Marketing Research Trends and Practices

This assignment explores current trends in marketing research. It examines influential journals like Journal of Advertising and Journal of Travel & Tourism Marketing, analyzes the statistical techniques used, and investigates the influence of strategic marketing research on generating impact. The analysis delves into topics like access to data, the role of models and estimation approaches, and the impact of marketing mix variables in line extensions. It also considers the relationship between relationship marketing and customer relationship management.

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Marketing Management and Digital Communications
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Executive Summary
Marketing management is one of the critical aspects for the success of the business organization.
Companies must plan on how to approach commercialization of their products in the most
efficient manner possible. This paper establishes a marketing plan for the To'ak Chocolates and
its implementation. The report analyses its operating environment through SWOT Analysis,
discusses its mission, sets the marketing and financial objectives and discusses the marketing
strategies. Besides, the report discusses how the action programs and the effective way To'ak's
implementation of the plan.

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Table of Contents
Introduction......................................................................................................................................4
To'ak Chocolates..........................................................................................................................4
Steps in Writing a Marketing Plan...............................................................................................4
SWOT Analysis...............................................................................................................................4
Strengths.......................................................................................................................................5
Weaknesses..................................................................................................................................5
Opportunities................................................................................................................................5
Threats..........................................................................................................................................5
Mission............................................................................................................................................6
Marketing and Financial Objectives................................................................................................6
The Marketing Mix Strategy...........................................................................................................7
Place.............................................................................................................................................7
Product.........................................................................................................................................7
Promotion.....................................................................................................................................7
Price.............................................................................................................................................8
Action Programs..............................................................................................................................8
Implementation and the control of the Marketing Plan...................................................................8

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Introduction
To'ak Chocolates
The To'ak Chocolates were founded by two people one of American origin called Jerry
Toth and one Australian man called Carl Schweizer. The To'ak is one of the chocolates that
originates from the Nacional Cacao trees. The native place of these trees is in the Ecuador, South
America. The trees produce the nuts are processed to make the chocolates. During the
processing, the nuts are crushed then taken through fermentation and dry installation to produce
the chocolates. The price of To'ak Chocolates is about $260 per 50 grams of this product
(Toakchocolate.com, 2017). The chocolates started in a small area and had later grown to reach
many people in the world, and there is need to understand the market and ensure that the product
remains fit in the industry.
Steps in Writing a Marketing Plan
A marketing plan is one of the essential aspects that drive businesses to success. This
paper presents a marketing plan for To'ak Chocolates. The plan has an objective of creating
To'ak's brand awareness in Australia to attain a huge market ration. Also, the plan explores the
current potential market opportunities that To'ak can use for its success. It analyses the prevailing
market conditions of To'ak through the application of SWOT analysis, providing information
which is critical for the success of this business. The plan also sets the marketing and financial
objectives for this organization which is essential in ensuring that company attains a higher
performance level in the market. Further, the plan covers the various marketing mix strategies
that the organization can employ for its success. Thus, this marketing plan is critical in helping
To'ak attain a higher performance in the market.
SWOT Analysis

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SWOT is one of the most powerful tools used to analyze the current market state for the
business organization (Wood, 2008). SWOT is an abbreviation for the Strengths, Weakness,
Opportunities, and Threats.
Strengths
Strength refers to the factors within the business organization that helps it to excel and
become outstanding over others in the market. There are many strengths that exist in To'ak
Chocolates. Firstly, the taste of these chocolates resembles the taste of the vintage wine and aged
whiskey. This attracts many people. Also, the chocolates have got an outstanding texture and
flavour, thus its likable in the market. Besides, the chocolates have a luxury experience which
attracts many customers of all kinds of status in the market. Also, the chocolates are handmade,
thus, have become superior to other products in the market (Mintz & Currim, 2013).
Weaknesses
These are factors that prevent the organization from performing to its optimal level. Some
of the shortcomings of To'ak Chocolates include its lack of units of manufacture in Australia.
Also, there is no range of varieties in the products other the conventional chocolate bar. Besides,
the To'ak Chocolates are expensive in the market. These factors inhibit the organization from
performing to its optimal potential (Luan & Sudhir, 2010).
Opportunities
These are existing factors outside the company that favours it to gain a competitive
advantage over others in the industry. Some of the To'ak's opportunities include its potential to
start an outlet in more populated areas. It also has the opportunity of introducing different
chocolate shapes other than the bars (Nathalie, Sheida, Davy, Sara, Xavier & Koen, 2017).
Besides, the company has an opportunity to offer to give offers and discounts for purchasing the
products. Additionally, To'ak has gained popularity in the international market, which is a good
opportunity for its success.
Threats
These are factors that can cause harm to the company. Some of the threats to To'ak
include competition in the industry whereby, the competitors determine the price of chocolate

