I am now going to create a marketing mix for my chosen product using the 4 P's, Product, Place, Price and Promotion.
The product I will be re-launching is the Cadburys Double Decker bar with less calories than a traditional bar. This new re-launch of a chocolate bar will be a limited edition chocolate bar. The idea being limited edition is to make a substantial profit in a short period of time. Although the product will say limited edition I aim to keep these on the shelves for the next year. This way people will buy them as they are new and if they believe they are for a limited time only they may buy a vast quantity of them. All of this will result in Cadburys PLC receiving a good profitable income …show more content…
From these findings my product will be an average chocolate bar price which is 44p (found at www.berro.com/entertainment/general_interesting_facts). The rrp I will choose is 42p as this fits into the category that is most favoured by my target market (40-44p was favoured in my questionnaire). This is slightly cheaper than my competitors pricing averaging out at 43p. (Mars bar, Dream, Dairy Milk and Woolworth's own
In order to make my product most successful I will use price penetration. I will start the price at around 35 pence when the product is first launched this will attract lots of new consumers and then about 2 months later I will put the price up to 42 pence to get that extra profit. Although in contrast I could use price skimming at first as the new product will attract customers even at a high price this would be good if the profit would be sustainable but I believe it would not be sustainable and would cost the company excessive money. For the best outcome with Cadburys PLC I will be using price penetration to lure in my consumers then charge more when I have already captured thousands of consumers in the first 2 months of my re-launch.
To get the most out my product I will need to be efficient and resourceful with my marketing I need to promote my product so it stands out on the shelves against all my top competitors.
Advertising costs companies a lot of money so I need to be efficient