BMP4004 - Marketing Mix: Contemporary Issues in Marketing

This report provides an in-depth analysis of the marketing mix, focusing on Cadbury as a case study. It begins by defining marketing and the marketing mix, followed by a theoretical explanation of the 4Ps (Product, Price, Place, and Promotion). The report then introduces Cadbury and its new "Plant Bar" product, a vegan alternative to their classic Dairy Milk chocolate. The 4Ps marketing mix is applied to the Plant Bar, detailing product features, pricing strategy, distribution channels, and promotional activities. The report concludes that a well-defined marketing mix is crucial for organizations to increase revenue, enhance customer experience, and achieve brand differentiation, emphasizing the importance of strategic pricing and marketing to engage customers and foster long-term brand loyalty. The document is contributed by a student and available on Desklib, a platform offering AI-based study tools and resources for students.

BSc (Hons) Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
Submitted by:
Name:
ID:
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Contents
Introduction p
An explanation of marketing p
An explanation of marketing mix p
A brief theoretical explanation of 4Ps marketing mix
p
Introduction of product/service
p
Application of 4Ps marketing mix to the selected
product/service p-p
Product p
Price p
Place p
Promotion p
Conclusion p
References p
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Introduction
Marketing can be termed as an exercise which essentially explores, creates
and delivers value to customers in order to meet their demands in relation to
segmented market (Bleier, Keyser and Verleye, 2018). It is beneficial for organisation
as it assists in identifying varied customer needs and demands as well as framing
marketing plan to satisfy those wants. Marketing mix can be described combination
of various elements which helps to develop strategies for promoting goods and
services. Effective marketing tactics helps to create a strong reputed image in
market. For better understanding of nature and importance of marketing mix in
identifying customer's needs, Cadbury is taken into consideration. Cadbury is an UK
based confectionery company which operates globally and was established in 1824.
Cadbury offers diversified range of products to its massive customer base and has
its headquarters at London, England.
This project highlights an understanding of marketing processes which help
organisation to succeed in contemporary business context. This project also depicts
the understanding of marketing mix and how it is effective in developing a new
product or service.
An explanation of marketing
Marketing can be described as a set of activities which are undertaken by
organisation in order to promote their products or services (Dietrich, Rundle-Thiele and
Kubacki, 2017). Organisations develops their marketing strategies by keeping their
target audience in mind. It helps to develop customized messages for them which
helps to attract large number of consumers. It is desirable to frame and execute
effective marketing strategies as it helps organisations in enhancing their growth.
For instance, managers of Cadbury significantly uses social media channels such as
Facebook, Instagram, twitter and many more for framing effective messages for their
potential or existing customers. Efficient marketing strategies are significant for
corporations as it aids them in making their brand popular and reach to a large
number of customers. Marketing strategies helps them to select targeted audience
among a large number of customer segment.
An explanation of marketing mix
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Marketing mix is a significant tool that involves set of actions which aid
organisations in promoting their brand and products in marketplace (Efanny and Et.
Al., 2018). It is considered as a foundation model for establishments as it assists
them in framing effective marketing strategies which in turn aids them to generate
more revenue as well as profitability. Marketing mix is illustrated as a dominant
framework in contemporary business practices. It is significant for organisations as it
provides strengthening in identifying competitive advantage. It also ensures that
business functions are operating on a smooth level.
Marketing mix of Cadbury helps marketers in planning a successful product
offering. It also helps establishments in making use of their strengths as well as
avoid unnecessary costs in promotion. Main purpose of marketing mix is to search
for right combination of distribution channels, promotional activities and pricing
strategy which helps marketers of Cadbury in gaining competitive advantage (French,
2017).
A brief theoretical explanation of 4Ps marketing mix
4 P's of marketing mix are significant elements that are essentially involves in
promoting a product or service. These four P's are constrained by varied internal as
well as external forces that are present in external environment and impact
organisational processes in a significant manner (Hervey, 2020). These key elements
are identified by marketers in order to know the answers about customer preferences
and perceptions. It also helps in evaluating which products are successful and which
are not. It also delves how products or services are perceived by consumers as well
as gain brand differentiation. Marketers of Cadbury has evolved an efficient
marketing mix which demonstrates advertising tactics that helps in influencing
customers to purchase their products. Cadbury offers diversified range of specified
product as well as apply efficient pricing and marketing strategies along with display
them at their physical stores.
