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Transcript of GODIVA CHOCOLATE
Founded by Joseph Draps in 1926
Chocolate know for richness, premium quality, and iconic style
Successful premium chocolatier, with an upscale market appeal
Alternative Courses of Action
Option 1: Standardisation (GLOBALIZATION)
Option 2: Adaption
Selection of Coarse of Action
Godiva will stick to a standardised approach for the product
Aspects of the Godiva product and marketing will be adapted to suit different cultures.
Every culture is different and values different things
Cookies and ice-cream
The iconic golden boxes have created an upscale and admired brand.
Godiva and the World
Acquired by Campbells Soup company in 1967
Expanded into Paris, the UK, Germany, Italy, North America, Japan, Hong Kong, Tawaiin and Singapore
Emerging into the Chinese market and Turkey
Campbell's Soup Company decided to sell since decadent Chocolate was a poor fit for brand
Many International giants bid on Godiva, Including Nestle, Lindt, Hershey's and Mars.
Godiva and Ulker Group
Sold in 2007 to Ulker Group for $850 million
Ulker Group is one of the largest consumer goods companies in the Turkish Food industry.
The acquisition of Godiva has allowed Ulker Group to enter into global markets and is viewed as a great success story for the Turkish economy.
Godiva introduced a new line of chocolates "Godiva Gems"
"A little taste of Godiva Anytime and anywhere"
A way to introduce Godiva to more consumers who enjoy high quality chocolate at a quality price.
Godiva CEO believes this will help lead into the chinese market and open stores in the Turkish market as well.
WELCOME BOARD OF DIRECTORS
Godiva and the World
Godiva Brand Equity
Turkish or Belgian?
Godiva Brand Equity = ASSET
Belgium-> USA ->Turkey
Does it matter who owns the company?
Brand Equity: Our Biggest Asset
‘Godiva has ambitions to make Godiva popular worldwide’
Godiva CEO – Jim Goldman
Option 1: Standardisation GLOBALIZATION
Developing standardized products marketed worldwide with a standardized marketing mix.
- Keeping to true to core brand
- Consistency with product quality
- Expectations always met
- Standardised marketing mix (product, place, price, promotion)
- Doesn’t consider the global environment
- Assumes all countries are the same (therefore will all accept Godiva brand)
- Less competitive advantage among local brands
- Doesn’t consider changing market demands
Option 2: Adaption
Adaption through innovation and product extension (which is the Godiva Gems)
- Opportunity to grow brand internationally
- Can meet demands of a greater number of consumers (low economic countries)
- Optimise company profits
- Develops with consumer demands
- Become a part of local competitive market
- May stray from Brand reputation (luxury, decadent, etc)
- May be seen as moving away from core product
Continue with branding strategies - 'gold' theme & higher prices
Gems have highlighted how we can successfully keep our quality chocolate name without compromising on who can eat them
European culture: Quality over quantity
American culture: consuming
Necessary to conduct a standardised market segmentation scheme
Identifies the most significant differences among current and potential customers that will influence their purchase decisions and buying behaviour
Allows us to differentiate the prices, products and marketing programs for maximum competitive advantage
Extending into the Chinese market: they suit business ideals of having luxurious products that don't just taste fantastic
Standardising all our products such as our Ballotin boxes to ensure that the Godiva name will always be associated with luxury and high end chocolates
The Gems range will be available to show how everyone can purchase a piece of luxury
Several cultures share beliefs and values as well as a sense of what is beautiful thus the Godiva name will always carry a gold theme
After devising a standardised product range, the section of our brand that will be adapted will be the marketing
Three factors were considered: market distance, product type, and advertising medium employed
Product type is universally accepted
Advertising medium employed and the market distance can vary hugely between cultures
Internet marketing - suitable for China?
Cross cultural advertising can be employed
Follow Up Problems
Quick decline in product lifecycle