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Unit 3 - Marketing Research And Marketing Mix

Extracts from this document...

Introduction

Unit 3 Investigating Marketing Definition of Marketing - Getting the right product to the right audience at the right time and price. All successful marketing is based on marketing's four main P's: * Product - getting the right product for the customer * Price - fixing the price at the right level for the product * Promotion - promoting the product to the right audience * Place - getting the right product to the right people at the prefect time Ribena is a brand of uncarbonated soft drink made by GlaxoSmithKline in the United Kingdom. The original and most common variety contains blackcurrant juice. Ribena was originally manufactured by the Bristol-based food and drink company Carters as a blackcurrant cordial. The drink was launched in the 1930s and it was given the name Ribena, from the botanical name for the blackcurrant, Ribes nigrum in 1938. Blackcurrants are a rich source of Vitamin C. During World War II other fruits rich in vitamin C, like oranges, became almost impossible to obtain in the United Kingdom. Blackcurrant cultivation was encouraged by the Government and the yield of the nation's crop increased significantly. (Source - http://www.businesspme.com/uk/articles/advertising/112/Ribena.html) Chosen Product I have chosen to make a new flavour of Ribena, a tropical flavour. Seen as this flavour has never been introduced to the market I think I can make a break in the market for my new flavoured Ribena. Ribena is a very popular drink in the UK and I think that making a new flavour will create new profit for the company itself. They already have blackcurrant, orange, apple, strawberry and blackcurrant light but no tropical flavour which I think will boost profits for the Ribena brand. Main Objectives With this new marketing campaign the main objectives are: - * To continue to increase sales and profits for the company * Continue to deliver customer satisfaction * Establish gaps in the market * To uphold company heritage by continuing brand awareness Continuing to increase sales and profits for the GlaxoSmithKline company will be the one of the main aims for the company. ...read more.

Middle

GlaxoSmithKline can use both the Product Life Cycle and the Boston Matrix to judge if the Ribena and other new flavours introduced of it will continue to maintain initial dominance within the market in the future Price - is an important element of the marketing mix. The price has to be correct as it can determine if a consumer buys the product or not. The price of a product is chosen through a pricing policy within the marketing mix. Important aspect of market research Prices for various products in different markets will vary. It is important market research has been carried out by the organisation to find out the consumer's budget and their willingness to spend money on certain products. The research can also identify other facts about consumers such as if the target market is price too high or sensitive. GlaxoSmithKline has carried out both primary and secondary market research to find out more about the market and the consumers. The organisation has to take the consumer market research into consideration when pricing the Ribena tropical juice, as the target market seems to be price sensitive. Pricing Strategies Businesses can employ different pricing strategies for their products. The strategy that is chosen depends on some extent on the long-term aims of the company. GlaxoSmithKline will have to evaluate the most suitable pricing policy before making decisions. * Skimming - High prices for new products which have little or no competition. This pricing strategy helps recover the expenses from research and development. * Psychological - Setting a price which the consumer seems to be as value of the product. For example 45p or 85p. The business gets into the consumer mind psychologically to convince them it is a good price for the product. * Penetration - this is the setting of a low price to penetrate an existing market. This is typically used by new businesses to establish them in the market. ...read more.

Conclusion

The company can also find the segment's target in other areas around country and the world which could help rise sales for the drink; this will meet objectives of the marketing mix. To ensure that their marketing mix fits around legislation that protects the competitors and the consumers. The company should acknowledge all law that are introduced and obey all of the current ones such as the Sales of Good Act which defends buying rights of the consumer. They also have to make sure that the product respects all national and international buy legislation as well the form of promotion and packaging. This will have cost effects that may limit other areas of the market strategy but it will also help the marketing mix adapt to the legal procedures of the business promoting the image of GlaxoSmithKline as an honest company and will hit all marketing objectives. Political factors can alls influence the marketing mix indirectly. The business has to be prepared to put a lot of money into the advertising and TV commercials because if there are political campaigns, party may be willing to pay a higher price to for the air time or even to collaborate with the company. The Ribena tropical's marketing mix has to adjust to the economic changes within the soft drinks market. This marketing is expanding and GlaxoSmithKline needs to be aware of this and execute their plan effectively and efficiently. Marketing research has shown that people believe that 80p is too expensive for the product. GlaxoSmithKline may have to reconsider the suggested price of the GlaxoSmithKline to increase sales and which is the main objective. This is quite a competitive market with many products to benefit on the consumer. Businesses like Coca-Cola have their own agendas and products with unique features. GlaxoSmithKline must keep track of product developments and keep re-developing the Ribena tropical with improved taste and flavour and promote this to the target segment. ?? ?? ?? ?? Andr´┐Ż Gibbs Unit 3 - Marketing 1 ...read more.

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