Confectionary Goods: Study on PRAN
Dr. Serajul Haque
MKT 543 E
Date of Submission: March 30, 2011
Marketing mix is a combination of marketing tools that are used to satisfy customers and company objectives. Consumers often call the marketing mix "the offering." This offer is controlled by the following variables often referred to as the five Ps in marketing: Product, Price, Place (Distribution), Promotion and Packaging. By using variations of these four components, company has the ability to reach multiple consumers within its target market. But, the problem is to determine the importance of each of the elements to reach target consumers. Another dilemma is whether to use parent brand or child brand or make a combination of two.
This report intends to explore the relative importance of each marketing mix elements and influence of brand name in purchase decision. This ...view middle of the document...
Its flavor and taste should be emphasized. Even though parents dislike colored products, product should be colorful as the target consumers want the product in that way.
As from the study we come to know that most of the time children are used to buy themselves and even though parents buy them such kind of products, they consider their children’s preference, price should not be set higher than normal trend of market. Again, price should not set lower as it will implies low quality to the parents.
From study we come to know that consumers are reluctant to go far shop to buy the desired brand. Rather, they buy another product from near shop. So, product should be available in consumers’ place.
Even the product is impulse in nature; any kind of advertising can give a favorable position of the brand. It will persuade for brand trial. TVC is the most important advertising. Billboard ad should be given beside school, play ground, etc. so that they can get a exposure to children. Ad may be given in newspaper beside jokes, puzzle, word game, etc. From the study, I came to know that any kind of free gift as a premium induce the buyer to buy the product. Product like sticker, tattoo, etc may be given with the product.
In case of determining the relative importance of marketing mix place should be given the highest importance as consumers go to near shop for such kind of product. Then, the critical decision is to be made about price. Low price implies low quality to parents. Again, high price is a cause to loose consumers (children). So, price should be kept at normal market trend.
After price, promotion is important. But, for new product promotion like TVC is the most important element of marketing mix. In case of promotion three things should be emphasized: Advertising, Premium and Securing right place in retailers’ shelf space.
Product should be made in a way which will have hygiene appearance in packaging. Its flavor and taste should be emphasized. Even though, parents don’t like attractive color, product should have attractive color in a little extent.
The right way for branding is to building association between parent brand and child brand. This will transfer the positive image of parent brand to child brand. Besides, the child brand should be highlighted in the ad.