Analysis of Tom’s Palette Branding & Marketing Strategy Introduction Tom’s Palette is a homemade ice cream shop located at Shaw Leisure Gallery. Although it has been operating since September 2005, Tom’s Palette does not have any branches. However, it gains a considerable popularity among people around the area it operates. Tom’s Palette has a unique business model. According to our interview with the owner, Mr. Chronos Chan, the store sells more than just ice cream; it sells experience. In Tom’s Palette, ice cream lovers can choose their own combination of flavors as well as try some adventurous, exotic flavors such as Wasabi Lime, Black Swirl (black glutinous rice in coconut) and even Caramelized Onion that would not be found in other ice cream shops. In addition, Mr. Chronos also underlines that the store’s vision is to instill passion for ice cream, showing customers how ice creams are supposed to taste rather than just merely selling ice creams.
Market & Consumer Analysis Over the years, there is an increasing demand for ice cream in Singapore. According to Euromonitor, ice cream market in Singapore is expected to grow at 2% constant value CAGR from 2011 to 2015. This indicates Singapore’s high potential to be a profitable market for ice cream. Such level of demand is mainly caused by Singapore’s hot and humid weather, whereby consumers in Singapore often purchase ice cream for its cooling effect. The increasing affluence and disposable income also lead to the increase in overall consumption of ice creams as nonprimary consumable goods. Moreover, based on research and relevant past survey, there are two notable trends in Singapore ice cream market.
The Term Paper on Swot: Ice Cream and Jerry
1.0 Introduction Ben & Jerry’s Ice Cream, founded in 1978 by two upstarts; Ben Cohen and Jerry Greenfield, is now one of the best homemade well known as a premium ice cream brands. It was firstly started in Burlington, Vermont which has a longer winter season as compared to summer season. It seemed as the worst idea ever to start an ice cream business in such a cold place. However, Ben and ...
Firstly, there is an increase in the demand for premium ice creams with innovative flavors, even though traditional, single-flavored ice creams stay preferred by some people. Secondly, there are increasing concerns on healthier life style. This is backed by a past survey results conducted by Euromonitor, showing that 60% of Singaporeans are concerned about consuming healthier food. Consequently, increasing number of people prefer healthier choice of ice creams with lighter taste and lower fat. Competitors Review The growth of local homemade ice-cream outlets in Singapore creates a direct competition for Tom’s Palette in the ice cream market. The key competitors are: U.d.d.e.r.s Due to its unique name which means “cow tits” and its logo which depicts its meaning, Udders establishes a strong brand name and recognition among the public. Udders has a main store located in Novena and three other branches located in East Coast, JurongKechil, and Bukit Batok. Udders is famous due to its unique liqueur flavors such as Rum Raisin and Bailey’s & Bourbon. Additionally, Udders adopts the café style, where people, especially the youngsters, can enjoy
MKTG 101 – Marketing Final Report
Analysis of Tom’s Palette Branding & Marketing Strategy their time there. It differentiates its pricing based on the flavors. Price for classic flavors is $3.20, premium flavors is $3.90, connoisseur flavors is $5.30 per single scoop cup. Island Creamery Island Creamery has two outlets located in Bukit Timah and Great World City. Island Creamery’s unique local flavours such as TehTarik, PulutHitam and Pineapple Tarts have won the hearts of ice cream lovers in Singapore. Additionally, with its indoor and outdoor dining concept and its strategic locations that are near to many education institutions, Island Creamery is fully occupied most of the time. Price for a single scoop cup is $2.50. The Daily Scoop The Daily Scoop currently has two outlets located at Clementi and Holland Village. It adopts café concept in terms of the layout and design.
The Term Paper on Uncle Jack Father Cream Ice
My Own Personal Experience with the Horror of Sexual Harassment A Realistic Fictional Work Written in the First Person to Educate Others on What to Do It was a stormy night when I first came to grips with the horror that lay ahead. Everybody loved Uncle Jack, but not me, at least not since IT happened. And it was every since IT happened that I knew for certainty when this day came that I would be ...
The Daily Scoop also serves liqueur-flavored ice cream such as KahluaKrunch and Lychee Martini. Moreover, it provides the delivery services for those who order ice cream in large quantities for events or parties. Price for a single scoop cup is $2.90, and for a double scoop cup is $4.90. SWOT Analysis Strength One of the very significant strength of Tom’s Palette is its high level of dedication for research and development. It emphasizes on delivering unique and innovative products and keeps improving the range of the flavors it offers. Its unique and delectable flavors have won Tom’s Palette many positive reviews from the consumers. It is also committed to delivering quality product. This can be seen by how involved the owner is in the overall production process, especially since it currently only has one store. Considering the excellent products quality, we notice that the prices are highly affordable. Tom’s Palette’s consumer-oriented culture has been successful in establishing a loyal consumer base. The staffs and the owners are willing to spend time to share information with the consumers and receive feedback regarding the products. They also encourage the consumer to try the flavors before purchasing to ensure maximum satisfaction.
