Strategic Marketing Decision TABLE OF CONTENTS
Added on 2020-10-22
19 Pages6177 Words360 Views
Professional DevelopmentMarketing
|
|
|
STRATEGIC MARKETING DECISION
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................1MAIN BODY .................................................................................................................................11. Company’s introduction, objectives, PESTLE and SWOT Analysis ................................12. Market entry strategies.......................................................................................................13. Segmentation, targeting and positioning (STP)..................................................................34. Marketing Mix ...................................................................................................................55. Recommendations .............................................................................................................7CONCLUSION ...............................................................................................................................8REFERENCES ...............................................................................................................................9
INTRODUCTION Strategic marketing is a plan for identifying customers’ needs and achieve theirsatisfaction for increasing productivity and profitability. It is to improve performance ofcompany. It is to determine one or more competitive advantages in the market and allocation ofresources to exploit them. The objective is setting realistic objectives, creating business tactics,taking past marketing failures into account and identifying the most essential way of businessoperation (Adeola, Boso and Adeniji, 2018). Assignment is based on M&M. They are dealing in colourful button shaped chocolates;each has a letter 'm' printed on the lower side. It is the flagship products of Mars WrigleyConfectionery division of Mars Incorporated.In this context, study is based on objectives, PESTLE, SWOT analysis, competitors andcustomers, market entry strategies, segmentation, targeting and positioning, marketing mix andrecommendations of new product development of a company in the market.MAIN BODY 1. Company’s introduction, objectives, PESTLE and SWOT Analysis Company backgroundM&M is a privately owned company so the financial data is limited. Production of thecompany was started in 1941 in a factory situated at 285, Badger Avenue in Clinton Hill,Newark, New Jersey. M&M produce colourful candies which is made as a peanut coated in amilk chocolate. Mars candies are designed with the perspective of making attractive andcolourful chocolates. This concept was introduced by “Mars incorporated” on September 10,1941; approximately 76 years ago. Initially, it was introduced in United States. The chocolate manufacturing industry in USincludes 1600 companies with generating an annual revenue of about $20 billion. Carefulobservations about situations related to competition of the chocolate company's in the market,Mars decided to come up with a colourful idea of creating candy chocolates. This concept ofmaking innovations in chocolates help to gain lot of fame within a short span of time. This ideainspires people to buy more M&M chocolates. Almost among 100's of countries. Company's first big customer was a soldier who influenced this idea. It is this conceptwas inspired by the soldiers to carry chocolates that could work and store without melting.1
Variations in the climatic condition effects chocolates. The company had an idea of making theslogan for their brand. M&M decided to have an idea of giving it a worldwide Slogan whichmakes the brand more attractive and communicable. The slogan was defined as “Melts in yourmouth, not in your hands” as it was inspired by the real thoughts. In 1950, the idea of giving a trademark to the product was discussed and as a result, asmall 'm' was imprinted in black colour on candy's one side. In 1954, black coloured 'm' wasprinted on candy which was replaced with white colour. In 1960, M&M's added the colours tocandies including yellow, red and green colour. In 1976, orange coloured candy was introducedand red coloured candy was discontinued because customers were complaining about red colourdye on chocolates. In 1980, M&M stores were started internationally at Australia, Canada, Europe, HongKong, japan, Malaysia and UK. These candies were available in many sizes and fillings.Recently, this year M&M introduced the combination of M&M's with peanut, caramel, pretzeland peanut butter (Fellows, and Liu, 2015).Company objectives M&M had a great perspective of delivering a good quality of product to customers. Thiscompany had an objective of lasting mutual benefits for all the individual creating positive socialimpacts on the minds of the consumers with respect to the following five principles such asqualityresponsibility, mutuality, efficiency and freedom. One of their finest objectives is tocreate a large wealth generating revenues in an organization. M&M production got a greatsuccess in its career. Development of right product helps them to get unique combination ofinnovative products. This determined highly revenue generated ideas. Environment factors are more focussed rather than generating economic wealth Companyalways runs with the perspective of earning very highly in the market. Accepting the fact, that inthis competitive world full of innovative ideas, company needs to focus more on their productionand provide customers with new concepts of delivering services. Company needs to think abouttheir future feedbacks also.To enhance profit of business by 30% till the end of 2019.To develop two new products till the end of 2018.To open 30 more outlets in other locations till the end of 2019. 2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
What are marketing principles? Definitionlg...
|7
|1894
|15
The Marketing Concept - Assignmentlg...
|10
|1924
|28
Business Principles in Marketing and Operationslg...
|16
|4346
|375