ANGLIA RUSKIN UNIVERSITY

MODULE CODE:MOD007662

COURSE: PRINCIPLES OF MARKETING MANAGEMENT

SID:

COMPANY AND MARKET SITUATION ANALYSIS REPORT OF THE THEO

CHOCOLATE.

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 Introduction

This report provides a thorough analysis of Theo Chocolate company and market situation. The

Theo Chocolate company has been in the chocolate industry since it was founded in 2005 in

Seattle, Washington. This analysis explores the company’s fundamental ethos, mission, and

values that influence its operations amidst the dynamic market and consumer preference. The

analysis seeks to identify insights essential to Theo's sustained growth and competitive

advantage, by carefully examining the company's internal and external environments in the

context of the chocolate confectionery sub-market. Such insights form the basis for the

recommendations featured in this analysis report.

1. Internal Environment Analysis

Theo Chocolate company has a mission and values centered around quality, accountability, and

compassion. This dedication goes beyond where its products are sourced to its workplace culture

and community participation programs. However, within these principles of ethical business

practices, several challenges and opportunities shape the company's current situation.

Current Situation and Challenges:

The company’s dedication to sourcing ethical raw materials sets the company apart. By carefully

selecting organic ingredients and paying a premium for high-quality, fair trade cocoa beans, the

brand cultivates a sense of responsibility towards all supply chain actors in addition to excellent

taste. Their commitment to social and environmental principles is demonstrated by their

emphasis on sustainable farming practices, fair remuneration for farmers, and the avoidance of

forced child labor. Theo's workplace culture also prioritizes safety and fairness, as shown by

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their Fair for Life certification, which goes beyond fair trade obligations to guarantee that not

only farmers are treated fairly but also that their office and production facility are audited for fair

treatment of employees. The company's commitment to a diverse and inclusive workplace and to

vibrant communities is demonstrated by its active Diversity, Equity & Inclusion Committee and

community involvement projects, as outlined in their website (Theo Chocolate, 2022).

Despite these dedication, some challenges still exist. Though there are progress towards

sustainable packaging materials, the company has encountered difficulties because of strict

quality control needed to preserve taste and quality. The company faces a problem with heavy

metals like lead and cadmium found naturally in soil and air and their traces in their chocolates.

This is still an area that needs constant attention and improvement even with routine testing and

attempts to fulfill strict requirements.

Purpose Statements and Challenges:

Theo Chocolate ethical practices and dedication to excellence are driven by the company’s

purpose, which is embodied in its mission statement and values. However, issues with

innovation, sourcing diversity, and environmental impact challenge the company's adherence to

these ideals and necessitate the development of strategic solutions that are consistent with their

basic principles.

Company’s Internal Environment Capability Analysis

This section seeks to analysis the Theo Chocolate company’s internal environment capabilities.

In order to gain a comprehensive picture of how the company's strategy, structure, systems, and

culture align or interact, it first applies the McKinsey's 7S Framework (Channon and Caldart,

2015; Suwanda and Nugroho, 2022), which highlights potential strengths and weaknesses in

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these areas. Afterwards, it applies the Barney's VRIN Framework (Barney, 1991) to explore

Theo Chocolate's unique resources and capabilities in more detail.

McKinsey’s 7S Framework Analysis of the Theo Chocolate

i. Strategy: The Theo Chocolate places a strong emphasis on fair trade, organic

ingredients, and community impact as part of its ethical sourcing approaches. This

approach gives them a competitive edge in a market where ethical consumption is

becoming more valued (Del Prete and Samoggia, 2020) because it is consistent with their

mission and beliefs. In the event of sourcing difficulties or market shifts, an

overemphasis on ethical sourcing without tangible solutions or options could be risky.

ii. Structure: The structure of the Theo Chocolate company fosters a cooperative and

welcoming atmosphere. Committees that address issues related to community

involvement, diversity, environmental impact, and workplace safety demonstrate an

adaptable and dynamic organizational structure. However, as argued by (Cornito, 2021),

a decentralized structure, however, could make it more difficult to make decisions and

carry out strategic plans across numerous departments or projects.

iii. Systems: Theo Chocolate's systems are centered on sustainability initiatives, strict safety

measures, and fair-trade certifications. These procedures support the company's ethical

reputation and are consistent with its core values. On the other hand, system complexity

may make it more difficult to make decisions or adjust quickly to changing market needs.