In order to further understand the consumers’ expectations and preferences, the owner recruits few of its loyal consumers to be the part-time staffs there as to enable them to participate in the new flavors development process. Weakness The current location of the store does not stand out, causing difficulties for potential consumers in finding the store. The owner’s current decision to keep it to one store also imposes a constraint. Tom’s Palette’s potential growth may be restricted by the limited capacity of the store, and thus confining its revenue-generating capabilities. Moreover, its business model that emphasizes on research and development as well as wide-range flavors is relatively costly, as it is not making a good use of economies of scale.
MKTG 101 – Marketing Final Report
Analysis of Tom’s Palette Branding & Marketing Strategy Opportunities As described in the previous section, there is an increasing demand for premium and innovative ice cream flavor. People are currently willing to spend more for quality ice cream due to their higher disposable incomes. Moreover, there is also an increasing trend towards hanging out in a café-like setting, and Tom’s Palette’s youthful store lay-out happens to provide a suitable setting for this. In addition, the Tom’s Palette main customers, who are university students, tend to come in groups and thus are effective channels for word-of-mouth marketing. Threat Ice cream market is a relatively mature market with moderate future potential growth, hence the ability to gain market share is important. Thus, one of the major threats is the intense competition in ice cream market both from local and global brands, offering low-price or premium ice creams. Volatility of the ingredients’ prices and the availability of the ingredients also pose a threat to Tom’s Palette as some of its ingredients are special and unique.
The Business plan on Swot B&B Ice Cream
SWOT analysis is a very useful technique for understanding internal and external environment of the business based on its strengths, weaknesses, opportunities and threats. SWOT analysis on Ben and Jerry’s, we can see the secrets of its success and what are areas for growth. Strengths: 1. Ben and Jerry’s has a well-funded and large-scale parent company. 2. Ben and Jerry’s has a good reputation of ...
Changes in economic condition will also affect the demand for ice cream. In time of recession, people will cut their spending on ice creams which are indulgence-oriented goods. Furthermore, the trend towards healthier food choice may reduce the demand for ice cream. It will also make frozen yogurt stores stronger competitors of Tom’s Palette and other ice cream stores as frozen yogurt is often perceived as the healthier version of ice cream. Tom’s Palette also faces the threat of losing its competitive advantage coming from its current unique flavors due to future potential imitation of its flavors by the competitors. Segmentation, Targeting & Positioning In the product characteristics grid1, Tom’s Palette and most of its direct competitors are positioning themselves as low priced ice cream with contemporary taste. Whereas the bigger players in the market such as Ben & Jerry’s and also HaagenDazs are usually positioned as high priced ice cream but with more traditional flavors.
According to Mr. Chronos, the main target markets of Tom’s Palette are the students from various universities in the city areas, and also young professionals who usually come to buy the ice cream after working hours. Our group thinks that there is a synergy between the target market’s characteristics and the Tom’s Palette perceived brand image. Tom’s Palette’s image as a homemade ice cream that has the bravery to cater unusual and extreme flavors fit the characteristics of its youth-oriented target segment, which are usually adventurous and more receptive towards new innovations as compared to the older generations. Appendix 1: Segmenting, Targeting, and Positioning
The Essay on International Trade and Free Ice Cream
Dino Conti has been growing rapidly in recent years, but now its growth is slowing down. A recent fall in profits has disappointed the management. So, the owner wants to company to become more international. Objectives To solve our current problems and enable Dino Conti to become a competitive international business, we propose an investment of $3 million. Option and benefits Export to China and ...
MKTG 101 – Marketing Final Report
Analysis of Tom’s Palette Branding & Marketing Strategy Current Branding Position In order to give a thorough assessment on Tom’s Palette’s current branding, we will look into four different brand elements: brand awareness, brand association, brand loyalty, and perceived quality, and evaluate the current positions of each element. Brand Awareness In a glance, it seems that Tom’s Palette has high brand awareness due to the relatively large number of customers coming into the store daily. However, our survey shows a contradicting result2. Among our respondents, 52% are unaware of Tom’s Palette, and only 5% have Tom’s Palette on the top of their minds. Looking at this result, our group deduces that currently Tom’s Palette is only reaching out to limited groups of people. The fact that Tom’s Palette’s current popularity is constrained within its vicinity area signals a problem of low brand awareness.
