In the business of candy, Mars Inc are a dominant body inthis market. It is an international multi-billion dollar company which their predominantfactor of success lays within their marketing strategy. To continue to retainthis generous share of the market, they have incorporated marketing strategies.These strategies include adapting to new markets and customer needs, adaptingto new health regulations, advertising strategies to target a specific audience,competitive product pricing, uses different and innovative strategies whenentering a new market as well as locating and acquiring smaller rival brands toincrease its share in different countries. These strategies are imperative forMars Inc as they are the tools needed in order to remain a reputable andattractive brand to customers. The tools will allow the brand to dissect amarket and evaluate the conditions within it to be able to create a productthat will be desired by the consumers.
Consumers’ eating habits, government legislations,weather and competitors change continuously; it is up to the marketing departmentto evaluate all of these factors in order to guide the company’s objectivesaccordingly. Mars Inc uses the 4Ps marketing strategy (Promotion, Product,Place, and Price), this well known strategy covers every area marketing can reach.By applying this to their objectives; they can diversify and adapt superiorlyto their competitors by executing specified advertising, great-for-valuepricing, develop desire products and adapt these products to its countriesconsuming habits. Together this makes Mars Inc a master of providing exactlywhat consumers need, or furthermore gives consumers a need for a product MarsInc has created. Mars Inc have a wide range ofdifferent products; their signature product which is widely known for is a MarsBar.
The marketing department ensure that this chocolate bar is sold anddistributed in many different countries through supermarkets, vending machines,online and even corner shops. This system has an advantage to its competitorsas it is easily available to any consumer. It is even made in a peanut-freefactory so that there are no traces of nuts.
This has an advantage against itscompetitors as Mars Incs’ marketing department are conscious that a lot ofpeople have nut allergies; the result is that it will provide for thoseconsumers whilst taking them away from its competitors. To diverse its businessmodel, Mars Inc have implemented a mid-pricing strategy in all of their products,this is because its main target audience are from low to upper class with agesranging from teenagers up to elderly. Mars Inc have done this by consideringfactors such as advertising, margin costs, and distribution. This gives a wide spectrumof consumers the ability to purchase their product while maintaining a good margin,to ensure the quality of the product remains high. To add on to this, Mars Incs’marketing department have evolved with the growing consciousness of healthwithin today’s society. It has been brought up by the public and governmentthat the growing concern of sugar in chocolate bars has contributed to thegrowing numbers of child obesity.
Mars Inc have executed several changes withintheir product of Mars Bar in order to address these concerns. For example, “A Mars spokesman said: “As part of our globalcommitment to promote responsible consumption, and as a signatory of theResponsibility Deal’s calorie reduction pledge, we said we would ensure thatall our single-serve chocolate products would contain no more than 250 caloriesper portion.”” By taking action this way,it has reduced the size of the chocolate bars (saving costs) while marinatingthe same price all in the name of the new health regulations. This benefits notjust Mars Inc but that of the publics health too. Their marketing departmenteven realise that changing the product can become detrimental to loosing thebrands taste its customers are used to when they mention “Mars said it hadlittle choice but to reduce the size of the products because there was a limitto what could now be achieved through reformulation.”