iv. Shared Values: The Theo Cholate Company’s shared principles place a strong emphasis

on accountability, ethics, quality, and community involvement. As a result, the

company's mission and culture become more coherent. But if there are disparities in how

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 these values are applied or if they are not universally accepted at all levels, then there

could be a vulnerability.

v. Skills: Theo Chocolate is renowned for its proficiency in community involvement, high-

quality manufacturing, and ethical sourcing. The company's skill set is further

strengthened by employees' dedication to diversity and workplace safety. On the other

hand, there could be a risk associated with the lack of diversity skill set or difficulties in

adjusting to quickly changing market trends.

vi. Staff: The company upholds an inclusive and diverse workforce that promotes

environmental responsibility, diversity, and worker safety. Any mismatch between staff

competencies and new market demands, nevertheless, could lead to vulnerabilities.

vii. Style: The Theo Chocolate Company bears a collaborative, employee-focused, and

mission-driven leadership style (Cardona and Rey, 2022). This style of leadership

encourages creativity and a dedication to moral behavior. Potential drawbacks could,

however, occur if this strategy hinders quick decision-making or is unable to quickly

adjust to shifting market conditions.

Barney’s VRIN Framework Analysis of the Theo Chocolate

i. Valuable Resources: In terms of unique sourcing relationships, a competitive advantage

can be gained by direct relationships when sourcing cocoa beans from the Democratic

Republic of the Congo. Over-reliance on one region for sourcing, however, could

jeopardize the stability of the supply chain. Similarly, in terms of employee expertise,

Embracing diversity, inclusivity, and workplace safety promotes employee engagement

and competence. To meet changing market demands, however, ongoing skill

development is crucial.

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 ii. Rare Competencies: Theo Chocolate stands out for its knowledge and expertise of fair

trade and organic methods, which is difficult to replicate quickly. But difficulties in

diversification of sources while upholding moral principles could be risky. Another of the

Theo Chocolate company's competencies is its unwavering emphasis on chocolate taste

and quality. Ongoing attention is necessary, nevertheless, if innovation is to broaden the

product range while upholding quality requirements.

iii. Inimitable Competitive Advantage: A sustainable competitive edge is a result of the

Theo Chocolate ethical business practices, mission-driven culture, and exclusive sourcing

ties; which is challenging for competitors to replicate. However, there is still room for

development given the deficiencies in diversification and the continuous difficulties in

mitigating the environmental impact.

iv. Non-Substitutable: Theo Chocolate's unwavering commitment to ethical standards,

despite challenges, gives them a unique advantage which is difficult to substitutable

without sacrificing the brand's core values.

This detailed analysis of the McKinsey’s 7S Framework and Barney’s VRIN Framework

identifies Theo Chocolate's competitive positioning, ethical practices, and high-quality

production as well as potential weaknesses in sourcing strategies, and innovation. These analysis

point to areas that require strategic attention for long-term growth and competitive positioning.

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 2. External Environment Analysis

MACRO Environment Analysis: PESTLE Analysis of the Theo Chocolate

Political Factors: Theo Chocolate is subject to the effects of government policies and trade

restrictions in the political sphere. The cost of importing and exporting raw materials can be

impacted by changes in international trade agreements or tariffs (Anderson, 2010), which can

therefore have an effect on manufacturing costs. Moreover, the company's sourcing strategy,

production processes, and overall operating expenses are significantly influenced by changing

government regulations pertaining to labor standards, fair trade practices, and environmental

policies (Hepburn, 2010; Lambin and Thorlakson, 2018; Dube, 2019). Theo's commitment to

sustainable operations and ethical standards will not be possible without flexibility and proactive

compliance in light of these politically significant and moderately impactful changes.

Economic Factors: Theo Chocolate's operations are influenced by the constantly changing

economic situation, and market conditions also have a direct influence on the choices and

spending patterns of the consumers of the chocolate confectionery. (Roach, Goodwin and

Nelson, 2019; Zhao et al., 2021). Shifts in disposable income or economic downturns can have

an impact on consumer behavior (Sharma and Sonwalkar, 2013), and desire to indulge in

seemingly luxury goods like chocolate confectionery. Furthermore, changes in exchange rates

have a big effect on the price of imported raw materials (Jabara, 2009), which affects production

costs. Therefore, in order to stay competitive in the market, Theo Chocolate must continue to be

flexible in responding to shifting economic situations while striking a balance between

sustainability, affordability, and quality.

