Introduction
“From humble to hero” this is this title to the history section of The Hershey’s Company website. It is used to describe both the company, and its founder, Milton S. Hershey. This is primarily because prior to Milton’s discovery and fascination of chocolate, he had tried and failed to start two other candy companies. Thankfully, he didn’t give up though, and the Hershey’s Company was officially founded in 1894 in what is today Hershey’s Pennsylvania (The Hershey Company, n.d.). Since then, Hershey’s has grown to become the leading manufacturer of chocolate in the North American industry; controlling nearly 45% of the market share of 2017 (Statista, 2017). The main products include over 80 different brands of chocolate, …show more content…
Additionally, chocolate is not only consumed by almost every type of customer as a snack, but can also be given as gifts for Valentine’s Day, Christmas, anniversaries, and birthdays. Under normal circumstances, the target market of chocolate is definitely are children, but we can find out from the research data that adults also like to eat chocolate. And adults have the financial ability to buy chocolate. So targeting the market for adults is easy to profit. “Seventy-five percent of all U.S. Adults say they eat chocolate or hard candy”. (Experian Simmon, 2009). From the data of the 75%, we could see that Adult target market is very …show more content…
Chocolate is considered a normal good, which means that rising consumer incomes can also lead to an increase in demand for chocolate. “Now imagine economic conditions cause the incomes of many Americans to decrease. Because chocolate bars are normal goods, the demand curve would shift to the left because people would buy fewer chocolate bars at any price”. (Econlowdown, n.d.). However it also means the price of substitutes can affect consumer demand. If the price of chocolate substitutes (such as toffees and candies) decreases, the chocolate demand curve will move to the left. An effective advertising campaign can also move the demand curve. An effective advertisement can shift the curve right because statistically people will raise the frequency of consuming chocolate if they view the ads more
“From humble to hero” this is this title to the history section of The Hershey’s Company website. It is used to describe both the company, and its founder, Milton S. Hershey. This is primarily because prior to Milton’s discovery and fascination of chocolate, he had tried and failed to start two other candy companies. Thankfully, he didn’t give up though, and the Hershey’s Company was officially founded in 1894 in what is today Hershey’s Pennsylvania (The Hershey Company, n.d.). Since then, Hershey’s has grown to become the leading manufacturer of chocolate in the North American industry; controlling nearly 45% of the market share of 2017 (Statista, 2017). The main products include over 80 different brands of chocolate, …show more content…
Additionally, chocolate is not only consumed by almost every type of customer as a snack, but can also be given as gifts for Valentine’s Day, Christmas, anniversaries, and birthdays. Under normal circumstances, the target market of chocolate is definitely are children, but we can find out from the research data that adults also like to eat chocolate. And adults have the financial ability to buy chocolate. So targeting the market for adults is easy to profit. “Seventy-five percent of all U.S. Adults say they eat chocolate or hard candy”. (Experian Simmon, 2009). From the data of the 75%, we could see that Adult target market is very …show more content…
Chocolate is considered a normal good, which means that rising consumer incomes can also lead to an increase in demand for chocolate. “Now imagine economic conditions cause the incomes of many Americans to decrease. Because chocolate bars are normal goods, the demand curve would shift to the left because people would buy fewer chocolate bars at any price”. (Econlowdown, n.d.). However it also means the price of substitutes can affect consumer demand. If the price of chocolate substitutes (such as toffees and candies) decreases, the chocolate demand curve will move to the left. An effective advertising campaign can also move the demand curve. An effective advertisement can shift the curve right because statistically people will raise the frequency of consuming chocolate if they view the ads more