Marketing Mix Strategies for New Products

This assignment examines the application of the marketing mix (product, price, place, promotion) in launching a new product, specifically Chobani Flip. It delves into pricing strategies like skimming and economy pricing, analyzes promotional activities, and considers factors influencing product placement and target market selection. The goal is to demonstrate how these elements work together to achieve successful product launch.

PRINCIPLES OF
MARKETING

Table of Contents
INTRODUCTION...........................................................................................................................1
Case analysis...............................................................................................................................1
Marketing theory and target market............................................................................................1
Value proposition of the new product.........................................................................................2
Product strategy...........................................................................................................................2
Promotion strategy......................................................................................................................3
Place strategy..............................................................................................................................4
Pricing strategy............................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Marketing is the activity which is life blood for an organisation. There are some
principles which are to be followed while conducting this activity. In this report there is the case
of launching the new product in the market. It discusses about the various factors which will be
included in the function of marketing. Marketing theory is used to conduct the research
effectively. It is important the understand the value proposition of the product before launching
(Armstrong and et.al., 2014). Target market is selected to gain various benefits. Marketing mix is
used to establish the new product and gain some competitive advantages.
Case analysis
The case is about launching the new product in the Australian market. In the current
world condition, there are many people who are looking for the products with the taste which
will make them satisfied. That's why the product named Chobani 'Flip' is selected to be launched
in the market. This product is chosen because nowadays consumers wants to have the products
which are with the taste which they will never forget. They want to be satisfied by eating snacks,
crisps, cookies etc. with the creamy taste. That's why Chobani 'Flip' is chosen to be launched in
accordance with the present market condition. There are many products which comes under this
name in the market. Now they want to launch the new product. For launching the products many
factors must be kept in mind. By using the marketing techniques the new product will be
effectively launched.
Marketing theory and target market
Applying theory of the marketing mix is very much effective to launch the new product.
It makes the person to conduct the process of market segmentation in the better way. This theory
gives the detail analysis to do all the marketing activities in the efficient manner (Ahmed, 2014).
Market segmentation is the process which is used to divide the customers into the different
ranges in accordance with location, age etc. This activity can be smoothly done by adopting the
theory of marketing mix. It shows the individual about the factors which are needed to be
considered to divide the consumers into various ranges. This theory of marketing mix includes
four major concepts, that are product, price, promotion and place strategies (Understanding the
Marketing Mix Concept – 4Ps, 2014). Understanding and analysing these 4 categories help the
product to be launched in an effective and efficient way. Product strategy help in maintaining the
1

quality, concept the price helps in doing the pricing activities, promotional strategy makes the
customers aware about the product and concept of place in the marketing theory help in making
the people approachable with which they can easily buy the new product.
Activity of the market segmentation can be used to decide the target market in which the
new product of Chobani 'Flip' is to be launched. It is seen that all the people are moving towards
having the food which will is high in taste. Mainly the youth of 18-30 years are considered about
the taste. They search the product which will fulfil their needs and requirements. That's why the
youth of this range is chosen as the target market to launch the product. It is expected that high
amount of profits will be earned by marketing the product in this customer range (Kermally,
2016). It will also gain many competitive advantages. It is very much essential to select the target
market to launch the new product in the better way.
Value proposition of the new product
Theory of the marketing mix help the in knowing that, what will be the value of product
in the eyes of consumers. In accordance with case the new product which is to be launched in the
Australian market has an effective value proposition. By studying the case it was found that
every individual wants the food with the creamy taste and makes them fully satisfied. That's why
the product of Chobani 'Flip' is chosen to be launched in the market. This product will be highly
appreciable by the customers, because it is made according to their taste and preferences. It will
make the individuals satisfied and will fulfil their cravings. Chobani 'Flip' will help the person to
lose the fat, which is common problem of the people nowadays. Value of the product can be
increased among the customers by using the techniques of the marketing mix.
Product strategy
For making the good product strategy vision and goals are to be cleared. This new
product will be made with the proper quality. It is needed to satisfy the customers and make them
loyal towards the company (McDonald and Wilson, 2016). New modern technologies can be
used to maintain the quality of the product. The management should plan the innovative changes
in the product from time to time. To maintain the quality of the product proper monitoring
activities should be done. It will make the management to keep the close eyes on the production
function to ensure the quality of the product. Good product strategy will bring many benefits. It
will grab the attention many customers towards them. Detailed product strategy is given below:
2

 Vision- There is the long term vision which is sat for establishing the product of Chobani
'Flip' in the market. It is expected to make the product most popular among the
customers. It is wanted that the new product should lead the market among the other
products of the company. Vision is set to gain the competitive advantages.
 Goals- It is very much important ton set the goals. This is activity whose achievement
will bring various types of the benefits. Goal for launching the new product is ensuring
the quality and make all the customer satisfied. Quality is the part which is mostly needed
by the people. In accordance with the case the main goal is to satisfy the consumers and
earn many profits.
The vision and goal can be achieved effectively by giving an efficient performance.
Monitoring must be done after launching the new product in the market (Srijumpa, 2017). It will
help in analysing the product in better way. Natural ingredients are used by them in making the
product.
Promotion strategy
It is very important activity of the marketing mix. Promotion will make the consumer to
know about the product and its efficiency. It is necessary to make the proper strategy which will
effectively advertise the new product in the market. It can be done by using various techniques
like giving the advertisements in the TV, Promoting the products online etc. All these activities
will help the organisation to increase their sales and attract more and more customers towards
them. It will further lead the organisation to increase their market share. In accordance with the
theory of marketing mix promotional strategy can be effectively made by analysing and
understanding some elements. Those factors are as follows:
 Segmentation- For the better promotion of the product segmentation is needed. It helps to
know among which range of the customers, the product is to be promoted (Resnick and
et.al., 2016). It will save the cost by promoting among only that segment where it is
needed.
 Targeting- This process of the strategy will help in effectively communicating with the
customers who are divided into the specific segments. It is needed to make better relation
with the consumers.
 Positioning- It is the activity which is done to establish the brand image. This will be
done if the product will be efficiently promoted in the market. It will make the product of
3