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Social Factors: Theo Chocolate operates in a social environment characterized by changing

consumer inclinations and social awareness. Within the chocolate confectionary market,

consumer choices are influenced by the growing trend of health consciousness and the desire of

healthier nutritional options (Del Prete and Samoggia, 2020). In order to adapt to changing tastes

and preferences, this transition necessitates creative product offerings that emphasize organic,

healthier, and ethically produced products. Furthermore, the market for ecologically friendly

items is driven by the public's growing concerns about sustainability and moral behavior (Zhang

and Dong, 2020; Reddy et al., 2023). In order to connect with socially concerned customers,

Theo Chocolate must therefore emphasize and express its all-time dedication to sustainability

and ethical sourcing.

Technological Factors: Advancements in technology (Khan, 2020) have a significant effect on

how the Theo Chocolate operates and positions itself in the market. The impact of advancements

in production technology, packaging, and distribution channels on operational efficiency and

product innovation is noteworthy. To fulfill customer expectations, optimize production

processes, and increase product quality, the company must constantly adapt to developing

technologies. Furthermore, since e-commerce expands quickly, distribution channels are being

transformed, and in order to adapt to the shifting purchasing habits of consumers, a strong online

presence and effective logistics are required (Gao et al., 2023). They need to consider utilizing

distribution channels to start expanding international shipping to outside the current focus on

United Sates and Canada.

Legal Factors: Legal considerations include labor rules (Dube, 2019), food regulations, and

labeling standards may keep changing. Production procedures and marketing strategies are also

governed by strict food safety laws and labeling specifications. In order to preserve customer

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confidence and quality standards, compliance with these requirements is essential. Additionally,

modifications to labor regulations may have an effect on manufacturing prices and employment

practices. For ethical practices and operational efficiency to be sustained, Theo Chocolate needs

to stay abreast on legal developments and make sure that they aligned themselves with industry

standards.

Environmental Factors: Environmental factors that affect Theo Chocolate's sourcing and

production processes include climate change and sustainability initiatives. The quality and

availability of cocoa beans can be impacted by climate change (Schroth et al., 2016), which

could also raise production costs and interfere with sourcing strategies. The company's

dedication to sustainability is crucial for overcoming these obstacles. Theo Chocolate needs to

put an emphasis on eco-friendly operations and sustainable sourcing methods in order to meet

market expectations and build brand loyalty as consumer preferences shift in favor of

environmentally friendly sustainable products.

To sum up on MACRO Environment Analysis, it is evident that a combination of political,

economic, social, technological, legal, and environmental elements make up Theo Chocolate's

MACRO environment. Theo Chocolate need to adjust to these dynamic forces in order to stay

competitive in the market, uphold its ethical standards, and satisfy changing consumer needs for

chocolate confectionery that are ethically and sustainably supplied.

MICRO Environment Analysis: Industry (Five Forces) Analysis of the Theo Chocolate

Within the chocolate confectionery sub-market, the Theo Chocolate need to navigates a

competitive MICRO environment shaped by a number of elements analyzed using the Five

Forces model, in this section:

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Threat of New Entrants: Newcomers are discouraged from entering the chocolate industry since

it requires significant upfront capital commitment for sourcing networks and production facilities

(Theo Chocolate, 2022). Furthermore, customers have developed strong brand loyalty and

familiarity for well-known companies such as the Theo Chocolate, which makes it difficult for

new competitors to quickly take market share. Furthermore, the strict commitments pertaining to

ethical sourcing, fair trade, and quality standards serve as obstacles, necessitating a substantial

investment of time and money in order to comply.

Bargaining Power of Suppliers: In the cocoa beans market, suppliers have a moderate amount

of negotiating power. Although there is a reliance on particular sourcing regions that provide

distinctive quality, this reliance increases suppliers' bargaining strength and restricts possibilities.

Suppliers have negotiating power since they are obligated to follow fair trade and ethical

guidelines.

