Marketing strategy and decision are decided on the basis of internal and external environments of a company or organization. Because of this is necessary to make some important and effective marketing decisions.
Marketing can be described in many different ways depending on which resource you are using. It is a process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services, to create exchanges that satisfy individual and organizational objectives. The process of developing a market for goods or services is based on market research. From the above definitions we would have to say that marketing is fulfilling the needs of the company while providing for the stockholders and fulfilling the consumer’s needs and demands and at the same time providing a means of profit for the company.
Marketing environment forces impacting product/service.
In the chocolate bar industry there are three marketing environment forces that will have an impact on the chocolate bar, they are: price of cocoa for making chocolate, cost of transportation, and competition of the market.
* Price of Cocoa for making Chocolate:
The price of the resources are going to make a difference in the ability to make a product that can be priced in a competitive market environment, Taking into account the economy and cost of resources, the pricing is an important part of the product and appeal to the target markets. Pricing of resources may make lower grades of coca more attractive, but the competition may be a key into how much one is willing to sacrifice in terms of product quality or pricing.
* Cost of Transportation:
Due to fuel prices rising, adjustments will have to be made to cover costs. What most likely will be part of the pricing consideration would be making sure that the product arrives in good condition and a timely manner because it will affect the products reception as well as how it is perceived by sellers and buyers.
* Competition of the Market
Competition makes pricing and placement considerations very important. Too much market saturation can mean prices have to be kept low or placement costs on shelves may be to high. With there being so many different kinds and flavors of chocolate bars already in the market, placement will be a key in attracting the eye of buyers.
Marketing Strategy: Target Market(s) & Positioning
When it comes to influencing buyer behavior with candy bars there are really two things that may have an influence on the buyer; personal choice and psychological. Face it, everyone has their favorite candy bar they like to eat being Hershey, Snickers, Mars, etc., so personal preference is a big thing with candy bars. But did you ever think of why when you get to the register you may see a display of candy bars? That is where I believe the psychological influence comes into play. For example, you stop at your local convenience store to fill up with gas and when you walk in to pay, not even thinking about buying a candy bar, your eye catches that display of sugar satisfaction right there in plan site, so you reach over and grab one and place it on the counter to be wrung-up with your gas.
Many candy companies know of this buying habit and they either get the company to place a display right there in front where the consumer can see it in plain site or even pay to have their display placed there in order to play on the psychological aspects of the consumers mind in order to boost the sales of their product and therefore make a profit.
By being consumers ourselves we as marketers know how the consumers think and we need to use this to the advantage of the company we are working for to help in the promoting and sales of the company’s products.
There are many factors that affect pricing strategy such as marketing and manufacturing cost, competitions price, as well as consumer perception of...