The Hershey’s Take 5 Chocolate bar was created by the Hershey company in December 2004. Although the chocolate bar had gained popularity in its market, rising cocoa bean prices saw The Hershey Company discontinue production of the Take 5 chocolate bar in 2008. The task for this project was for the group to analyze The Hershey company, its share in its market place, and come up with a new marketing strategy to rejuvenation the Hershey Take 5 bar with a promotional budget of $10,000,000.
We approached our research by looking into Hershey Take 5’s history and its close competitors. We composed a SWOT analysis of the Hershey Take 5 Bar and reviewed their pricing and distribution strategy. We decided on a total rebrand of the product’s identity which included and a new promotional strategy.
As a result of our research and combined efforts, we came up with a new package for the product, a new tagline for the product, a new pricing and distribution approach that was more cost effective, and a new promotional strategy. We created a table that broke down the tactical marketing schemes that showed ways we’d execute the Product, Pricing, Distribution, and promotional activities we had planned. At the end of the paper we created an Implementation Schedule and timeline to track the progression of the work and to ensure that tasks were executed in a timely manner.
Michael Onwuka | Jacqueline Pickering | James Wiggins | Anthony Coker | Joy Mbonu-Ike
Responsible for the Executive Summary, Market Analysis, Target Market Analysis, External Environment, Distribution Strategy, Promotion Strategy and Budget, Marketing Audits, and Implementation Timeline.