Bargaining Power of Buyers: Theo Chocolate's customers have a moderate to high degree of

negotiating power. Beyond just pricing, a varied range of consumers seeking sustainability,

ethical sourcing, and quality influences their decisions. Besides, consumers have more power to

demand transparency and ethical obligations from businesses due to the availability of substitute

products and growing consumer awareness of sustainability and ethical practices.

Threat of Substitutes: The chocolate confectionery industry faces a moderate threat from the

existence of substitutes. Consumer demand for better snack options is being driven by the

growing trend of health consciousness (Okpiaifo et al., 2023), which may cause spending on

chocolate to decline. Furthermore, the market for premium chocolates may be impacted by

competition from a range of luxury options and experiences for consumer expenditure.

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Competitive Rivalry: There is a lot of competition in the chocolate confectionary sub-market. A

number of established companies and niche brands compete for market dominance by putting an

emphasis on flavor, quality, and ethical sourcing. Continual innovation and product range

diversity are essential tactics for maintaining market share in the face of competition. Because of

the market's sensitivity to price, pricing strategies have an impact on customer decisions (Ali and

Anwar, 2021) in addition to quality and ethical sourcing.

To sum up the Theo Chocolate MICRO Environment Analysis, it can be noted that the company

works in a competitive market where brand loyalty and entry restrictions serve as protective

elements. However, the company's market positioning is heavily influenced by buyer

preferences, supplier power, the existence of substitutes, and competitive rivalry. Strengthening

relationships with suppliers, maintaining brand loyalty, ongoing innovation, and adapting to

changing customer preferences are all essential for Theo Chocolate to succeed in the competitive

chocolate confectionary sub-market.

Customer (Segmentation) Analysis

This section analyses the Theo Chocolate's customer segmentation, which breaks down its

customer base into different demographic, psychographic, and behavioral factors, to provide an

in-depth insight of its diversified clientele through customer segmentation.

Demographic Segmentation: The brand appeals to people of all ages and generational

boundaries. Younger generations who are drawn to organic and ethically sourced products

identify with Theo's dedication to sustainability. Older consumers value the brand's emphasis on

quality and moral behavior at the same time. Because Theo Chocolate is positioned as a premium

chocolate brand, it predominantly targets middle-class to upper-class consumers. Geographically,

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urban and suburban areas are its stronghold, particularly those where ethical consumption, health

consciousness, and sustainability are valued highly.

Psychographic Segmentation: Theo Chocolate also appeals to psychographic factors alongside

the demographic ones. Shared ideals define its clientele, which draws people who value moral

behavior, environmental responsibility, and community involvement. The company has a strong

affinity with customers who support fair trade and organic goods. Theo Chocolate confectionery

also appeals to others who share their lifestyle, such as health-conscious people,

environmentalists, and people looking for premium, indulgent experiences.

Behavioral Segmentation: For Theo Chocolate, analyzing consumer behavior is essential. Its

popularity stems from drawing in regular customers looking for fine, high-end chocolate

confectionery. These customers are driven by sustainability and ethical issues in addition to the

chocolates. The company offers a wide range of tastes, specialty products, and distinctive flavor

profiles to satisfy chocolate enthusiasts. Theo Chocolate builds a loyal following of customers by

upholding high standards of quality, moral business conduct, and community involvement.

According to Theo Chocolate's customer segmentation, its varied clientele is brought together by

a common commitment to sustainability, quality, and ethical consumption. The brand utilizes

this detailed understanding to inform the development of product offerings and marketing

strategies that successfully appeal to the diverse range of consumers it serves. The unique

positioning of Theo Chocolate in the competitive chocolate industry stems from their capacity to

appeal to consumer values, resonate with specific lifestyles, and demographics.

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Summary of the Macro and Micro Analysis

The analysis of the Macro and Micro environments of Theo Chocolate company presents a range

of opportunities and threats influencing the company's future in the chocolate sector. The macro

environment analysis points forth a number of opportunities. The company may use societal

movements towards health and sustainability to strengthen its focus on organic and ethically

sourced products, thereby conforming to changing consumer tastes. Furthermore, Theo has the

opportunity to further expand by streamlining operations, innovating packaging, and improving

client engagement following the technological improvements. Adopting an environmental focus

not only fits with Theo's philosophy but also enables the company to reaffirm its dedication to

environmentally responsible operations, in line with the growing global sustainability awareness

(Nordén and Avery, 2021). But risks are also present amidst these opportunities. Economic

volatility is a risk as shifts in the economy or in the currency values could have an effect on

consumer purchasing patterns and manufacturing expenses, which could have an impact on Theo

Chocolate’s profitability. Changes in regulations, especially those pertaining to labor laws, fair

trade, and food safety, may increase the company's operational difficulties and compliance costs.