Introduction of product/service
Cadbury offered miscellaneous range of products to their customers as per
their convenience and status. Managers of Cadbury preferred to perform extensive
research into gaining insights about customer demands and needs. Top
management of Cadbury are planning to launch a new version of their popular dairy
milk chocolate, namely, Cadbury plant bar. It is classical range of plant- based
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chocolates developed by Cadbury in order to expand their vegan ranges (Hisrich and
Ramadani, 2018). This new product is prepared by using almond paste and tint of
nuttiness provides a similar taste as per its previous products. Managers are
planning to launch its two flavors in UK which contains salted caramel pieces and
are packed in packages manufactured by using renewable resources. Its
recommended price is € 2.90 which is high than normal dairy milk bar. This launch is
particularly for the people who are aware of their health and are wiling to adopt
vegan diet.
Application of 4Ps marketing mix to the selected
product/service
Product
Product can be defined as something which is offered by company to selling
and making profits. Product decision are taken after extensive market research in
relation to consumer's demands, perceptions and preferences (Jobber and Ellis-
Chadwick, 2019). In order to know exactly on how a product is performing at
marketplace, constructive feedback and reviews are taken into consideration. For
launching a new product, identification and understating of consumers demands is
important. Likewise, Cadbury's new product, Plant bar is manufactured to target that
class of customers who are aware of their health and want to adopt vegan diet as it
does not contain milk. Before launching new product, marketing professional of
Cadbury has performed extensive research in order to determine customer needs as
well as satisfy them to provide them better experience. It is desirable for managers
of Cadbury to understand consumer purchasing journey in order to determine their
influential factors. Although, Cadbury offers a expanded range of products including
various brand such as Perk, Five Star, Oreo, Fuse and many more. But for launching
new product, managers of Cadbury perform extensive market research in order to
determine the alignment with market trends. It is essential to describe the features
and benefits of newly launched product as it keeps the customer informed and helps
to in taking purchasing decision. Cadbury Plant Bar is a new version of dairy milk
brand which helps customers to be informed about in relation to color and shape.
Price
Price is that element of four P's of marketing mix which can be described as
amount of money that a customer has to pay in exchange of products or services
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(Kimmel, 2018). Various companies have adopted differential strategies in order to
determine their prices which helps them to gain competitive advantage. Managers of
Cadbury prefers cost plus pricing strategy which ensures adding up of operational
cost while determining prices for differential products. It is essential for organisation
to select relevant pricing strategy which helps them to quoting right prices by adding
up the profit margins. It is significant to determine price for new products as it is the
value which is expected by organisation from customer in exchange of goods or
services. Cadbury preferred to adopt those prices for their products which suits
consumers. As they produce differential ranges of products by keeping diverse
needs of customer in mind. Their products price ranges from low rates to premium
goods. Their new product, Cadbury Plant Bar has been quoted with reasonable price
for people who want to modify their diet plans to vegan.
Place
Place is an important aspect in framing marketing strategies for organizations
that can attract customers towards the brand (Kumar, Choi and Greene, 2017). It is
described as that element which is used by organisations into displaying their
products. It can be typical physical store or an online mobile application or official
website. Cadbury displays their products at supermarkets, convenience stores and
on their official website. They have collaborated with e-commerce website like
Amazon in order to develop their viability in market and gaining competitive
advantage. Through their offline channels, Cadbury distributed its products through a
wide range of channel in order to accomplish widespread availability. Managers of
Cadbury has chose to launch their product, namely, Cadbury Plant Bar at UK
supermarkets and e-commerce website. Distribution and supply channel of Cadbury
is very wide that helps it to operate on a world wide basis. Efficient distribution
channel helped Cadbury to reach a wide range of existing as well as potential
customers. It is desirable for Cadbury to determine effective place for their products
in order to reach massive number of customers.
