Integrated Marketing Mix of Sanitarium Weet-Bix Biscuits - Case Study Example

Sanitarium; Weet-bix Go Breakfast biscuits Table of Contents Sanitarium; Weet-bix Go Breakfast biscuits 1 Table of Contents 2 Introduction 3 Market Segmentation 3 Core Value intention and Product Positioning 3 Product Strategy 4 Price Strategy 5 Place Strategy 6 Promotion Strategy 7 Conclusion 8 Reference list 10 Introduction Marketing strategy is a tactical action designed to optimize the allotment of resource for the company in order to supply quality knowhow to customers. There is a direct correlation between superior marketing strategy and the quality of integrated marketing mix that entails price strategy, promotion, placement, process, people as well as physical proof. The assessment will centre on integrated marketing mix of sanitarium weet-bix biscuits which is the initial least calorie that is compensated by the mix of sugar and stevia extracts. The assessment will focus on price, place, product and promotion in an effort of ensuring that the new weet-bix biscuits product’s positioning in the competitive market. Market Segmentation This is the procedure of examining as well as splitting the entire customers into segments by employing the segment variables. The main classification of the variables entails the behavior, psychographic, geographic as well as demographic. The main aim of the procedure is to establish the target market which is set of customers that share same requirement as well as the traits, for the business to supply their communication, products as well as services (Ashok Ranchhod 2004). The demographic variables for weet-bix biscuits might have employed in dividing the market focusing on the age of the customers since it is apparent that the main consumers of weet-bix biscuits are the clients with age ranging from 29-50 years. The market might have as well been divided on the behavioral traits of clients with high constancy status that seeks more advantage from the product brand. It can therefore be concluded that the growth of the existing product devoid of losing the old product experience. Core Value intention and Product Positioning The core value intention is the main consumer assurance provided by weet-bix biscuits in regards to market expectation when customer buys their product. It is vital that the seller establishes a different point of separation relating to the product as well as the manner to which they might strengthen this in order to take up a superior control in the mind of the customers (Belch 2012). The insight of value in similarity to opposing products as well as the insight that the entire advantage realized from the exchange surpasses the expense for production is what customers base their buying verdicts on. A strong core value proposal as well as apparent position is of tactical importance since it is what links the consumers to the business. The weet-bix biscuits are placed as the eventual lower- kilojoules stevia- sweetened product in the market, in phase with consumers needs. The company is dedicated to addressing fatness by providing lower calorie alternatives as well as weet-bix biscuits is the business’s initial effort to the promise. the advantage pledged by way of core value proposal is just, more natural as well as tranquil way of life full of with just yet lovable flash of stimulating strengthen. This asset with fill notion that position of the product is what brand is what is stood for as well as the values as well as notion that consumers will be motivated to relate with the weet-bix biscuits products (Graham J. Hooley 2008). Product Strategy Product strategy is the advantage provided to the customers by the company in order to fulfill the human wants, the quality of the product might be organized into the following parts; core, augment provisions as well as actual. The weet-bix biscuits core product provision or the advantage derived from consumption of weet-bix biscuits product is the satisfaction of wants. The actual product provision entails the product brand, more features, quality as well as the level of packaging. As a result, it is the inclusion of stevia in the product, the uniqueness of the brand as well as the iconic sign (Graham J. Hooley 2008). The augment provision that completes the entire of the provision as well as creates more demand is the low value of calorie as well as the level of sugar in the weet-bix biscuits. The life is therefore expediency product definition it broadly exists, bought each day as well as with less effort. Since an ideal good can be realized, it doesn’t need the customers to experience a comprehensive verdict making procedure. In providing the constant indication such as the similar old shape of product packaging, creates the verdict making process simpler as well as it need less participation by the customers. This aids to leverage the current product brand. The brand is the very tolerating as well as precious resource for the company since it outlasts its exact product as well as facilities and also it is the main constituent in the business’s links with customers. A strong branding will depict the superior brand equality that explains the worth of having a famous brand on consumer’s response to product as well as its promotion. A strong expansion is the one that participate in the product line as well as branding to attain superior brand equality as well as persistence. Sanitarium weet-bix biscuits limited have attained this with their past products as well as with the current product (Isobel Doole 2007). The company has involved in wise, worked out product line filling which entails addition of extra items within the current range of the product line to provide health aware options to sugary products to the adults. The plans might have been used in response to customers’ needs for more options but for the Sanitarium weet-bix biscuits to eventually turn to be leader in the growing division whilst balance its wider assets weet-bix biscuits is the 5th trademark addition to the company’s production line. They have entailed the constituent of the actual as well as augmented product to concurrently show customers it’s mutually a latest product but part of the similar trusted weet-bix biscuits family. The product upholds its custom way of packaging their product as well as font but creates a point of indifference by way of bright cataloging as well as featured original component. There is proof that the product strategy aids the weet-bix biscuits positioning in the competitive market as a premium drinks (Peck 2004). Price Strategy The price of the product is what consumers give up in exchange for satisfaction derived from consumption of the product. The ideal price strategy will concurrently provides value to consumers as well as creates profits to the business. Even though numerous differing factors impact the manner to which the company select the price of their product, the 3 main strategy to pricing are the cost incurred, the consumer value based pricing as well as the competition based pricing. As weet-bix biscuits will keep secret this strategies, study as well as assessment recommends a mix of completion and customer value based pricing strategy are used for weet-bix biscuits products. Competitions pricing strategies entails the set of price at exactly similar level as those of their competitors with little focus on the production and the supply cost (Peck 2004). The weet-bix Go breakfast biscuit was launched to the Australian market some years