Chobani 'Flip' different from the products of the competitors. It is done to make the
customers aware about the products and its effectiveness.
Promotional strategy can be effectively achieved by using the proper and suitable
techniques. Sample of the products can be given to the customers, providing online services,
taking the feedback from the consumers etc. Charities are given by them to promote the
products.These are some techniques which can be used to promote Chobani 'Flip' in the market.
Place strategy
It is the strategy by which the individual will know about the process which will help
them to place the product in the effective way. It is also known as the distribution strategy. This
activity of the marketing mix theory establishes the product on that place where the customers
can easily buy the products. Place should be selected in that manner where the target customer of
the product can easily approach them (Llorens, 2014). Product can be sold in that stores where it
will approachable to all the consumers who are targeted. This is very important because it will
satisfy the individuals to the high level. Detailed place strategy is described below:
 Direct distribution- It is technique by which the product will be directly provided to the
customers. No intermediaries will be included between the producer and the consumers.
It will bring many benefits for the person after launching the new product. It will make
the product to reach the customers directly which will highly satisfy them.
 Indirect distribution- In this technique wholesalers and retailers will be between the
producer and the consumers. Manufacturer will sell the product to the wholesaler, which
will be provided to retailers. On the last stage of this distribution technique the product
will be provided to people by the retailers. It will divide the profits between all the
persons included.
There are many other techniques too which will help in making the cited product placed
in the market. Chobani 'Flip' can be placed in physical stores where all ranges of products are
available to the people. For example, the new product can be placed in mall. In mall all types of
things are available. It will make the Chobani 'Flip' easily available to the target consumers. New
products of the cited brand can be mainly sold in the dairies.
Pricing strategy
It is that part of the marketing mix where some techniques are used set or decide the price
of the product in the effective manner. Proper research is needed to set the price in accordance
4

with the customers. It must be at that level which will be affordable by the target market.
Effective research will help in knowing the risk after setting the price at the very high level
(Resnick and et.al., 2016). This activity is to be done in accordance with the financial condition
of the market and the target customers. Price of the Chobani 'Flip' must be set after properly
analysing the pricing strategies of the competitors. It is done to gain the competitive advantages.
The pricing technique which will be used must be suitable for the new product. Non-effective
technique will not bring the desired results. There are many methods or elements which are
included in the pricing strategy. Those are as follows:
 Penetration pricing- For launching the new product at first the prices should be set at the
low level. This is done because it is expected that after the product is effectively
established in the market, then the prices can be increased. This technique is mainly used
for launching the new product. The price of the Chobani 'Flip' should be set at the lower
level. It can be increased after some time.
 Premium pricing- It is that pricing style in which higher prices are set. In accordance with
the case this technique is not that much effective for the Chobani 'Flip'.
 Skimming pricing- In this strategy prices of the product are at the high level according to
all the competitors. It is done to gain as many profits before facing more competition.
 Economy pricing- In this technique the prices are set in accordance with the economic
condition. It is needed to analyse the economy in the better way. This strategy will also
be suitable for setting the price of the new product.
These are some effective techniques in the pricing strategy. Affordable prices are set by
the cited brand.
CONCLUSION
This report concludes that all the elements of marketing mix are very much effective at
the time of launching the new product. It helps in maintaining the quality of the product and sets
the strategy which will be used while producing the product. Price of the product is effectively
decided and set by adopting the theory of marketing mix. All the promotional activities will be
done with the efficiency which will make all the customers aware about the product. It further
helps in selecting the place where the new product will be established. Using the theory of
marketing mix all the goals and objectives will be achieved according to the target market.
5

REFERENCES
Books and Journals
Ahmed, M., 2014. Principles of Marketing.
Armstrong and et.al., 2014. Principles of marketing. Pearson Australia.
Kermally, S., 2016. Marketing & Economics [Hardback]. Vernon Press Titles in Economics.
Llorens, S., 2014. Start-Ups and the Internet: The case of Strutz'Sole Angel®. Journal of
Business Cases and Applications, 11, p.1.
McDonald, M. and Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from
them. John Wiley & Sons.
Resnick and et.al., 2016. Marketing in SMEs: a “4Ps” self-branding model. International
Journal of Entrepreneurial Behavior & Research, 22(1), pp.155-174.
Resnick and et.al., 2016. Marketing in SMEs: a “4Ps” self-branding model. International
Journal of Entrepreneurial Behavior & Research, 22(1), pp.155-174.
Srijumpa, R., 2017. What beyond marketing 3.0: The 4Ss marketing mix strategy for
sustainability. Journal of Global Business Review., 15(1), pp.1-12.
Online
Understanding the Marketing Mix Concept – 4Ps. 2014. [Online]. Available through:
<https://www.cleverism.com/understanding-marketing-mix-concept-4ps/>.
6

7