The meaning of the first “P” in the marketing mix
Consumers refer to the individuals or the clients purchasing the products created by firms. Individuals play a very important role in the buildup of new products. The target market and the way they are influenced to purchase the products are critical in the company marketing mix.
The target markets are the people the company needs to satisfy. Therefore, the firm undertakes market investigations through diverse means to ensure that the market needs are taken into consideration while developing the products (Nijssen & Ruud, 2010). The firm’s market research must be oriented towards ensuring that it develops products that satisfy the needs of the consumers.
People within the marketing mix are the individual stakeholders particularly the external stakeholders that include the customers. In fact, the people’s strategy within the marketing mix are targeting the company clients. The company products should be differentiated according to the needs of the customers. However, in this case, the market is segmented according to age and sex.
The firm clients are young girls between the ages of 18-23. Beiesdorf’s study on the market discovered that crave for exceptional look care by the youthful client are intended towards their individual age group (Morgenstern, 2010). Therefore, the firm embarked on the production of new product intended to suit the needs of the consumers.
The investigations by Beiersdorf on improvements in the product on the target market resulted in the significant amount of alterations. The developments comprise altering the prescription of various goods. For example, it did away with alcohol from a given good and applied ordinary sea saline and minerals in some cases.
Moreover, the company needed to come up with entirely new innovative products. To ensure that the clients were satisfied, the company made alterations in the presentation and packaging. All these developments enable the support of product variety to achieve the requirements of the consumers.
The market research also indicated that the demand are influenced by the manner in which a firm notifies the clients that goods are obtainable and how it convinces them to purchase the products (Nijssen & Ruud, 2010).
The firm achieved its promotional strategy using new and old forms of media including television or newspaper advertising as well as direct mailing. In addition, public relation initiatives with clients made the firm attract many customers through engagements in newspaper press releases as well as sponsorship of events. Moreover, trade fairs enabled the introduction of new products to the large client base.
The meaning of business being consumer led
A firm that is considered client-led when it brings its products as close as possible to its clientele whenever they exist (Belohlavek, 2008). The firm can also be considered consumer-led when its products are in accordance with the client needs. The firm achieves this through understanding its client needs in the diversified markets as well as enchanting them with inventive goods.
As a result, the firm is able to achieve the satisfaction on itself of being client-directed. The Nivea products are tailored according to the needs of the market. For instance, they are made to add more beauty to the skin instead of being protective. The development and production of the commodities that meet the needs of consumers increases the competitive advantage to the firm.
The key parts of the marketing mix and how each works with the others
The key elements that are vital in the promotion blend comprise product, price, promotion as well as place. The components work together with each other in a bid to meet the objectives of the firm. Therefore, it is important for the firm to obtain the equilibrium of these elements to enable optimal output (Haberer, 2010).
Product
In order for a firm to develop a new product, the ability to understand the market is vital for a firm (Belohlavek, 2008). As a result, the products become very successful and receive good responses from the consumers. The firm achieves the results of the products through experimenting them on a given section of intended audience.
As a result, the firm is able to make changes in the products thereby meeting the consumer requirements (Haberer, 2010).
The firm achieves the brand loyalty of its products by employing various strategies comprising of altering the formula, cost effectiveness to achieve pricing leadership and coming up with entirely diversified products. Moreover, altering the depiction of products and establishing bigger pack volumes are some of the ways through which the fir met its marketing strategies.
Price
Every firm has a sole objective of capitalizing on trade and revenues (Nijssen & Ruud, 2010). Therefore, the price of the product offered in the market must be commensurate with the rate of money circulating in the market and that consumers are able to pay for the product.
For that reason, firms employ a number of tactics in their pricing. For instance, this firm uses cost-based pricing that covers either expenses or a component income. The strategy only puts attention on the products excluding the consumers. In addition, firms may employ the strategy of penetrating price where the original low price allows soaring quantities of buying and the market divide is won (Nijssen & Ruud, 2010).
Consequently, many consumers are persuaded to increase the tendency of purchasing. Moreover, the firm can also use other pricing strategies including price skimming to persuade its target clients.
