Opportunities In The Candy Industry
One of the opportunities that the candy industry has is the fact that nutritionists have accepted dark chocolate as a healthy alternative to milk chocolate (BNP Media, 2009) . This is an opportunity because candy companies can start developing new types of products revolving around dark chocolate. Since dark chocolate is currently very popular in the mass market, companies can expect all dark chocolate products to do well. If candy companies decide to expand their business in this area, higher profits can be expected.
A second opportunity is to market and retail candy products online. Online marketing reaches out to a wider audience and is generally cheaper than advertising products on television. With the growing popularity of the Internet and computer use, online retailing and marketing is the easiest and most convenient way to reach audiences (Hershey’s, 2006) .
Another opportunity that the Internet provides is custom candy wrappers. Candy companies can take this opportunity and allow customers to custom their own candies on their websites (Customcandybarwrapper.com, 2008) (Customcandyconcepts, 2007). This allows customers to be creative and create their own individual candies that they can make for special occasions such as for Valentine’s Day, birthdays, and Christmas. This new concept is different, yet new, and can definitely attract customers who are creative and prefer their things to be different from others.
Lastly, another opportunity is the concept of going green and being eco-friendly (BNP Media, 2006) (Shreeves, 2009). Making products that are eco-friendly creates a positive image for the industry. For instance, companies can use less plastic on their packaging or try to conserve electricity and water at their manufacturing facilities. The current concept of going green is sure to attract customers who are more aware of the environment and would rather purchase merchandise from a company that share their beliefs.
After the industry has identified all these threats and opportunities, they can then move on to making a series of strategic changes within the industry to seize those opportunities and adapt to any threats. Strategic changes are important parts for an industry because they develop new management strategies, help companies plan their futures, and think of ways to expand their business or try to stay current with the needs and changes of the mass market.
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