The Marketing Mix Revisited: Towards The 21St Century Marketing Essay
The Marketing Mix Revisited: Towards The 21St Century Marketing
Different businesses operate within a given market and aim at attracting more customers as well as making profits through higher sales. Furthermore, it is often the aim of any given company to ensure that it provides products that will increase its market share and make it competitive in the market (Khan, 97-107). Therefore, every business will formulate marketing strategies that will help it gain competitive advantage as well as make profits and have more customers for its products. When starting a business and one wants to enter in to a market with a new product, it is important to have a marketing strategy which addresses the marketing mix the company will apply as well as the business environment it will operate in (Khan, 97-107). The following proposal involves the details on the marketing strategy that the company will apply for the Organic Mint Chocolate Sugar Scrub.
Business environmental is made up of the internal and external factors which affect the operations of a business. In this case, the business environment for the Mint Chocolate product is suitable for the product. On political basis, the political en businesses environment has changed a lot over the years and it has opened up for business across the world (International Cocoa Foundation, n.p). There is political will for across many countries in terms of business policies which businesses can rely on. The issue of trade barriers have been addressed through trade treaties which allow businesses to expand in to other countries. Therefore, based on the business regulations and rules governing business registration, production of goods as well as the issue of taxes that will be paid, the environment is welcoming and hence there is a chance of development and growth (Khan, 97-107).
There is political stability which is suitable for the business hence growth will be experienced within the next 2 years. There have been a lot of technological developments which have helped businesses to expand (Khan, 97-107). Due to the increased technological development, the company will reach more customers through the use of social media as well as the internet for marketing. Furthermore, the cost of production will be lower hence the prices that will be charged for the product will be affordable hence there is a chance of attracting more customers (Constantinides, 407-438). The market for beauty products is quite huge as part of the microeconomic factors which will affect the business. Companies such as Barney’s opened up the market and from observations; there is a huge market across the world. Furthermore, the demand for the beauty products is also readily available although the company will face competition of which it plans to overcome through its marketing mix.
The potential competitors
There are several competitors in the market which the company will need to face. Some of the potential competitors include BircyhBox, Sabon NYC, as well as ULTA:. The company will need to formulate a marketing strategy that will fight the competition and increase the profitability of the company (Constantinides, 407-438). However, it is to be noted the market for the organic chocolate beauty products has grown over the years. Therefore, despite the stiff competition, the company through its pricing strategy will be able to overcome the competition.
Potential Business Partners
It is important for a business to engage business partners so that it can be able to realize the benefits of economies of scale that are available. In this case, the potential business partners of the company will be company such as Barney’s, Ricky’s NYC, and Urban Outfitters as the major retailers that can help the company prosper (Constantinides, 407-438). The relationships with these companies will be in terms of the distribution and the retailing of the product so that the company can be able to reach a large number of customers that visit these retail stores.
Over the years, there has been great development in the market with customers embracing the use of beauty products. The market trends have inclined towards the increased use of beauty products hence the growth in the business. The consumers however have become more conscious about their health hence considering that this product is made of organic cocoa, it may be a challenge. However, due to the growth in the market, consumers are likely to embrace it since the pricing of the product will be affordable.
Potential market segments
The potential market segment that the company will be targeting with this product is the youths and young adults. The female youths enjoy products that are made of chocolate which hold some emotional attachment in terms of the love and building relationships and feeling confident. Furthermore, the female gender will form the largest share of the market that will be targeted as females are known to love beauty products than the males. Therefore, in this case, the targeted market segment will be made of female youths aged between the age of 15 to 29 years youths as well as some adults aged between 30 to 45 years, although the product will be available for the older generation too.
Beauty products are used worldwide and therefore it is a matter of the company choosing which location it will concentrate its business. The US market seems to have grown a lot in terms of the market as well as the demand for the product. Therefore, since this is the initial business, the company will locate its business in the US, the city of New York. The city provides a wide market for the product in addition to the ease of distribution of the product to the customers. Therefore, the first business will be located in the US but as time goes by and with continued growth, the company hopes to expand its operations in to other countries such as England, and across Europe before it can expand to the African Continent.
It is important that a company should ensure that it has a marketing mix that meets the needs of the consumers as the primary aim is to capture the market and ensure the company has a higher market share (Khan, 97-107). The marketing mix of this company will include the product, the price of the product, the distribution as well as the promotion of the product.
The company is planning to produce the Organic Mint Chocolate Sugar Scrub which will be made from organic cocoa among other ingredients (Constantinides, 407-438). The Mint Chocolate Sugar Scrub will be made in form of chocolate bars and packaged in paper packs unlike others that are packed in polythene packs. This is to help conserve the environment. Furthermore, this product will come in variety of colours but the flavour will remain to be mint flavour since no companies produce mint chocolate beauty products.
The beauty products that are offered have been in the market for some time and hence there is need to ensure that the price for the Mint Chocolate Sugar Scrub is favourable for the customers. The aim of the company is to attract customers hence the price will be lower than that of the current players in the market (Constantinides, 407-438). Furthermore, the price will also depend on the size of the chocolate bar whereby the bigger the bar, the higher the price although for start, all bars will be of medium uniform size. Therefore, the price will be based on the current market prices but is expected to rise after the business stabilizes.
The place or the distribution of the product is important. Since this is the first time this product will be entering the market, it will be important to place it strategically where customers can locate it easily. The product will be available in major retail stores such as Cos Bar, Sephora and Blue Mercury among others (Constantinides, 407-438). Furthermore, the product will also be available online on the website of the company since there will be an online store.
It is important to promote the product since it is new in the market. Promotion will help create market awareness of the product as well as help in expending the market share of the company. The promotional strategy that the company will use includes online marketing whereby the company will open up a social media account to post its products and reach out to customers (Constantinides, 407-438). Furthermore, the company will promote its products through television adverts as well as free samples since it is the first time the product is entering the market. All these promotional methods will enable the company to reach out to the customers and build a strong customer base. In conclusion, the company expects the business top start and develop at a gradual pace over the next 2 years after which rapid growth is expected over the next 5 years.
Constantinides, E. “The Marketing Mix Revisited: Towards The 21St Century Marketing.” Journal Of Marketing Management 22.3/4 (2006): 407-438. Business Source Complete.Web. 13 Dec. 2014.
International Cocoa Foundation.The Chocolate Industry February 2014 Retrieved from http://www.icco.org/about-cocoa/chocolate-industry.html on 13th December 2014
Khan, Muhammad Tariq. “The Concept Of ‘Marketing Mix’ And Its Elements (A Conceptual Review Paper).” International Journal Of Information, Business & Management 6.2 (2014): 95-107. Business Source Complete.Web. 13 Dec. 2014.