Performance of Several Chocolate Brands in the Market - Coursework Example

1.0 Introduction A company launching a product always aims at increasing their market share. The degree of success of the products and services that is put into the market will usually depend on the type of target market (Kuester, 2012). There is variation in the purchasing behavior of the consumers in the market and the marketer is faced by the task of finding the needs of the customers (Scott, 1991).in order for this to be achieved it calls for an in-depth study that would involve both external and internal study of the customers so as to formulate a market plan (Sandhusen, 2000). Consumer behavior need to address all processes that are involved in decision making process in addition to physical aspects that form part of the acquisition, evaluation, utilization as well as disposing of the goods and services (Scott A. & Terry O.,1971). The way a customer behaves can be looked at as a function that has many influences on marketing as well as the process of purchasing. The process involved in purchasing a product or service styarts from the mind of the consumer and this definitely has a bearing on what the consumer makes as their best choice relative to merits and demerits (Khosla, S. , 2010). The behaviuor of the consumer after making a purchase of goods or services is also of importance as this behavior maybe information source to the marketer with regards to the success of the project (Hirsh, et al, 2012). Many studies have been conducted with regards to purchase of goods and services and this has resulted to many opinions being put forward. The way a consumer behaves is regarded to be very important with regards to product consumption and they involve both the physical activities and also the decision making processes (Blackwell, et al, 2006). The consumer of a product or service is seen as having many dimensions and being complex and dynamic (Foxall, 2005). Putting all this into consideration it is upon the company to look for appropriate strategies that will make them have competitive advantage. This scenario indicates that the channel to be used by a company is very important when it comes to determining the success of the product in the market (Kardes F. R. et al, 2011). It therefore, calls upon the company leaders to formulate and implement a good marketing strategy as the customer behaviour will definitely determine the perceived customer value. The strategy of marketing adopted by the company needs to include the analysis of the market, strategy formulation and decision making. Before the decisions are made the problems need to be recognized, information searched fully and evaluated with the selection procedure being next and all this bearing in mind the decision that has to be made by the consumer of the product. The bahaviour of the consumer after consuming the product or service depends on how satisfied they are after consuming the service or product (Laermer, R., 2007). This research particularly involves performance of several chocolate brands in the market.. 2.0 Findings 2.1 Line chart The line chart below gives the volume sales trend for each month in a period of 20 years. From the chart it can be seen there is fluctuation of sales over the month for each year. The overall trend is that the volume sales show a steady increase over years. 2.2 Volume sales model As can be seen from the trend line it appears there is an increase in sales volume over time. in order to establish this trend a regression analysis is performed so as to come up a volume sales model which is important in establishing this trend quantitatively. From Table 2 the regression model was found to be statistically significant F(1)=239.4309 (p Read More