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Essay / Targeting and segmentation plan for new alcohol-filled chocolates...
The recent product, alcohol-filled chocolates, is a viable business that can sell if implemented in a manner professional. This recent innovation is expected to be able to attract market attention with its combination of sales products. Simply put, liqueur-filled chocolates are chocolates that contain alcohol. According to Novellino (2011), chocolate sales reached $16 billion in 2008 in the United States. Additionally, alcohol statistics reveal that alcohol sales reached $19.9 billion in 2011. What do statistics reveal about the product? This reveals that the market for both products is present and their combination will result in a profitable business. This article is a report on targeting and segmenting new alcohol-filled chocolates as a potential business. To begin, it is crucial to appreciate the meaning of segmentation and targeting as these two terms form the basis of this report. Therefore, segmentation involves dividing a market into groups of consumers with homogeneous characteristics in order to provide each group with the desired product. What is the meaning of targeting? This is where a company evaluates each segment with the goal of identifying segments with promising business opportunities. Given the nature of the product in question, it suffices to mention that chocolates filled with alcohol are intended to be sold to adults. As previously stated, the product in question requires adults to be considered the only market. This is because the law prohibits the sale of alcohol and alcohol-related products to minors. The market can be divided based on gender as men and women have different tastes (chocolate shapes, packaging and type of liquor). We know that women already consume chocolate. In fact, the number of women who consume chocolate far exceeds the number of men who consume it. It follows that there is an open market for the product in question. However, the fact that the introduction of alcohol to make alcohol-filled chocolates increases the market. This is because it attracts the attention of men. Novellino (2011) claims that the introduction of premium alcohol in chocolates will be an offer that men will not be able to refuse. Thus, the target of the product is both men and women who are legally allowed to consume alcohol-related products. However, shipping alcoholic beverages would be tricky due to current regulations regarding alcohol content. Novellino (2011) reveals that Boreth, who successfully entered this sector, faced similar challenges..