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Marketing Strategy for a Product

For my product I have to develop a marketing strategy for an existing
product but redeveloping it to meet my target market's specification.
This is to be targeting;

* A market of young adults, aged ween 16 to 25 years old,

* Have attracting and eye catching packaging,

* Have a milk chocolate and nut filling,

* Be a larger more interesting size,

* To weigh no more than 40g,

* Keep its original shape.

* Finally, to be heavily advertised.

All these conclusions have been made through my research and market
surveys as represented in my questionnaire result's graphs (in
introduction section) and with other secondary research on Cadbury's
confectionary markets (in the appendix).

Therefore my product will be called Cadburys 'Nutty Buttons' and my
advertising slogan is going to be 'Go on, go a little nuts!' The
product will keep its customary packing, so customers can refer to the
existing product and its successful reputation. The packaging will be
purple with a picture of a 'Nutty Button' in the middle and the slogan
on the side. Therefore my product would come under the 'Product
Diversification' criteria of the Ansloff Matrix, as it is a new
product with an extension strategy that appeals to a new market. This
will therefore increase Cadburys revenue, as I will make money from a
previously untouched market. I chose to develop an existing product of
Cadburys, because through my internal and external research I
discovered that the confectionary market was practically saturated and
any new product launch would not last without the strong foundations
of a popular/existing brand name. Hence I decided to make a new
product extension, as I felt it was the best way for me to launch a
successful product for my target market.

The External factors influencing my strategy would be the
Opportunities that my products offers or creates as a result, such as
the ability for Cadburys to diversify into other markets, expand into
further geographical territories or develop further technological
advances with increased investment though increased turnovers, as a
result of my product. However there are Threats as a result of
external analysis's such as other companies may seeing the financial
prospects of the market and joining by offering a similar product but
at a cheaper price! Changes in customer/target market likes/dislikes
could lead to a reduction in sales.

For the promotion of my product I will advertise my product on
television as my survey suggests that this where the majority of my
target market will view/ learn about the product. Moreover this
promotion method seems to be the most effective nowadays as you have
an increasing wide range of viewers and the secondary research I
obtained on Cadburys market strategy, say that television has become
their main method of advertising (evidence in appendix). This method
increases sales and publicity with catchy adverts/gimmicks, that the
public will relate to and remember your product from. Thus, I will use
a promotional advert where a group of young adults will be working in
an office block looking very bored! This is when one of the office
workers opens up her draw and takes out a pack of 'Nutty Buttons' and
starts to pass them around her fellow workmates, thus they all start
laughing and joking and play games with the buttons. Finally the
advert would end with a voice over with the chocolate slogan 'Go on,
go a little nuts'. This advert would thus give the effect that Nutty
Buttons' are for young adults and will bring a little joy and laughter
to them (in the work place), moreover that it brings people together.
I would launch this extensive promotional campaign at the beginning of
my introduction period, as this is the period in the Product Life
Cycle, where my product would need an excessive promotion campaign to
get it noticed from the rest. Other promotion tactics could be to hand
out free-bies at all the major supermarkets where my product would be
sold, have adverts/posters on billboards/bus stops/magazines or even
to have celebrity endorsements as I found from my questionnaire
results, almost 50% of those asked said they would buy a chocolate
product on account of a celebrity endorsement. Moreover within
newsagent, where the majority of chocolates are bought,

'Nutty Buttons' could take up a whole section, where it could be seen
at all times to attract customers and further it's within shop
promotion.

Some of the Internal factors that have affected this market strategy
would be the existing Strengths that Cadbury's has to offer my product
launch in the way of resources and the existing strategies and
capabilities of operating at a competitive advantage. Such as patents,
which protect your product from others trying to make copies, there
well established worldwide brand name and reputation as market leading
confectionary makers. Although there could be Weaknesses as the
pressure to succeed after the inclusion of heavy investment from a
large company such as Cadburys or if the company receives bad press
Nutty Buttons would be associated with it as they are a product of
Cadburys.

Furthermore, at the beginning of my growth period on the Product Life
Cycle I would re-boost my products popularity/advertisement, to
increase my effect on the target market and market share. In addition,
once my product reaches its maturity stage on the PLC and the cash cow
status in the Boston Matrix I will re-launch a promotional campaign,
but this time with celebrity endorsements, such Michael Owen. To
prevent my product going into decline on the plc and becoming a 'dog',
as this method would begin to attract a new younger market or a female
market as this is where Michael Owens fans categorise.

However, the ASAmonitors advertisements on a daily basis and can
investigate written complaints from the general public. If it is
unable to stop offensive advertisements appearing, it can as a last
resort refer the advertiser to the Director General of the Office of
Fair Trading using the Control of Misleading Advertisements
Regulations. Most advertisers stop running their advertisements before
this stage is reached. Hence I would need to ensure that my product
and advertising campaign is suitable and not misleading to my
consumers, as this may result in no customer satisfaction and a
reduction in sales.

