Marketing Plan for Bioko Treats in India

Executive Summary:

The techniques Bioko Treats can employ to grow its business in the Indian market are laid out in this marketing plan. Ghana-based Bioko Treats crafts handmade chocolate from ingredients obtained locally. Bioko Treats has the chance to enhance its clientele and boost sales as the Indian chocolate market is expanding quickly. To succeed in India, the business must consider gastronomic preferences, packaging, and advertising that vary by location and culture. The marketing mix suggested in this plan comprises tactics for product customization, pricing, distribution, and promotion that are specific to the Indian market.

Introduction:

Jeanne Donkor established the Ghanaian chocolate business Bioko Treats (Bioko Treats, 2020). Bioko Treats creates artisanal chocolate using traceable cocoa beans from Ghana’s Eastern Region. Among other delicacies, the company’s products include cookies, pralines, and chocolate bars. The main market for Bioko Treats right now is Ghana, but the business is looking into ways to grow in other countries, like India. The company needs assistance on whether to standardize or change its food product, as well as advice on whether or not its product is suitable for overseas markets. In this study, the Indian market will be examined, and a marketing strategy will be created to assist Bioko Treats in achieving its objectives.

Market Entry Strategy

Through a joint venture with a local partner, Bioko Treats can access the Indian market and gain access to local knowledge and distribution networks. Alternatively, Bioko Treats may join the Indian market by signing a licensing deal with a regional producer who will make the company’s goods there. To sell its products online, Bioko Treats could look at e-commerce sites like Amazon and Flipkart.

Market Analysis:

With a total population of more than 1.4 billion, India has a diversified population and culture (Worldometer, 2023). The chocolate market in India is expanding quickly, with an average annual growth rate of 20% (Mordor Intelligence, 2021). Due to factors like rising disposable incomes, urbanization, and shifting customer preferences, the Indian chocolate market is anticipated to reach USD 4.1 billion by 2028 (Imarc, 2023). Additionally, milk chocolate, which is around 70% of the Indian chocolate market, is highly preferred (Euromonitor International, 2021). Local brands predominate in the extremely fragmented Indian chocolate market. However, with its handcrafted chocolate products, Bioko Treats can capitalize on the rising demand for high-end and artisanal chocolate.

Marketing Objectives:

1. Building Bioko Treats’ reputation as an exclusive chocolate brand in India.
2. To use social media and influencer marketing to raise brand exposure and customer engagement.
3. To gain 10% of the Indian market share for premium chocolate within the first year of operations.
4. To raise revenue by 20% in the first year of business in India.

Target Market:

Urban Indians, particularly millennials and members of Generation Z, should be Bioko Treats’ primary market because they are more likely to try new things and are prepared to spend more on high-quality artisanal chocolate. These buyers prioritize their health and look for environmentally friendly and ethically sourced goods. Products from Bioko Treats are consistent with these ideals, making it a desirable choice for this market.

Consumer Behavior

When creating a marketing plan, it is essential to be aware of the distinctive tastes and preferences of Indian consumers. According to Chawla and Sondhi (2016), Indian consumers tend to favor milk chocolate over dark chocolate as well as sweeter, more flavorful chocolate. In order to capitalize on this inclination, Bioko Treats has created a variety of milk chocolates with distinctive flavors like spices and fruits.

Marketing Mix:

1. Product: The company needs to modify its offerings to appeal to the Indian market. While the company currently offers milk chocolate and dark chocolate, the Indian market strongly favors milk chocolate (Hegde et al., 2009). As a result, Bioko Treats ought to think about adding milk chocolate varieties to its product line. The business should consider including regional ingredients in its chocolate to satisfy regional tastes and preferences.
2. Pricing: Bioko Treats should consider setting competitive prices for its goods in the Indian market. The business should investigate local prices and modify its pricing strategy as necessary. To increase its market share, Bioko Treats could need to consider lowering its profit margins. Another thing the corporation should think about is offering discounts and promotions during the festive seasons to draw in the country’s price-conscious consumers.
3. Distribution: Bioko Treats should seek joint ventures with regional distributors, stores, and online retailers in India. To make sure that its products are broadly accessible, the corporation ought to think about forming partnerships with distributors who have a wide distribution network. In order to create its brand and foster consumer loyalty, Bioko Treats could also think about opening its retail locations in significant urban areas. To raise brand awareness and attract new consumers, the business may also consider opening pop-up shops in busy areas and participating in food and trade exhibitions.

