Marketing Mix Recommendations Table of Contents Executive Summary 3 Product Recommendation 4 Price Recommendation 5 Place Recommendation 6 Promotion Recommendation 7 Works Cited 7 Executive Summary For every single business, whether it is small or big needs to have a sound marketing strategy in order to meet the objectives of business…
Hygiene is one of the important factors within the food industry and consumers give highest priority to it. Therefore it is highly recommended that the company should only sell hygienic and fresh foods. The pricing should be done on the basis of cost plus pricing method and market penetration strategy can be followed to grab more market share. Regarding the promotional aspect, the company can effectively use television and newspaper advertisement as both the media have mass reach. Finally regarding the distribution, the company can appoint distributors and target food marts to distribute and sell their products. Memorandum Date: 18th October, 2012. Subject: Organic Food for the family Unit To: The Big Boss From: Consumer Research Department To maintain sustainability of a business, it is extremely important to keep hold on the present market share. However after a certain point of time it becomes essential to focus on the ways by which market share can be increased. Greater market share helps in increasing the brand recognition. There are some interesting facts about increasing market share. Increasing market share is important only when the company is earning more profits. However it does not have any importance when the market share has increased but the company is losing money. Now in the context of project, Mintel can increase the market share for organic foods and drinks market by considering modifications in their marketing mix. Hence following are the recommendations to Mintel for the primary rationale of attaining more market share. Product Recommendation For an organization to get success in the market place it is imperative to give highest priority to its product stagey (Mcgrath 1-5). Similarly for food industry product is the ultimate element for which a customer pays to the company. Study reveals that among 2000 people, 30 % of the respondents are highly concerned about the safety of foods. Hence for Mintel product strategy should be considered as the central business strategy. Also the product strategy of an organic food company plays an important role in managing and handling the competition. Furthermore a sound product strategy will be responsible for exemplifying the path of success for Mintel. Now in the context of the study the target group of the company is the family unit, thus in order to cater to that segment the product strategy is vital. The study also reveals that among 181 people, who are living with a partner, 33 % respondents are highly aware of food security. Similarly among the married people 31% of them have high concerns and 47 % have average concern over the food hygiene. Therefore based on the available data, it is highly recommended that the company should only sell hygiene and fresh foods, which will also help them to build an unique selling proposition (USP). Price Recommendation In simple words price is the amount paid by the customer for gaining the ownership of a product from the seller (Kotler and Armstrong 282). Although the concept of price is very simple, but when it comes to actually value a product or service the notion does not exactly remain the same. A pricing strategy is defined as a course of action or an approach in order to achieve the marketing objectives of the company (Pride and Ferrell 318). Hence pricing strategy is crucial towards the acceptance of the product or service in the market plac ...
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In the following section recommendations are made regarding marketing mix in the context of ‘V’ which is a famous energy drink that is mainly available in Australia and New Zealand. Product At present, V is available in four different flavors – V Green, V Lemon, V Black, V Sugar free and V Berry.2 Utilizing the popularity of the brand image of V and the market presence of these existing flavors, a new flavor in the form of ‘orange’ can be introduced by Frucor Beverages Ltd which is the holding company of the energy drink.
ive Summary In an age of cut throat market competition it has become imperative for every business organization to undertake strategies that can help in enhancing the market share of the firms. International expansion is perhaps one of the most important strategic initiatives taken up by the firms for meeting the challenges of the business environment.
As firms started venturing overseas, Kotler added two more Ps because of the political nature of the new marketing environment. Magrath found the 4Ps insufficient for the service industry and added three more elements – personnel, physical facilities and process management (Low and Tan 1995).
The emergence of the internet plays a major role in regards to providing strong lines of connectivity between the market places of the developing as well as the developed worlds. Because of this strong line of connectivity, it can be said that the flow of information between the developed as well as the developing economies has become easier and faster, thereby eradicating the challenges associated with the existence of geographical region and location specific borders and boundaries.
This helps the company to have an advantage over its competitors (module- 5 n.d.). Marketing mix help the company overcome the challenges that are as a result of unpredictable and changing macro environment. The companies embrace this concept by developing new products, actively marketing their products, adjusting their prices and constantly establishing new market for its products (Border 1984).
This has been done through the recommendations for a marketing strategy aimed at a certain target market. The second part of recommendations is based on an entrepreneurial control system that will help implement the necessary changes for the customer management and international marketing strategy.
Trek has around 70 distributors and 10 subsidiaries around the globe (Plunkett, 2006).
We believe in bikes. We believe in a better world (TrekBikes, 2012). Trek Bicycles’ vision is to make the world a better place by using
bove two graphs are that the customers of the company as well as revenues are increasing at an increasing rate, therefore it can be predicted that the demand of the product and revenues would further increase in the years to come.
Innocent Drink has been able to make a mark in
The first recommendation for Fresca Company is to maximize on its marketing potential by going public. Currently the firm is privately owned and thus not listed in the stock exchange. By going public, the company to receive attention from