Furthermore, procurement strategies may be disrupted by the effects of climate change on cocoa

bean availability and quality, which could affect the price and quality of the final product.

Meanwhile, the Theo Chocolate presents multiple opportunities within the micro environment.

Strong brand loyalty from the company discourages new competitors and promotes ongoing

client retention and loyalty. Its wide range of consumer demographics and psychographics makes

it possible to target marketing campaigns and develop cutting-edge product offers that are

customized to satisfy the needs of different customer segments. In a crowded chocolate

confectionery sub-market, constant innovation in product offerings and packaging offers a way

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to stand out. But despite these advantages, difficulties can arise. Supplier power may have an

impact on pricing and supply chain dependability since it is reliant on particular cocoa bean

suppliers and is impacted by environmental conditions that affect sourcing. Growing consumer

awareness of sustainability and ethical business practices may increase demand for transparency

and sustainable commitments, which may have an impact on pricing decisions, leading to fierce

battle between competitors.

3. Recommendation

Product recommendation: Introduction of a "Wellness Indulgence" Chocolate Series

Product Concept: The "Wellness Indulgence" series will concentrate on developing a range of

chocolate treats that not only fulfill consumers' indulgent desires but also complement their

increasing focus on health and wellness. To appeal to consumers who are health-conscious, this

product line will have additional functional benefits alongside exceptional taste and superior

quality that Theo Chocolate is known for.

Product Features: In terms of the functional ingredients, the company need to incorporate

ingredients that are beneficial to health into the chocolates, such as probiotics for digestive

health, adaptogens such maca, and antioxidant-rich superfoods such as goji berries. To cater to

customers mindful of their sugar intake, Theo should provide variations with less sugar or use

natural sweeteners. To accommodate a wider range of customers with dietary requirements or

preferences, Theo can extend the selection to include vegan and dairy-free options. Finally, in

order to strengthen the brand's eco-friendly reputation and reflect Theo's dedication to

environmental responsibility, Theo should place emphasis on sustainable packaging materials.

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SWOT Analysis

This section presents Theo Chocolate's SWOT analysis which reveals important information

compiled from both internal and external environment analysis.

Strengths: One of Theo Chocolate strengths is its extensive use of ethical sources. Strong

relationships with farmers and a dedication to fair trade and organic ingredients have built a

stellar brand reputation and cultivated steadfast consumer devotion. The brand's well-established

reputation and devoted customer base are the result of its steady supply of high-quality

confectionery combined with ethical business conduct and proactive community service.

Furthermore, Theo provides a broad selection of products that appeal to a variety of tastes and

preferences, demonstrating innovation and uniqueness in the market.

Weaknesses: Theo Chocolate battles with some issues despite its positive aspects. A

vulnerability arises from a company's reliance on specific suppliers for its cocoa beans, making it

vulnerable to environmental shifts that could disrupt the stability of its procurement. One barrier

to entering a larger worldwide market is the brand's restricted geographic reach, which is

concentrated on the United States and Canada. Furthermore, Theo's ability to employ

competitive pricing methods may be affected by the increased expenses linked to fair trade and

organic sourcing.

Opportunities: A plethora of opportunities and prospects beckon the Theo Chocolate. The

company has a fantastic opportunity to launch a line of chocolates in a wellness theme following

the growing trend of consumers who are more concerned with their health and wellbeing (Zhang

and Dong, 2020; Nekmahmud et al., 2022). Leveraging technology developments could improve

Theo's operations, from creative packaging to effective production to improved customer

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interaction. Another direction for development is to emphasize environmentally friendly

practices in response to the growing environmental consciousness.

Threats: Theo Chocolate's operational environment presents a number of threats. Economic

volatility, which is prone to fluctuations, can influence consumer buying habits and escalate

production prices. New regulations pertaining to labor legislation, fair trade, and food safety also

present threats on operations. Furthermore, the brand's sourcing stability and overall product

quality may be threatened by the effects of climate change on cocoa bean quality, availability,

and sourcing procedures.

