Application of Marketing Mix by Weetabix and Kellogg’s Choco Pops
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This report analyses the application of marketing mix by Weetabix and Kellogg’s Choco Pops. It includes a comparison of their target market, product, price, place, and promotion. The report recommends launching innovation and using intense marketing tactics in practices.
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MG412 Principles of Marketing
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EXECUTIVE SUMMARY The report summarises that principles of marketing guides a brand to stay competitive in market. Aim of the report is to analyse application of marketing mix by two brands that are Weetabix and Kellogg’s Choco Pops. Methods of research used in the report are secondary and observational research methods. The report highlights target market of both brands, pricing structure, promotional channels and places where they are stocked. Brand are recommended for launching innovation and using intense marketing tactics in practices.
Contents EXECUTIVE SUMMARY.............................................................................................................2 INTRODUCTION...........................................................................................................................1 FINDINGS.......................................................................................................................................1 Comparison of target market.......................................................................................................1 Product.........................................................................................................................................2 Price.............................................................................................................................................3 Place.............................................................................................................................................4 Promotion....................................................................................................................................4 CONCLUSION AND RECOMMENDATION..............................................................................5 REFERENCES................................................................................................................................6
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INTRODUCTION Principles of marketing when applied properly in a company, they assist managers and employees to analyse competitors and introduce strategies for enhancing awareness of tactical and strategic decision behind major player performing in an industry(Taylor, 2020). Marketing based principles helps in creating demand, market share, generating goodwill, satisfy customers and market share. The aim of report is to compare and contrast ways in which marketing mix elements are effectively applied in one pair of brands. For this, selected brands are Weetabix and Kellogg’s Choco Pops. Weetabix is popular food processing brand which produces breakfast cereals. It is trusted quality as well as popular cereal brand with market share of 7% of total sales of cereal. More than 1.15 million users have consumed products of Weetabix in 2019. On other hand, Kellogg’s Choco Pops is breakfast cereal producer with 42% value market share for ready to eat cereals. In 2020, more than 6.67 million people consumed products offered by the brand. The report includes research findings on comparison between both brands on the basis of target market, product, price, place and promotion. FINDINGS Comparison of target market The element of marketing mix that is a group of potential audiences which a company identify for the purpose of selling offering is target market(Omojola, 2019). The target market includes customers which are most likely to purchase from the brand. It enables the company to direct resources to customers with great potential for sales volume, loyalty to brand along with interest on offerings. It entails segmenting and concentrating practices of marketing to essential segments which are key customers for organisation’s goods and services. For Weetabix and Kellogg’s Choco Pops, comparison of target market is underneath: WeetabixKellogg’s Choco Pops The brand is popular whole grain wheat breakfast cereals which are offered in palm sized rectangular and rounded shaped biscuits. The company has produced healthy whole grains biscuits to target one the go and busy consumers. Target market of Weetabixarekids,studentsandyounger On other hand, the brand target its market on thebasisof segmentationbasedon psychographicalongwithdemographic factors. As per demographic segmentation, it is determined that target customer of the company are young generation belonging 1
generation that need sustainable breakfast in order to support then whole day as well as at sporting practices. The mature Healthies segment of market, definitely, adults aged between 30 to late 40s are targeted more(Weetabix, 2021). It target desired market after analysing their social class, lifestyle, behaviour of buying and income. It emphasises moreonTVprogrammestargetpeoplewatch, hobbies and family life cycle. to age group of 16 to 25 years(Kellogg’s Choco Pops,2021). It also target mothers who have behaviour to care about their family as well as give them amusement together with healthy breakfast. The target market enjoys healthy living and fun. Product It is another element of marketing mix that is a system or object which is made available to potential and prospective consumer for usage or consumption so to satisfy desires(Rahman and Ayaz, 2018). It is tangible item which is put on market for the purpose of acquisition, attention addition to consumption. It is key for a brand and its marketing activities. Products that are offered by Kellogg’s Choco Pops and Weetabix are as follows: Weetabix: Products offered by Weetabix are delicious as well as health breakfast which offers nutritious benefits and mouth-watering flavours to customers. Weetabix Minis, Originals, Fruits and Nuts, Weetoss and hence forth are variant products of the company. It plans for launching health drinks in upcoming durations in product portfolio.In aspect toLevitt’s Model Analysis, it is perceived that Weetabix function to contribute towards lifestyle along with physical benefits of consumer through assisting them to maintain normal functioning of brain. Moreover, Weetabix portrays emotion to help families facing busy day. It is making attempts for portraying brand value that is worth £1.2 billion. At same time,Aaker’s brand personality framework, it is analysed that Weetabix represents personality of brand in sincere manner with its high quality of cereals which drives trust. It entails dimensions of excitement, sincerity, ruggedness, competence and sophistication as it is a successful company. Kellogg’s Choco Pops: Products of Kellogg’s Choco Pops offer tasty breakfast treats to people that are high in nutrition along with delicious for target consumers. Characteristics of products offered by the brand includes great chocolate flavour with nutritional advantages and no artificial sweeteners. It is preparing for launching white chocolate variants of coco pops so to 2