Brand Association Besides evaluating its brand awareness, our survey also aims to assess Tom’s Palette current brand associations. Many positive attributes, such as “great ice cream texture” and “friendly staffs”, are currently associated with Tom’s Palette. However, several important associations that the management hopes to achieve, such as “unique”, “adventurous”, and “experiential” are still missing3. This leads to another important problem of Tom’s Palette’s current branding position because, without these missing associations, Tom’s Palette will not be able to substantially differentiate itself from the other ice cream shops. In other words, lacking these associations, Tom’s Palette will just be “another homemade ice cream store”. Brand Loyalty In order to assess the level of the brand loyalty among Tom’s Palette’s existing customers, we asked our respondents who have visited Tom’s Palette for at least once on the frequency of their subsequent monthly visits.
The Essay on How to make ice cream
There is always room for dessert and when it comes to sweets the first thing that pops into mind would be none other than ice cream. Chocolate, strawberry, vanilla, pistachio, the flavor goes on and on. Children and grown ups alike all scream for ice cream. The origin of this American dessert can be traced back from the 4th century B. C. When the Emperor Nero of the Roman Empire wanted to have a ...
According to the survey, 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 never returned after their first visit4. In view of this result, we can conclude that the Tom’s Palette current brand loyalty is relatively high. Perceived Quality While asked to associate Tom’s Palette with some attributes, most of the respondents mentioned “great ice cream texture” as well as “good quality ice cream”. This points out that, in general, Tom’s Palette is perceived as having premium products’ quality. However, one important 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 & Marketing Strategy keep in mind is that those who acknowledge Tom’s Palette’s premium quality form no more than a small portion of 48% respondents since the other 52% are not even aware of the brand. Key Problems with Tom’s Palette Current Branding Analyzing Tom’s Palette’s current branding position, our group thinks that Tom’s Palette has a strong product concept. This point is supported by its current high level of brand loyalty and perceived quality among its existing customers. However, due to its current minimal efforts towards branding and marketing, it faces problems of both low brand awareness and missing targeted brand associations. Current Marketing Mix Tom’s Palette’s current branding position described previously is derived as a result of its current combination of marketing mix.
Product Tom’s Palette is one of the ice cream stores where service plays an equally important part as the products. In the product–service continuum, Tom’s Palette occupies the category of the hybrid offer. It currently offers high quality ice creams, which are homemade and available in various unique flavors. On top of that, Tom’s Palette also offers its customers an excellent service. One area which Tom’s Palette may want to consider improving is the presentation of the product since its current packaging is overly simple and does not substantiate the great quality its ice creams offer. Place Currently, Tom’s Palette already has some youthful atmosphere in the store. However, the theme is not well developed as it does not bring extra-ordinary experience to the customer.
The Term Paper on Marketing Concept and Marketing Segmentation: Haagen-Daaz
Marketing Concept and Marketing Segmentation in Practice: Haagen-DaazINTRODUCTION Haagen-Dazs were the pioneers in the market for creating distinctive and indulgent taste experiences by marketing to an untapped segment - the adult ice cream lovers. The Haagen-Dazs brand quickly developed a loyal following. Its early success was created by word of mouth and praise. Without the benefit of ...
The product emphasizes on being unique, adventurous, and experiential, hence actually Tom’s Palette can portray these elements through its store concept to align the characteristics of the products and the store. In addition, the choice of its current location in the Shaw Leisure Gallery does not relate very well to youth as its main target customers as the surrounding area is not a common place for youth to hangout. The building itself does not portray the youthful images. Lastly, the fact that the location of the store is quite out of sight also contributes to the current low brand awareness of the store. Price Price is one of Tom’s Palette’s current competitive advantages. Its current pricing strategy is “more for the same”, meaning same price for a more premium quality ice cream. Unlike some of its direct competitors, Tom’s Palette gives same prices for the same-size cups regardless of the flavors, even though the ingredients of some flavors may cost more. This differentiates Tom’s Palette in a way that it gives its premium flavor a greater value-for-money.
