Develop a marketing strategy for an existing product but redeveloping it to meet my target market's specification.

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Kashif Quraishy 12P2

Marketing Strategy

For my product I have to develop a marketing strategy for an existing product but redeveloping it to meet my target market’s specification. This is to be targeting;

  • A market of young adults, aged between 16 to 25 years old,
  • Have attracting and eye catching packaging,
  • Have a milk chocolate and nut filling,
  • Be a larger more interesting size,
  • To weigh no more than 40g,
  • Keep its original shape.
  • Finally, to be heavily advertised.

All these conclusions have been made through my research and market surveys as represented in my questionnaire result’s graphs (in introduction section) and with other secondary research on Cadbury’s confectionary markets (in the appendix).

Therefore my product will be called Cadburys ‘Nutty Buttons’ and my advertising slogan is going to be ‘Go on, go a little nuts!’ The product will keep its customary packing, so customers can refer to the existing product and its successful reputation. The packaging will be purple with a picture of a ‘Nutty Button’ in the middle and the slogan on the side. Therefore my product would come under the ‘Product Diversification’ criteria of the Ansloff Matrix, as it is a new product with an extension strategy that appeals to a new market. This will therefore increase Cadburys revenue, as I will make money from a previously untouched market. I chose to develop an existing product of Cadburys, because through my internal and external research I discovered that the confectionary market was practically saturated and any new product launch would not last without the strong foundations of a popular/existing brand name. Hence I decided to make a new product extension, as I felt it was the best way for me to launch a successful product for my target market.

The External factors influencing my strategy would be the Opportunities that my products offers or creates as a result, such as the ability for Cadburys to diversify into other markets, expand into further geographical territories or develop further technological advances with increased investment though increased turnovers, as a result of my product. However there are Threats as a result of external analysis’s such as other companies may seeing the financial prospects of the market and joining by offering a similar product but at a cheaper price! Changes in customer/target market likes/dislikes could lead to a reduction in sales.

For the promotion of my product I will advertise my product on television as my survey suggests that this where the majority of my target market will view/ learn about the product. Moreover this promotion method seems to be the most effective nowadays as you have an increasing wide range of viewers and the secondary research I obtained on Cadburys market strategy, say that television has become their main method of advertising (evidence in appendix). This method increases sales and publicity with catchy adverts/gimmicks, that the public will relate to and remember your product from. Thus, I will use a promotional advert where a group of young adults will be working in an office block looking very bored! This is when one of the office workers opens up her draw and takes out a pack of ‘Nutty Buttons’ and starts to pass them around her fellow workmates, thus they all start laughing and joking and play games with the buttons. Finally the advert would end with a voice over with the chocolate slogan ‘Go on, go a little nuts’. This advert would thus give the effect that Nutty Buttons’ are for young adults and will bring a little joy and laughter to them (in the work place), moreover that it brings people together. I would launch this extensive promotional campaign at the beginning of my introduction period, as this is the period in the Product Life Cycle, where my product would need an excessive promotion campaign to get it noticed from the rest. Other promotion tactics could be to hand out free-bies at all the major supermarkets where my product would be sold, have adverts/posters on billboards/bus stops/magazines or even to have celebrity endorsements as I found from my questionnaire results, almost 50% of those asked said they would buy a chocolate product on account of a celebrity endorsement. Moreover within newsagent, where the majority of chocolates are bought,

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‘Nutty Buttons’ could take up a whole section, where it could be seen at all times to attract customers and further it’s within shop promotion. 

Some of the Internal factors that have affected this market strategy would be the existing Strengths that Cadbury’s has to offer my product launch in the way of resources and the existing strategies and capabilities of operating at a competitive advantage. Such as patents, which protect your product from others trying to make copies, there well established worldwide brand name and reputation as market leading confectionary makers. Although there could be Weaknesses as the ...

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