Place
Every firm must work on its delivery channel tactics to ensure effective arrival of products to their points of sale. The company placing strategy ensures that its products reach their selling points and distribution channels such as vendor outlets, supermarkets and high street shops.
In addition, the firm’s placing strategy ensures that its products are directly accessible to intended market. As a result, the business is able to incur less cost due to easy accessibility and distribution of its products to the target markets.
Promotion
Every business has a sole responsibility of making their clients aware of the presence of the products and convinces them to purchase. The firm achieves this through direct adverts. For instance, using television or newspaper adverts.
In addition, the firm may also promote its products with other advertising means such as trade fairs, mails and direct engagement with a large number of people. The firm should use cost-effective promotion strategy to its pricing and other marketing strategies (Herzog, 2010).
The importance of balancing the marketing mix
The promotion strategies include advertising through the social media, public relations and sales promotions. The company is using innovative advertising to attract and inform its customers about the company products both in mass and digital media.
Besides, the company uses its corporate social responsibility to appeal to many people as a method of maintaining its public relations (Morgenstern, 2010). The success of the company on public relations improves the company goodwill and attracts the target market attention. Further, the company provides special offers to its distribution channels as a good way to stimulate and retain its customer’s loyalty.
Besides, as indicated in the case, balancing the marketing mix enables the firm to bring a variety of products into the market through the application of conventional ways of distributions. For instance, availing the products in high streets distribution channels at cheaper prices, together with contemporary ways of advertisement such as through social networking sites (Morgenstern, 2010).
Analysis the marketing mix for NIVEA VISAGE Young
NIVEA VISAGE Young is marketing mix strategy used by the company within the UK market intended to improve the image of the company products to the young consumers. Moreover, the firm employs marketing mix in trying to win its position in the market and increase its market share.
NIVEA VISAGE Young has a competitive advantage over its competitors owing to the fact that it offers a variety of presentation of skin care products to target market ranging from the ones that provide beauty to the skin to those that have medicinal qualities.
Whereas the competitors of the firm focuses on offering medicated products, NIVEA VISAGE Young strategy provide products that attach more beauty according to the market needs (Herzog, 2010). The firm achieves this advantage through enabling a distinctive link between the young market and the products.
In addition, the firm improves the product to make it more efficient and more client-responsive through changing the product descriptions and introducing new modern and environment friendly packs. The firm also undertakes corporate social responsibility that intends to trim down packaging and wastes and utilization on natural products (Belohlavek, 2008).
NIVEA VISAGE Young uses price leadership strategy to position the firm in the UK market. The firm is able to execute effectively price leadership strategy over its competitors. As such, it is able to set a price that competitors follow. Further, the firm has a responsibility of regularly assessing its price whenever any rival firm enters the market.
Besides, the pricing strategy used by NIVEA VISAGE Young enables the firm to bring the products closer to the consumers. Through its many applicable delivery channels, the firm has achieved extensive reach of its products to the intended markets.
In addition, the firm dispenses its products through several less costly distributaries to bring its products closer to the people. The delivery strategies also take into account the environmental consequences of transportation. Moreover, the firm employs a central collection point in the UK.
NIVEA VISAGE Young employs promotional strategies that are consumer-led. As a result, it is able to identify the target groups’ way of life. The firm also makes use of the variety of media that is accessible. For instance, using television and the press adverts to reach its clients.
In addition, the firm applies several interactive channels to increase its brand awareness among its target market. The business has also noted the importance of social network sites and created pages in almost all networking sites. As a result, the firm is able to expand the knowledge of the products among the young customers.
References
Belohlavek , P.(2008). Unicist Marketing Mix. New York, NY: Blue Eagle Group.
Haberer, J. (2010). Disneyland international marketing mix: international marketing mix of Disneyland Hong Kong. Munich: GRIN Verlag.
Herzog, C. (2010). Strategic tools in dynamic environments: a framework. Munich: GRIN Verlag.
Morgenstern, K. (2010). Marketing mix of NIVEA. Munich: GRIN Verlag.
Nijssen, E. & Ruud, F. (2010). Creating customer value through strategic marketing planning: a management approach. New York, NY: Springer.