Introduction
The Hershey Company was selected for a marketing plan proposal as one of the leading Fortune 500 companies. It is well-established and thriving in the global food processing industry. Milton Hershey founded The Hershey Company in 1894 as a subsidiary of the Lancaster Caramel Company (“A history of goodness,” n.d.). Ever since, it has developed into a large confectionery manufacturer that owns such brands as Hershey’s, KitKat, Twizzlers, Kisses, Reese’s, and others (“A history of goodness,” n.d.).
Company Analysis
The corporation’s domestic and international market presence implies a highly competitive environment and the need to maintain brand image and competitive advantage. The company’s rivals include Nestlé, Mars, Mondelez International, Lindt, and Ferrero Group. In addition, Hershey’s faces such risks as changing customer preferences and the trends for sustainability and healthy food. Therefore, the proposed product for the company is ethically sourced, organic chocolate, which will cater to the customer demand for sustainable and healthy sweets.
Product Marketing
Positioning
The product in question is Hershey’s Milk Chocolate Bar, which is not considered a healthy option and does not meet the needs of health-conscious consumers. Therefore, a new line of chocolate will be manufactured using high-quality ingredients with reduced artificial additives to allow customers to purchase premium, healthy treats. In this regard, the proposed product can help ensure fair trade practices and target the environment- and health-aware consumers segment. In this regard, Hershey’s new chocolate will combine superior taste with sustainable sourcing practices. To achieve these outcomes, it is proposed to use organic ingredients, such as cocoa beans, from sustainable farms that do not utilize artificial fertilizers and pesticides.
Furthermore, it is essential to ensure cooperation with farmers and ensure fair compensation (Elliott, 2021). The supply chain must be sustainable to minimize the company’s resource use and environmental footprint. Another essential aspect of the proposed product is premium quality and taste. The chocolate line’s texture, flavors, and variety need to be planned and evaluated. Finally, ensuring the product complies with certifications and quality standards is essential.
Target Strategy
The target market for the proposed option will include individuals aged 20-45 who are conscious about health and the environment and are willing to pay for premium quality. In this regard, the marketing plan can be based on several key strategies. The branding and packaging are essential for showcasing the product’s premium quality and distinctive features, such as sustainable sourcing (Elliott, 2021). The company’s commitment to environmentally-friendly practices must be clearly communicated through packaging.
Furthermore, the marketing campaign should involve social media to reach the target audience and promote public awareness of the product. It is essential to include visuals and informative content to support the successful presence of the brand in the market (Elliott, 2021). Influencer collaborations should be considered a convenient way to promote customer trust.
Another aspect of the strategy includes retailer and specialty store partnerships. In doing so, it is crucial to align the companies’ values and address organic stores and markets, along with high-end chains where the target audience can be reached (Elliott, 2021). The new product’s packaging is crucial in delivering the brand’s values and appealing to the population.
Conclusion
To conclude, it is recommended that the Hershey Company target health-conscious and environmentally friendly customers. The corporation can introduce a new line of organic and ethically sourced premium chocolates that will cater to the target audience. In doing so, Hershey’s can strengthen its position in the food processing industry and engage in a growing sector, maximizing gains and improving customer loyalty to the brand. A marketing campaign should emphasize the product’s strengths and unique qualities.
References
A history of goodness. (n.d.). The Hershey Company. Web.
Elliott, C. (2021). Radical transparency: Food labeling, taste, and the food citizen. The Senses and Society, 16(1), 80-88. Web.