Introduction
The fundamental motivation behind the establishment of Rococo Chocolate was the window of opportunity that existed in London. However, the passion of the founder of Rococo was also a key driving force. In addition to passion, profit maximization is also a main reason for the establishment of any business. A marketing plan critically examines the company in a holistic manner.
Moreover, it focuses on the marketing strategies, performance, strategic positioning, measures achievement, and evaluation of company objectives. In this case, Rococo Chocolate Company will be evaluated using two main approaches; these are SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis and PESTEL (Political, Economic, Social, Technological, and Legal Factors) analysis (Ferrell & Hartline 2008, Pp. 104).
SWOT analysis
Rococo Chocolates Company has various Strengths. When evaluating the strengths, we consider what makes Rococo Chocolate Company stand out from the rest, what it excels in, what unique expertise, and abilities the company posses. Accordingly, Strengths are both internal and external aspects. Rococo Chocolate Company produces a wide-range of chocolates.
This is due to prompt responsiveness in customer needs satisfaction. In light of this, the company won an award for changing the attitude of people towards chocolates. This clearly shows that they ahead in the market. In addition, they have a large number of outlets for their products across the country. Secondly, the company has established a school to teach people about chocolates.
This is because they are market leaders. They also organize events, which is a great marketing tool. However, it is also a major tactic of strategic positioning in the minds of consumers. Product classification according to accessions, person, and purpose is also a major strength. This includes chocolates for birthdays, weddings, and anniversaries.
When evaluating the weaknesses, we consider the competitive advantage of other companies in the same industry. What people think of as the company weakness and what the company can do better (Ferrell & Hartline 2008, Pp. 59). Rococo does not have an aggressive marketing strategy to push products to the market they still can do a lot more in respect to this. However, the company has managed to minimize on the weaknesses. This is a very positive approach in regards to company progress.
When evaluating the opportunities, we consider the area that the company can expand, new potential products to be developed, employing new technology for company advancement, and legal development. When examining Rococo Chocolate Company using these parameters, it has an opportunity to tap into the international market because of its level of excellence. Rococo Chocolate Company has also gained recognition as the market leader. This provides it a great opportunity to tap the top cream talent in the market.
When evaluating the threats, we consider changes in the legal framework that could affect the company negatively, environmental factors that could also have a negative impact on the company (Ferrell & Hartline 2008, Pp. 48). Threats emanate from the weaknesses of the company. Additionally other competitors capitalize on these weaknesses and pose as a threat to the company.
However, Rococo Chocolate Company has effectively established itself as the market leader. Due to this, it faces minimal threats from competitors. Never the less, environmental changes are inevitable, in the event of changes in the environment, the company will employ adoptive measures in dealing with it. The company pays close attention to the reaction of customers through feedback mechanisms and the chocolate blog on the website.
PESTEL analysis
When evaluating Rococo Company using PESTEL, we consider Political, Economic, Social, Technological, and Legal Factors. For instance, political factors include political stability and formulation of various laws such as taxes and pollution. However, critical consideration is on how these factors affect the company (Nwankwo & Gbadamosi 2011 Pp. 88).
The company is located in a politically stable country, and it is operating within the laws of the country. However, there are no new laws that the political elite have formulated that have a negative impact on Rococo Chocolate Company. Additionally, the government is encouraging entrepreneurs to be more aggressive, creative and innovate to promote business development.
Economic evaluation focuses on inflation, disposable income and the trade cycle (Beamish & Ashford 2005, Pp. 75). In regards to disposable income, Rococo Chocolate Company has sufficient income as reflected in the Annual financial statements of 30 June 2010. The total cash amounted to £ 70,019.
Moreover, it is a significant growth as compared to 2009 where the cash amounted to £ 41,426. Rococo Chocolate Company also has a good trade cycle as reflected in the Annual financial statements of 30 June 2010. The creditors falling due within a year amounted to £ 279,535 while the debtors were £133,983. This fosters Company growth because they have adequate working capital.
Social evaluation focuses on cultural values, consumer attitude, behavior, and beliefs. In this case, Rococo Chocolate Company has done significantly well. This is because of their customer blog section on the website, the chocolate school and the (Recognition for Excellence award 2011) awards won. However, on the technological front, which includes systems automation and use of customized software, the company has also done well because they have managed to automate its operations and it has very interactive website.
The legal aspects focuses mainly on legislation, as for Rococo Chocolate Company, there are no laws that negatively affect its operation. In fact, the year ended 30 June 2010 the company was in exemption as stated in section 477 of the Companies Act 2006 regarding small businesses.
Conclusion
In conclusion, Rococo Chocolate Company is making significant strides in business expansion and development. Both the SWOT and PESTEL reflect positive results when conducted on the company. However, the company has various aspects, which needs improvements, for instance, the customer service delivery. They need to develop personalized products. Additionally, the company needs to expand the market to an international level.
List of References
Beamish, K & Ashford, R (2005), Coursebook 05/06 Marketing Planning, Georgia Elsevier.
Ferrell, O & Hartline, M (2008), Marketing Strategy, Hampshire, Cengage learning.
Nwankwo, S & Gbadamosi, T (2011), Entrepreneurship Marketing: Principles and Practice of Sme Marketing, New York, Taylor & Francis.