Is Jorge Redmond's dream of making Venezuelan coca beans and chocolate world famous realistic and achievable? How?
Jorge’s dream can definitely be a reality with the use of the proper tools that will differentiate him from his competitors. Jorge needs to position Chocolates El Rey in the proper market by conducting research and analyzing who his exact target market is. He needs to display the key attributes about his chocolates in order to build brand awareness and gain new customers. The chocolate industry is a huge industry which entails a large market to which Venezuela could penetrate. Venezuela has some of the best cocoa in the world, and this is exactly what consumers’ need think of ...view middle of the document...
The positive impacts that the country-of-origin branding strategy would have on Chocolates El Rey would be building a brand image for not only the chocolate company itself but also for Venezuela as a country. The country-of-origin can also have an emotional affect or value to the brand which could definitely help build the awareness of Chocolates El Rey. Country-of-origin branding strategy can also promote the individual personality, culture, history and values of Venezuela ultimately leading to a higher brand power of Chocolates El Rey.
As with any changes, there are potential risks that need to be addressed. In terms of country-of-origin as a branding strategy, consumers currently do not know a lot about Venezuela or even further more see Venezuela as a chocolate producing country. This could potentially damage the image that Chocolates El Rey wants to portray to their current and prospective consumers. Another negative impact that this branding strategy could have on Chocolates El Rey include the association between the Venezuelan economy and the Chocolates El Rey brand. The economy of this country is one that most people are unaware of, or they don’t see it as a successful nation. This could have a major impact on the way that consumers not only view the brand, but view the country as a whole. Jorge needs to focus on what makes his product different than other chocolates from around the world, and how the culture of Venezuela can provide an emotional and value rich attraction to the brand.
With such limited resources how can Chocolates El Rey best market itself?
Limited resources can cause a road block in any business that is trying to market themselves. Marketing is a process that is on-going and needs to constantly and consistently keep up with the changing market trends while more importantly keeping their customers happy. They need to be able to have a marketing plan that is able to adapt and change according to the needs and wants of any potential and current customers. The culture of marketing has changed drastically from what it used to be, and so have the marketing methods. Many organizations are trying new methods, but first they need to take mental shift from the norm that their used to, and make the customers the main focus of the organization.
When looking at the different way to market a company or brand, the first thing you need to look at is what value the product will have on consumers. Jorge needs to come up with fresh new ideas that will provide a connection to the customer. The best way for Chocolates El Rey to market itself would be through their consumers. Word of mouth is still one of the oldest and traditional types of marketing and it plays a key role in how consumers view a brand. It allows customers to give real feedback to potential customers thus influencing their purchasing power ultimately furthering the brand growth and image. Jorge needs to look at what value his brand has for consumers and what it...