The 4Ps Marketing Mix: A Comparative Study of Kellogg's Coco Pops and Weetabix
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This report provides a comparative study of Kellogg's Coco Pops and Weetabix using the 4Ps marketing mix. It includes an evaluation of target markets, product/brand, pricing, distribution channels, and promotional activities. Recommendations for improvement are also provided.
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Coursework 1 - Individual report - The 4Ps marketing mix
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EXECUTIVE SUMMARY Marketing mix is a vital element in the industry to help to understand the target customers and consists a plan towards the success of any product. With the help of this tool the sells of products efficiently takes place. In this report we had discussed all the factors of marketing mic in the terms of a company pair Kellogg's coco pops and Weetabix. Both of these companies had been evaluated on the basis of their productsusing Levitt's and Asker model in the terms of bran personality. Moreover, the pricing, place and promotional strategy of both company have been discussed with the set of recommendation.
Table of Contents EXECUTIVE SUMMARY.............................................................................................................2 INTRODUCTION...........................................................................................................................4 MAIN BODY...................................................................................................................................4 1. Comparison of Target markets.................................................................................................4 2. Product/ Brand.........................................................................................................................5 3. Price.........................................................................................................................................6 4. Place:........................................................................................................................................7 5. Promotion.................................................................................................................................8 CONCLUSION................................................................................................................................8 REFERENCES..............................................................................................................................10
INTRODUCTION Marketing mix is itself a factor combination, under the control of company to make an influence over customers to purchase the products. Kellogg's first developed cornflakes and started their commercials for patients among the battle creek sanatorium in 1900. Through innovative marketing history the company became prospered. This company is one of the largest food company and most valuable brand in the food across the world. It is a publicly traded company under the symbol K in share market. Weetabix is founded in 1932 in grist-mill and named as Weetabix in 1936. Weetabix have around 4% of shared in the category of cereal in French market and it is listed as one of the most quality promising cereal company. On the basis of 4P's , comparative study in between Weetabix and Kellogg's coco Pops is introduced in the report. Moreover, secondary observational research also will be added in this report. MAIN BODY 1. Comparison of Target markets Target market is a decided customer group with same demographic details and have been identified to be most likely buyers as per the product or services of the company(Thabit and Raewf, 2018). Weetabix comes under the category of cereal that have target age group of three to six years old whereas Kellogg's coco pops considered as occasional party breakfast as it contain 30 percent more sugar that a healthy cereal recommands and it has a target market of age in between 16 and 25 year old male and females. Weetabix are way too expensive per biscuit as it's per serving is less than it has very good ingredient that are very healthy even if consumed on the daily basis. Moreover, Kellogg's are also expensive due to the unprecedented draught condition within the farms. Weetabix encourages to have healthy breakfast on the TV commercials as on the daily basis it is the nutritious cereal that can beconsumed dailyalso whereas Kellogg's coco pops also have TV commercials but that includes children in them. Kellogg's also includes cartoons or animation in their advertising so that they can be more eye catching as well as attractive at the same time.
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2. Product/ Brand Product under marketing mix is refers the item, being sold by the marketer and being sold in the market(Lim, 2021). Levitt’s model of a brand, defines the core benefits, designing features, packaging, quality schemes of that respective brands. In terms of Kellogg's, coco pops are rice flakes, can be used as occasional snacks and it is popular among children's for their designing. Colour scheme of Kellogg's are more attractive in the compare of Weetabix. Kellogg's comes in the double packaging as well as on their packaging designs, animations are used to attract the eye of customer. Weetabix have quality product but the design of cereal is in palm sized biscuits. As per the Aaker’s brand model, there are five models explaining brand personality. In terms of sincerity, Weetabix havethe sincerity factor as it has one of the most promising personality in terms of quality. Second one is excitement, Weetabix have lack of excitement in the terms of pricing strategy. In matter ODF competences company do not have competencies as it is a luxury brand with sophistication and have ruggedness as it is mentally and physically strong enough to sustain in the market with their quality. In the account of Kellogg's, the company have excellency in nature of marketing as per their innovative strategies. There level of excitement as well as ruggedness, company continuously try to launch new improved products to sustain as one of the most well-known company within the industry. Its sophistication as well as the competence is higher and this company product coco pops have factored of pricing strategies. Kellogg's company have brand association among the market, they adds up the value by its services and products as well in the form of schemes and offers (Galli, 2019). However, in Weetabix, the brand awareness is dependent upon its image for quality and luxuryproducts. Their perceived quality is among one of the best cereal in the market but in terms of value for the product they are much expensive as per their palm sized biscuits. As they are healthy, awareness of the brand is higher in terms of customer satisfactionand their loyalty towards the brand as well. In the sense of functional and emotional level Kellogg's coco pops are attached with the emotions of children as per their marketing and TV advertisement with animations and cartoons. However, Weetabix is functional as per there quality, it is different in the functioning and emotional manner from the Kellogg's.
