Strategic Market Evulation

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Eastern Michigan University

Digital Commons @ EMU
Senior Honors Theses Honors College

2005

Strategic Market Evaluation of the South Korean Market for the Godiva Chocolates Inge Bynens

Follow this and additional works at: http://commons.emich.edu/honors Recommended Citation Bynens, Inge, "Strategic Market Evaluation of the South Korean Market for the Godiva Chocolates" (2005). Senior Honors Theses. Paper 49.

This Open Access Senior Honors Thesis is brought to you for free and open access by the Honors College at Digital Commons @ EMU. It has been accepted for inclusion in Senior Honors Theses by an authorized administrator of Digital Commons @ EMU. For more information, please contact libir@emich.edu.

Strategic Market Evaluation of the South Korean Market for the Godiva Chocolates Degree Type

Open Access Senior Honors Thesis
Department

Marketing
Keywords

Strategic planning, Business planning, Marketing, Godiva Chocolatier, Inc

This open access senior honors thesis is available at Digital Commons @ EMU: http://commons.emich.edu/honors/49

STRATEGIC MARKET EVALUATION OF THE SOUTH KOREAN MARKET FOR THE GODIVA CHOCOLATES

By

INGE BYNENS

A Senior Thesis Submitted to the Eastern Michigan University Honors Program In partial Fulfillment of the Requirements for graduation with Departmental honors.

Approved at Ypsilanti, Michigan, June 21, 2005

Supervising Instructor

Honors Advisor

Department Head

Honors Director

TABLE OF CONTENTS I. II. III. IV. V. VI. VII. VIII. IX. X. XI. Introduction…………………………………………………………. History of Godiva ………………………………………………. 3 4-5 6 7-8 8-9 9 9-10 10-16 16-17

The Legend of Godiva……………………………………………. History of the Chocolate…………………………………………. Corporate Objectives …………………………………………….. Mission Statement ………………………………………………… Production facilities & global coverage ..................................…... Product Policy ………….………..……………………………… Distribution Policy…………… ……………………………………

Promotion & pricing policy……………………………………………… 17 Market Analysis – Macro Factors A. B. C. Location……………………………………………... Topography…………………………………………. Climate………………………………………………. 18 19 19-20

South-Korean Culture A) B) C) D) E) F) G) Population…………………………………………… Language……………………………………………. Religion………………………………………………. General Culture……………………………………… Business Culture……………………………………. Living conditions…………………………………….. Customers & End Users…..……………………… 20 21 21 21 22 23 23-25

2

Inge BYNENS

XII. XIII. XIV. XV. XVI.

Government & Politics……………………………………………… Macroeconomic situation …………………………………………… Financial Risk Assessment…………………………………………… Major Competitors…………………………………………………… Swot Analysis……………………………………………………….

25-26 26-31 31-38 39-40 40 41 42 43-44 45 46-48 48-50

XVII. Key Factors to go Global……………………………………………. XVIII. Proposed marketing strategy – 4P’s A) B) C) D) XIX. XX. Product………………………………………………… Price…………………………………………………… Place…………………………………………………… Promotion………………………………………………

Financial Evaluation of the company………………………………… 50-53 Bibliography…………………………………………………………… 54 55-62

XXI. Appendix – Chocolate Trivia …………………………………………

I.

INTRODUCTION

3

Inge BYNENS

Godiva is a well known chain of chocolate shops (chocolatier), founded in Belgium and later centralized in the United States. They have many stores in both countries, and international locations a well. Godiva’s chocolates are very high quality and, consequently, very expensive. This project is an attempt to successfully introduce Godiva to the South Korean market. In doing this, I will analyze “Godiva” general approach to international marketing and design an international marketing program for one of the product lines of the company in South Korea. My expansion proposal begins with an overview of Godiva as a company. I will present its corporate objectives, product lines, and global coverage. I will also discuss Godiva’s different forms of franchise agreements and its production facilities among...
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