According the survey ge Analysis of Tom’s Palette Branding & Marketing Strategy we conducted5, 65% of the respondents are willing to pay up to 3.5 SGD for a small cup of ice cream. This means, 65% of the respondents consider Tom’s Palette’s current pricing, which is 3.2 SGD for a small cup, as affordable. This high affordability of Tom’s Palette’s products will translate into strong customers’ willingness to buy. Promotion Currently, Tom’s Palette has implemented some basic promotional strategies, such as giving discount to students from participating universities, conducting ice cream making session, and organizing chili ice cream eating competitions. However, our group thinks that the types and the scale of the promotions are too narrow, and thus need further development. Our group feels that its limited current promotional strategies play a part in causing its current low brand awareness and missing targeted brand associations.
Marketing Strategy Objective Based on our evaluation on Tom’s Palette current branding and marketing mixes, our group has decided to gear our project towards increasing Tom’s Palette’s brand awareness and filling in its missing brand associations. To achieve this objective, our group intends to come up with a proposed marketing mix as a means to enhance Tom’s Palette’s future branding position. We believe that strong branding position is essential for Tom’s Palette to acquire greater market share and augment its competitiveness. While developing our plans, we will take into account the budget feasibility as well as Tom’s Palette’s underlying vision, which emphasizes on satisfying and instilling passion for ice cream rather than focusing solely on profit.
Recommended Marketing Mix The current low brand awareness suggests that extra marketing efforts should be done, and the missing brand associations shows that Tom’s Palette has not done a good job in reinforcing the unique and adventurous experience to its target customers. To enhance its current brand association and brand awareness, we would like to adopt experiential marketing in our proposed marketing mixes. The new marketing plans are intended to be the Experience Providers, which will affect people’s strategic experience modules – how people sense, feel, think, act, and relate. Product We recommend Tom’s Palette to keep adding on its collection of unique flavors to keep its ice creams attractive. Moreover, we hope to see an improvement on its logo. We feel that its current logo is a bit dull and it does not reflect the uniqueness that Tom’s Palette would like to portray through its brand.
We suggest Tom’s Palette to enhance its logo by making it more colorful or making the color more contrast so that the logo could appear more distinctive. In addition, we 5 Appendix 5: Tom’s Palette’s Price Affordability Survey Results Analysis of Tom’s Palette Branding & Marketing Strategy also recommend Tom’s Palette to change the packaging from normal plain cup into a colorful cup with unique shape or cup made of cookies. This is important as such marketing technique will stimulate some aspects of the SEMs – ‘Sense’ and ‘Feel’. Furthermore, according to one study, people make subconscious judgments about an item within 90 seconds of their initial viewing and up to 90 percent of this judgment are based on color. 6Thus, while designing effective and distinct logo, Tom’s Palette must consider colors and other seemingly unimportant details carefully. Place Considering its youthful target market and high growth potential, Tom’s Palette should open a new branch in a strategic area, which embodies a more youthful atmosphere, such as along the Orchard Road. In addition, we also recommend Tom’s Palette to create a ‘store personality concept’.
It could decorate its ice-cream shop to suit a certain theme such as library, terrace, or barn theme. The idea is to allow customers to enjoy the unique ambiance in its revamped icecream shop. A uniquely decorated shop will definitely attract more customers to visit the shop. It will also help providing a holistic extra-ordinary experience for the customers and thus, will improve its brand association. Price We recommend Tom’s Palette to keep its current price because its current price is one of its strongest competitive advantages. Promotion As mentioned before, one of Tom’s Palette main issues is its low brand awareness. Therefore, our promotion strategy will mainly focus on improving the brand awareness, while at the same time building stronger relationship with the existing as well as newly acquired customers. For the first step, we recommend Tom’s Palette to revamp its website. This action is insignificant in cost yet very effective in reaching out to far wider audiences. To make its website more attractive, Tom’s Palette should improve its website’s design by incorporating more eye-catching colors and re-structuring the layout. Tom’s Palette can also put an ice cream personality test where the audience can answer few questions that will lead them to a particular flavor, which reflects their personalities.
This helps to create customers’ engagement as well as build in their interests. As currently the website just displays the over-80 flavors Tom’s Palette has without providing any pictures or further information, we recommend Tom’s Palette to categorize its flavors into different themes to help introduce the different flavors to the customers and better promote its ice creams. To create even more excitement for the readers, Tom’s Palette could also put some interesting ice cream facts on top of its web page, such as ‘Do you know that you need 50 licks to lick off one scoop of ice cream?’. This is another
form of experiential marketing technique that we would want to emphasize. We think that these kinds of promotions will affect how people ‘Act’ and ‘Relate’ to their own personality. By matching the ice creams with their own personality, people will feel that there is a bond between them and Tom’s Palette products.
