Marketing Mix is the combined elements of the product put together which will determine the success of the product. For example if the product has a very good marketing mix then that product is more likely to succeed it will do this by increasing potential customers and then converting them to actual customers. If the marketing mix is not carried out with long thought then the product may fail eg by not making many any sales and profit and this is why having the correct marketing mix is a vital component when producing and selling a productThere are four main aspects when it comes to Marking mix these can be collectively known as the four P’s:* Product: this can be further broken down into 3 levels which are the core layer: benefits of the product, tangible layer: the features of that product ie what it does, the augmented layer: any other services or benefits that are obtained when buying the product.* Price: One main factor of the price for the product will depend mainly on competition prices and after the product has made a successful impact on the market then the price will be more influenced by supply and demand.* Place: This is the location of where the product is presented and will then increase or decrease potential buyers.* Promotion: This gets your product noticed and if presented well it will increase the amount of potential buyers for your product.
The marketing mix combined a few other elements such as a SWOT Analysis, demand and elasticity and finally the product life cycle will all fit into the overall plan. This overall plan will determine how successful the product is and how long the product can maintain it’s momentum without reaching saturation or decline.The Fuse (Cadburys):Good Aspects of it’s marketing mix:The product: The benefits of the product are that the product is a light snack on the go that gives you quick energy and a delightful snack.Price: The fuse is meeting the competition prices.Place: This was one of the key factors in why the Fuse bar was so successful.
On it’s launch the fuse bar was mainly located near the counters by itself with large signs. What this would do would be to increase the amount of sales because of the increase in impulse buyings.Promotion: Large amounts of promotion was put into this product which meant that the was large awareness of the product and because of the brand name it is likely that this promotion would generate huge interest. The fuse bar had advertising on T.V a few months after the initial launch, which the aim was to maintain the current amount of sales and to reach people that were unaware of this bar – this proved very successful as shown in some interviews with buyers which said that they were buying it because they had seen it on TV and wanted to see if the product was any good.
Bad Aspects of it’s marketing mix:The product: It is very hard to be very different when looking at chocolate bars but still there was nothing much that it could offer that was different from the other chocolate bars and so some peoples views could be that it is just another chocolate bar.Price: It could have under cut prices to increase sales but only the other option.Place: -Promotion:Conclusion:Overall I think that the chocolate bar was very successful. The fuse was well launched which was reflected in the sales: managed to enter the top 10 selling chocolate bars next to the kitkat and mars bar which is so well known. Also the extra advertising in the form of TV advertisements were added to the promotion which helped maintain the good sales record.
Now long after it’s launch the sales are still good and shows that this chocolate bar had the correct marketing mix.