Table 1: Summary of the Theo Chocolate SWOT Analysis

SWOT Analysis

Strengths: - Steadfast dedication to organic, fair trade, and farmer relationships,

which improves brand recognition and consumer loyalty.

- A devoted clientele and well-known brand resulting from high standards,

ethical behavior, and community service.

- A broad range of premium chocolate confectionary to suit a differing

tastes.

- Continuous innovations in product offerings with a focus on

sustainability sets Theo apart in the competitive market.

Weaknesses: - Dependence on certain cocoa bean sources and susceptibility to

sourcing; impacting environmental changes.

- Concentration mostly in the United States and Canada, with restricted

access to global markets.

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 - Competitive pricing methods may be affected by the higher expenses

linked to fair trade and organic sourcing practices.

Opportunities: - Increasing desire among consumers to purchase health-conscious

products presents opportunities for the launch of a chocolate

confectionery with a wellness theme.

- Leveraging technology to improve consumer engagement, streamline

operations, and create creative packaging.

- An increased focus on environmentally friendly techniques and

sustainable packaging in response to growing environmental

consciousness.

Threats: - Fluctuations in the economy impacts production costs and consumer

spending.

- Increasing complexities in operations may rise due to evolving labor

rules, fair trade legislation, and food safety requirements.

- Environmental changes may impact the source, availability, and quality

of cocoa beans.

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 Marketing Opportunities Identified:

- Launch of a chocolate brand with a wellness theme to appeal to customers who are health-

conscious.

- Using technology to improve operations, increase consumer engagement, and provide

creative packaging solutions.

- Enhancing eco-friendly packaging and other sustainability measures to better reflect the

growing environmental consciousness.

Marketing Opportunities Identified

The SWOT analysis underscores pertinent marketing opportunities which the Theo Chocolate

can take advantage of. The opportunity is in creating chocolate brands with a wellness focus to

appeal to customers who are health-conscious. In addition, incorporating technological

innovations to improve operational effectiveness and consumer involvement appears to be a

viable path. Increasingly environmentally conscious packaging and other sustainable methods

aligns with customers' growing environmental consciousness. The SWOT analysis summarizes

Theo Chocolate's fundamental strengths, weaknesses, opportunities, and threats. It also provides

strategic recommendations for leveraging market trends and strengthening the company's

position in the fiercely competitive chocolate confection sector.

Opportunity Response: This innovative series aligns with the desire for indulgent treats with

added health advantages, following the growing consumer trend towards health-conscious

lifestyle. The product meets the market demand for high-quality, health-conscious chocolate

confections by leveraging Theo Chocolate's prestigious brand recognition.

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Target Market: The "Wellness Indulgence" chocolate confectionery series will resonate with

diverse consumer groups, such as health-conscious consumers, wellness enthusiasts, and dietary-

restricted audiences.

The primary marketing activities tailored to reach these target audiences include:

i. Product Launch Campaign: Encourage prospective buyers to interact with the series by

posting enticing social media teasers that showcases its indulgence and wellness

advantages (Nekmahmud et al., 2022). Besides, Theo should work with wellness

bloggers, nutritionists, and health influencers to get product reviews and endorsements.

ii. Targeted Advertising: Employing targeted ads on social media sites targeting

communities dedicated to health and wellbeing. Employing sponsored content and banner

ads in websites or magazines that have a wellness theme will also help.

iii. In-Store Promotions: Hosting tasting sessions and product samplings at the Theo

Chocolate's flagship store. To attract attention, Theo should use eye-catching in-store

displays that highlight the health advantages and environmentally friendly packaging.

iv. Partnerships and Collaborations: Looking for partnerships with wellness centers, gyms,

spas, or yoga studios to run joint promotion campaigns aimed at health-conscious

consumers.

v. Content Marketing and Education: Creating engaging podcasts, videos, or blog posts

that cover topics including wellness tips, and the advantages of functional ingredients in

these series, and the Theo's ethical sourcing methods.

The purpose of this marketing strategy is to proactively engage with health-conscious consumers

and effectively introduce and promote the "Wellness Indulgence" Chocolate Series, emphasizing

the product's unique selling proposition of combining indulgence with wellness advantages. By

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employing a diverse range of strategies such as targeted advertising, partnerships, and content

marketing, Theo Chocolate can successfully captivate its target audience.

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