4. Promotion: Bioko Treats needs to create a localized promotion strategy to increase brand recognition and draw clients in India. The business should use social media sites like Facebook and Instagram to communicate with potential customers and promote its products. To reach a larger audience, they also need to consider influencer marketing efforts. In order to increase brand recognition and interact with potential clients, the business may consider participating in regional culinary festivals and events. The business should also collaborate with Indian culinary influencers and bloggers to market its goods and foster word-of-mouth advertising.

Overall, Bioko Treats has a distinctive product line that meets the expanding Indian market for artisanal chocolate made with ethically derived ingredients. The corporation needs to have a strong distribution network, price its products competitively, cater to local tastes and preferences, and increase brand recognition to compete in the Indian market.

Budget

About $100,000 should be set aside by Bioko Treats for its early marketing efforts in India. The following should be the distribution of the budget:

• $25,000 for product adaption
• Distributed: $30,000.
• $20,000 for digital marketing
• Collaborations with bloggers and influencers: $15,000
• Legal affairs: $10,000

Marketing Implementation:

The following suggestions are made for Bioko Treats to enter and flourish in the Indian market based on the analysis and marketing mix strategies:

• Carry out market research to learn about Indian consumers’ buying tendencies and palate preferences.
• Create alliances with Indian merchants and distributors.
• Establish connections with Indian e-commerce platforms and launch the firm website. •
• Start social media and influencer marketing efforts to raise brand recognition and consumer engagement.
• Take part in food-related festivals and events to promote your products to new customers.
• Add flavors like cardamom, saffron, and coconut to the product lineup to better suit regional preferences.
• Use a premium pricing strategy to establish the brand as artisanal, high-quality chocolate;
• Break into the Indian market through a joint venture with a local distributor.

Conclusion:

In conclusion, Bioko Treats has a huge possibility to grow by entering the Indian market. The business offers a distinctive product line that fits India’s expanding need for artisanal and ethically sourced chocolate. The business must modify its product to fit the distinct preferences of the Indian market, charge a fair price, and take advantage of alliances with regional distributors and merchants if it is to be successful in this market. Bioko Treats can raise its brand awareness, attract new customers, and boost sales in this quickly expanding market by creating a tailored marketing mix that aligns with the tastes of the Indian market. Additionally, the business can forge a significant presence in the Indian market and achieve long-term success by creating a customized marketing strategy that considers the nation’s unique cultural and geographical distinctions.

References

Bioko Treats. (2020). About Bioko – Bioko treats. Bioko Treats – Best of Ghana Chocolates. https://biokotreats.com/about-bioko/

Chawla, D., & Sondhi, N. (2016). Attitude and consumption patterns of the Indian chocolate consumer: An exploratory study. Global Business Review, 17(6), 1412–1426. https://journals.sagepub.com/doi/pdf/10.1177/0972150916660408

Euromonitor International. (2021). Chocolate confectionery in India. Euromonitor. https://www.euromonitor.com/chocolate-confectionery-in-india/report#

Hegde, A. M., Shetty, R., & Sequeira, A. R. (2009). The acidogenicity of various chocolates available in the Indian market: A comparative study. International Journal of Clinical Pediatric Dentistry, 2(2), 20. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4086558/

Imarc. (2023). India chocolate market share, size, industry growth 2023-2028. Market Research Company, Market Research Reports, and Consulting Services. https://www.imarcgroup.com/india-chocolate-market

Mordor Intelligence. (2021). India chocolate market share, size, analysis | 2022 – 27. https://www.mordorintelligence.com/industry-reports/india-chocolate-market

Worldometer. (2023). India population (2022). Worldometer – real-time world statistics. https://www.worldometers.info/world-population/india-population/