Analysis of Tom’s Palette Branding & A ; Marketing Strategy Introduction Tom’s Palette is a homemade ice pick store located at Shaw Leisure Gallery. Although it has been runing since September 2005. Tom’s Palette does non hold any subdivisions. However. it additions a considerable popularity among people around the country it operates. Tom’s Palette has a alone concern theoretical account. Harmonizing to our interview with the proprietor. Mr. Chronos Chan. the shop sells more than merely ice pick ; it sells experience. In Tom’s Palette. ice pick lovers can take their ain combination of spirits every bit good as seek some adventuresome. alien spirits such as Wasabi Lime. Black Swirl ( black gluey rice in coconut ) and even Caramelized Onion that would non be found in other ice pick stores. In add-on. Mr. Chronos besides underlines that the store’s vision is to transfuse passion for ice pick. demoing clients how ice picks are supposed to savor instead than merely simply selling ice picks.
Market & A ; Consumer Analysis Over the old ages. there is an increasing demand for ice pick in Singapore. Harmonizing to Euromonitor. ice pick market in Singapore is expected to turn at 2 % changeless value CAGR from 2011 to 2015. This indicates Singapore’s high potency to be a profitable market for ice pick. Such degree of demand is chiefly caused by Singapore’s hot and humid conditions. whereby consumers in Singapore frequently purchase ice pick for its chilling consequence. The increasing richness and disposable income besides lead to the addition in overall ingestion of ice picks as nonprimary consumable goods. Furthermore. based on research and relevant yesteryear study. there are two noteworthy tendencies in Singapore ice pick market.
First. there is an addition in the demand for premium ice picks with advanced spirits. even though traditional. single-flavored ice picks stay preferred by some people. Second. there are increasing concerns on healthier life manner. This is backed by a past study consequences conducted by Euromonitor. demoing that 60 % of Singaporeans are concerned about devouring healthier nutrient. Consequently. increasing figure of people prefer healthier pick of ice picks with lighter gustatory sensation and lower fat. Rivals Review The growing of local homemade ice-cream mercantile establishments in Singapore creates a direct competition for Tom’s Palette in the ice pick market. The cardinal rivals are: U. d. d. e. r. s Due to its unique name which means “cow tits” and its logo which depicts its significance. Udders establishes a strong trade name name and acknowledgment among the populace. Udders has a chief shop located in Novena and three other subdivisions located in East Coast. JurongKechil. and Bukit Batok. Udders is celebrated due to its alone liqueur spirits such as Rum Raisin and Bailey’s & A ; Bourbon. Additionally. Udders adopts the cafe manner. where people. particularly the childs. can bask
MKTG 101 – Marketing Final Report
Analysis of Tom’s Palette Branding & A ; Marketing Strategy their clip at that place. It differentiates its pricing based on the spirits. Price for authoritative spirits is $ 3. 20. premium spirits is $ 3. 90. cognoscente spirits is $ 5. 30 per individual scoop cup. Island Creamery Island Creamery has two mercantile establishments located in Bukit Timah and Great World City. Island Creamery’s alone local spirits such as TehTarik. PulutHitam and Pineapple Tarts have won the Black Marias of ice pick lovers in Singapore. Additionally. with its indoor and out-of-door dining construct and its strategic locations that are near to many instruction establishments. Island Creamery is to the full occupied most of the clip. Price for a individual scoop cup is $ 2. 50. The Daily Scoop The Daily Scoop presently has two mercantile establishments located at Clementi and Holland Village. It adopts cafe construct in footings of the layout and design.
The Daily Scoop besides serves liqueur-flavored ice pick such as KahluaKrunch and Lychee Martini. Furthermore. it provides the bringing services for those who order ice pick in big measures for events or parties. Price for a individual scoop cup is $ 2. 90. and for a dual scoop cup is $ 4. 90. SWOT Analysis Strength One of the really important strength of Tom’s Palette is its high degree of dedication for research and development. It emphasizes on presenting alone and advanced merchandises and keeps bettering the scope of the spirits it offers. Its alone and delicious spirits have won Tom’s Palette many positive reappraisals from the consumers. It is besides committed to presenting choice merchandise. This can be seen by how involved the proprietor is in the overall production procedure. particularly since it presently merely has one shop. Sing the excellent merchandises quality. we notice that the monetary values are extremely low-cost. Tom’s Palette’s consumer-oriented civilization has been successful in set uping a loyal consumer base. The staffs and the proprietors are willing to pass clip to portion information with the consumers and receive feedback sing the merchandises. They besides encourage the consumer to seek the spirits before buying to guarantee maximal satisfaction.
