Marketing Assignment - Marketing Strategy Analysis of Mars Chocolate
Researched about a product and how the marketing mix can be used to determine various elements of the product.
Write a critical review either of that retailer's marketing strategies or you may choose to CRITICALLY examine the marketing strategy of ONE of the other retailers you may have included in your Weekly Reflections and how they use the various marketing concepts e.g. what is their primary and secondary target market, how do they segment their market, what concepts of consumer behaviour do they use in their store layout (in the case of, how do they use price, what elements of the promotional mix do they use etc.
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Answer - Marketing strategy analysis of Mars Chocolate
Introduction
The developing integration of global markets along with the development of competition on an international scale suggest adoption of an international perspective in strategy mapping policy. deciding on how to control the globalization of markets, underlines tough challenges and choices for organizations. They must consider both micro and macro environmental forces and factors, before they reach to a global marketing strategy. Mars is an organization, which is responsible, innovative marketing around all the brands. This organizational code applies to the marketing channels for all chocolate, food and pet food products on an international basis. This study will be centred round the marketing decisions of Mars consisting of the its target market selection, marketing segmentation and choice of pricing strategies and consumer relationship policies and others. Marks is an American international manufacturer of variety of food products and confectionaries. The specific product selected for analysing the marketing strategies of the selected retailer is Mars Chocolate. This study will be providing future and ongoing marketing developments of the company through analysing the various concept application.
Primary and secondary target markets
After the demographic and psychographic target market analysis done by the company, it had decided on the specific target markets. Initially, it has been seen that the chocolate eating and cravings in children are most effective. Parents usually do not control on the chocolate eating of children. Therefore, this company decided on selling their chocolate products to children assuming this is their first target market. However, after sometimes, it has been noticed that chocolate cravings in women is also an important factor for their business (Steger, 2015). Specifically, the college going women has the potentiality to become the primary target markets for Mars. Therefore, this company shifted to marketing, promoting and advertising their products to the underlined women groups along with the children. From this analysis, it has been noticed that mostly the young age group people are the secondary and primary target markets for the company. Market demographics evaluation on the shopping and target consumers of Mars is listed below;
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Currently, it has been seen that the food group believes in concise targeting that is less important for its brands than the marketing influence creative that is enable of reaching and appealing to a wider audience. The target of this company is around 7 billion people sitting on this world. It is millennials, baby boomers, people in United Sates, in China, Kenya and even in Australia, each occasionally. Piercing down into the subject, the management claimed the extremely border reach of Mar's food items suggests a sizeable portion of the consumer base at any one time that is not going to be made up of keen aficionados (Foulds, 2014). One of the main challenges is not regarding hyper-engagement. This is the point that most of these people are apathetic to the company. The above discussion outlines that the management must find the effective balance among talking the ever-changing demands of customers, while still communicating with consumers that have used the products (Gillespie & Riddle, 2015). The brand requires constantly innovate, while still holding onto nostalgic and routine.
Market segmentation strategy of the retailer
Through understanding the consumers, Mars has been capable to constantly underline what concerns a modern customer. One of the important concerns for consumers using their products is maintaining a healthy diet. As per the NPR, around 75% of the Americans seek to keep the diet they find to be healthy. However, it has been pointed out that at the same time they are seeking for more and treat themselves with more. Therefore, this type of behavioural segment is an important opportunity for the company. Mars is one of the most active organizations in respect on product launches. They launch new products as per the psychographic segmentation of the markets. This kind of development of products to increase the portfolio as well as to arrest the untapped markets have developed the increase of the chocolate market. Possessing the altering tastes and preferences of customer, there have been supposed changes of products by different market players. The demographic segmentation of Mars is one of the important parts of their marketing that includes covering and dominating a wide number of socio-economic markets, which concentrate on age group, income level of consumers in various countries, gender and others.
The company could be underlines all around the universe as of the efforts and planning policies that indulge in executing and modifying the organization's coverage in the society. The Mars' products will be sold across the world. The time, money and resource factors to provide varieties of products and improvements to satisfy the consumers are also important. Another important fact of psychographic market segmentation of Mars is that the products could be purchased by any one who loves to eat chocolates (Sondhi & Chawla, 2017). These types of various market segmentation are stands for their global marketing strategy. The positioning and segmentation of Mars products is depicted below;
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Consumer behaviour concept and store layout
Consumer purchasing behaviours results into the fact that around 86% of consumers consume chocolate around the world. Factors that generally impact on the purchasing behaviours of consumers are recommendations form others, which is around 32%, brand names, personal experiences that is around 12%, nutrition quality, country of origin and others (Kozelová et al., 2014). In the ingesting of chocolate on a moderate correlation around different categories of financial activities of consumers was also arrested. In relations to the gender the most generally was chocolate eaten by women. Mars always makes each effort to offer the consumer with the real-time status of the items' existence before ordering. Although, if the consumers have had an extra demand than expected, and could not fulfil the order, the organization would inform it through the e-mail and offer the consumer with a calculated ship date (candyindustry.com, 2019). Mars understood customers today are searching for a holistic purchasing experience, specifically as the lines among basic retail and online purchasing have blurred. As more customers shop products of Mars online, and in-store experiences have changed, Mars needs to evolve their concentration around where and how confectioneries are purchased. This organization have developed and launched the 2019 Innovative Merchandising Incubator, which is a nation-wide program to offer retailers with merchandizing results and drive sales (candyindustry.com, 2019). Up to two different retailers would be selected to increase with Mars confectionary, a tailored examination-and-learn solution targeted at tracking the innovative purchasing difficulties facing retailers and consumers currently.
Pricing strategy and promotional mix application
This company has positioned itself as a cost leader in the early stage of its business. The pricing strategy and its application have been addressed below;
Payment time
The company considers only two kinds of payments. The first one if cash payment for the immediate selling like cash or through credit cards and the second one if online payment to cover one of the company's features that is tailored Mars where consumers are needed to pay online to get their tailored products (Kandrashina et al., 2016).
Allowances
This has an important role in the marketing strategy and of different products of Mars. However, in the case of Mars, they don not undergo to this stage.
Credit Terms
It is a payment policy, which is generally negotiated among the consumer and seller. However, in this scenario, credit terms do not imply in the marketing strategy of this product.
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Discount
Discounts have been made so that the consumers could drive sales on items or groups of items to the consumers who have met certain conditions. The company has made various varieties of product promotions, however, less of discount, it is because of the standard marketing rates for the items, generally discount and other promotions are created so that company might have a product in the inventory, which has not been selling as planned (Chen, 2018). Additionally, mars always stay on the highest level in the global chocolate factories making due to the concentrations and commitments to their consumer in term of offering superior consumer value to the products.
List prices
On the other hand, Mars produces a variety of items or flavours, every flavour have a unique taste.
Conclusion
From the above analysis of Mars chocolate marketing strategy, it has been understood that throughout the changing business landscape and in front of challenging consumer demands, this company has made various changes. Though, on the perspective of global business and marketing strategy, it could be said that the consumer behaviour stances, pricing and segmentation polices are effective. Additionally, it has been understood that there is ample scope of modification and innovative marketing opportunities in this digital age for the company. To understand the consumers and their changing tastes in respect of chocolate products, Mars needs to concentrate on external market environment and competitors' strategies for attracting consumers. On the other hand, Mars can leverage its marketing strategy to understand how consumers want the new products as per their preferences of healthy products and it is also important that consumer segment is not limited to the children and women, middle aged people and males are could be included into the specific consumer segments of the company.
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