I will launch my product with a penetration pricing method, although
my product will be an extension from an already established product,
people will be able to relate to the brand name, and therefore I would
swiftly be able to gain a substantial market share. Furthermore since
I will be launching a new product and have a substantial advantage
over my competitors, enabling me to set a competitive price at the
launch of my product, attracting my target market and potentially
other market groups. Technological factors that affect my product are
the cost of machinery, setting up cost for production sites or the
advantages that modern technology can provide my product through
development and machinery advances. The use of the Internet would
allow me to further the promotion of my product or for others to
investigate the changes or special offers. This could affect my price
strategy, as I would not be able to use penetration pricing if this
were the case, as I would need the extra income to cover the costs of
running this operation. Although when I carried out my price survey
for my secondary research I found that the average price for a
chocolate was 35p and from my questionnaire I found that the majority
of my target market are prepared to spend up to 40p on a chocolate
bar/snack. Never the less I will set my products penetration price at
30p per packet to instantly attract my market with the cheap price and
then once the product has reached maturity stage and I will increase
my price to 35p with the launch of my new promotional campaign. This
would also enable my product to fast become a cost-effective product
and a 'Star' on the Boston Matrix, as it will have a majority market
share, being first product of its kind and hence making large annual
turnovers for the business. By 'Nutty Buttons' becoming a star it
would have meet various criteria's such as having a high market share
in the growth stage of the Product Life Cycle and accumulating large
turnovers for Cadburys. However this will all require a lot early
investment at the early stages of promotion in order for it to gain a
substantial market position and then even more investment in order for
it to stay ahead of the competition and go to the next stage on the
Boston matrix.

Economic factors could be through a rise in interest rates, which
would affect my product as Cadburys borrows money from other
organisations to invest into my strategies and Cadbury's would reduce
this as a result of increases interest rates. Other economic factors
such as inflation, unemployment and disposable income would affect my
product, in the amount that consumers spend on my products as with
these economic issues they would be less indulgent into luxury goods
(chocolates).

For my product, Cadburys would probably use the first two distribution
channels that I discussed previously, as this way my target market
will have access to my product. For example one distribution channel
would be;

Channel 1

[IMAGE]Manufacturer (Cadburys)

[IMAGE]Wholesaler (Makro)

[IMAGE]Small Retailer (Corner Shop, Newsagent)

This way Cadburys would be able to supply the product in large bulks
which would then be sold in smaller quantities to the small retailer,
which would in turn supply the product to my target group who as
stated in my questionnaire results buy the majority of their
chocolates from small retailers such as newsagents. Hence Cadburys
would distribute 'Nutty Buttons' to as many wholesalers and
supermarkets as through these channels my target market would be able
to purchase the chocolate. I would most probably supply my product to
outlets such as the supermarkets (Tesco, Sainsburys), newsagents
across the country as this is where the majority of chocolate and
snack foods are purchased, furthermore I would sell my stock to
service stations such as petrol stations. I know that this is where
the bulk of confectionary foods are bought through the results I
obtained from my questionnaire, which stated these facts, (evidence in
introduction section).The external factors that could surface from
this business environment are where Political decisions could affect
my product or strategy, such as if there was an increase in taxes the
public would be less indulgent to spend money on luxuries, leading to
a decrease in sales and then production numbers. As many
multinationals such as Cadburys operate in third world countries in
there was an introduction of an Internal law regarding workers rights,
my product could see a reduction in investment through cutbacks from
higher input costs.

The Social factors are such things like the reputation of the company,
which would always have an association with my product, the impact
that the product/packaging could have on the impact from production
through to consumption. However more recent issues have arisen
regarding obesity levels within the UK and products such as mine are
coming under scrutiny for being unhealthy and targeting young people.
This could affect my product through a drop in sales, interest from
target market and market share, leading to eventual loss in income.

Since my product will be an extension from an already existing product
it will feature quite strongly on the product life cycle. This is an
overview of where Cadbury Buttons is currently featured on its product
life cycle and what Nutty Button will be doing to the cycle. Its
strengths would be that it would be associated with a well known and
established brand name, be a product development of a popular product,
be easily available to its consumers through the channels I explained
earlier and be targeted/suitable for a large target market.

Extension

[IMAGE]Cadburys Buttons is here, it has an extended life this is
called product extension and this is achieved through product
modification/developments like Nutty Buttons.

Above is where my product 'Nutty Buttons' will feature on a product
life cycle, as you can clearly see it will begin at the maturity stage
of Cadbury's Buttons and then extend to begin its own introduction
stage PLC of 'Nutty Buttons'. The consequences of this that my product
will begin life on the foundations of a very strong cash cow Cadburys
product and hence would obtain some of its reputation through there
familiarities.

In addition I will set-up a couple of customer services facilities, to
make sure that the customers is always satisfied. These would be to
have a customer help call centre, answering or help customer's with
any of there queries/complaints. They would be able to contact this
call centre with the number and manufacture details that will be
printed on the back of my product packaging. This service is primarily
to further the development of my product by keeping up to date with my
target markets desires and queries.

pdf的：
space.hh.se/dspace/bitstream/2082/1168/1/Microsoft%20Word%20-%20dissertationfinale_extensiondemarque2.pdf

s/JMR_Forthcoming/Brand_Extension_Strategy.pdf

;lt;br />
slaw.com/documents/infocentre/Brand_extension.pdf

s1/ibm/2008/jiunkpe-ns-s1-2008-34404014-8882-fashion_line-cover.pdf

stitute-onlinejournals.com/PDFs/2006401.pdf

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