Cadbury India Limited is the biggest chocolate importer and manufacturer in India since 1948 (Cadbury, 2007), launching series of chocolates for the various segments and strata of people in India’s large and diverse population. Exploiting the monopoly of Cadbury’s market can be highly beneficial and profitable by launching our product, Cadbury Choco Slim, a diet chocolate which will specifically serve the needs and wants of the higher income group who are more health conscious and can afford to pay for a product that serves their purpose. Throughout this project we will cover particular segments and the marketing mix strategically implemented for this selected segmented in order to achieve maximum profit and customer satisfaction. Personal interviews of various customers and their families have seemed successful for the acceptability of Choco Slim. The use of internet has been very helpful in obtaining various data which were further implemented in our project to describe our suggested product in much more detail. The use of graphs and charts has been made for a more vivid visual experience of the results that were fetched via our research.
Let’s get familiar with our taste buds. What is chocolate? Where does it come from? What is it made of? These questions are some of the basic ones that we usually forget to ask ourselves as we are mesmerized with chocolates and its sweet, soothing and insatiable taste. Chocolate is a delicacy, a desert, a sweetener or just a common man’s tasty cocoa. Yes, Cocoa, the key ingredient of chocolates. Along with cocoa, solidified milk, edible oil such as soyabean oil or vegetable oil and sugar is mixed and churned until a thick dark brown viscous liquid is obtained and Voila! Chocolate is ready! Just cool it and share with your near and dear ones.
Segmentation of a market is the very first step to attain proper control, focus, profit and acceptability of a particular commodity. Every individual around us is different or rather have different needs, wants, likes and preferences. Market segmentation is needed for a business to come up with a group of individuals who have similar taste, like, wants and needs, and produce a particular product which would try and satisfy this selected group of individuals at its best while earning profit for the business. Segmentation is done by collecting and analyzing data obtained by interviewing, questioning and observing a sample of individuals on the basis of age, gender, income, place, cultures, lifestyles and requirements. Thus, a market is segmented into four major segments, behavioural, psychographic, demographic and geographical segmentation. In our project we have observed and questioned a focused group of people and concentrated specifically on the behavioural, demographical and psychographical segmentation. Since chocolates are consumed by people from all ages, genders and cultures, concentration on geographical segment is of less relevance. We chose Demographic segment first and focused on the capital city of India, New Delhi as our target and performed our segmentation by dividing the population specifically based on the higher income group.
Behavioural segmentation of a market relies on the observation and analysis of individuals’ way of thinking, preference and need for a product. Therefore, Behavioural segmentation is possibly the most useful way to segment the market as it is based on consumers' knowledge of, attitude towards, uses for, and response to a product (Kotler et al. 2003). Similarly, Psychographic segmentation uses psychology and lifestyle of customers. In this segment marketeers observe customer based on their Interests, activities, opinions, habits and hobbies. Hence, further knowledge of lifestyles of groups of people is usually required in order to make...