In order to further understand the consumers’ outlooks and penchants. the proprietor recruits few of its loyal consumers to be the parttime staffs at that place as to enable them to take part in the new spirits development procedure. Weakness The current location of the shop does non stand out. doing troubles for possible consumers in happening the shop. The owner’s current determination to maintain it to one shop besides imposes a restraint. Tom’s Palette’s possible growing may be restricted by the limited capacity of the shop. and therefore restricting its revenue-generating capablenesss. Furthermore. its concern theoretical account that emphasizes on research and development every bit good as wide-range spirits is comparatively dearly-won. as it is non doing a good usage of economic systems of graduated table.
MKTG 101 – Marketing Final Report
Analysis of Tom’s Palette Branding & A ; Marketing Strategy Opportunities As described in the old subdivision. there is an increasing demand for premium and advanced ice pick spirit. Peoples are presently willing to pass more for quality ice pick due to their higher disposable incomes. Furthermore. there is besides an increasing tendency towards hanging out in a cafe-like scene. and Tom’s Palette’s vernal store lay-out happens to supply a suited scene for this. In add-on. the Tom’s Palette chief clients. who are university pupils. be given to come in groups and therefore are effectual channels for viva-voce selling. Threat Ice pick market is a comparatively mature market with moderate future possible growing. hence the ability to derive market portion is of import. Therefore. one of the major menaces is the intense competition in ice pick market both from local and planetary trade names. offering low-price or premium ice picks. Volatility of the ingredients’ monetary values and the handiness of the ingredients besides pose a menace to Tom’s Palette as some of its ingredients are particular and alone.
Changes in economic status will besides impact the demand for ice pick. In clip of recession. people will cut their disbursement on ice picks which are indulgence-oriented goods. Furthermore. the tendency towards healthier nutrient pick may cut down the demand for ice pick. It will besides do frozen yoghurt shops stronger rivals of Tom’s Palette and other ice pick shops as frozen yoghurt is frequently perceived as the healthier version of ice pick. Tom’s Palette besides faces the menace of losing its competitory advantage coming from its current alone spirits due to future possible imitation of its spirits by the rivals. Segmentation. Targeting & A ; Positioning In the merchandise features grid1. Tom’s Palette and most of its direct rivals are positioning themselves as low priced ice pick with modern-day gustatory sensation. Whereas the bigger participants in the market such as Ben & A ; Jerry’s and besides HaagenDazs are normally positioned as high priced ice pick but with more traditional spirits.
Harmonizing to Mr. Chronos. the chief mark markets of Tom’s Palette are the pupils from assorted universities in the metropolis countries. and besides immature professionals who normally come to purchase the ice pick after working hours. Our group thinks that there is a synergism between the mark market’s features and the Tom’s Palette perceived trade name image. Tom’s Palette’s image as a homemade ice pick that has the courage to provide unusual and utmost spirits fit the features of its youth-oriented mark section. which are normally adventuresome and more receptive towards new inventions as compared to the older coevalss. Appendix 1: Segmenting. Targeting. and Positioning
MKTG 101 – Marketing Final Report
Analysis of Tom’s Palette Branding & A ; Marketing Strategy Current Branding Position In order to give a thorough appraisal on Tom’s Palette’s current stigmatization. we will look into four different trade name elements: trade name consciousness. trade name association. trade name trueness. and sensed quality. and measure the current places of each component. Brand Awareness In a glimpse. it seems that Tom’s Palette has high trade name consciousness due to the comparatively big figure of clients coming into the shop daily. However. our study shows a contradicting result2. Among our respondents. 52 % are incognizant of Tom’s Palette. and merely 5 % have Tom’s Palette on the top of their heads. Looking at this consequence. our group deduces that presently Tom’s Palette is merely making out to limited groups of people. The fact that Tom’s Palette’s current popularity is constrained within its locality country signals a job of low trade name consciousness.
