Godiva Market Research Case Study
The travel retail market for premium chocolate brands like Godiva is a lucrative and growing one. However, at the time this study was carried out, the Godiva brand was being crowded by many other brands selling at lower prices.
The purpose of the study was to develop successful new products for the segments of the market that Godiva did not serve well.
We conceptualized the problem as a problem of product development based on a solid understanding of the market structure. First, we needed to develop an understanding of market structure. Then, within that structure we needed to identify the product ideas that fit best for the Godiva brand.
The RIGHT Answer
The structure of the market for chocolates in travel retail is one where a product does not serve just one purpose, but rather the same product can serve multiple purposes from enabling buyers to bring back memories of their trips to give to other people to showing appreciation for the people who assisted the traveller in their absence. Yet, in this market, Godiva’s product portfolio contains many products that have very narrow purposes – defined by the situations where you would not buy them more so than by the situations where you would.
Within this structure our recommendations were for products carrying the premium imagery of Godiva but with greater versatility – appropriate and appealing for a variety of different giving and consumption situations.