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…
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