Applying the Elements of a Contract in Business Situations Essay

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Unit 4: Marketing Principles
Section 4: Understand and use the marketing mix in different contexts * Plan marketing mixes for two different segments in the consumer markets
To enable an explanation of the use of marketing mixes for two segments in the consumer market, it is intended to use a food product which is entering a competitive UK market. In this case, it is intended to concentrate on two diverse products: 1. Low salt and fat cheddar (blocks) 2. Handy sealed multi packs each containing 5 long thin strips of cheddar
The benefits and drawbacks attached to cheese consumption must be known to enable the marketers to develop a strategy:
1. Nutrition
2. Cavity Prevention
3. Cancer Prevention
4. Weight maintenance
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Price Whilst the company will wish to match its price to its marketing objectives; as a new product entering an established market it may be tempting to price at a comparable level to other cheeses. Factoring in production costs, target market, customer demand and life cycle, the pricing is a matter of balance. A strong promotional push will encourage a consideration to employ penetration pricing by entering the market at a relatively low price to gain a high market share.
Promotion Promotion should be mainly “above the line” with television advertising aimed at the target segment. Advertising for the “grey pound” could be specific in late morning and early afternoon slot relating to healthy activities such as home improvement, cooking and gardening whilst the young professional could be targeted during the earliest sections of breakfast shows and prime time in the evenings. Below the line advertising should include magazines which have been identified as being the preserve of the segments. Strong lines of communication must be developed with the retailer in readiness for promotional events
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