Produce an appropriate Marketing Strategy for your corporate profile Essay Example

launches a new product that rivals their best sellers, particularly due to their high pricing strategy. Effective marketing strategies should use product lifecycle knowledge to predict when products reach market maturity and release new or modified ones as sales decline. Cash flows and profit are linked to the product lifecycle. The Cadbury dairy milk bar is an established product that is frequently refreshed with new versions.

Cadbury markets its Dairy Milk bar through TV adverts, billboard displays, as well as papers and magazines. To stay relevant in the dynamic confectionary market, manufacturers introduce a wide array of new products to appeal to consumers. To remain competitive, a company must constantly innovate and expand. Cadbury engages in ongoing product development to stay ahead of market trends and competitors. The Dairy Milk Fruit and Nut Bar is an instance of such development, being a variation of the original Dairy Milk bar.

In my view, Dairy Milk should be enhanced rather than transformed into a product resembling the fruit and nut variety. With regard to the Boost bar, possible improvements could involve introducing diverse ingredients to attract a wider range of consumers or even producing an entirely new selection of Boost bars. The primary aims of promoting a brand are to convince, educate and heighten consumer knowledge in order to increase sales. Advertising is the most frequently employed method of promotion, which can be executed through various channels like television, radio, magazines, newspapers, internet, cinema or outdoor media such as billboards and posters.

Depending on the market segments being targeted, the types of media chosen will differ. The Dairy Milk bar is already popular and doesn't need much promotion

because it has strong demand and sales. However, the Dairy Milk Fruit and Nut is a new product and needs advertising to make people aware of it. For new products, there are two target audiences: trade customers who stock the product and consumers who purchase it. It's essential for the company to get support from trade customers before introducing products to consumers.

Encouraging customers to visit shops is essential for retailers, who relied on product appeal to justify the cost of investment and stocking; thus having a catchy slogan for a new product can attract consumers. Sustaining sales during the growth of a product life cycle requires consistent advertising of the brand name.

The primary means of advertising would likely be via television, magazines, and newspapers as these are the preferred mediums for the target audience. Billboard displays and posters could also prove effective as they can entice consumers to visit stores. TV advertising should be the focus of Cadbury's main promotional efforts for the Dairy Milk Fruit and Nut and Boost products.

TV advertising is a cost-effective way to reach a broad audience. Additionally, sales promotion through free product samples can increase awareness and future sales. When considering distribution, a company must determine the most cost-effective method to get the product to the consumer. Overspending on distribution without significant sales may lead to little profit or even losses.

When it comes to purchasing chocolate, supermarkets and newsagents are the main sources for most people. The placement of the product in stores plays a significant role in sales, with eye-level being the most effective. A point of sale display can also attract new customers and increase awareness of

the product, particularly for the Boost bar. I recommend that Cadbury continue to use their current distribution channel for all products.

I believe that utilizing the current setup and experienced staff, as well as being located in a favorable area and recognized by existing suppliers, would benefit their products. Additionally, pricing plays a crucial role in the success of a product, where it should not only focus on being cheaper than competitors but also convey a sense of quality through higher prices.

Penetration pricing is typically utilized for consumable products such as chocolate with the objective of gaining a considerable market share, even if it means earning minimal profit on each item. Over time, the aim is to increase sales and profits significantly. In the case of the declining Boost bar, introducing a new variation of the product with a penetration pricing strategy, such as offering it at a lower price and providing discounts for bulk purchases, may attract more customers and boost sales.

For the well-established Cadbury's Dairy Milk bar with a stable demand, a price leader strategy is suitable due to the strong brand, allowing for higher prices than the market. However, for the newly introduced Dairy Milk Fruit and Nut product, a competitive pricing strategy is recommended, matching prices of rival products.