Marketing Mix Recommendations Essay Example | Topics and Well Written Essays - 1250 words

Marketing Mix Recommendations - Essay Example Hygiene is one of the important factors within the food industry and consumers give highest priority to it. Therefore it is highly recommended that the company should only sell hygienic and fresh foods. The pricing should be done on the basis of cost plus pricing method and market penetration strategy can be followed to grab more market share. Regarding the promotional aspect, the company can effectively use television and newspaper advertisement as both the media have mass reach. Finally regarding the distribution, the company can appoint distributors and target food marts to distribute and sell their products. Memorandum Date: 18th October, 2012. Subject: Organic Food for the family Unit To: The Big Boss From: Consumer Research Department To maintain sustainability of a business, it is extremely important to keep hold on the present market share. However after a certain point of time it becomes essential to focus on the ways by which market share can be increased. Greater market sh are helps in increasing the brand recognition. There are some interesting facts about increasing market share. Increasing market share is important only when the company is earning more profits. However it does not have any importance when the market share has increased but the company is losing money. Now in the context of project, Mintel can increase the market share for organic foods and drinks market by considering modifications in their marketing mix. Hence following are the recommendations to Mintel for the primary rationale of attaining more market share. Product Recommendation For an organization to get success in the market place it is imperative to give highest priority to its product stagey (Mcgrath 1-5). Similarly for food industry product is the ultimate element for which a customer pays to the company. Study reveals that among 2000 people, 30 % of the respondents are highly concerned about the safety of foods. Hence for Mintel product strategy should be considered as t he central business strategy. Also the product strategy of an organic food company plays an important role in managing and handling the competition. Furthermore a sound product strategy will be responsible for exemplifying the path of success for Mintel. Now in the context of the study the target group of the company is the family unit, thus in order to cater to that segment the product strategy is vital. The study also reveals that among 181 people, who are living with a partner, 33 % respondents are highly aware of food security. Similarly among the married people 31% of them have high concerns and 47 % have average concern over the food hygiene. Therefore based on the available data, it is highly recommended that the company should only sell hygiene and fresh foods, which will also help them to build an unique selling proposition (USP). Price Recommendation In simple words price is the amount paid by the customer for gaining the ownership of a product from the seller (Kotler and Armstrong 282). Although the concept of price is very simple, but when it comes to actually value a product or service the notion does not exactly remain the same. A pricing strategy is defined as a course of action or an approach in order to achieve the marketing objectives of the company (Pride and Ferrell 318). Hence pricing strategy is crucial towards the acceptance of the product or service in the market plac