Marketing Mix
Essay Preview: Marketing Mix
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My Marketing Mix
I am now going to create a marketing mix for my chosen product using the 4 Ps, Product, Place, Price and Promotion.
Product
The product I will be re-launching is the Cadburys Double Decker bar with less calories than a traditional bar. This new re-launch of a chocolate bar will be a limited edition chocolate bar. The idea being limited edition is to make a substantial profit in a short period of time. Although the product will say limited edition I aim to keep these on the shelves for the next year. This way people will buy them as they are new and if they believe they are for a limited time only they may buy a vast quantity of them. All of this will result in Cadburys PLC receiving a good profitable income very quickly and it should be sustainable if my product re-launch is successful.
The design of the chocolate bar will be a long and thin chocolate bar this will be very appealing to the consumers of my target market, I know this because 26/30 people in my questionnaire opted for a traditional long and thin chocolate bar. Many major chocolate bar brands are changing the aesthetics of their chocolate bar. I wanted to identify whether or not this would be a success for my re-launch of the Cadburys double Decker bar. From the results the majority of the sample size preferred a long and thin bar as opposed to a bar in chunks.
I will edit the original packaging and add a new name; the name will be called a “Single Decker”. From my questionnaire I found that 2/3 people wanted the name to change. I feel that single Decker implies that there are fewer calories as I will be making the chocolate bar contain roughly half as many calories as the current bar. I also feel that “Single Decker” will grab the eye of my target market as said previously its a new name. When my target market read that there is less calories they want to try the new bar and feel good about themselves as they have eaten a low calorie bar. The text will be the same as before but with limited edition in gold to grab the attention of the consumer. Also I will have “Low Calorie” under the name this will be appealing to my target market as the majority o females aged 16-25 are health conscious.
The original packaging I believe is not very successful as it doesnt grab your eyes when scanning the shelves; therefore I will change it so it looks very appealing so this be even more beneficial to Cadburys PLC.
The research which I asked my target market to take out was reliable for my product and from the results it is clear to say that the idea of a low calorie chocolate bar is definitely the most popular. 95% of the sample size opted for a low calorie bar which is a huge majority. This will go down well with the public as government statistics show that the 74% of females in my target market are concerned about their weight.
The majority of the people who filled out the questionnaire brought chocolate 2-4 times a week which could lead to a very profitable financial income for Cadburys PLC if my marketing campaign goes well. Statistics show that the UK spend an average of ÐЈ1.80 per week on chocolate which means my findings would support these results if they were to buy chocolate four times a week at 42p would be ÐЈ1.68.
Price
From my survey finding out an appropriate price from my target market is probably the most important piece of information for Cadburys PLC as we need to find the best price for the users of this product. If the price is too low many people might buy it but the financial income may not be as profitable. If the price is too high only the wealthier people in the UK are likely to buy this, this will then be wasting the product by not selling it cost effectively. From these findings my product will be an average chocolate bar price which is 44p (found at www.berro.com/entertainment/general_interesting_facts). The rrp I will choose is 42p as this fits into the category that is most favoured by my target market (40-44p was favoured in my questionnaire). This is slightly cheaper than my competitors pricing averaging out at 43p. (Mars bar, Dream, Dairy Milk and Woolworths own
In order to make my product most successful I will use price penetration. I will start the price at around 35 pence when the product is first launched this will attract lots of new consumers and then about 2 months later I will put the price up to 42 pence to get that extra profit. Although in contrast I could use price skimming at first as the new product will attract customers even at a high price this would be good if the profit would be sustainable but I believe it would not be sustainable and would cost the company excessive money. For the best outcome with Cadburys PLC I will be using price penetration to lure in my consumers