The following few pages which follow help to show overall how and
which types of strategies on various things based on Marketing
strategies can help Cadburys in launching there new product. Marketing
strategy is a plan of action which is used by many businesses around
the world, which helps the business meet its aims and objectives, it
can also assist a business when launching a new product as it helps to
identify which different strategies would be best to use. Marketing
strategies can be split into two main categories which are:
· Short-Term
· Long-Term
Short-term strategies help a business to focus mainly on the four P’s,
product, price, place and promotion which are vital to all businesses,
as these four features are the main things which help a business to
achieve objectives if they are used correctly. On the other we have
long-term strategies which are used to plan the future actions of a
business, this can include producing tables such as a ansoff matrix
which helps a business to decide on many things such as, whether to
launch a new product or to improve previous products, overall making
the right decisions on which type of strategy to use is vital,
especially in the case of Cadburys as it helps to decide how to launch
a new cereal bar, to ensure that they reach maximum sales. Throughout
the next few pages I will discuss possible short-term and long-term
strategies which Cadburys could use, indicating which type of strategy
in each case would be the most useful to help them achieve success
with there new product.
Ansoff Matrix
Introduction
A ansoff matrix can be used to identify and show various types of
growth strategies, many firm’s such as Cadburys could benefit from the
use of a ansoff matrix as it helps to focus on the firm’s present and
possible products as well as the markets. The main thing a ansoff
matrix helps to identify is possible ways for a business to grow; this
can include improving previous products or producing new products.
The following table shows the different choices of growth available to
many firms such as Cadburys:
Existing Products
New products
Existing
Markets
Market Penetration
Product Development
New
Markets
Market Development
Diversification
Market Penetration – This is when a firm tries to achieve growth using
existing products in there current market segment, to try and increase
its market share.
Product Development – This is when a firm targets a new product at
there current market segment.
Market Development – This is when a firm seeks growth by targeting
there existing products at a new market.
Diversification – This is when a firm tries to diversify into new
businesses by producing new products to aim at a new market.
Best marketing strategy for Cadburys:
The following list helps to show which marketing strategy from the
ansoff matrix would be best for Cadburys to use:
· If Cadburys was to use market penetration for there product, I feel
this would not help at all as the current product they have out in the
market which is the Brunchbar, is not doing very well and people would
not buy it, so I feel this would be the worst option to choose.
· If Cadburys was to use product development for there product, I feel
this could possibly be successful, although after the failure of there
previous product people may not buy there new product.
· If Cadburys was to use market development, I feel that again there
could possibly be a chance of success, as they may have aimed there
previous product at the wrong market, although people from the new
market may also not be keen to buy there product.
· It is clear that if Cadburys was to use diversification and aim a
new product at a new market, there would be a high chance of success
as long as the new product was to meet customer needs, which can be
done through extensive market research to help gather an idea of
people who would regularly purchase there product.
Marketing Objectives
Before a business such as Cadburys can decide on which market strategy
they will be using, they must take into consideration that correct and
precise marketing objectives are set to help the business to become as
successful as possible in the future. The best way for a business to
ensure that they set realistic and achievable objectives would be by
following the acronym of SMART, this helps identify points which need
to be checked by a business to make sure high-quality objectives are
being set to maintain high sales for the product.
The acronym SMART is short for the following which all need to be
checked over by businesses when setting its marketing strategy:
· Specific
· Measurable
· Achievable
· Realistic
· Timed
For a business such as Cadburys to be successful within such a
competitive market, good quality objectives must be set.
The following is a list of objectives Cadburys could set themselves to
ensure that they are successful with the launch of there new product:
Principles of Marketing
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There are many different features to be looked at when marketing your
product to ensure there are no hiccups when releasing a new
product.The following are a list of different things which need to be
looked at by businesses such as Cadburys to ensure success for the new
product:
· Understanding customer needs – This can be found through extensive
market research to help the business determine the customers outlook
on products and also the new tendency within the market. Through my
market research which I have conducted, I have now found the correct
segment for me to aim my product at helping to almost ensure success
with the new product as I have covered the needs of my chosen segment.
· Understand and keep ahead of competitors – This again can be done
through market research to help a business stay above competitors. I
have used secondary research here to help me see the biggest rivalries
within the market, therefore enabling me to stay above them.
· Communicate effectively with customers – This can be done through
varieties of places, the most affective would be through promotional
techniques used by the business. To ensure I have done this, I listed
the possible promotion techniques and chose the ones which I felt
would be best to use.
· Organize functions to achieve objectives – To ensure correct
objective have been set, a business must look at the four P’s around
the product to make certain that the correct marketing objectives have
been set. To help me do this I ran through the four P’s of my product,
and then checked to see that I had stated most of the possible
strategies for the product.
· Aware of constraints – All businesses must be aware of the
constraints they face on there marketing activities, to ensure that
they are then able to work there way around it. To ensure I was aware
of the possible constraints from many different factors, I produced
both a SWOT and PEST analysis to help me identify these.
The above principles of marketing must all be looked and analysed by
businesses, to ensure that the launch of the new product runs as
smooth as possible.
