No marketing plan can remain static, because the marketing environment is always changing. In this case, Lost Legends Luxury Chocolatier must update its marketing plan to take into account recent developments that can affect its business.
For example, higher demand for chocolate is pushing up the cost of ingredients, a factor that must be considered when setting price and calculating profit. In addition, dry weather in West Africa is affecting the cocoa crop, which in turn could lead to chocolate shortages as well as sharply higher costs in the coming year or two.
Another factor is social-cultural: Stronger demand for dark chocolate products is based on perceptions of health benefits and bolder flavours. Dark chocolate appears to have a calming affect when eaten, among other perceived nutritional advantages (such as anti-oxidants and the fact that dark chocolate bars often have lower sugar content than milk chocolate bars). Media coverage of trends in high-quality chocolate is helping to support the development of a "chocolate culture" that, like the "coffee culture," encourages consumers to be more discriminating in their buying decisions. What can Lost Legends Luxury Chocolatier do to make the most of these opportunities?
The economy continues to influence consumer purchasing patterns. "As the economy recovers ever-so-slowly, consumer demand for the affordable indulgence that chocolate provides is expected to remain and interest in chocolate as part of the larger food culture will continue," says one expert analyst. What does this mean for the company's positioning and pricing decisions?
Globally, premium chocolate consumption is on the rise. In India, for example, the amount of chocolate consumed by adults tripled in the 2005-2013 period. This is a positive sign for Lost Legends Luxury Chocolatier, which is considering expanding into the European market and then beyond in future years.