give a distinct taste. Coco pops skeleton, Coco Pops hot chocolate, Coco Krispies and banana sticks are certain product line of the brand.According toLevitt’s Model Analysis, it can be said that Kellogg’s Choco Pops function to offer physical as well as psychological benefits to kids through adding key and major nutrients in breakfast. Furthermore, the brand connect with mothers who care for kids. It portrays brand value of approximate £1 billion. Likewise,Aaker’s brand personality frameworkdetermines that Kellogg’s Choco Pops shows personality of excitement with humility addition to simplicity which assist in evoking sense of excitement as well as nostalgia within customer for their childhood. Price It is the value that customers are willing to pay in exchange of buying products or services offered by a brand(Dominique-Ferreira, Viana and Prentice, 2021). Pricing strategies ensures that commodities or services are sold at accurate or right price to customers along with offer high values for offerings. The pricing research for Weetabix and Kellogg’s Choco Pops are as follows: BasisWeetabixKellogg’s Choco Pops Onlineandin store research for establishing market price AtOnlinewebsites,Priceof Weetabix Chocolate Cereal is £3.00 per 100 g, Weetabix crispy Minis Chocolate chip Cereals is £ 2.00 per 100gandhenceforth.While,at stores, Weetabix Chocolate Cereal is £4.00 per 100 g, Weetabixcrispy Minis Chocolate chip Cereals is £ 2.30 per 100 g and so on. It implies thatonlinepriceischeaperthan offline. It is because at on online sites, the company so much offer and discount than offline. At Online Website, price at which Kellogg’s Choco Pops Strawberry & White Choc Cereals is £ 2.00 for 100 g, Kellogg’s Frosties is £ 2.00 per 100 g, Kellogg’s Rice Krispies is £ 3.00 per 100g and hence forth. At sametime,atphysicalstores, Kellogg’s Choco Pops Strawberry & White Choc Cereals is £ 1.98.00 for 100 g, Kellogg’s Frosties is £ 1.66 per 100 g. With this, it can be said thatitsetofflinepricelowto increasethecustomerandtheir brand name everyone purchase that in respect to their competitor. Pricing strategyAtWeetabix,costbasedpricingCompetitive based pricing strategy is 3
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strategy is used through which key emphasis is on establishing prices on the basis of product costs. It assist the brand to sustain competitiveness within the market. adopted byKellogg’s Choco Pops with the purpose of keeping prices of offerings flexible so to compete with other players in industry. Place Distribution or place tactic defines channel management of brand including type of stores sells the commodities of brand along with number of channels from which they sells products to end users(Mahr, Caic and Odekerken-Schröder, 2020). In aspect to Weetabix, stores which stocks products of the brand are convenience stores, mini stores, departmental stores and supermarkets. It offers its products through retailers at instore and online. It has mass market products which emphasises towards maximizing distribution channels so that they are widely purchased along with consumed by larger number of people. In contrary, stores which stocks offerings of Kellogg’s Choco Pops are wholesalers, high street stores, e-commerce and supermarkets. It channelize its offerings by making contracts with retailers, online and in-store. Being a mass market product, the brand sells its commodities also through online channels including e-commerce, it which it target mass customers as these are consumer goods along with consumed by customers daily. Promotion Channels of promotion assist brands to position effectively in consumers mind for becoming competitive(Harwood and Murray, 2019). In context to Weetabix, the brand uses multi-channel marketing strategy in which it continue its practices to unveils campaign across multi channels, comprising, national TV along with social media. It launches various campaigns at multi channels for the purpose of devising multi touch point at different times. The brand has also enhanced advertising speed to around £ 11million along with positioned themselves as a health brand in the minds of the target audiences including health conscious people and kids. On other hand, Kellogg’s Choco Pops applies extensive marketing strategies so to reach customers with the help of multi channels that are TV, press, outdoor advertising comprising social media as well as banner ads. Advertising campaigns of the company emphasis towards coco pops monkey character despite of emphasising only on nutritional benefits. It position its products as family commodity which benefit whole family. 4
CONCLUSION AND RECOMMENDATION Fromtheresearchfindings,itcanbeconcludedthatprinciplesofmarketingassist organisations to educate customers in the manner that makes it easy to find products which they want, extract values and make better choices. Marketing mix elements assist in facilitation of exchange among buyers and sellers for mutual advantage to parties. For improving marketing mix elements, Weetabix is recommended to undertake intense marketing tactics to capture wider market share through outdoor advertising. At same time, manager of Kellogg’s Choco Pops is suggested to bring great innovations for fighting rising competition. 5
REFERENCES Books and Journals: Dominique-Ferreira, S., Viana, M. and Prentice, C., 2021, June. Developing a digital platform based on a design and marketing approach. In2021 16th Iberian Conference on Information Systems and Technologies (CISTI)(pp. 1-6). IEEE. Harwood, V. and Murray, N., 2019. A Critical Cultural Approach to Social Marketing?. InThe Promotion of Education(pp. 61-93). Palgrave Macmillan, Cham. Mahr, D., Caic, M. and Odekerken-Schröder, G., 2020. An Interdisciplinary View of Marketing Ethics. InThe SAGE Handbook of Marketing Ethics(pp. 58-73). SAGE. Omojola, T. R., 2019. Marketing Education: A Critical Factor in Reducing Unemployment and Entrepreneurship Failure in Developing Economies.Marketing,5(2). Rahman, M. K. U. and Ayaz, M., 2018. The Impact of Marketing Mix on Customer Buying Behavior: A Case Study of Footwear Industry.NUML International Journal of Business & Management.13(1). pp.107-117. Taylor, R., 2020. Reframing Delivery of Principles of Marketing: Moving Bored Students to Board Room Employer-Needed Kick-Ass Skilled Grads.Academy of Business Research Journal,2, pp.52-66. Online: Kellogg’sChocoPops.2021.[Online].Availablethrough: https://kelloggs.co.uk/en_GB/products/coco-pops.html Weetabix. 2021. [Online]. Available through: <https://weetabix.co.uk/> 6