BSBMKG609 Marketing Plan Project - Assignment Solution

Market Research

In the year 2017, the chocolate market of Australia was valued at AUD 2.9 billion. By the year 2023, the market has been projected to surpass the AUD 4.3 billion mark. The increasing chocolate consumption within the country and the ever-increasing demand for product categories such as the Belgian chocolate have resulted in in a favourable economic outlook for the chocolate industry of the country. At the same time, and increasing focus from the end of chocolate manufacturers on offering innovative products to the customers has also show created various opportunities of growth for this market. For example, Mondelez launched Cadbury Dairy Milk with Oreo in flavours such as strawberry and mint. In this connection, experts such as Gunaratne (2019) have suggested that there is an overall favourable outlook for the chocolate market of Australia. At the same time, businesses tend to be more efficient and effective in the light of the advent of e-commerce and online selling.

On the other hand, the market for beer, in Sydney, consists of the Belgian Beer Cafe within Sydney’s CBD, spanning over a large section. Dan Murphy, a key competitor of Belgian Delights, has a limited variety and a great e-commerce platform.

2.0 Target Market

The target market for these products comprises high income, well-travelled connoisseurs which are aged between 25 and 80 years. 85% of the target market is expected to comprise male customers for Belgian Delights.

The key segmentation basis for the company is the demographic segmentation, whereas behavioural and geographic segmentation bases also have a share of voice in the segmentation. The following table summarises the segmentation bases for the target market.

Table 1: Consumer Segmentation for Belgian Delights

Segmentation Basis	Attributes
Demographic Basis	Customers aged between 25 and 80 years; a majority of customers being men; customers characterized by a high income
Behavioural Basis	Customers who are well travelled and travel quite frequently as a hobby
Geographic Basis	Customers who are located in Sydney

3.0 Positioning

High quality chocolates regardless of the fact as to whether they have been imported from abroad include Green & Black’s and Lindt. Ferrero Rocher from Italy is a high-priced chocolate but its quality is perceived to be substandard as compared to that of Lindt. Dairy Milk is perceived to be a low-quality chocolate whereas Mars, M&M and KitKat are perceived to be low price and decent quality chocolates (Bharucha, 2016). In this connection, the market positioning of Belgian Delights will be that of a high price and high-quality brand in the first quadrant of the market positioning matrix as shown in the following figure.

4.0 Competitor Analysis

Three competitors have been selected for the competitor analysis. These competitors are currently operating within the country and have been recently recognised as one of the finest chocolate makers of Australia.