In the global competitive business environment, it is necessary for any business to strategically position itself and use the best marketing skills in order to meet and satisfy customer needs. In order to achieve this objective, marketers make use of the 4 P’s of marketing namely, product, price, promotion and place. It is essential to note that, businesses have the ability to control and manipulate each of the four parameters in order to attract customers, enlarge its market share and achieve profit potential. For this research paper, the tangible product I choose is “infant feeding bottles” which is produced by an Indian Company-Bonny Baby Care PVT Ltd. I have specifically chosen the infant feeding bottles as my product since they are used all over the world as everyone passes through the infant stage. In addition, companies that produce infant feeding bottles command a large market share since they already have an available market.
In today's intensely competitive business environment, a strategy that ensures a unique approach to offering company products or services in a way that will result into a competitive advantage is critical. Michael Porter argues that when designing a marketing strategy, it is highly essential to put a unique methodology in place for the day to day process of implementing it (par. 23). Additionally, in the process of designing a marketing strategy for products or services, companies need to consider various factors such as market penetration, financial analysis, market share, profit margins, government actions, budgets, capital investment, demographic changes, modern and emerging technology, and cultural trends, among others (Porter, 325).
Marketing of “Infant Feeding Bottles” using the 4 P’s of Marketing
According to Kotler (2010) the marketing mix analysis refers to a set of all tactical marketing tools which a firm blends and controls, so as to attain the required response from its target market. For this research paper, I will discuss the 4 P’s of marketing in reference to my product of choice “infant feeding bottles.” Characteristics of a product include its design, brand name, features, sizes, services and packaging among others. With respect to the infant feeding bottle, Bonny Baby Care PVT Ltd is distinguished by its household brand name “Bonne” in the production of baby care products. The infant feeding bottles are specifically designed to give the infants the required convenience when taking their food. In terms of quality, the infant feeding bottles are unbreakable, heat resistant, hygienic, odorless and easy to clean. In addition, the feeding bottles are processed using the modern ISBM technology (www.bonnebabycare.com/products).
The pricing component of the marketing mix refers to the amount of money that a company charges for its products or services. Some of the attributes of price include pricing strategies, discounts, allowances and payment period. Due to competition from other companies producing baby feeding bottles, Bonny Baby Care needs to create an impression among its customers, for example by using bargain pricing and offering discounts to nursing mothers. Additionally, the pricing of the product should be determined by customer demand and the competitive environment.
The “place” aspect of the market mix refers to the distribution channels a company uses in order to reach the final consumer (Sheth, 2006). Some of the characteristics of place include the distribution channels and centers, transportation, logistics and inventory and coverage areas. In order to have their products easily accessible to their customers, Bonny Baby Care can distribute the infant feeding bottles through the supermarkets and departmental outlets. The company has also made it possible for mothers to purchase and make payments of the feeding bottles online through the internet.
Promotion is also a crucial aspect of the marketing mix which primarily focuses on advertising and selling component of marketing, with the main aim of creating awareness of the product (Kotler, 2010). Promotion of a product can be done through advertising, public relations, personal selling and sales promotion. The Bonny Baby Care Company can advertise the infant feeding bottles through television, radio and poster adds. In addition, it can offer sales promotions by giving free samples and discounts on nursing mothers who purchase their products.
The ‘product’ is the backbone of all the other P’s of marketing and understanding it will help in the marketing of the infant feeding bottles. The company will know the kind of quality and design of feeding bottles that appeal to its customers, and also offer good warranty services. Since price is the only factor that generates revenue, the company can use it to research on consumer opinions about the value of its products. In addition, understanding of price will help in making wise business decisions on the right price to set on the feeding bottles so as to attract customers while at the same time making profits. The use of place will help the company to identify the best channels of distribution, and convenient locations where customers can easily access the feeding bottles hence giving them a competitive advantage. Since promotion is concerned with creating customer awareness of a product, it will help the company to know the best and suitable mode of advertising the feeding bottles with the aim of retaining and acquiring new customers. Therefore, for marketing firms to have an effective and successful marketing mix, it needs to have the right product, sell it at the right price and in the right place using the most suitable promotion method.
Since Next energy drink is determined to give the customers value for money, it will retail at a low price for it to compete effectively in the energy drinks market. Moreover, this will foster effective market penetration hence increase the consumption of Next energy drink. To increase on it sales, Next energy drink will employ perceived-value pricing strategy and apply various marketing mix approaches (Kotler, 2010). Next energy drink will also provide a variety of products to its consumers such as Next Classic, Next Active and Next Cranberry with different flavors and unique designs containing active ingredients to suit separate target markets. If the strategies discussed above will be used effectively, then Next energy drink will be able to gain a bigger market share and have a competitive advantage over its rivals