Brand Association Besides measuring its trade name consciousness. our study besides aims to measure Tom’s Palette current trade name associations. Many positive properties. such as “great ice pick texture” and “friendly staffs” . are presently associated with Tom’s Palette. However. several of import associations that the direction hopes to accomplish. such as “unique” . “adventurous” . and “experiential” are still missing3. This leads to another of import job of Tom’s Palette’s current stigmatization place because. without these losing associations. Tom’s Palette will non be able to well distinguish itself from the other ice pick stores. In other words. missing these associations. Tom’s Palette will merely be “another homemade ice pick store” . Brand Loyalty In order to measure the degree of the trade name trueness among Tom’s Palette’s bing clients. we asked our respondents who have visited Tom’s Palette for at least one time on the frequence of their subsequent monthly visits.
Harmonizing to the study. 47 % of them go to Tom’s Palette 1 until 3 times a month. 30 % visit more than 3 times a month and 23 % have ne’er returned after their first visit4. In position of this consequence. we can reason that the Tom’s Palette current trade name trueness is comparatively high. Perceived Quality While asked to tie in Tom’s Palette with some properties. most of the respondents mentioned “great ice pick texture” every bit good as “good quality ice cream” . This points out that. in general. Tom’s Palette is perceived as holding premium products’ quality. However. one of import thing to Appendix 2: Tom’s Palette’s Brand Awareness Survey Result Appendix 3: Tom’s Palette’s Brand Association Charts 4 Appendix 4: Tom’s Palette’s Brand Loyalty Survey Results
MKTG 101 – Marketing Final Report
Analysis of Tom’s Palette Branding & A ; Marketing Strategy maintain in head is that those who acknowledge Tom’s Palette’s premium quality form no more than a little part of 48 % respondents since the other 52 % are non even cognizant of the trade name. Key Problems with Tom’s Palette Current Branding Analyzing Tom’s Palette’s current stigmatization place. our group thinks that Tom’s Palette has a strong merchandise construct. This point is supported by its current high degree of trade name trueness and sensed quality among its bing clients. However. due to its current minimum attempts towards stigmatization and selling. it faces jobs of both low trade name consciousness and losing targeted trade name associations. Current Marketing Mix Tom’s Palette’s current stigmatization place described antecedently is derived as a consequence of its current combination of marketing mix.
Product Tom’s Palette is one of the ice pick shops where service plays an every bit of import portion as the merchandises. In the product–service continuum. Tom’s Palette occupies the class of the loanblend offer. It presently offers high quality ice picks. which are homemade and available in assorted alone spirits. On top of that. Tom’s Palette besides offers its clients an first-class service. One country which Tom’s Palette may desire to see improving is the presentation of the merchandise since its current packaging is excessively simple and does non confirm the great quality its ice pick offer. Place Currently. Tom’s Palette already has some youthful atmosphere in the shop. However. the subject is non good developed as it does non convey extra-ordinary experience to the client.
The merchandise emphasizes on being alone. adventuresome. and experiential. hence really Tom’s Palette can portray these elements through its shop construct to aline the features of the merchandises and the shop. In add-on. the pick of its current location in the Shaw Leisure Gallery does non associate really good to youth as its chief mark clients as the environing country is non a common topographic point for young person to haunt. The edifice itself does non portray the vernal images. Last. the fact that the location of the shop is rather out of sight besides contributes to the current low trade name consciousness of the shop. Price Price is one of Tom’s Palette’s current competitory advantages. Its current pricing scheme is “more for the same” . significance same monetary value for a more premium quality ice pick. Unlike some of its direct rivals. Tom’s Palette gives same monetary values for the same-size cups irrespective of the spirits. even though the ingredients of some spirits may be more. This differentiates Tom’s Palette in a manner that it gives its premium spirit a greater value-for-money.
Harmonizing the study geAnalysis of Tom’s Palette Branding & A ; Marketing Strategy we conducted5. 65 % of the respondents are willing to pay up to 3. 5 SGD for a little cup of ice pick. This means. 65 % of the respondents consider Tom’s Palette’s current pricing. which is 3. 2 SGD for a little cup. as low-cost. This high affordability of Tom’s Palette’s merchandises will interpret into strong customers’ willingness to purchase. Promotion Currently. Tom’s Palette has implemented some basic promotional schemes. such as giving price reduction to pupils from take parting universities. carry oning ice pick devising session. and forming chili ice pick eating competitions. However. our group thinks that the types and the graduated table of the publicities are excessively narrow. and therefore necessitate further development. Our group feels that its limited current promotional schemes play a portion in doing its current low trade name consciousness and losing targeted trade name associations.
