Report on Managing Market Research on the chocolate market of Australia

This particular report will analyze the chocolate market of Australia in relation to the brand Haigh’s Chocolates, which is one of the famous brands in the Australian chocolate market.

Table of Contents

Executive Summary. 1

Introduction. 3

Define the objective of your research. 3

Conduct a situation analysis. 3

SWOT Analysis. 4

Conduct an informal investigation of secondary data. 5

The data is to be analyzed and the results reported. 6

Plan for a formal investigation of primary data. 7

References. 8

Managing Market Research

Introduction of Managing Market Research on the chocolate market of Australia

               There are so many famous brands and products in the Australian market; one such product is Haigh’s Chocolates. The company started its business in 1915 and it was started by Alfred Haigh in the city of Adelaide. It is a family-owned business and it has enjoyed great success and growth over the years, becoming one of the famous brands in Australian chocolate market. The company has made great presence by opening stores all around the country. The focus of this research paper would be to do market research to see how much success is achieved by Haigh’s Chocolates and what is forecasted for the future (Haigh’s Chocolates, 2019)

Define the objective of your research of Managing Market Research on the chocolate market of Australia

               In every market research, different elements of the market can be researched. The purpose of this market research is to look at overall performance of Haigh’s Chocolates in the Australian market. Moreover, the research will have a look at overall chocolate market and its growth in Australia and what are the forecasts for the future like more growth is expected or things will remain the same etc.

Conduct a situation analysis of Managing Market Research on the chocolate market of Australia

               It is important to know that annual revenue of the company is estimated to be $2.8m. There are various competitors, which are coming up with intense competition (Owler, 2019). The sales growth of the company has been very much satisfactory, and they have also been doing well in their online sales. This steady and progressive growth of the company has given them a good place in the Australian market (Govender, 2017). It is important to analyze the overall situation of the Australian chocolate market so that the company can forecast its future success. One of the recent reports have revealed that chocolate market of Australia will exceed the amount of $4.3b in next four years. It is observed that chocolate manufacturing companies are doing great in this market by coming up with new flavors, and innovative products to capture the attention of more consumers (Business Wire, 2019)

SWOT Analysis of Managing Market Research on the chocolate market of Australia

Strengths: The Company is one of the oldest ones in the chocolate business of Australia, and it has strong family-owned business base since 1915, which allowed the company to make great progress. They have developed a strong brand in the eyes of consumers, and they have achieved this thing by providing products with great quality and taste. They have provided a great variety of chocolate products such as loose chocolates, chocolate bars, dark chocolates, as well as milk chocolates. They have also arranged various tours for the consumers to their factory so that consumers can experience how chocolates are being made.

Weaknesses: It is a fact that every product and brand has few weaknesses as well, and that is the case with Haigh’s Chocolates too. The company has been century old business, but its expansion has not been that great, which it could have achieved over the years. They have not expanded as per their capability. They have not been able to penetrate to low markets to get more shares for the chocolate market. On the other hand, it is their biggest weaknesses that they have not been able to get a certification, which is issued by the Fair Trade Foundation.

Opportunities: It was mentioned earlier that the company has been involved in making online sales through e-commerce platform, and steady growth has also been observed. So, it is vital for them to understand that online platforms are getting more and more popular with the passage of time, and if they want to expand and reach more customers, e-commerce platform will have huge business growth opportunities. They should also expand to all parts of the Australia in first phase, and then look to expand their business to global chocolate market, as it can give them great recognition on the intentional level.

Threats: It is vital to realize that threats and risks are part of every business, so there is no need to worry. The people are getting health conscious so they will have to produce products, which are more health friendly. The strong competition, both from local and international brands is a great threat for the company, which they will have to deal with (MBASkool, 2019)

Conduct an informal investigation of secondary data of Managing Market Research on the chocolate market of Australia

               It was mentioned earlier that the Australian chocolate market will grow in coming years and till 2023, its market size will be more than $4.3b. It is happening because consumption of chocolate is increasing and demand is going up with the passage of time. The demand for organic chocolate products is also increasing, which is another niche for chocolate companies to consider for future success. The companies have been involved in making innovative and great quality products, which is keeping the interest of consumers alive (PRNewswire, 2019)

               In 2018, the market reached to the level of $2.9b revenue, which is a huge figure in so many ways. And more than $1b increase in next four year is forecasted, which is great news for all chocolate companies operating in the Australian market. A research revealed that people from Switzerland consumes the most amount of chocolate than any other country, and following this list of consuming more chocolate has the names such as Australia, UK, and Belgium etc. It means that Australia is also one of those countries, where chocolate is consumed and liked in large numbers, which is another good sign for companies like Haigh’s Chocolates (Consultancy.com.au, 2019)

The data is to be analyzed and the results reported

               It is important to look at the market size with the help of value and product category in the Australian market, so here is a graph to show these statistics:

Source: https://www.techsciresearch.com/report/australia-chocolate-market/1711.html

            Here is another graph, showing the breakdown of chocolate consumption regions wise in the Australian market:

Source: https://www.techsciresearch.com/report/australia-chocolate-market/1711.html

Plan for a formal investigation of primary data

            Here, a survey questionnaire is going to be presented with few questions to get primary data from the Australian chocolate market and consumers:

1.      How often do you consume chocolate?

a) Daily           b) Weekly        c) Monthly      d) Don’t know

2.      How do you buy chocolate?

a) From Physical Store                       b) From Online Platform        c) From Supermarket

3.      What is your brand for chocolate products?

a) Cadbury      b) Haigh’s Chocolates            c) Kit Kat        d) Snickers

 References of Managing Market Research on the chocolate market of Australia

Business Wire. (2019). he Australian Chocolate Market is Anticipated to Exceed $4.3 Billion by 2023: Key Segment & Major Opportunity Analysis - ResearchAndMarkets.com. Retrieved November 28, 2019, from https://www.businesswire.com/news/home/20190117005669/en/Australian-Chocolate-Market-Anticipated-Exceed-4.3-Billion

Consultancy.com.au. (2019). Sweet news for Australia's $3 billion chocolate market. Retrieved November 28, 2019, from https://www.consultancy.com.au/news/637/sweet-news-for-australias-3-billion-chocolate-market

Govender, P. (2017). Haigh’s Chocolates Sees Steady Online Sales Growth. Retrieved November 28, 2019, from https://powerretail.com.au/pureplay/haighs-chocolate-online-sales-growth-easter/

Haigh’s Chocolates. (2019). Our History. Retrieved November 28, 2019, from https://www.haighschocolates.com.au/about-us/our-history/

MBASkool. (2019). Haigh's Chocolates SWOT Analysis, Competitors & USP. Retrieved November 28, 2019, from https://www.mbaskool.com/brandguide/food-and-beverages/9576-haighs-chocolates.html

Owler. (2019). Haigh's Chocolates's Competitors, Revenue, Number of Employees, Funding and Acquisitions. Retrieved November 28, 2019, from https://www.owler.com/company/haighschocolates

PRNewswire. (2019). Australia Chocolate Market Report 2018: Competition, Forecast & Opportunities, 2013-2023 - Growing Chocolate Consumption and Rising Demand for Niche Products. Retrieved November 28, 2019, from https://www.prnewswire.com/news-releases/australia-chocolate-market-report-2018-competition-forecast--opportunities-2013-2023---growing-chocolate-consumption-and-rising-demand-for-niche-products-300781418.html