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bars. Also, the To'ak Chocolate is taxed, and this threatens its success in the market (Sinapuelas,
Wang & Bohlmann, 2015).
Mission
The mission refers to an organization's statement that describes its functions, its market
and some of its competitive advantages; thus, it describes the company and why it exists. The
mission statement is critical in providing the direction for business organizations. To'ak
Chocolates has a mission statement that seeks to transform the way in which the work
experience the dark chocolate, by perfecting its making and tasting to another level that
resembles that of the vintage and the aged whiskey. This mission has played a critical role in the
success of To'ak Chocolates because it defines the company and gives direction why it exists and
the primary objective that it wants to achieve in the industry.
Marketing and Financial Objectives
The plan has three marketing objectives for To'ak. Firstly, it has a marketing objective of
creating the brand awareness of To'ak Chocolates in Australia. This will help the organization
increase its market size since it will increase when the consumers become aware. Secondly,
To'ak should look forward to establishing market opportunities that exist in the industry. Thirdly,
To'ak should have the objective of analyzing the competitive chocolates with those of other
players in the Australian market. These objectives are important for To'ak to establish a robust
market in the industry.
Regarding the financial objectives, firstly, To'ak aims at increasing in revenue in for the
coming six months. The organization's return can be improved through employing appropriate
financial strategies. Secondly, To'ak has an objective of attaining a wider profit margins from the
business, whereby, the company can reap huge profits out of business. Thirdly, the financial
objective for To'ak is to attain bigger cash flow. In the coming six-month period, To'ak should be
better positioned to increase its cash flows by a reasonable amount from its current state.

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Therefore, is clear that financial objectives are closely tied to the marketing objectives of the
organization, since achieving the marketing objectives directly influences the financial objectives
of the organization.
The Marketing Mix Strategy
The marketing mix strategies refer to the tactical tools that the organization can use to
reach and impact the target market effectively. The strategy is also called the 4P's strategy and
entails the Product, Place, Price, and Promotion. These factors are important for the organization
to effectively reach and satisfy the market conditions (Hartmann, Nair & Narayanan, 2011).
Place
The place refers to the actual point where the business transaction takes place. To'ak need to
consider the place in terms of having the direct sales plan, retail and wholesale of the chocolates
to ensure that many potential customers can access the products. Besides, the company should
consider e-commerce where the customers can order for its chocolate products online using the
E-commerce system. As an emphasis, there is a need for To'ak to consider integrating E-
Commerce above other place strategies. This is because currently, most of the market is found in
the digital market (Maggon & Harish, 2015).
Product
The product as part of the 4Ps refers to the commodity that is being sold. The Chocolate
bars as the product of To'ak should take essential characteristics to make them robust in the
market. They should be of a high quality above other products, and of high value to ensure that
the customers get their desired product value. Also, there is need to consider the packaging and
branding of the chocolates. They should be packaged in the best way possible and at the same
time branded well in the market to ensure that it communicates the To'ak's brand name (Lee &
Law, 2012).

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Promotion
This refers to the activities that company can take to ensure that the product becomes
known to the consumers. To'ak should adopt the offers and discount plans as a way to promote
its chocolate bars in the market. Also, the organization should embrace the announcements to
broadcast information to the target market audience. Besides, the company should adopt the use
of data-driven marketing which is important in the current world (Kim, Hayes, Avant & Reid,
2014).
Price
The price refers to the product's monetary value. It is important for To'ak to ensure that it
determines the price of chocolates to make sure that the price is not set too high to scare the
customers nor too low for the company to go at a loss. Thus, the chocolates should be worth the
price yet profitable to the enterprise (Chase, Mackillop & Hogarth, 2013).
Action Programs
The action plan for the To'ak chocolates to achieve its marketing and financial objectives
entail a series of activities of reforms in the company's 4P's strategies. Firstly, regarding the
product, there is a need for the organization to consider producing the chocolates of various
quantities so that people of all calibers can afford to buy their suitable quantities. Also, the
products should be branded to get more people to see and know them. Concerning the price, the
company should take an action program to ensure that it makes a maximum profit which is an
essential aspect for achieving the financial objectives of the organization (Kumar, Sharma &
Gupta, 2017).
Besides, To'ak should take action plans on the place factor. The best place strategy that can help
the organization achieve its six-month marketing and financial objectives is through the
integration of the digital sources. The products should be available online all the time through E-
Commerce to reach a huge customer community online. Lastly, concerning promotion, there is a
need for To'ak to consider adopting digital methods. Adverts should run on Facebook, Twitter
and social sites (Langford. & Panter, 2013). This is the modern way of reaching many people.

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Therefore, when these action plans are put in place, To'ak is likely to achieve its marketing and
financial objectives.
Implementation and control of the Marketing Plan
These are the activities that help to ensure that the organization meets its marketing goals.
Successful implementation of To'ak's marketing plan entails organizing and directing the people
involved to make sure that all the planned activities are conducted in most efficient way possible
(Stein, Wilson, Koffarnus, Judd & Bickel, 2017). There should be clear and detailed activities
that will be conducted during the implementation, and the specific people responsible for these
activities. Besides, there must be a clear information about all the resources required for the
endeavor (Perreault, 2010). Additionally, To'ak should have a mechanism of control during the
execution of the plan. this could be through monitoring and evaluation activities among many
others. Therefore, if To'ak adopts these strategies, there is a likelihood of its success in
implementing the plan.
Conclusion
In conclusion, the marketing plan is critical to the success of business organizations. In
developing an effective marketing plan, there is need to establish the business environment
which is essential in providing information essential in decision-making. The marketing
strategies are also important in attaining the marketing and financial objectives. For the success
in implementing the plan, there is a need for the organization to take effective action programs
and strategies. Therefore, if actions are laid in place, the company is likely to succeed in
implementing the marketing plan.

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