3. Price Price within a marketing mix is a cost that a consumer pay in exchange for a product. Price always links with the real price of product but supply cost as well as seasonal cost also considered at the time of the pricing by marketers(Lahtinen, Dietrich and Rundle-Thiele,, 2020). FactorsKellogg's coco popsWeetabix Type of productCerealCereal Raw costingRaw costing of the Kellogg's cocopopsaremoderatein senseasitconsistofrice, sugar, salt, fat reduced cocoa etc.Thesearelowerinthe costing as the raw material. Weetabix is made-up of whole grainwheat.Sugar,malted barely extract, salt etc. It has 4 gm fibre in the serving of 35g. Packaging costingOriginallythepackagingis bubble wrapped and after the wrappingitaddedinthe corrugatedboxaswell.So packaging cost are higher. Packaging of Weetabix is done in a single box, they do not use anykindofplasticinthe packaging,theyall100% recyclable. ExpenditureDistributionnetwork, advertising, marketing. For promotions company uses gifts,sponsorshipforthe children and merchandising as well. Weetabix does not spend too much on the advertising and marketing. But, it is made up of wheat and wheats are priced in dollars, as the pounds are weakerthandollarsso purchase of wheat cost a big amountsotheproductsare costlier Selling priceSelling price can be fluctuated as per the competitor product pricing. Many of time provides Selling price of the prices are valuebasedasperthe manufacturingcostingsoit
discounts as well to attract the customers. doesnothaveanyspecific effects due to the competitor market. Profit marginProfitmarginsarevery higher . Profit margin are very lower as theyalreadyhavequality production that results in more expenses. As per the table, price of the Kellogg's stay flexible as per the pricing of competitors. But in comparison with Weetabix its products remain in demand as its quality not on the basis of competitor pricing. Kellogg's uses competitive pricing strategy based on market condition as well as the research data. It regularly uses schemes and discounts, that can be redeemedforfree products, in the same contextWeetabix pricing strategy depends upon the product type or value based pricing strategy. Sometimes company charges a price for the product too low to profit production and sometimes too expensive to demand production. 4. Place: This 'P' within marketing mix defines the geographical location for the selling of product by the company(Wieland,2018). It also includes the channel management as the set of strategies for theadministrationofvariousdistributionchannelsaswell.Kellogg'suseswholesalers, supermarkets, hotels and street stores to sell their products whereas Weetabix shipped over the worlds from the online superstores. In the term of mass market products, Kellogg's can be found with maximum distribution outlets , whereas Weetabix can be counted as luxury brand as it can not be founded everywhere on the stores, its distribution is limited via online stores. In the terms of brand value, Weetabix have strong brand equity wheel in terms of the nutritional value in the market. In the terms of brand value in the account of Kellogg's coco pops, it has one of the most facts and up-to-date statistics within the market. Moreover, it holds place in global ranking in terms of brand value.
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5. Promotion This terms defines in terms of activity, product promotion or branding of the products in terms of the targeted customers within the market (Mazurek,, 2019). In Kellogg's, past methods of communication were on TV advertisement, print as well as promotional activities as the stores or within the market. For the making of their respective brand, company have used various methods of communication as well as the advertising of the respective products. Kelloggs used cinema for the setup whereas Weetabix have used social platforms to make people aware about the products as well as why they should use all these products in there daily life as well. The past method of communication of Weetabix was totally dependent upon the online video viewing as well as on the social media platforms as well. These methods helped the company to set up its respective position in the sense of luxury, healthy products within the market. In the Kellogg's, it has used oral, communication as well as promotion as they had coverage of market by providing their productas socially conscious in supermarket as well as street shops to approach the customers. CONCLUSION From the above study, it can be concluded as the marketing mix evaluation is an important factor to fully analyses the company on the basis of 4P's. In this report, comparative analysis of both brands Kellogg's coco pops and the Weetabix are done for there purpose of secondary observational research. Each of the brand have been studied on the basis of there strategy towards the market, their place, promotional and pricing manner. Among both of the products, Weetabix is the successful brand in terms of marketing mix and their applications. This product has proper strategy as well as demand as per its value and quality of product. In the terms of improvement, there can be a section of recommendation as well. For Kellogg's: ï‚·Kellogg's should be more considerate about the product quality at the place of marketing and advertising. ï‚·Coco pops should consist more fibres and less sugar. For Weetabix:
ï‚·Weetabix should focus on competitive price as well as price skimming strategy so that they can be affordable for people.
REFERENCES Books and journals Thabit,T.andRaewf,M.,2018.,Theevaluationofmarketingmixelements:Acase study.International Journal of Social Sciences & Educational Studies.4(4). Lim, W.M., 2021., A marketing mix typology for integrated care: the 10 Ps.Journal of Strategic Marketing.29(5). pp.453-469. Lahtinen, V., Dietrich, T. and Rundle-Thiele, S., 2020., Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context.Journal of Social Marketing. Wieland,J.,2018.,SMEMarketingmixstandardizationintheB2Bmarket.Journalof Management Policy and Practice.19(1). pp.45-55. Mazurek,M.,2019.,Brandreputationanditsinfluenceonconsumers’behavior. InContemporary issues in behavioral finance. Emerald Publishing Limited. Galli, B.J., 2019., Comparison of Change Management Models: Similarities, Differences, and Which Is Most Effective?. InR&D Management in the Knowledge Era(pp. 605-624). Springer, Cham. Online Kellogg,2020.[Online].Availableat<https://www.kelloggs.co.uk/en_GB/products/coco- pops.html>. Askew.K,2020.[Online].Availableat <https://www.foodnavigator.com/News/Business/Weetabix-talks-plastics- environmental-impact-and-reformulation>.