before Sanitarium biscuits products. Centering on weet-bix biscuits in setting up the price against their competitors so as to enter the new market, creates brand consciousness as well as gain a large portion of the market. Sellers might as well establish the product’s price based on the significance of the buyer belief of value, which is the spirit value based pricing. The weet-bix biscuits are firmly executed at an aggressive price point; however, the company might continue to position itself as a premium product in relation to its competitor by setting a more costly price. In theory, this mixed strategy target the loyal customers who will pay more since its weet-bix biscuits an experimental insight of value that considers the product reasonably (Venkatesh Shankar 2012) Place Strategy This entails the efficiently and successfully integrate entire intermediaries into a flawless value or supply chain leading to product existing in the market each time, In the correct amount at the right time whilst reducing expense as well as fulfilling the needs of the consumers. Direct supply entails the producer supplying to customers devoid of using the intermediaries in the market. Whilst indirect supply entails intermediaries to aid in supplying the product to the consumers because of reasons like the geographic disproportion in the target market ordeal understanding of the local market (Belch 2012). Hybrid strategy that entails a mix of direct and indirect supply are frequently employed as well as comprehensive exposure level of supply strategy will ensure t that the product is disturbed in many regions. A value supply network entails an association with vendors, distributors as well s consumers. The advantage of employing a keen designed network is that the association eventually enhances the entire performance of the all system. The greatest competitive advantage for weet-bix biscuits is the packaging system. The system permits the company to operate on a worldwide level whilst upholding a local methodology in each community that they supply to. The company produces as well as sells concentrate, biscuits bases directly to more than 150 packaging companies globally, this is where the direct channel supply is significant since procedure guarantee the product eventually reach the end customer. Indirect channel supply as well as comprehensive exposure then leads to motion as the packaging partners produce, package, store as well as supply the final brand to the consumers. The consumers-grocery stores, eatery, expediency warehouse and many more, sell of weet-bix biscuits is rated each day globally (Graham J. Hooley 2008). The supply to more than 5.5 million of the retail outlet across the world guarantees that the product reaches the local market in a steady manner from superior product as well as joint position. Promotion Strategy Promotion is the influential combination of company as well as the consumers. The customer approach of market communication entails mass media promotion, social media, individual selling, store signage and many more approach to product promoting the market. A triumphant promotion strategy is one that uses the ideal of the above communication a well s improved product insight blue as well s crate the relationship with the consumers (Graham J. Hooley 2008). The notion of integrated marketing communication for instance refer to the strategic , harmonized utilization of promotional tools to develop steady communication across numerous channels in order guarantee utmost convincing effect on the existing and potential consumers of the company’s product. Within this notion the term consumers extends to entail the workers, business associates, stakeholders, the state, the media as well as the community in entirety. The perception of the consumer deeming every contact that consumers might depict on their association with the company by working in harmony with entire communication hard point corporations that assumes of integrated marketing communication depict a representation of significant as well as concern for the consumers. Moreover, the IMC minimizes the effectiveness by minimizing redundancy among division as well as waste in the entire campaign. Owing to these benefits as well s the growing disintegration of spectators in an advertising point of view is a significant constituent of marketing as well as one that is very conspicuous tool of an integrated marketing tool strategy. The high effect of billion dollar advertisement strategy places more reliance on advertisement by way use of media like the television as well as the use of mobile and digital integration (Venkatesh Shankar 2012). This is due to the fact that wide geographic reach, creation of branding consciousness as well as to activate faster sales. It is as well efficient in terms of expense for a disperse market as we’ll as fits with the media attitude of the target market. The eventual hope for weet-bix biscuits in a strong venture in transportation marketplace is concern for product idea of bombshell that creates steady as well as consistency of their entire brand communication. Conclusion It can therefore be concluded that from the hypothetical point of view that the integrate market mix for Sanitarium weet-bix biscuits was triumphant. The price, place, and product as well s the promotion constituent of its marketing mix clearly aids the attainment of the product positioning in the market as the quality sweetened weet-bix biscuits product. The company attained superior product branding equality as well as product persistence by way of string product expansion plan. The weet-bix biscuits limited have been victorious in concurrently providing value to consumers as well as creating a profits through their combination of competition as well as customer value based pricing based strategy. Even though weet-bix biscuits is a worldwide company, it reaches the locally market and the consumers as well because of their keen designed value supply network that leads to supply of product to the local market effectively in order to implement a steady branding that enables utmost effect on consumers. Nevertheless, individual insight leads to notion that isn’t large gap between the weet-bix and other product manufactured in the company. The new product targets the teen. Targeting the health awareness poise seekers appear to be somehow less developed as the business may find that those authentically engaged with health as well as wellbeing will deem weet-bix biscuits new product the ideal alternative with less caloric in the drinks. In this regards, this unenthusiastically methodology might be perceived as cover up for a hasty reply to weet-bix, from an individual customer insight. Possibly weet-bix biscuits new product was launched as a scarce version, the product might depict a more achievement. In general, weet-bix biscuits have includes the hypothetical makings of the target marketing strategy for weet-bix biscuits products. Reference list Ashok Ranchhod, ‎G‎T 2004, Marketing Strategies: A Twenty-first Century Approach, New York. Belch, B 2012, Advertising and Promotion: An Integrated Marketing Communications Perspective., McGraw-Hill., New York. Graham J. Hooley, ‎P‎N 2008, Marketing Strategy and Competitive Positioning, London. Isobel Doole, ‎L 2007, International Marketing Strategy: Contemporary Readings, Sydney. Peck, H 2004, Relationship Marketing: Strategy and Implementation, New York. Venkatesh Shankar, ‎SC 2012, Handbook of Marketing Strategy, New York. 6 Read More