-We should consider this problem from the view point of the President and CFO of Godiva Chocolatier Worldwide, Jim Goldman.
-How to increase and maintain Godiva’s market share in chocolate industry.
-To come up with an alternative product to the high end premium chocolate boxes that Godiva offers -To increase global brand awareness by creating an advertising plan targeting bigger consumer brackets -To have a new pricing policy that would attract new consumers
Areas for Considerations (SWOT Analysis)
|Strengths |Weaknesses | |-Godiva’s excellent brand awareness |-Seasonality of sales | |-High quality and luxurious brand image |-Expensive pricing | |-Excellent packaging |-Limited retail distribution | |-High sales in duty-free market |-Limited advertising targets | | | | |Opportunities |Threats | |-Establish an affordable luxury product capitalizing on strong brand|-Luxury chocolate industry is saturated with other brands | |image |-Competitors offer premium chocolates in more locations | |-Exploit supermarket and grocery going market |-Changing consumer mindset on buying luxury items in declining | |-Package Godiva Gems...
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