Section 1: Product
The product selected to be introduce in the market is Yins Homemade Chocolate. The business will be a start-up business which has no retail location. The business is basically a home-based business where chocolate manufacturing takes place in a clean and hygienic environment. The selected location to make the product is chosen based on availability of raw materials from the market. The product typically comes in two key flavors, which are dark chocolate and milk chocolate. However, flavors could be infused according to the choice of customers as the business also takes customized orders.
With regard to sizes and packaging, the product usually is produced in two different sizes which are bar size chocolate and bit size chocolate. On the other hand, the product is packed with a beautiful packaging of silver colored foil wraps which makes it more attractive to buy. The product is also manufactured based on request of individual clients or businesses which can be customized according to their need. For instance, customization could be made in flavors, color of chocolate, themed packaging etc.
Section 2: Competitors
In UAE, the chocolate and confectionary market is one of the most profitable segments of the industry which is expected to grow at the rate of CAGR 6.09% amid the years 2014-2019 in terms of value. Looking at the key competitors in this market, Nestle, Mars and other global chocolate players have been dominating the market like in other neighboring countries such as Saudi Arabia. However, the trend of artisan chocolate in UAE is high as a result of which competition is forecasted to increase in coming years.
In UAE, the first and finest camel milk chocolate is Al Nassma Chocolate which has successfully entered in the State of Qatar. The chocolate is based in UAE that is offering its customers something novel which is chocolate that is based on camel milk. Camel milk has the great popularity in the Gulf region, so Al-Nassma Chocolate is by and far the most popular product in the region.
Most chocolate “makers” without a doubt purchase instant chocolate mass from suppliers like Cargill or Barry Callebaut and after that form their own items out of these masses. Chocolate has dependably been famous in the Middle Eastern area as a treat and also a present for extraordinary events. Right now we see an enormous change in shopper desires with an exponentially developing number of customers giving careful consideration to quality and restrictiveness. Value no more assumes an essential part as far as buy inspiration and the “amazing” impact is increasingly a criterion for selection of product (Pivac, 2014).
However, The Ministry of Public Health said the Qatari business sector is free from Mars and Snickers chocolate bars fabricated in the Netherlands that have been reviewed universally (“No Dutch-made Mars and Snickers in Qatar market”, 2016).
Section 4: Customers
Demographically in UAE the objective buyer of the item would be the female of age somewhere around 18 and 25. Every one of the ethnicity are secured as chocolates can be devoured by a female from any ethnic foundation. The item focuses on those people whose month to month family unit salary is not exactly or equivalent to AED 20000. While taking the psycho graphic elements we find that young which is carrying on with an upscale way of life are the fundamental customers of chocolate. These individuals do not buy anything without considering; they first pick the best one and after that purchase it. Clearly the business needs to keep up the nature of its items to keep its buyers connected with it.
As chocolates are loved by just about everybody, the business has focused the market by offering three distinctive flavors. Milk chocolate is loved by kids, so the objective business sector for milk chocolate is clearly kids. While some individuals including youthful and grown-ups like dull chocolate, so we have focused on youthful and grown-ups in our dim chocolate section. The business has likewise presented mint chocolate in neighborhood brands. Moreover, as mint is enjoyed by all age bunches, so there is no particular focusing on section for this chocolate flavor. The way of association with immediate clients is phone and up close and personal. Conversely, the second target bunch i.e. organizations will be offered all seasoned chocolates in light of the client’s demand.
Section 3: The External Environment as It Relates to Your Product-Market
Chocolate confectionery remains an especially created confectionery class far and wide. Because of the high cost of chocolate, which makes it excessively expensive to by far most of customers, furthermore because of the way that chocolate is seen as a remote taste, and is entirely not quite the same as the sweet seasoned customary dessert shop, for example, sweet cakes for the most part favored by worldwide purchasers (Euromonitor.com, 2015; Afoakwa, 2011).
According to a report, the region of Middle East is susceptible to innovation. This could be reflected by the fact that around 8% of new chocolate launches took place between 2008 and 2013. The increased number of launches was due to the reason that customers were more inclined towards new flavors as compared to traditional markets. Like in numerous different fields, region’s desire for chocolate is exceptional – costumers request extravagance items which liken straightforwardness with quality, expectation and wellbeing, while customization is a standout amongst the most vital patterns. For instance, two years ago, the most expensive chocolate in the world which was priced at USD105 per half kg was introduced in Dubai by Debauve & Gallais which was French chocolatier.
Looking at the trend, the chocolate confectionery has been flourishing in GCC countries. However, the region is still controlled by industrially produced chocolate. But the experts’ opinions stated that it would take little time to educate customers on the distinction between artisan chocolate and industrially produced chocolate.
Chocolate might be seen as a instinct buy, however it is turning out to be progressively ordinary among buyers. The focused edge for Yins Chocolate is that is completely in light of custom made cooking. In the chocolate market fragment, an almost no number of contenders have begun this up to now. In any case, the pattern of natively constructed cakes has been extremely prevalent, which is exceptionally challenging for those in the cakes market. The business is taking care of the issue of spotless and hygienic item for the clients, as wellbeing concern emerges while utilizing the item. Thus, Yins Chocolate ensures its clients that the item is protected and hygienic with regards to wellbeing.