Marketing Strategy Objective Based on our rating on Tom’s Palette current stigmatization and selling mixes. our group has decided to pitch our undertaking towards increasing Tom’s Palette’s trade name consciousness and filling in its losing trade name associations. To accomplish this aim. our group intends to come up with a proposed selling mix as a agency to heighten Tom’s Palette’s hereafter branding place. We believe that strong stigmatization place is indispensable for Tom’s Palette to get greater market portion and augment its fight. While developing our programs. we will take into history the budget feasibleness every bit good as Tom’s Palette’s underlying vision. which emphasizes on fulfilling and transfusing passion for ice pick instead than concentrating entirely on net income.
Recommended Marketing Mix The current low trade name consciousness suggests that excess selling attempts should be done. and the losing trade name associations shows that Tom’s Palette has non done a good occupation in reenforcing the unique and adventuresome experience to its mark clients. To heighten its current trade name association and trade name consciousness. we would wish to follow experiential selling in our proposed selling mixes. The new selling programs are intended to be the Experience Providers. which will impact people’s strategic experience faculties – how people sense. feel. believe. act. and relate. Merchandise We recommend Tom’s Palette to maintain adding on its aggregation of alone spirits to maintain its ice picks attractive. Furthermore. we hope to see an betterment on its logo. We feel that its current logo is a spot dull and it does non reflect the singularity that Tom’s Palette would wish to portray through its trade name.
We suggest Tom’s Palette to heighten its logo by doing it more colourful or doing the colour more contrast so that the logo could look more typical. In add-on. we 5 Appendix 5: Tom’s Palette’s Price Affordability Survey Results Analysis of Tom’s Palette Branding & A ; Marketing Strategy besides recommend Tom’s Palette to alter the packaging from normal apparent cup into a colourful cup with alone form or cup made of cookies. This is of import as such selling technique will excite some facets of the SEMs – ‘Sense’ and ‘Feel’ . Furthermore. harmonizing to one survey. people make subconscious judgements about an point within 90 seconds of their initial screening and up to 90 per centum of this judgement are based on colour. 6Thus. while planing effectual and distinguishable logo. Tom’s Palette must see colourss and other apparently unimportant inside informations carefully. Place Sing its vernal mark market and high growing potency. Tom’s Palette should open a new subdivision in a strategic country. which embodies a more vernal atmosphere. such as along the Orchard Road. In add-on. we besides recommend Tom’s Palette to make a ‘store personality concept’ .
It could adorn its ice-cream store to accommodate a certain subject such as library. patio. or barn subject. The thought is to let clients to bask the alone atmosphere in its revamped ice cream store. A unambiguously decorated store will decidedly pull more clients to see the store. It will besides assist supplying a holistic extra-ordinary experience for the clients and therefore. will better its trade name association. Price We recommend Tom’s Palette to maintain its current monetary value because its current monetary value is one of its strongest competitory advantages. Promotion As mentioned before. one of Tom’s Palette chief issues is its low trade name consciousness. Therefore. our publicity scheme will chiefly concentrate on bettering the trade name consciousness. while at the same clip edifice stronger relationship with the bing every bit good as freshly acquired clients. For the first measure. we recommend Tom’s Palette to revamp its web site. This action is undistinguished in cost yet really effectual in making out to far wider audiences. To do its web site more attractive. Tom’s Palette should better its website’s design by integrating more attention-getting colourss and re-structuring the layout. Tom’s Palette can besides set an ice pick personality trial where the audience can reply few inquiries that will take them to a peculiar spirit. which reflects their personalities.
This helps to make customers’ battle every bit good as physique in their involvements. As presently the web site merely displays the over-80 spirits Tom’s Palette has without supplying any images or farther information. we recommend Tom’s Palette to categorise its spirits into different subjects to assist present the different spirits to the clients and better advance its ice picks. To make even more exhilaration for the readers. Tom’s Palette could besides set some interesting ice pick facts on top of its web page. such as ‘Do you know that you need 50 licks to cream off one scoop of ice pick? ’ . This is another
signifier of experiential selling technique that we would desire to stress. We think that these sorts of publicities will impact how people ‘Act’ and ‘Relate’ to their ain personality. By fiting the ice picks with their ain personality. people will experience that there is a bond between them and Tom’s Palette merchandises.