Question
The topic is 'costing concepts that managers can use to effectively manage costs in a competitive environment'. Case Study: Hotel Chocolat is a British company
The topic is 'costing concepts that managers can use to effectively manage costs in a competitive environment'.
Case Study:
Hotel Chocolat is a British company founded by Angus Thirlwell and Peter Harris. It was one of the first online stores when it started selling products in 1993. The first physical shop for Hotel Chocolat opened in 2004. As of 2021, Hotel Chocolat has 103 shops and has extended into Europe and the United States. Additionally, they have built a hotel on their working cacao farm in the Caribbean. Hotel Chocolat prides itself on these three basic values: originality, authenticity, and ethics (Hotel Chocolat, n.d.).Take some time to explore Hotel Chocolat’s website, and watch an interview with Angus Thirlwell, owner and co-founder of Hotel Chocolat before joining your small group. You should take special note of the areas which show their extensive range of products and routes to market. This includes chocolate, alcohol, and beauty retail online, in their own stores, and through other retailers such as John Lewis, hotels, cafes, restaurants, schools of chocolate, and corporate gifting services.
Answer the following questions regarding Hotel Chocolat. Consider aspects such as the product range, an industry overview, and the nature of the competition.
Who are the customers for this business and what are their needs?
What are the unique selling points for Hotel Chocolat products in general?
Select one or more of the following costing concepts and discuss how you think Hotel Chocolat can make use of these costing concepts to improve its performance. Your suggestions should be specific and practical in nature:
- Target Costing
- Kaizen Costing
- Total Life Cycle Costing
- Total Quality Management
- Benchmarking
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Answers Introduction Hotel Chocolat is a British company founded by Angus Thirlwell and Peter Harris It was one of the first online stores when it started selling products in 1993 The first physical s...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started