Promotion
Promotion can be described as strategies or tactics that an organizations
frame and develop in order to inform customers about their products or services
(Minculete and Olar, 2018). Promotional strategies are ought to frame with extensive
care as it is the tool which makes customers informed about new products or
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services launched. These are developed and practiced as per the demands of
differential segments of consumers. Some customers are targeted through hoardings
or television advertisements which are sort of traditional marketing practices.
Whereas, some customers are targeted through modern techniques of promotion
such as social networking sites or digital channels. Marketers of Cadbury uses a
combination of traditional and modern methods of promoting their products. They
develop television advertisements in order to make their customers to feel a
connection with their products. They also take use of social media sites by
organizing a competition and provide free products to winners. It also take helps of
hashtags such as #Unrapjoy, #Joycabs and many more. Managers of Cadbury have
also organize regular competitions on their Twitter handles through the form of
interactive games. It regularly post items in relation to competitions and newly
launched products. Marketers of Cadbury have developed promotional strategies in
order to promote its new product, namely, Plant Bar through social media marketing.
Marketers post photos of this product with its price on social media sites to promote
it. Marketers of Cadbury has also asked to review their new product in order to gain
insights in to market which will helps to enhance their customer experience.
Conclusion
From the above presented report, it has been concluded that marketing is a
crucial activity performed by marketers in order to inform existing as well as potential
customers about their products or services. Marketing mix is a combination of four
elements, namely, place, promotion, product and price. These four P's help
organisations to frame marketing plan in order to increase revenue and generate
more profitability. These marketing mix assists establishments in integrating varied
elements which helps them to enhance experience of their customers. In order to a
analyze customer experience, it is desirable to ask for constructive feedback from
their customer. Product is something which is manufactured or procured by
organisation and provide to sell in the market. Price is a monetary value which is
gained by organisations in exchange of product they sold. Place is described as a
physical or online store which is used by organisations to display their products as
well as attract consumers by showing them in an effective manner. Promotions used
by organisations for promoting their products or services in order to reach massive
number of customers. Marketing mix is essential for organisation to frame strategies
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that helped them to generate more sales and profitability. Effective marketing helps
to engage customers to a brand for a long time without switching to any substitute
company. Organisations should develop their strategies related to pricing or
marketing in a strategic manner in order to gin brand differentiation and enhancing
customer experience.
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References
Books & Journals:
Bleier, A., Keyser, A. D. and Verleye, K., 2018. Customer engagement through
personalization and customization. In Customer engagement marketing (pp. 75-94).
Palgrave Macmillan, Cham.
Dietrich, T., Rundle-Thiele, S. and Kubacki, K., 2017. Segmentation in social
marketing (Vol. 1). Singapore: springer.
Efanny, W. and Et. Al., 2018. The relationship between marketing mix and retailer-perceived
brand equity. IMP Journal.
French, J., 2017. The importance of segmentation in social marketing strategy.
In Segmentation in social marketing (pp. 25-40). Springer, Singapore.
Hervey, M. S., 2020. Mix Marketing: A Set of Tools at the Disposal of the Religious
Entrepreneur. In Understanding the Relationship Between Religion and
Entrepreneurship (pp. 230-251). IGI Global.
Hisrich, R. D. and Ramadani, V., 2018. Entrepreneurial marketing: a practical managerial
approach. Edward Elgar Publishing.
Jobber, D. and Ellis-Chadwick, F., 2019. EBOOK: Principles and Practice of Marketing, 9e.
McGraw Hill.
Kimmel, A. J., 2018. Psychological foundations of marketing: the keys to consumer
behavior. Routledge.
Kumar, V., Choi, J. B. and Greene, M., 2017. Synergistic effects of social media and
traditional marketing on brand sales: Capturing the time-varying effects. Journal of
the Academy of marketing Science. 45(2). pp.268-288.
Minculete, G. and Olar, P., 2018. RELATIONAL APPROACHES TO THE DIGITAL
MARKETING MIX. In International Scientific Conference" Strategies XXI" (Vol. 2,
pp. 13-19). " Carol I" National Defence University.
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