Implementation Evaluation Control

COCo de mode: Implementation, Evaluation, and Control

To be successful we must make sure that we are taking the right steps and sticking to our marketing plan “one of the best ways to get the most out of a marketing plan is to correctly implement it. Once the first steps to implementation are taken, evaluation and control will help guide the organization to success” (Lamb, 29).

As laid out in our marketing plan we aim to make our product available at Saks Fifth Avenue, Nieman Marcus, Bergdorf Goodmans and Barneys New York by Valentine’s Day 2017.

To evaluate our product, I asked my family and friends three questions:

1.What do you think of the overall concept of Coco de Mode?

2. Would you pay $25-$35 for it?

3. Who would you purchase it for?

I got several different answers, however, majority loved the overall concept, they would pay $25-$35, and most said they would purchase it for their significant other, family member, or close friend. Coco de Mode is a “consumer product” meaning it is a product that is purchased based “an individual's personal wants or needs…and is purchased for personal or family consumption or as a gift” (Lamb, 116).

To establish control and allocate marketing resources efficiently we plan to perform a marketing audit which is “a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization” (Lamb, 29).

Marketing Mix: Price

COCo de mode: Price

Our price point reflects the type of customer we cater to, our “customers value goods and services that are of the quality they expect and are sold at prices they are willing to pay” (Lamb, 7). Our clientele, shop at luxury stores like Saks Fifth Avenue, Nieman Marcus, and Barneys New York, they value luxury and high end products and are willing to pay for those products. “Wealthy customers with money to spend may value the social message of their purchases above all else" (Lamb,7).

Each beautifully packaged box of Coco de Mode Chocolate handbags retail for $25 for a box of 4 and $35 for a box of 6. The packaging features a clear window to display each devastatingly chic design, the box is then wrapped and tied with a golden silk bow. The packaging alone screams luxury, style and above all mode!

Coco de Mode

Luxury you can eat!

Marketing Mix: Promotion

COCo de mode: Promotion

Coco de Mode will utilize “advertising, public relations, sales promotion, and personal selling” (Lamb, 28) as well as social media to promote our product. Through the promotion of our product, we hope to “bring about mutually satisfying exchanges with target markets by informing, educating, persuading, and reminding” (Lamb, 28) our clients why our product is superior to the competition.

Social Media will play a huge role in the marketing and promotion or our product. Our plan is to partner with social media fashion icons and bloggers that have significant followers and have the ability to influence our target market. Check us out on Instagram: https://www.instagram.com/cocodemode2016/ 

Further, utilizing social media as a form of networking, marketing and promotion is a demonstration “green marketing” and our commitment to “the development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment” (Lamb, 43).

Marketing Mix: Distribution

COCo de mode: Distribution

“Place, or distribution, strategies are concerned with making products available when and where customers want them (Lamb, 28). Our product will be sold at high end luxury department stores such as Saks Fifth Avenue, Nieman Marcus, Barneys New York, and Nordstrom. Coco de Mode luxury chocolate handbags will be available during special holidays; Christmas, Valentines, Mother’s Day, Easter, etc.

It is also our goal to expand into other markets to make our product available for special events such as birthdays, weddings, bachelor parties, bridal parties and corporate events.

Marketing Mix: Product

COCo de mode: OUr Product

These luxury chocolate handbags are handcrafted in France using superior French Chocolate. Our cocoa is carefully and selectively sourced from family owned farms in Peru, Dominican Republic and Tanzania. Each box will contain four to six gorgeously designed purses from the top designers in luxury: Louis Vuitton, Prada, Chanel, Hermes, Gucci, and Dior. Each chocolate purse has its own distinct flavor. Louis Vuitton: Dark Chocolate with notes of cardamom, Prada: Dark Chocolate with chili powder, Chanel: Milk Chocolate and lavender, Hermes: Milk Chocolate with notes of Tumeric, Gucci: Dark Chocolate fig Truffle, Dior: White Chocolate with Raspberry mousse filling.

Marketing Strategy, Target Market Strategy

OUr Marketing strategy:

Our marketing strategy focuses on building relationships with our clients, we seek to “expand market share in three ways: attracting new customers, increasing business with existing customers, and retaining current customers” (Lamb, 8).

 To do so we have identified our Target Market as male or female (ages 20-35) appreciates fashion, enjoys shopping, is up to date with current trends, is a foodie (enjoys the art of food). Will usually take pictures of their food and post on Instagram, Facebook, Twitter, etc. “Currently nearly half of the world's population, three billion people, are on the Internet” (Lamb, 51). The internet is a 4.2 trillion-dollar business. “Four out of five connections will be made via smartphones, tablets, and other mobile devices. Social media are making profound changes in the way we obtain and consume information—consumers are interacting; sharing beliefs, values, ideas, and interests; and, of course, making purchases at a dizzying rate” (Lamb, 51) Coco de Mode will utilize social media to reach and relate to our target market.

COCO DE MODE strives to maintain a strong presence on all social media outlets to reach and relate to our target market clientele. Clients will receive a 10% coupon on their next purchase by posting pictures on social media with #cocodemode. This is a form of market penetration “a marketing strategy that tries to increase market share among existing customers,” (Lamb, 17). by offering the 10% coupon through Twitter and Instagram we also attract new customers through our existing customers, which is a market development strategy. Through diversification marking strategy we aim to “increase sales by introducing new products into new markets” (Lamb, 17). To do so we have contacted local businesses to make custom treats with company logos on chocolate treats.

Situation or SWOT Analysis

COCo de mode: SWOT Analysis

A marketing team should seek to understand "the current and potential environment in which the product or service will be marketed” (Lamb,22). Conducting market research to identify strengths, weaknesses, external opportunities and threats are vital to the success of a business:

Strength: Coco de Mode will be sold at the top luxury department stores in the nation; Saks Fifth Avenue, Nieman Marcus, Bergdorf Goodmans and Barneys New York. This strengthens our brand image as a luxury fashion chocolatier.

Weakness: Offered during special holidays Christmas, Valentines, Mother’s Day, Easter, etc. Our plan is to make our product available year round and for special events and corporate functions.

To better understand external opportunities and threats, an environmental scan to analyze aspects of our marketing environment is essential. An environmental scan is a “collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan” (Lamb,22).

External Opportunities: Currently, small-scale family farmers account for 90% of the world’s cocoa supply which means “that the industry may simply be unable to provide sufficient supply to meet the demand.”(Fairtrade Foundation,2016). Sourcing cocoa beans from small-scale family farmers in Peru, Dominican Republic, and Tanzania may prove to be problematic as demand for our product increases.

Threats: The demand for cocoa is projected to increase by 30% by 2020, however, “without empowering and investing in small-scale farmers, the industry will struggle to provide sufficient supply.” (Fairtrade Foundation, 2016).