) assessment that Haigh Chocolates has maintained good brand equity in the Australian, South Wales, and Victorian markets. More over 50% of Australians would choose Haigh Chocolates over other brands, according to survey results from earlier assignments, while just 13.33% expressed neutrality, indicating that chocolate, regardless of brand, is what matters to them. Haigh Chocolates is able to adhere to e-retiling and realise its potential outside of South Australia thanks to its own websites. The company was able to build brand awareness on the international market thanks to the marketing strategy.
