Examining the Marketing Mix Strategies of Lola's Cupcakes

This presentation delves into the marketing mix of Lola's Cupcakes, a London-based bakery specializing in handcrafted cupcakes and celebration cakes. Founded in 2006 by Victoria Jossel and Romy Lewis, the company emphasizes a blend of traditional and modern marketing tactics. The presentation highlights the four key elements of the marketing mix: product (including cupcakes, decorate kits, and brownies), price (employing a market skimming strategy), place (through its twenty stores across London and online ordering), and promotion (utilizing advertising, public relations, social media, and email marketing). It concludes that an effective marketing mix is crucial for understanding customer needs, planning successful product offerings, and gaining a competitive advantage. Desklib provides access to this and other solved assignments for students.

Lola’s
Cupcakes

Introduction
Lola’s Cupcakes operates in Food and Beverage
industry with around 200 employees. Its headquarters
are established at London, Mayfair, UK since 2006.
The presentation is prepared on subject of Marketing
Mix of Lola’s Cupcakes.

About the company
 Lola’s Cupcakes is unique bakery that is dedicated for
handcrafting most delicious cupcakes together with
celebration cakes. Victoria Jossel as well as Romy Lewis
started the venture with their love for baking addition to
passion for offering variant of cupcakes, cakes and other
similar products. In each of stores of the company, cupcake
specialists are on hand for advising as well as giving
consumers a taste of classic flavours and seasonal new
discoveries.

Marketing mix
 It entails ample number of areas of emphasis as element
of marketing plan. It is said to set of tactics which an
establishment uses with the hope of promoting the brand
addition to its offerings in market. By using marketing
mix, managers of Lola’s Cupcakes find combinations of
product, distribution, price and promotion for gaining
together with maintaining benefits over rivals. In aspect to
Lola’s Cupcakes, elements of marketing mix are
described in next slides.

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 Product
 It is first element of marketing mix that refers
to any tangible offering or intangible service which
intends to satisfy wants, desires and needs of target
audience. Products offered by Lola’s Cupcakes
includes Decorate Kits, Lower Sugar Cakes,
Cupcakes, Brownies and many more.

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 Price
 First comes product and instantly next comes determining its values
among customers. Price is said to the cost which consumers are ready to pay
for product. Pricing strategy is a science and art, wherein it comprises market
data addition to careful calculations of resources in production. At Lola’s
Cupcakes, managers operate with market skimming strategy in which the
venture set prices that are similar of competitors in market. Herein,
organisational managers set high introductory prices for attracting buyers with
powerful desire for commodity and later gradually reduces price for grabbing
attention of next or subsequent market layers.

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 Place
 When managers of a venture devise decisions
about place, they make attempts for determining location
at which product should be sold and ways to deliver
offerings to market. In aspect to Lola’s Cupcakes,
products are available at its stores. The company has
around twenty stores across London. Along with this,
customers also order online to enjoy the services of
company.

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 Promotion
 It is to reveal to target audiences the reason they need a product of enterprise
and why they must pay certain price for availing it. With this, marketers disseminate
information about the brand and offerings to target customers. For promoting Lola’s
Cupcakes, marketing function uses traditional and modern marketing tactics.
Examples of traditional promotions are advertising, public relations, sales promotion
and sponsorships. At same time, modern promotions opted by marketing department
of the company are email marketing, social media strategy and affiliate marketing.

Conclusion
 From the presentation, it is concluded that marketing mix helps in understanding
what organisation product can offer to customers, plan successful product offering
and make use of strengths along with avoid unnecessary costs. With effective
marketing mix, business firms are able to allocate responsibilities, facilitate
communication process and gain opportunity for analysing cost advantage
elasticity.