The Sweet Bits Company (SBC) has been operating in the environment of the New York market for several years from now. With a focus on quality and the willingness to cater to the needs of the target audience to the greatest extent possible, the entrepreneurship has rather big chances to gain recognition among the local customers. Moreover, there are strong indications that the firm is ready to expand into the global market, therefore, targeting a larger audience.
SBC is affected by a variety of forces that define its further course of operations and affect the decision-making process occurring in the organization to a considerable extent. It would be wrong to assume that the factors under analysis must be viewed solely as negative or positive. Instead, the entrepreneurship should identify the threats and opportunities that each of the characteristics of the target market implies, therefore, designing the framework that will permit of building a competitive advantage (Iacobucci, 2008).
Unfortunately, the target market is already dominated by a range of organizations that produce chocolate of impressive quality (Nestle, Mars, Mondelez International, Hershey’s, to name just a few). Competing with the identified firms will be a challenge, which means that SBC will have to work on its competitive advantage and design a unique brand that will be instantly recognizable.
Given the moderate unemployment and inflation rates in the identified environment, it can be assumed that the organization is not going to face significant challenges in the specified environment.
The democratic principles that rule the contemporary trade world can be deemed as rather favorable for SBC’s expansion (Iacobucci, 2008).
Similarly, the low rates of bureaucracy and the numerous options for running all types of corporations (the target one being an S-corporation) can be considered an advantage.
The recent IT breakthrough requires that the entrepreneurship members should be able to retrieve, analyze, and transfer data as fast as possible. More importantly, the issue of data security will have to be addressed. Information sharing must be promoted at all levels of the company so that the staff could make relevant decisions adequately.
The concern for healthy food and proper nutrition may pose a threat to the business. However, a well put together promotion campaign with an emphasis on the positive effects of chocolate consumption will help address the issue.
As the description provided above shows, SBC needs to design a unique brand product and create an elaborate promotion campaign that will help set its products aside from the organizations that have already gained global recognition and are nowadays dominating the target market. Naturally, it would be wrong to expect that a change in the vision and values of the entrepreneurship will help it take over the target market and oust corporate giants from it. However, with a strong brand product and a reasonable pricing strategy, SBC is likely to become quite popular with the customers that represent the market (Iacobucci, 2008).
- Product. Chocolate bars, chocolate drinks, chocolate candies, and other types of chocolate products will be offered to the customers.
- Place. Retail shops will be the primary customers.
- Price. Medium prices along with discounts will help attract customers.
- Promotion. Branding the product as healthy candies that will let buyers relive sweet childhood memories will be the focus of the promotion campaign.
- Customer. A customer-focused approach will be applied to attract buyers of all ages.
- Company. The firm will focus on meeting the needs of key stakeholders.
- Collaborators. Local organizations should be viewed as primary suppliers.
- Competitors. The firm will take a unique niche and be in friendly terms with its rivals.
- Climate. Friendly environment will be created with the help of cooperation and information sharing.
- Segmentation. The target audience will be split into three segments (children, teenagers, and adults).
- Targeting. Age-related branding (i.e., use of the corresponding imagery, colors, etc.) will be used.
- Positioning. The product will be positioned as a healthy and tasty snack.
The American market should be viewed as the essential target for SBC to focus on at present.
In terms of secondary markets, the company should take a closer look at the European ones, in general, and the United Kingdom, in particular. As a recent report shows, chocolate consumption rates are very high in the Irish and the British markets (McCarthy, 2015). One might argue, however, that SBC should target the countries where the consumption statistics is at the highest levels. However, the report mentioned above indicates that Switzerland and Germany are currently at the top of sweets and chocolate consumption. Given the fact that their markets are represented by very strong brands related to chocolate and confectionery (McCarthy, 2015), it is very likely that SBC will have significant risks in the process (Iacobucci, 2008).
- Work on the brand product and the brand image of the organization (Hestad, 2013);
- Design a cost-efficient approach that will help the entrepreneurship become a part of the target markets;
- Shape the company’s mission and vision so that stakeholder satisfaction should be the primary concern;
- Increasing the number of customers by 75%;
- Gaining a distinct competitive advantage (Kaynak & Darling, 2013).
- Invest in the staff members by promoting consistent training, acquisition of new skills, and unceasing competency upgrade;
- Reinforcing the concept of Lean Management as the tool for reducing waste along with production costs (Charron, Harrington, & Voehl, 2014);
- Expanding into the global market;
- Promoting sustainability as the foundation for the company’s success;
- Using the iSix Sigma framework to maintain the quality of the product at the required level and meet the ever-changing quality standards (Pyzdek & Keller, 2014).
Tracking down the Goals Completion
To make sure that every single objective listed above is accomplished, the organization will have to use a variety of measurement tools. Particularly, the analysis of the change in the number of site visitors will have to be considered as the evaluation of the progress made by the entrepreneurship.
Similarly, the increase in the market share will allow for detecting a variety of changes in the overall design of the entrepreneurship, not to mention the alterations in its dialogue with its customers. The specified tool will show whether the firm gained a competitive advantage, increased its products quality, and introduced the new principles of communication between the stakeholders successfully. In a way, the identified strategy will also serve as the means of determining the success of implementing the Lean Management and the iSix Sigma frameworks. Particularly, the rise in the market share will point to the fact that the organization has finally designed the framework of operations that allows for the most reasonable use of resources, as well as their best allocation. Specifically, the change in the market share will show that the percentage of waste produced by the firm has been reduced, and the expenses have been curbed. In other words, the measurement of the changes in the corporate market share can be deemed as the primary tools for locating the degree to which the sustainability principles have been incorporated into the design of the company’s processes.
Charron, A. R., Harrington, H. J., & Voehl, F. (2014). The Lean Management systems handbook. Chicago, IL: CRC Press.
Hestad, M. (2013). Branding and product design: An integrated perspective. Franham, UK: Gower Publishing.
Iacobucci, D. (2008). MM4. Boston, MA: Cengage Learning.
Kaynak, E., & Darling, J. R. (2013). International management leadership: The primary competitive advantage. New York, NY: Routledge.
McCarthy, N. (2015). The world’s biggest chocolate consumers [infographic]. Forbes.
Pyzdek, T. & Keller, P. (2014).The Six Sigma handbook (2nd ed.). Upper Saddle River, NJ: Pearson.